Iron ore displays safe haven qualities in commodities rout - S&P Global [Seeking Alpha]
SINGAPORE EXCH UNSP/ADR (SPXCY)
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Source: Seeking Alpha
Iron ore displays safe haven qualities in commodities rout - S&P Global Mar. 9, 2020 6:15 PM ET | Rio Tinto Group (RIO) Carl Surran Iron ore prices have remained relatively strong so far during the coronavirus crisis, leading some players and analysts to describe the steelmaking ingredient as an surprising safe haven "Iron ore is exerting safe-haven resilience... with a combination of coronavirus concerns and an oil price plunge leading to a decoupling of correlation in commodity markets," says William Chin, head of commodities at Singapore Exchange. "Iron ore remains well supported as a macro proxy for China activity - mirroring signs of a pickup in industrial steelmaking activity in China, the likelihood of increased policy stimulus by Beijing to support growth, and in part possible optimism of improving virus stats in China." "Iron ore [should] be a relative safe haven in mining as China begins to recover while the rest of the world slows," says Jefferies analyst Christoph
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