Iron ore slides as focus back on soft fundamentals from China stimulus bets
BEIJING, Nov 6 (Reuters) -Iron ore futures slipped on Wednesday, as investors shiftedfocus backon soft fundamentals of the key steelmaking ingredient from expectations of more stimulus from top consumer China.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended morning trade 0.95% lower at 780 yuan ($109.16) a metric ton.
The benchmark December iron ore <SZZFZ4> on the Singapore Exchange shed 2.08% to $103.2 a ton, as of 0359 GMT.
"Some traders chose to liquidate part of long positions to lock in profits following rises in previous days," said Pei Hao, an analyst at international brokerage Freight Investor Services (FIS).
"Some funds flowed out of the market as risk-off sentiment emerged amid uncertainty in the U.S. election, resulting in falls in prices of many commodities, including iron ore."
Expectations of more stimulus during the meeting of the standing committee of China's National People's Congress this week had driven ore prices up by more than 1% in the first two sessions. The gains were, however, erased on Wednesday.
Reuters exclusively reported last week that China is considering approving new debt issuance of more than 10 trillion yuan to tackle hidden local government debt, fund buybacks of idle land and reduce a giant inventory of unsold flats.
"Even if Beijing eventually announces the issuance of 10 trillion yuan later this week, that's just in line with expectation, not beating expectation, meaning that gains achieved earlier will surrender," a China analyst said requesting anonymity as he is not authorised to speak to media.
Other steelmaking ingredients on the DCE tumbled, with coking coal DJMcv1 and coke DCJcv1 down 3.37% and 4.09%, respectively.
Steel benchmarks on the Shanghai Futures Exchange were weaker. Rebar SRBcv1 shed 1.46%, hot-rolled coil SHHCcv1 lost 1.31%, wire rod SWRcv1 fell 1.09% and stainless steel SHSScv1 edged down 0.3%.
($1 = 7.1457 Chinese yuan)
Reporting by Amy Lv and Colleen Howe; Editing by Sumana Nandy
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