Iron ore retreated for a fourth day after commodity exchanges in China intensified a crackdown on speculative trading in raw materials that's pushed volumes to record levels in the world's biggest user and driven prices beyond levels that may be justified by underlying fundamentals.
Ore with 62 per cent content delivered to Qingdao fell 2.7 per cent to $US61.09 a tonne on Wednesday, after sliding 11 per cent in the previous three sessions, according to Metal Bulletin. While the fourth straight decline is the longest run this month, it still leaves prices 40 per cent higher this year.
Iron ore had surged as China added stimulus, presiding over a rebound in the property sector that then helped to ignite a frenzy of speculative trading in the nation's commodity markets. Goldman Sachs expressed concern about the upsurge, and BMI Research flagged the risk of a collapse in speculation as rules were tightened. China's Dalian Commodity Exchange, which trades iron ore futures, has boosted trading charges, vowing a clampdown on what it termed "excessive speculation."
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