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ASX to rise, iron ore price rally bolsters BHP and Rio – The Australian Financial Review
Australian shares are poised to open higher, as the price of iron ore continues to defy expectations. Oil tops $US48 a barrel. $A reaches US74¢.
That news, in addition to continuing strong steel demand in China and optimism that demand elsewhere will rebound in 2021, helped underpin another rise in the spot price of iron ore.
As for US markets, the Santa Claus rally may have come a month early.
“After the historic move in November we wouldnt be surprised to see below average returns in December,” LPL Financial’s Ryan Detrick said in a note. “We do believe this is a new bull market and lasting economic cycle of growth, but overall sentiment…
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