Iron ore futures rose on Wednesday amid high trading volumes as traders looked for bargain buys, after notable losses in previous sessions stemming from China's state planner held a meeting to discuss actions against price gouging and speculation.
The outcome of Tuesday's meeting lacked any real teeth, so markets have assimilated it and moved on. In fact, some traders are using these events as a"buy the dip" opportunity, said Atilla Widnell, managing director of Navigate Commodities. Asian shares were mixed, the Japanese yen tumbled and Japanese yields stayed above policy cap, after the Bank of Japan unanimously decided to keep its yield curve controls in place.
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