Iron-ore’s poised to hit $100/t, according to Citigroup, which highlighted “very, very low” seaborne cargoes just as data from China may show a pick-up in demand. That view follows advice from Goldman Sachs Group that investors should be closing bullish bets after recent gains.
“Iron-ore is not a demand story, it’s a supply story,” Citigroup global head of commodities research Ed Morse said in a Bloomberg Television interview on Monday, reiterating the bank’s three-figure forecast.