AUD bearish: Dalian iron-ore drops 2% on rising supplies, likely delay in US-China’s trade deal

Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) fell for the third straight day this Wednesday, down nearly 2% in early trades to CNY 612 ($86.64) a tonne, in the wake of increased supplies from big miners and a potential delay in the US-China trade deal.

Shipments of the steelmaking raw material from Brazil and Australia stood at 22.7 million tonnes during the week of Oct.21-27, up by 3.0 million tonnes from a week earlier, according to data compiled by Mysteel consultancy.

The drop in the ferrous metal’s prices seems to have limited the upside attempts in the AUD/USD pair. The spot currently trades near 0.6860, supported by in-line with estimates Australian Q3 inflation figures.

It’s worth noting that iron-ore, one of Australia's top exports.

AUD/USD Technical levels to watch