Chinese import data released on Friday showed a surge of 18.7% on a year-on-year basis.
Leading the the stronger import numbers was Iron Ore.
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Purchases of Iron Ore expanded to 102.8 million tons compared to 93 million tons during the same time last year. Compiling the data for the first nine months of 2017, full year purchases are on course to top 1 billion tons.
Shares of RIO and BHP have responded by rising by 2% and 2.5%, respectfully, in early trade
China will convene its five-yearly congress on Wednesday. Some reports suggest that the rise in raw material imports into the lead-up of the Communist Party meeting may not be sustainable.
Looking at the daily charts, we see near-term resistance for BHP at $27.50 and at $70.70 for RIO.
BHP
Rio Tinto
