Iron Ore Prices Expected to Remain Low

Despite Goldman analysts highlighting the latest gloomy high-frequency economic data out of China, and others at the bank noting that iron ore's "fundamental outlook remains bleak" with prices hovering around a multi-year low of $93/ton, a trader from the bank told clients on Tuesday that the base metal could be primed for a 'short covering rally.' "The desk turn slightly more constructive in the next couple of weeks, but remain structurally bearish for longer-term outlook," Goldman's commodity trader Mark Ma wrote in a weekly update on iron ore…