Daily iron ore price update (downside test)

David Llewellyn-Smith

Sunday 19 May 2013

Find below the iron ore price table for May 17, 2103:

Rebar futures bounced.

Here’s the spot and swap chart:

The next chart support is in the $118-$120 area. Looks like we’re going to test it, as previously discussed.

Meanwhile, as promised, here are my spread charts. Both remain stretched, with iron ore to swap and iron ore to rebar average both out by 5-15%:

Either rebar and swap rise or iron ore keeps falling…

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.