Miner rally fizzles as iron ore futures reverse

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Chinese markets are building on Friday’s weak paper market action with decent falls this morning for iron ore futures, down 1.5% to 702 yuan in Dalian and rebar futures down the better part of 1% s well. Miners are mixed but down with FMG taking the brunt of the selling, down 3%. Here are the relative performance charts updated:

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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.