Daily iron ore price update (calling the top)

David Llewellyn-Smith

Thursday, 17 July 2014

Here are the iron ore charts for July 16, 2014:

Today I’m wondering if I called the top yesterday. Market action is mediocre. Rebar average kept its weak rise going so that’s encouraging. But paper markets have clearly priced China’s GDP rebound already. The BDI cape collapsed 6.5% to its lowest point in 2014. I don’t take it literally but as a signal for the stocking cycle it’s saying de-stock baby.

Texture from Reuters:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.