Daily iron ore price update (slap) (members)

Wednesday, 13 August 2014

Here are the iron ore charts for August 12, 2014:

A bad day. All paper markets are threatening breakdown. 12 month swap has a head and shoulders formation with a busted neckline and is only $2.5 above its 2014 low. Dalian 6 month futures are worse, only 6 points above the 2014 low with a rock solid downtrend in place. Rebar futures are sliding away as well.

In physical, rebar average is only 3 points from an all time low. Spot iron ore is galloping south and also has a head and shoulders top pattern with a busted neckline.

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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.