Iron ore miners defy price falls

Friday, 29 August 2014

Iron ore miners opened with a big drop this morning, with FMG especially down, threatening to break $4 and its 2014 low but since it’s been all rally as Dalian and rebar futures opened marginally lower in China. Majors are still down a little but FMG is flat:

And the idiocy spread has closed a touch:

But juniors haven’t budged:

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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.