Iron ore miners mixed as futures bouce

Tuesday, 26 August 2014

Dalian six month iron ore futures and rebar futures are off the canvas today in China up 3 and 5 points respectively. That’s helped a few junior miners bounce for no apparent reason given the news from Cliffs that formerly good assets are going at fire sale prices. Perhaps markets reckon on some junior mergers, so that they can all go bankrupt together:

Major miners are behaving a little more sanely, down despite the dead cat in China:

And the idiocy spread has not at least gotten any wider:

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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.