Key reversal in miners as iron ore futures fall

Thursday, 21 August 2014

It was all going so well! Some bloke recommended an FMG long and iron ore miners took off this morning, up 2% plus, ignoring the dire price action in the commodity. After all, it’s only what they sell, it’s not the actually the company!

Alas, then came the China PMI and it all went horribly wrong!

The seniors all turned south:

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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.