Fortescue & Atlas break down as Chinese futures blasted

Friday, 19 September 2014

Another bad day for miners despite the falling Australian dollar. Fortescue and Atlas have both broken support and are at 2014 lows:

Goldman slapped a 4o cent price on AGO this morning so maybe that did it. Arrium is still selling as well but MGX has a bid because it’s about to go ex-dividend and the yield is a cool 10%. Not enough! Here are the up to date relative performance charts with juniors converging on zero:

The majors are down 1% today but are still doing superbly in the circumstances:

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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.