Iron ore idiocy spreads power on

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If you’re wondering why iron ore equities are becalmed today it’s because Chinese markets are closed so there are no derivatives to trade off. The one exception is BCI which continues its leap of doom, down another 5%. Here are the updated relative performance charts:

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And the majors:

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And the idiocy spreads, which I’ve disaggregated for you:

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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.