Iron ore, rebar futures, miners jump

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The rebound is upon us, seemingly, with Dalian and rebar futures both strongly up this morning 1% and 1.6% respectively. That has most miners riding the rebound, with FMG leading, back above $4. This is despite China’s terrible weekend data and the Arrium rights issue plundering equity holders this morning. The juniors are mostly flat:

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The majors mostly up:

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The idiocy spreads widening:

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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.