Iron ore miners fall sharply with futures

Thursday, 23 October 2014

The big miners are all down today, almost 2% for RIO and BHP and 3% for FMG. There was a brief flurry around the insipid China PMI suggesting that traders are as bored as I am but that’s selling into the afternoon. To the relative performance charts:

With the recent price rebound, the idiocy spreads have shed a few extra IQ points and are now trading at the level of a gap-toothed moonshiner. At least the moron cross has receded:

The death’s head is still shadowing the prices of the juniors. Even poor Atlas can’t find a bid with its heroic cost cutting efforts:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.