Daily iron ore price update (Cloudbroken?)

Friday, 28 November 2014

Here are the iron ore price charts for November 27, 2014:

Relief at last. Paper markets broadly rallied and physical followed. Rebar average is offering support with stable prices for a few days. Whether the dump is over is really besides the point. You simply cannot be bearish enough in this market and I still expect rallies to be brief. Much downside in the next eighteen months remains.

In news, RIO is expected to approve more ore today:

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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.