Death stalks iron ore miners despite futures

Wednesday, 12 November 2014

The iron ore sector is once again heavily under the pump today. The majors are all falling sharply with BHP down 2%. RIO down 1.5% and FMG down as much as 3% and resting right on terminal support at $2.92:

The comparative indexes show the huge recent departure of FMG from the chosen group of shakeout survivors:

I continue to think that BHP and RIO are floating on absolutely nothing.

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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.