Iron ore hope turns to fear as futures pulverised

Tuesday, 18 November 2014

I keep warning but the market keeps bottom fishing! BHP and RIO are still only down a little today after the Chinese house price print took them below positive. FMG, however, got hammered on the result and is again flirting with $3, down 5% today:

The idiocy spreads are all closing again:

And the juniors are still sinking like anvils dropped from 10,000 feet. I’m pretty sure BCI isn’t going to stop until it tunnels all the way to China to hand deliver its dirt, down 6% again 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.