Iron ore miner smash as futures crash

Wednesday, 19 November 2014

Pain is turning to agony and near death for iron more miners today. As predicted, FMG has ruptured terminal support at $2.92 and is currently down 6%+ at $2.79, next stop $1.80 and restructuring. RIO is down sharply too at $58.63, still above its 2014 low, ridiculously. BHP is faring a little better. Here are the comparative indexes:

The iron ore price is itself falling so fast that the idiocy spreads haven’t closed much:

The juniors continue their best impression of MH17:

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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.