It’s good news today for the big iron ore miners. Glencore and Rio blinking has it up nearly 2%. On the other hand, BHP has been pole-axed nearly 4% owing to its energy exposures. FMG is up 1.5% on the iron ore price bounce. Here are the comparative indexes:
The idiocy spreads are static now but RIO and BHP are closing on the moron cross (when BHP falls more than RIO):
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It may have to be renamed given the BHP oil hit is making the trade semi-rational. Though RIO remains spectacularly overpriced.