Fortescue plunges as other iron ore miners rally

Wednesday, 10 December 2014

The big miners are enjoying a little relief today after yesterday’s mauling, except for FMG, which is down anther 4% to a new low of $2.45. Here is the index chart:

FMG’s debt spreads continue to blow out and it is only a nudge away from closing the idiocy spread. The others are slowly joining it, with RIO roughly 30% overpriced:

In junior land, the carcasses are piled high with BCI a bloody pancake:

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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.