Daily iron ore price update (Anglorious)

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Here are the iron ore charts for January 28, 2015:

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Some better news in paper markets with Dalian six month futures rebounding yesterday afternoon, though in chart terms it has now established a near perfect bearish descending triangle pattern that I still expect will break. The 12 month swap continues to explore new lows. As does spot, with benchmark also down .10 to $62.70. Rebar leads on into the pit and so long as it does, iron will be dragged along.

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The news of the day comes from Anglo American via the WSJ:

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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.