Daily iron ore price update (launch)

David Llewellyn-Smith

Tuesday, 17 February 2015

Here are the iron ore price charts for February 16, 2015:

Kaboom! Spot flew. Tianjin benchmark was up 2.8% to $65.10 a tonne. Paper is mixed with Dalian firm and in chart terms possibly putting in a bullish double bottom, or a bearish descending triangle. 12 month is much less convinced. Chinese iron ore port stocks were down another 1.55 tonnes last week and are now adding to expectations of a restock.

So, how far do we run? We’ve not had a $10 iron ore rally since March last year. Could we get one now?

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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.