Iron ore miners hemorrhage as futures teeter

Friday, 6 March 2015

The carnage is back across the spectrum as iron ore miners adjust once more to China’s new normal. The majors are both down 2% and FMG is down 6%. To the indexes:

It is a measure of how quickly the bull’s charge towards a new iron ore Nirvana has reversed that the idiocy spreads (which are 7 day moving averages) have yet to fully turn:

My the gap now is huge! Meanwhile , in junior land, it’s wall-to-wall red ink with special treatment dealt out to AGO, down to 16 cents its crash low and seemingly marked first for death:

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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.