Big iron equity ignores futures rocket

Tuesday, 14 April 2015

The iron ore price is going to rise very strongly today but you wouldn’t know it from watching big iron on the share market. BHP is down 1%, RIO is down 0.3% and FMG is flat. It’s something of an irony that the complex has begun its capitulation as prices rebound, not that it’ll get far. To the indexes:

The idiocy spreads are still widening:

And juniors still dying, with ARI and BCI racing for the knackery next:

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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.