Daily iron ore price update (legs)

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Here are the iron ore price charts for April 27, 2015:

7 1 2 3

Spot rallies on. Tianjin benchmark rose 3% to $58.70. Paper markets continue to forge ahead. Dalian is at 433 this morning up another 1%. Rebar is now getting sucked into the updraft. The two coals are off to the races as well.

I can’t see iron ore getting much past $60 but it looks like we’re going to try. Indeed, with the US dollar breaking down last night and QE stimulus being mulled in China the restock could run for a few weeks yet. Texture from Reuters:

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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.