Iron ore rally fizzles as futures fade

Yes, it’s a real fizzer today for big iron. Following London’s maniac 4% rise in RIO the local market has barely managed 2% and BHP is less than 1%. FMG is powering though, up 5% on pure manure. To the indexes:

The idiocy spreads for the majors are again at records:

Death came for AGO yesterday and is still hanging around, this time for BCI which has re-entered free fall, down another 6% today:

Dalian has reversed course since this morning and is now down 5 points at 380. There’s a very good chance that iron ore will be back at it’s lows tomorrow.

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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.