BHP, RIO, FMG tank on futures

Is the great iron ore miner bust finally upon us? It’s still too early in my view but the fundamentals and technicals are fast slipping away and you never know. BHP and RIO are both down 2% or so today and are near technical breakdown. FMG is down 5% and right on terminal support around $1.80:

The idiocy spreads on the majors are now closing and the sanity spread for FMG is on a tear:

Juniors are becalmed at record lows:

Dalian is still holding today, unmoved at 417 but down 3 points from yesterday. Iron ore will likely be down moderately again 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.