Daily iron ore price update (crunch)

Wednesday, 1 July 2015

Here are the iron ore charts for June 30, 2015:

Qingdao spot sank as expected and the technicals on its chart look unhappy. Tianjin was also down 2% to $59.30. Singapore’s serene run ended as it cracked below its recent trading range, also technically bearish. Dalian is holding just above its range low but is at 417 this morning, down 3 points from yesterday’s close. Rebar average is doomed.

There’s virtually no news today which makes the London trading of the big miners all the more prominent with BHP down 4% and RIO down 3%. Both are caught in bearish technical set ups, suggesting post-GFC lows are about to be challenged.

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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.