Daily iron ore price update (FMG squeeze)

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Iron ore charts for June 17, 2016:

Capture Capture1 Capture2 Capture3 Capture4

Tianjin benchmark firmed 1% to $50.70. Paper jumped. Rebar average fell and is telegraphing iron ore weakness. Port stocks up 750k tonnes to a new restock high. While iron ore is above $50 accumulation will continue and the higher it gets the lower we’ll go later.

The bullet proof Fortescue has some more problems at The Australian:

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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.