Dalian iron ore futures limit up!

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Yes, it’s true. Limit up, not limit down. On a day when we see:

  • Brexit;
  • new lows for the Chinese yuan;
  • new highs for the US dollar;
  • new highs for Chinese port stocks;
  • concerns in the China Securities Journal that growth is fading, and
  • Premier Li sounding worried.

Bad news is good news, I guess.

It will be interesting to see if physical follows tomorrow given the rally has all of the substance of fairy floss.

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.