Never a dull moment. After manfully resisting the siren song of China’s speculating Banana Man loose in the Dalian exchange, Big Iron has today succumbed and is rocketing towards its doom with BHP piling it on 4%, RIO 3% and FMG 7.3% to equal high for the year at $4.42:
The FMG bubble has hit a new high setting up what might be a double top (or a push to altogether new levels of fun) as its 58% discount pushed out to 17.6%:
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On the question of where next, here is a chart from UBS showing the history of iron ore price seasonality: