Australian banks Australian LNG Australian Shares Commodities Gold Iron ore price

Big iron ignores Dalian dills

Friday, 22 July 2016

Some ASX sobriety today as big iron ignores the Dalian dill (which was up at the open but has now lost all of last night’s gains) as BHP rises 1.4%, RIO 0.7% and FMG falls a touch:

The FMG bubble is still hovering at the top with the 58% iron ore price spread down to 15.8% yesterday:

Turning to LNG, there is little indication that local stocks are perturbed by the rapidly rising odds of a big oil dump with WPL down – 1.6%, OSH -2.3%, ORG -0.3% and STO -1.4% but all trading near highs:

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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.