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The popping sound is growing louder for the iron ore bubble as Dalian opens under pressure again and BHP falls -4%, RIO -2.4% and FMG -1.7%:

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The last is pretty stupid given 58% iron ore is falling even faster than benchmark with the discount now at -16.8%:

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The idiocy spread is at another new level of crazy as well:

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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.