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The Fortescue rocket has ignited again today, up 3.5% and blasting to a new rally high:
The reason is straight forward. It’s not Banana Man today, it’s Macquarie Bank:
Iron-ore prices continue to trade above our expectations and if sustained present material upside risk to our base case forecasts for FMG. Macquarie’s latest China Steel Survey suggests the near-term outlook for iron-ore is likely to remain buoyant through to October.
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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.