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.