Iron ore charts for October 18, 2016
Do not adjust your television sets. Bulk commodites are in a full blown melt-up. Despite solid falls in Dalian yesterday, Tianjin benchmark rose 0.3% to $58. Paper then hit news highs overnight. Rebar is trailing in the wake. Coal is driving it all now and has entered a complete blow-off.
I can point to S11D warming up. Samarco’s return. Failing Chinese house prices. Or any other in a range of indicators telling us that the boom is going to come apart. But that’s rational and right now this market is running on the pure adrenaline of a billion mad Chinese traders.
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