Daily iron ore price update (sell RIO, buy FMG)

Friday 25 November 2016

Iron ore charts for November 24, 2016:

Tianjin spot rose 2.7% to $76.90. Paper rose again overnight but is now clearly outpacing physical suggesting the rally is in trouble again. Coking coal futures are stalled. Thermal bounced. Steel is struggling and mill margins are right on new lows. In short, the rally looks tired and a double top has to be a possibility.

In news, it’s all about RIO, the one man OPEC:

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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.