Has ore found a bottom?

Here’s your morning ore update:

So, 12 month swaps finally found a bit of support even if spot continued its descent through the neckline of its head and shoulders pattern. Given the hand-wringing that has suddenly seized the MSM over iron ore, one can’t help wondering if we’re not at the bottom here, at least for the time being. There is a story in the FT overnight describing the various state government efforts to stimulate via more infrastructure. That may lend the price support in the short term.

I still think we’ve further to fall before long but stranger things have happened.

ANZ Commodity Daily 671 270712 (1)