Iron ore price rockets

Kaboom! Up she goes across the board with follow through also in Chinese steel.

The charts for ore look like this:

The charts for steel like this:

Looks like the bottom is on, more or less. Still reckon we’ll see a retest. And in the medium term I hope we heed the warning of the past two months. Almost certainly not.

Comments

  1. Time for Twiggy to re-hire the 1000 or so he just sacked, plus more!!

    I thought there was no stimulus as such, just an official announcement of a bunch projects that had already been approved some time ago, totalling only a fraction of the value of the monster anti-GFC stimulus.

    I guess knee-jerk reactions is how markets function.

  2. it’s all in the volume they say..those in the business of trading the technicals.
    i understand that trading volumes in the spot market in iron ore can be thin wheras in the 12 months swap market volumes are higher..and a nmore reliabe guide.
    do we have volume data?