Daily iron ore price update (waiting for Rusty)

Wednesday, 27 February 2013

For February 26, 2013, iron ore spot was flat at $151.90 but 12 month swaps rose $2 to $122. Rebar futures also fell and have retraced the entire January rally:

So still limited effects from Cyclone Rusty, which appears to be the slowest moving monster storm in the history of the world:

ANZ is suggesting a “buy the dips” trade in iron ore in the $130 to $150 price bracket. That’s probably fair enough for now. Second half is a very different matter.

ANZ Commodity Insight Iron Ore Feb13 (1)

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.