Rebar futures cop a pasting

Monday 15 April 2013

One can never tell with the miracle commodity but rebar futures have increasingly become a guide to iron ore pricing and right now, in real time, the news is poor:

Rebar has retraced its entire recent bounce and is sitting right on its recent lows:

With iron ore miners down a motza (AGO 9%, FMG 8.2% and Rio 5.5%) all are also sitting at recent lows.

It’s a game of kerplunk now with iron ore.

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.