Was it something I said?

Thursday, 18 April 2013

Today has turned into a rout for iron ore miners:

Was it my earlier post on iron ore bear markets? Maybe my iron ore glut story at the Intelligent Investor two days ago?

Who knows. There are other causes. The sell-off coincided with Andy Xie trashing commodities at the AFR. And iron ore swaps are down sharply too:

And Chinese steel prices are off a bit:

There was the ANZ’s uber-bearish major projects report that hit around the big down leg at 2pm.

But DOW futures are actually up. Could be a short term capitulation here.

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.