Daily iron ore price update (short squeeze falters)

David Llewellyn-Smith

Thursday, 15 August 2013

Find below the iron ore price table for August 14, 2013:

And the charts:

So, some sanity has returned to the swaps market with what may have been a false breakout and rebar futures fell yesterday as well. This is obviously a break on the rally as the short squeeze in paper markets falters. But is the spot rally over?

So long as rebar average continues to firm then there is a reason to buy so at this stage the jury is still out.

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.