Daily iron ore price update (swap dive)

Wednesday 2 October 2013

Find below the iron ore price chart for October 1st, 2013:

Chinese markets were closed yesterday but Singapore-based swaps did not like what they saw in the PMIs:

The 12 month swap has now broken below its July low and looks headed lower. We may drift this week but the set up is for spot weakness next.

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.