Fortescue smashed as futures slide on

Monday, 19 May 2014

Dalian futures have opened up another 2% down today and that’s got the bulls feeling equities. RIO is down 3% at $60.21, a new low for the move, and FMG is in free fall, down 4% to $4.49, also a new low for the move. On our comparative performance chart, FMG is now heading south fast:

Still, that gap to the iron ore price remains yawning…

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.