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RIO, FMG and AGO all took out 2014 lows this morning. Here’s the relative performance chart:
There been a bid under the miners ever since the opening falls. Chinese market are closed today for the Dragon Boat festival so there’s no lead on iron ore derivatives or spot until Wednesday leaving shares to be pushed around by day traders.
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.
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