Iron ore futures rain on ASX parade again (members)

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The ASX tried to take off again this morning and got a boost out of the 11.45 China PMI:

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It’s the same story with rebar futures in China which jumped half a percent on the release. The iron ore miners followed too. Here is FMG:

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The problem is, Dalian iron ore futures aren’t playing. They opened down and have dropped further. Quite rightly.

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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.