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Here are the iron ore charts for September 11, 2014:
More pain. 12 month swaps fell more sharply than spot and the encouraging contango that appeared yesterday has been squeezed to a lousy 38 cents. Dalian futures were more stable but that’s not altogether encouraging given that once its converted to US dollars and the taxes and charges are removed (roughly 20% in total) it is pricing $76 for January delivery.
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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.
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