Iron ore paper resumes tumble, miners rise

The news out of China this morning was more deceleration and but that’s not affected most miners today with only FMG down at this stage. Here is the up-to-date relative performance chart for juniors:


And the majors:


Despite equity resilience, the idiocy spread appears to have bottomed. Remember that it’s an indexed 7-day moving average so it is still catching up to last week’s falls:


As mentioned, FMG is most sane today, down nearly 2% and following Dalian and rebar futures in China which are also off 4 and 10 points respectively.

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