Dead cat purrs for iron ore miners

Monday, 10 November 2014

The major iron ore miners are all up again today on the imminent end of APEC in China, which has slowed demand. BHP and RIO are up the better part of 1% and FMG is off to the races again up 2.5% and pushing away from its brush with terminal support last week at $3. Here are the comparative performance indexes:

The idiocy spreads are really moving again, the wrong way, with both majors plunging towards new wides of craziness as FMG closes:

Even the juniors are finding relief today but the poison remains lethal:

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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.