Iron ore miner payback as futures rebound

Wednesday, 5 November 2014

The major iron ore miners are all sinking today with RIO and BHP down 1% and FMG down 2.5% and just above its 2o14 low again. Here are the comparative performance charts:

The idiocy spreads are still getting wider for the big boys and indeed the spread to FMG from the majors is widening a lot, not a great sign for the new force in iron ore:

The junior smash is running unabated with BCI down another 6%+ today and AGO close to that as well. Both are at new multi-year lows:

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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.