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Here are the iron ore charts for November 29, 2014:
Better price action in paper markets with something of short squeeze underway. Physical is tracking it though rebar average continues to fall. I still don’t think we’re entering anything so grand as a year-end restock. Previous rebounds in the 2014 downtrend have managed to put on $10 or so each time and I’d guess that that is the best case scenario here, with less likely.
In news, it all about the slow dawn of iron ore horror, from prominent fund manager Shanghai Jianfeng vice-president Liang Ruian via The Australian:
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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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