Iron ore miners smashed

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It’s pain, pain, pain today for the iron ore mining complex. Leading us off, BHP has been down as much 4% as oil joins the iron ore crash. It has taken out its post-GFC low is now in technical free fall. RIO is doing better down just 2%. FMG is down 5%. Here are the comparative indexes:

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The idiocy spreads remain stalled, but the “moron cross” approaches:

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Every junior has hit a new 2014 low today, despite some bizarre broker upgrades. It’s a race across the Styx:

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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.