Miners have bottomed!

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The reporting season, the falling dollar and a minor rebound in the iron ore price suddenly has a feeling that the bottom is in pervading mining equities. There even a little panic buying setting in with RIO up 21% from its lows in 8 weeks. That’s what the MCA thinks:

The embattled mining sector will stage a recovery as exports of key commodities accelerate over the next five years, the Minerals Council of Australia forecasts.

MCA chief executive Brendan Pearson denied the industry was going through “doggone days” but conceded it had been buffeted by world markets.

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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.