BHP, RIO, FMG share prices hold on futures

Big iron is bought today with the wider market despite the overnight weakness in the iron ore price. BHP and RIO are both up 1% and FMG is flat:

The idiocy spreads are widening again (not FMG) as iron ore falls faster than equities:

And juniors are all bleeding towards their lows:

BCI has nearly halved since I noted it was sitting duck a month ago, though God know if its even possible to short the living dead any more, and ARI is also at the threshold of doom. I look forward to AGO coming out of suspension if it happens!

Dalian 6 month futures resumed trading today and are down a little at 428. More falls tomorrow are likely.

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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.