Daily iron ore price update (PBOC fizzer)

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Here are the iron ore charts for June 29, 2015:

1 2 3 4

Qingdao spot continued to weaken and its chart is forming a pretty decent head and shoulders top pattern. Tianjin benchmark is down 20 cents at $60.30. Singapore is still going sideways but may be threatening to break down. Dalian held up OK yesterday but was smashed 10 points overnight to 423. It’s a PBOC fizzer.

Platts has texture:

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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.