Daily iron ore price update (a new leg up)

Thursday, 11 June 2015

Here are the iron ore charts for June 10, 2015:

Spot is on a tear with Tianjin benchmark added $1.20 or 1.9% to $65.10. It has a very bullish looking inverted head and shoulders bottom in place and has more upside by the looks of it. It is now dragging up paper markets too with Dalian breaking out of its bullish ascending triangle pattern last night jumping to 450. Singapore is still largely ignoring both despite yesterday’s bounce. Rebar continues to bleed to new lows!

Reuters 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.