BHP, RIO & FMG thrashed as futures fall

Thursday, 23 July 2015

Big iron ore is looking very shaky today after last night’s London pounding and weakening spot. BHP is down -3% and RIO -2% with FMG down -6% and at the verge of new post-GFC lows despite an impressive quarterly update:

Idiocy spreads are now galloping closed (or in FMG’s case the smart spread is widening):

Juniors dead:

Dalian up 1 point from this morning at 377 but is still down 1% on yesterday. Iron ore at $50 tomorrow.

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.