Big iron sells as future flame out

Tuesday 21 July 2015

Big iron is not enjoying yesterday’s bounce in ore despite it continuing in overnight futures. BHP is down 0.75% and RIO is down 1.25%. FMG is faring better up 1%:

Idiocy spreads are closing sharply now (or in the case of FMG the sanity spread is at new smarts):

Juniors dead:

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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.