Miners hold up on futures dead cat

Thursday, 9 July 2015

Big iron had a brush with death this morning as BHP tumbled, RIO got within a whisker of terminal support in the low $49s and FMG threatened a move into the $1.50s. They’ve all recovered a little now with RIO flat, BHP up 1% and FMG up 3%:

The idiocy spreads are all getting more crazy again with iron ore far outpacing equity on the downside:

Junior’s are rooted of course:

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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.