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Today’s progress report on the commodity bear market rally brings you sagging tidings as profit-taking seizes bourse. BHP is down -2.1%, RIO is down -1.9% and FMG swan-dived a meaty -9.2%:
There is no apparent reason other than Dalian falling another three points this morning to 373, and if the only thing that was driving the rally was the hope of higher iron ore prices then it is, shall we say, rooted sooner rather than later.
For gas, the damage is similar with WPL down -2%, ORG down -6.5%, STO down 4.6% and OSH up 0.5% on nothing at all:
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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.