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Big iron and gas are up today but marking time, really, with small moves the theme. BHP, RIO and FMG are all up around 1%:
FMG has hit out first rebound target at $2.60:
I don’t see much more upside here given my view is that iron ore will breach $50 this week and keep falling. Dalian is down one point but note that spot under-performed paper all of last week.
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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.