Daily iron ore price update (precipice)

Friday, 16 October 2015

Here are the iron ore charts for October 15, 2015:

Qingdao spot smacked. Tianjin benchmark sank 2% to $53.20. Paper is at the precipice with Singapore 12 month swaps right on their lowest ever. Dalian six month futures sank another 4 points overnight to 369 though it is still 15 points above its lows. All charts have bearish descending triangle patterns. Rebar is bleeding towards new lows.

In short, we appear set to break lower, though you sure wouldn’t know it from equities.

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.