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The big iron cow ore boom has gone bust today after last night’s price falls and today’s BHP Brazilian accident. BHP is down -4%, RIO is down -0.4 and FMG is still milking it up 1.4%. Presumably the latter two are benefiting from the assumption that the BHP Samarco mine will have its 30 million tonnes inhibited in some way (and I thought we had over supply!) So far Dalian isn’t buying it, down 1 point at the open:
Meanwhile, big gas is also seeing sacred cows slaughtered on oil weakness and Goldman downgrading Woodside which is down -3%,
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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.
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