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Big iron is hoping again today, this time for Samarco deliverance, instead of looking just beyond that to prices that are going to sink and sink. BHP is still toying with new lows but is now up 0.8%, RIO is up 0.4% and FMG is up 1.6%:
Dalian remains oblivious, unchanged at 348.
Meanwhile, big gas is still aflame with WPL down -0.7%, OSH is flat and laughing as its strategically spastic suitor sinks, ORG is down -1% to another new low at $5 on its journey to my target at $3, LNG likewise is returning from whence it came and STO is still suspended:
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It’s another day in paradise.
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.