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Big iron is taking a breather today in its great decline but it does not look strong. BHP is up a lousy 1.2%, RIO an even more mean 0.5% and still within spitting distance of a post-GFC low. FMG is down 1% and threatening further retracement from its recent bounce:
Dalian is down 1% today at 304 and is going nobody a reason to buy.
LNG, meanwhile, is having a better day for no apparent reason with Brent slipping as the day goes on. WPL is up 2.2%, OSH is flat, ORG is up 2% and STO 1.2% as LNG tacks on 1%:
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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.