The big iron rally has fizzled today as BHP is down -0.2%, RIO is down -1.2% and FMG is down -4% threatening new lows which is curious given tomorrow’s quarterly update. FMG has a habit of over-delivering on these reports but the whisper seems to be the other way today:
The other two causes of weakness are the dodgy Apple report after the close in the US and API US oil inventory report which showed an huge 11 million barrel build and whacked oil. Which is where we find LNG with WPL down -1.5%, OSH down -2.4%, ORG down -4.4%, STO down -1.7% and LNG down -2%:
It’s no fun being a miner during the Mining GFC!
