Australian banks Australian LNG Australian Shares Commodities Iron ore price

Dalian opens, crashes

Friday, 13 May 2016

The hopium persists today for big iron as Dalian opens and crashes suggesting another 5% drop in iron ore Monday if it holds. BHP is only down -1.9%, RIO -2% and the always deluded FMG -1.2%:

I can only repeat my warning that I would not be long iron ore into this weekend’s Chinese data flow!

Big gas is taking some profits despite the oil rally as WPL sinks -0.7%, OSH -1.3%, ORG -0.3%, STO -2.4%:

Banks are likewise with CBA -0.9%, WBC -1.4%, NAB -0.6%, ANZ -0.95%, BOQ -1%, SUN – 0.3%, BEN flat and MQG flat:

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.