Big Iron up as China boosts coking coal
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Big Iron is firm today as China has announced the suspension of coking coal imports from North Korea. Not a trivial amount of 22mt. Dalian is 1.5% and coking futures a bit more. Of the majors only FMG is up, however, for no obvious reason:
Big Gas likewise is looking a bit toppy:
Big Gold is consolidating:
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Big Debt continues its stealth bull market:
Big Spruik has diverged a little:
Good to see the sickening FXJ rolling over.
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The entire market looks a bit worried about valuations today for good reason!
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.