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Big Iron hysteria builds as miners move into coconuts

Monday, 22 May 2017

There really is no accounting for people. They are crazy. Dalian has lost some of its overnight gains today:

But Big Iron hysteria is in full swing as miners move into selling coconuts. BHP is up, RIO is powering into its next boom and FMG surging another 5% even though it is giving away dirt at $40 per tonne:

The only thing rising faster is Chinese port stocks. Reset shorts.

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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.