Daily iron ore price update (Banana Man bails)

David Llewellyn-Smith

Monday 29 May 2017

Iron ore price charts for May 26, 2017:

The correction rolls on. Spot is at new lows with Tianjin benchmark down $1 to $57.80. Paper held on. Steel may have topped. Coals are headed down. Port stocks rose another 600kt last week to a new super peak of 136.6mt. It’s going to peak real soon.

NAB observes that Banana Man is back, only this time he is selling:

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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.