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Lol:
Spot iron ore should rise from $US56 to $US73 by September, according to ANZ.
“The strong rebound in China’s steel PMI for May goes against the general sentiment in the market,” senior commodity strategist Daniel Hynes says.
“China’s crude steel production has been growing strongly recently. However, growth in finished steel production has been much lower.”
“If the PMI is to be believed, output in both sectors should show a strong improvement in coming months.”
I’ll take the other side of the bet and say sub-$40 by October.
You never know!
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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.
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