Gubmint commodities outlook still too bullish

Friday, 6 October 2017

Son of BREE is out with its commodity wish-list for September. It’s projecting declines for next year but not deep enough:

Iron ore is too bullish:

 Australia’s iron ore export earnings increased by 32 per cent to $63 billion in 2016–17, driven in large part by higher prices. The value of Australia’s iron ore exports is forecast to decline to $54 billion in 2018–19, as the impact of forecast lower prices offsets volume gains.

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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.