Daily iron ore price update (topping signals)

Iron ore prices for July 17, 2020:

Still solid. I still think we go higher.

But there are some topping signs emerging. This:

Still plenty of room to rebuild inventory but we have turned.

And this:

Brazil is flattening the virus curve.

A drawdown is not imminent but the seasonal weakness in September/October could turn pretty dramatic if these trends continue.

David Llewellyn-Smith
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