Iron ore prices for August 31, 2020:
Prices are still strong but the China steel PMI is fading, down 47 headline and 45.6 new orders:
New exports orders are disastrous at 35. There were flood disruptions. But overall, we are back at levels I would normally associate with price deflation.
Property sales still look fine:
And Brazil is still sick though slowly improving:
I’m feeling like a sneaky sell into seasonal weakness is the play for the traders today.
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.
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.
Latest posts by David Llewellyn-Smith (see all)
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