Sell iron ore rallies

David Llewellyn-Smith

Wednesday, 6 March 2024

Yesterday’s NPC did little for iron ore or steel. Futures for both kept falling (SGX is a day behind):

It sure looks like a ‘sell the rallies’ market now.

In Dalian, the chart looks positively sick as a perfect descending triangle pattern forms at the lows:

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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.