Iron ore joins the melt-up

Monday 30 June 2025

There’s a nice little head and shoulders bottom on iron ore futures that I hope runs for a bit on the broadening melt-up. If we get anywhere near $100, it will be the short of a lifetime.

CISA output has well and truly rolled for the year. The base case is for a steep downside in output from here if Beijing output cut targets are to be met.

Scuttlebutt is bearish.

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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.