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For no sensible reason, iron ore is threatening to break out to its highest point in two years.
Demand is unsupportive. CISA is still down over 6%. The Construction PMI trend is for doomsayers.
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Inventories have drawn a little, seasonally, but they will resume climbing again soon.
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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.