Commodities

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Daily iron ore price update (bear market rally)

Iron ore prices for April 19, 2018: Tianjin benchmark lifted $1.85 to $68.30. Paper was limit up at the close yesterday but came off overnight. Steel rose. Citi captures the best way to think about the Chinese easing: Back in November the PBoC introduced what some have termed ‘Yield Curve Control With Chinese Characteristics’ when

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Mt Gibson: Iron ore grade discounts structural

Via The West: Mt Gibson Iron boss Jim Beyer says the wide price spread across ore with varying iron ore grades is here to stay. Speaking after the miner released its March quarter report, Mr Beyer said while there would be “pinching and swelling” based on seasonal demand and short-term, city-specific policy changes in China,

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Daily iron ore price update (China slows)

Iron ore prices for April 11, 2018: Tianjin benchmark was down $1.65 to $64.20. Paper held on overnight. Coking coal futures are breaking. Steel is soft. China is slowing. It always begins in the PPI. Some more on that from Vertical Group: FIRST… THE “HARD DATA”. Last night, China released factory inflation numbers (i.e., PPI), which slowed for

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Commodity price index signals terms-of-trade bounce in Q1

By Leith van Onselen The RBA has released its commodity price index for March, which fell by 0.6% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – but increased by 1.0% in Australian dollar terms: Preliminary estimates for March indicate that the index decreased by 0.6 per cent (on a monthly

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AEMO: Gas shortage not fixed

Via the AFR: Victoria will experience significant gas shortages within three years unless additional supply is brought online, which could have flow-on effects for the whole National Electricity Market, according to a new report by the Australian Energy Market Operator. The report – which mirrors similar concerns about NSW’s gas supplies and prompted Prime Minister Malcolm

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Fortescue breaks support

Here’s the chart: I don’t think I have ever seen a more perfect bearish descending triangle pattern. It’ll need to close here or lower to confirm the break. The target price is anybody’s guess but new lows are quite possible. Weighing today is the 58% iron ore is at $37.44. I reckon it’s headed deep

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Daily iron ore price update (the deadest of cats)

Iron ore prices for March 27, 2018: Tianjin benchmark rose 40 cents to $63.45. Paper tumbled overnight. Steel rebounded yesterday. Not much of a rebound. All charts have glaringly bearish descending triangle patterns. The key chart is Dalian six month futures which is approaching major support in the 400yn range. Any break of that will

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ASX plunges with iron ore

The Australian dollar is still holding around 77 cents: Bonds are bid, especially at the long end: XJO is down the better part of -2%: Dalian has crashed: And Big Iron is going with it. FMG is about to test its $4.50 support. When it breaks look out below: Big Gas is OK but is

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Daily iron ore price update (wake in fright)

Iron ore price for March 22, 2018: Tianjin benchmark fell 20 cents to $67.70. Steel is breaking down. Coking coal too. CISA early March steel output collapsed 7.2% in an unusually steep post-restock fall. Reuters sums it up nicely: Steel demand typically improves from mid-March in China after a slowdown for the week-long Lunar New