Commodities

Here are the iron ore price charts for February 24, 2015: Spot slipped with Tianjin benchmark down 0.6% to $50.20.

It’s a little bit of carnage today for shares.

Fortescue’s half year profits are out: No real surprises.

From Macquarie:  Macro newsflow in particular has been lifting hopes toward steel demand for this year.

The Mining GFC returned last night as the OPEC non-deal burned.

Here are the iron ore price charts for February 23, 2016: Tianjin benchmark up 0.4% to $50.50.

So, Brent sank 4% to $33.37 last night as some reality returned to OPEC hopes.

The screaming dead cat bounce of the last few days is finding resistance today as key prices weaken.

BHP is out with its half-year results and it ain’t pretty: So, a -5.7bn profit, a full Samarco write off and huge shale write down, an annihilated dividend and very gloomy outlook across the portfolio:   All future booms and none in sight.

For markets, the Mining GFC is now in full and panicked reverse gear.

Here are the iron ore charts for February 22, 2016: Oh yes, it’s full metal hysteria now.

The Brent oil took off again overnight and the chart looks bullish: That’s an ascending triangle pattern forming and any break above $36 will indicate a break out.

From Domainfax: …the days of rock-bottom prices are probably over, say analysts.

The share market is having a good day as iron ore offers false hope to the feeble-minded.

Domainfax is reporting that Treasury is going to take outside advice on its Budget forecasts: Treasury will accept more external advice after a review identified economic forecasting shortcomings that led successive governments to spend big under the misapprehension of relentlessly strong resources-led growth.

From Reuters: Iran has increased oil exports by 500,000 barrels per day since international sanctions against Tehran were lifted in January, a top official said on Saturday.

The Mining GFC continued to simmer Friday night.

Here are the iron ore charts for February 21, 2016:   We’re off to the races alright.

Ahhh, markets still haven’t quite woken up to the three-ringed circus that is the OPEC non-deal but they’ve started with Brent down solidly Friday to $33.10.

After yesterday’s  rush of blood, or vodka, the share market is pulling back today with banks down firmly.

Chart from Deutsche.

The Mining GFC is simmering on the back-burner as markets chew threw their recent excesses.

Brent oil fell firmly overnight to $34.16 and Henry Hub gas plunged towards new lows at $1.85mmBtu: The OPEC non-deal just keeps on giving.

Here are the iron ore charts for February 18, 2016: Spot took off with Tianjin benchmark up 1.5% to $46.50.

From Zero Hedge: According to MNI, new loans so far in February were similar to the levels during the same days of January.