Commodities

From RIO: Pilbara operations Production and shipments in the first half increased compared to last year despite unseasonal weather in the Pilbara throughout the first half, including Tropical Cyclones Olwyn and Quang.

Tianjin benchmark rose firmly yesterday 1.4% to $US50.10 presumably on better Chinese data, thoug Dalian slipped to 365.

Brent crude sank 3% last night to $57.19  as the reality of the Iran deal and a stronger US dollar overwhelmed all else.

Big iron ore weak today with BHP down 1.5% on big gas writeoffs, RIO flat and FMG down 2%: Idiocy spreads are still widening: Juniors are still dying:   Dalian is flat at 371.

Here are the iron ore charts for July 15, 2015: Qingdao spot down a little and Tianjin fell more down 1% to $49.40.

From BS, Bartho thinks so: Vale has some relatively high-cost production.

The big iron ore miners are all on a roll today with BHP and RIO oscillating around 3% gains and FMG up 5%.

From Capital Economics:  All the signs are that the four largest producers will continue to ramp up output (see Chart 4) in an effort to use higher volumes to offset lower values.

Here are the iron ore charts for July 13, 2015: The spot rebound is done with Qingdao up a bit and Tianjin benchmark unchanged at $49.90.

Brent oil settled at $58.19 overnight as premature Greek celebrations lifted prices from an earlier slump.

Big iron is holding its ground today as Shanghai continues its coerced rebound.

From the AFR: …the June quarter numbers about to be reported by energy companies will make the hit clear, with UBS forecasting June quarter LNG prices slumping as much as 35 per cent from the March quarter, despite a modest recovery in oil prices.

Here are the iron ore charts for July 10, 2015:    Qingdao spot rallied 2.3% to $50.10.

The Brent oil price settled virtually unchanged on Friday night at $58.59.

Big iron is riding the tiger’s tail today.

The iron panic is on.

Brent oil recovered some recent losses in line with easing Chinese fears last night up 3% at $58.53 as I write.

Here are the iron ore charts for July 9, 2015: Qingdao was up 9.9% and Tianjin benchmark rose $4.20, or 9.5%, to $48.30 a tonne yesterday.

From the AFR: Until now.

Big iron had a brush with death this morning as BHP tumbled, RIO got within a whisker of terminal support in the low $49s and FMG threatened a move into the $1.50s.

It’s over.

Here are the iron ore charts for July 8, 2015: Benchmark Tianjin spot fell 11.3%, or $5.60, to $44.10 a tonne.