Commodities

From Bloomie: Recent weakness seen in Australian shipments is only a temporary lull on the way to further expansion, analyst Christian Lelong said in a note received on Tuesday.

Big iron is tracking Shanghai today with BHP, RIO and FMG all down sharply earlier but now square on the day as Shanghai rebounds.

Here are the iron ore charts for July 27, 2015: Spot up strongly with Tianjin benchmark up 1.4% to $51.40 a tonne.

Brent oil crashed another 3% last night to $52.92 as I write.

A little win today for big iron as the commodities complex collapses all around them.

Atlas has relisted and bang: Capital raising was at 5 cents.

Here are the iron ore charts for July 24, 2015: Qingdao spot faded but Tianjin benchmark rose 0.2% to $50.70.

The Brent oil price continued its march lower Friday night ending down another 2% at $54.63.

BHP and RIO are both down the better part of 1% today and edging closer to post-GFC breakdowns to boot.

From Deutsche: We retain our SELL on valuation (A$1.44/sh) and high debt levels. The dramatic drop in Life of Mine (LOM) strip ratios continues.

Here are the iron ore charts for July 23, 2015: Qingdao firm.

Brent oil posted another new low overnight, down 1% to $55.50 as I write.

It’s teetering. It’s tottering. But has not yet fallen. RIO has been pushed the brink of its spectacularly bearish chart again today, down 2% to $51: That bearish descending triangle is enormous and the $50 range has been a significant support for nearly ten years (GFC excepted).

From Mac Bank: Iron ore import volumes had already been released with preliminary trade data earlier in the month, but the full release gave an indication of partner countries.

FMG’s quarterly production report is out: A few points.

Here is the Thompson/Jeffries CRB index (of commodities including energy, softs, metals): The dream is over. We are now back at 2003 levels and very likely to keep falling. In technical terms the chart exhibits an enormous bearish descending triangle on the verge of breakdown (like so many of the component parts).

Courtesy of Zero Hedge and from Caterpillar’s earnings release: Super cycle going super bust!

From the World Steel Association: World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 136 million tonnes (Mt) in June 2015, a -2.4% decrease compared to June 2014.

Here are the iron ore charts for July 22, 2015: Qingdao eased but Tianjin benchmark was smashed 2.8% to $50.70.

Big iron ore is taking it in the team today as the iron ore bounce looks very thin.

From Mac Bank: Steel production cuts have accelerated in China – in the first ten days of July,CISA mill production was at only 622mtpa, down by 6.1% YoY – the largestYoY drop of the ten-day series since mid-February.

BHP has released its year-end production report: Group production(1) increased by 9% for the 2015 financial year.