Dalian is holding onto its overnight losses through the day with iron ore down -7% and coking coal -4.2%: This seems to me to be a very bearish signal. If Cyclone Debbie can’t elevate futures then the jig is up for bulks. Big Iron is doing better than it should with BHP up slightly with
The Caixin China services PMI is out today and what is usually a pretty marginal indicator seems suddenly to have crystallised lurking China slowdown fears: The Caixin China Composite PMI™ data (which covers both manufacturing and services) pointed to a weaker increase in total Chinese output at the end of the first quarter. At 52.1 in
Dalian is open and soaring. Coking coal is up 8% and iron ore 1.0%: Big Iron is up strongly too with the majors up 2.5%, FMG 3.5% and WHC adding to yesterday’s big gains: For mine, this rally is a great short entry point. The Debbie delays will be short and only serve to boost alternative
Dalian iron ore is down today: And coking coal down: Big Iron is stalled other than WHC: This despite the booming China PMIs and Cyclone Debbie. When a bull market stops reacting to good news then, well, you know the rest… Big Gas is down despite oil: Big Gold is down: Big Debt is up a
Dalian is struggling again. Pointedly so when one considers the risk of coking coal disruptions: Big Iron is hanging on: Big Gas is up with oil, stupidly: Big Gold is down with gold sensibly: Big Debt is flying: The rate hikes appear to have triggered a dash for trash, from Brain Wilson at CLSA: While
Dalian is open and is up with coking coal as Debbie does Dalian, both erasing half of last night’s losses. Big Iron is enjoying the dead cat, all stocks up 1% plus. WHC is up more on a reasonable thermal coal contract settlement: All eyes on the Bowen Basin today… Big Gas is up on
The pressure DCE is not abating with it down -1.5% at the open: The reason why be still more PBOC mortgage tightening, via Reuters: The People’s Bank of China (PBOC) will strictly check the source of down payments by individuals purchasing property in Beijing, the Beijing operations office of the Chinese central bank said in a
Dalian is under pressure again but holding today: Big Iron is up a little: Big Gas likewise: Big Gold not so lucky: Big Debt is still shaky: With Big Spruik still ignoring incipient tightening: An uneasy calm.
Dalian is open and soft but holding: The good ‘ol days return today as Big Iron is getting hosed: FMG is falling -5% and describing a superb head and shoulders topping pattern: The uptrend is broken but we’ll need to see it breach the $5.80 neckline before the topping pattern is confirmed. RIO has a
Dalian is down the better part of -5% today: But nobody cares as Big Iron has barely budged: Any time iron ore is in the $90s there is only downside. FMG’s potential head and shoulders top has firmed a little. Big Gas is holding too despite the mushrooming political risk: Big gold is under-performing: Big
Dalian is calm today: Big Iron is easing back as FMG is set up for a monster head and shoulders top, or not: Big Gas has eased too as the afterglow of pwning the PM passes: Big Gold is up again though modestly. I’d be taking profits here if I were trading: Big Debt is
Dalian is down today, or at least lost last night’s gain to be flat overall: Big Iron is up with FMG perhaps describing the right shoulder of a head and shoulders top (or not): Big Gas is loving Do-nothing’s non-solution for the gas market: Big Gold is on a rampage as the Fed slows: Big Banks
Dalian as adding to overnight gains as Banana Man piles back in: Big Iron is following: Charts now have false breaks from earlier in the week but stocks are probably under-performing the futures move, not least on a further raft of upgrades today. Big Gas is holding up better than it should as oil weakens
Dalian is open and following its recent pattern has launched again. We’ll see if it can hold this time during the day: Meanwhile, the sell-off for Big Iron is starting to do some chart damage. FMG is approaching the $5-handle again and its uptrend is busted: Any decent rebound at this point is going to
Dalian futures tried and failed to rally again this morning. Now down marginally, coking coal similar: Big Iron is flat and down: Could be some nice head and shoulders top formations developing there. Big Gas is up despite oil. I have no idea why anyone would bid for STO given the political risk: Big Gold
Dalian is open and both iron ore and coking coal are under a little pressure. Big Iron is down harder but charts are still not alarming. BHP might have a head and shoulders top in but is still above support: RIO likewise: And FMG: WHC does look in trouble as its symmetrical triangle breaks down:
Dalian futures launched out of the blocks this morning but have been falling ever since: Big Iron is down: More ahead in my view. Some of the charts are starting to look interesting. RIO has broken its steeper uptrend and may be setting up for a good correction: WHC is close to breaking a bearish
Dalian is trading flat today: Big Iron is mixed: We still appear biased lower. Big Gas is also mixed: Big Gold is selling hard and may be approaching a buy zone: The weekend US jobs report will be big. A good one and gold will fall heavily. The signs are positive, from Nomura: Incoming data
Dalian is open and off a couple of percent: Coking coal is up a touch. Big Iron is happier, I guess the market feared less action: Big Gas is treading water: Big Gold has gotten little reprieve from the USD bashing. Jawboning cannot outweigh macro in the long run Banks have rebounded but the big
Dalian is open and is immediately under pressure following the overnight dump: Big Iron is getting hit hard though FMG is ex-dividend down -4% and WHC -5%: The chart damage to FMG is still not decisive: Big Gas is also down hard as oil comes off: One wonders if the market is not beginning to
Macquarie does its best to explain: The gold price settled today at $1,254/oz. Exactly one year ago it was $1,251/oz. That’s not the only similarity – in both cases the price rallied strongly in the new year after ending the previous year heading south as the Fed raised rates (14 December 2016 and 16
Dalian has opened stable: But Big Iron hasn’t: Perhaps port stocks are upsetting things. Big Gas is down: Big Gold is firm: Big Debt is soft as the yield curve flattens: And Big Spruik has REA going one way but the gruesome FXJ the other which does not make a whole lot of sense: MEA
Big iron is off again in Dalian down -1% so far after heavy overnight falls. We’ll be in the $80s again Monday at this rate: Big Iron is off sharply but no real chart damage done yet: Big Gas is mixed with juniors falling and seniors up: Big Gold is firming again as the Trump
Iron ore futures are flat after overnight falls suggesting a decent hit tomorrow but holding on despite Chinese house prices and sagging coking coal futures. The miners are down: Big Gas is weak despite strong oil. OSH is flying on a Goldman upgrade: Big Gold appears headed for a correction: The Big Debt bull is still
The Big Iron rocket is punching skywards again today as Dalian adds another 1% to overnight gains: FMG is powering towards its highest intraday price since the GFC and will presumably break the closing price today: A technician would suggest an $8 target then on to the all time high. Macquarie has more on what could
Big Iron is firm today as China has announced the suspension of coking coal imports from North Korea. Not a trivial amount of 22mt. Dalian is 1.5% and coking futures a bit more. Of the majors only FMG is up, however, for no obvious reason: Big Gas likewise is looking a bit toppy: Big Gold
Dalian is up again today though not at new highs: Big Iron is trailing with FMG now in clear air once more: I personally think that the miners are fairly priced here. A pull back to $50 by year end would still leave them highly profitable and put them on fair multiples. Big Gas is
Dalian is open and popping again, though 700 this time. Contrary to popular belief, it is not currently pricing $100 iron ore. 20% of the price is fees and taxes so it’s pricing roughly $82 in six months, which is quite insane enough! Big Iron is off again too with BHP is 2%, RIO 3.5%,
Dalian is roughly flat today after overnight gains: Big Iron is modestly up too though FMG’s possible double top still lurks: Big Gas is rebounding after OPEC minister comments supported oil: Big Gold is off. Not sure it can get much further unless Donald does something more stupid: Big Debt continues its sneaky bull market.
Never let good sense get in the way of iron ore! Dalian is open and off to the races again: I am presuming that it is because of this tropical low: However, Port Hedland is still operating as I write so perhaps it’s just Banana Man again. Whatever it is, Big Iron loves it. BHP
