Fortescue hit as iron ore futures tumble (updated)

Thursday 28 August 2014

Today’s midday iron ore update sees Fortescue Metals showing some material weakness down 3.5% to $4.15 and not too far above its 2014 low at $3.96. The other majors are also down firmly:

The idiocy spread remains very wide:

The juniors are selling hard as well with AGO down 4% to .59 and fast approaching its 2014 low of .54:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.