Daily iron ore price update (launch)

Friday 5 December 2014

Here are the iron ore charts for November 4, 2014:

Paper markets took off out of the blue. My theory is the bullishness emanating from the Shanghai Composite is starting to spread. Perhaps there are some stimulus hopes a well. There’s no fundamental shift, as seen in rebar average which looks likely to plumb new lows next week. Iron ore spot followed with benchmark at $71.10. There’s a little short squeeze underway in Dalian so this could run a while but let’s see if mills are determined to keep prices around $70, If so they’ll stop buying quickly.

In news, from Caixin:

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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.