Commodities

This is how corrupt Australian policymakers are.

I have been hoping that iron ore will get irrational and we are fast getting there as the stimmies metal flies.

Iron ore prices are hovering above $100 while markets are in a neutral position.

You can’t keep a good Pavlovian dog down.

As is so often the case, iron ore is busy killing the golden goose by running away from steel prices.

Morgan Stanley with the note.

SHFE and SGX firmed.

SHFE and SGX are range trading.

Goldman has the right idea about iron ore in the short-term.

Steel and iron ore futures are range trading.

In October, Chinese steel production rebounded.

Steel futures are fading away.

Those hoping that Donald J.

Gold is a nice snapshot of everything that is going wrong with commodities today.

Steel futures have not updated.

Rebar held up Friday. While iron ore did not. More Chinese yawnulus. From ANZ. The National People’s Congress (NPC) standing committee meeting concluded with a large-scale debt swap program as we expected.

Stele is going nowhere.

SHFE didn’t panic yesterday.

The Chinese stimulus keeps getting downgraded.

SHFE sagged Friday: Mad Dalian too: The steel output bounce is over: Rebar is stuffed: Flat steel growth is over: We are entering the seasonal strong suit: But, if we do get a lift I would be looking at it as a chance to reload shorts.

SHFE has not yet given up hope: Dalian was not so lucky: The steel PMI improved some: This is related to a pre-stimulus pick-up in infrastructure seen in cement demand: I can’t find any reasons to be bullish.

SHFE is hanging in: Dalian too: But there’s not much the cheer about.

SHFE is going a second leg: With Dalian futures: The hope is captured by Goldman: NPC meeting November 4-8: The much anticipated bi-monthly National People’s Congress (NPC) standing committee meeting will take place during November 4-8. We expect the NPC to approve RMB1-2tn additional ultra-long-term central government special bond (ULT CGSB) issuance quota.

Friday saw a rebound in steel: And iron ore: After a series of stimulus positive comments about the forthcoming NPC scheduled immediately after the US election.