Like i said last week - shorting when iron ore price is at or below $90us is v dangerous game currently. too likely traders will bid into market to stockpile below that psychological level.
Likewise buying any iron ore stock once iron ore goes above $US100 in current environment will be equally dangerous.
this commodity is now broadly in supply/demand balance - we've got 2 more months of european summer during which industry and related steel demand should continue to strengthen - before it goes into annual autumn cooling off.
as i said 4 weeks ago - price target for fmg of $5 + on iron ore getting back to $US100 - then im out and watching for the downtrend to re-exert itself.
ill take 3.94 to $5 every time.
Postive China manufufacturing data, page-7
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$19.76 |
Change
-0.220(1.10%) |
Mkt cap ! $60.84B | |||
| Open | High | Low | Value | Volume |
| $19.66 | $19.80 | $19.20 | $191.1M | 9.763M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 4673 | $19.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.76 | 31740 | 2 |
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| FMG (ASX) Chart |