Sara, more oil spikes will push down the US market and consequently the XAO with it. I agree with you that the June 2006 low of 4800 is an obvious support /bottom.
With the XAO at 5090 that's not too hard a fall --- we've been getting done slow, as PKeating would say, for the last 8 months.
bhp settles iron ore price with baosteel , page-103
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