Frank
In that case i'll be crucified for this next new post re FMG.
I have been 100% bearish re iron ore since i joined HC some 3 months ago. Of all commodities i feel it faces the biggest downside.
China IS A STEEL EXPORTER NOW!!! How can it be exporting slabs of steel plate/rods etc if it desperately needs more IO to fuel its own domestic demand for steel?!?
Remember only 2 commodities are not worth buying and storing due to their RELATIVELY low cost/ton.
These are IO and coal. ALL precous and even base metals are bought and stored by speculators/commodity hedge funds etc.
A ton of Cu is $8500. Ni is $22,000. etc etc. Grains are worth less than IO but food is political issue and govts do store them.
Coal IS desparately needed as it drives turbines. Electricity is not a discressionary item. A new (steel) car, fridge etc is.
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1 | 969 | 18.790 |
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20 | 17103 | 18.750 |
Price($) | Vol. | No. |
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18.890 | 9058 | 9 |
18.900 | 36211 | 15 |
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