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.
FrankIn that case i'll be crucified for this next new post re...
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Last
$18.87 |
Change
0.590(3.23%) |
Mkt cap ! $58.10B | |||
| Open | High | Low | Value | Volume |
| $18.86 | $18.90 | $18.44 | $375.1M | 19.96M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 900 | $18.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.88 | 3586 | 4 |
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| Last trade - 16.10pm 31/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |