The chart below clearly shows that usually the FMG stock has...

The chart below clearly shows that usually the FMG stock has ~0.5% shorters or ~15mln shares are shorted.

Near the current ex-dividend date (6 September) the number of short positions have increased dramatically

26 August 2021 33,249,509

27 August 2021 34,475,151

30 August 2021 37,854,841

1 September 2021 48,630,660

2 September 2021 51,713,874

3 September 2021 54,907,289

6 September 2021 +9,368,494

7 September 2021 +4,623,804

8 September 2021 +3,618,536

so in total ~72.5mln instead of "standard" 15mln.

In relation to these figures, there are a few comments

- there was not a very smart decision to open short position on the ex-dividend day, my experience shows that it should be done at least one day before for stocks with FF dividends

- a number of shorters have been increased just before ex-dividend date in hope that the stock will repeat its behavior seen on the previous 2 ex-dividend dates, but it is obvious that if IOP will stabilize at ~US$130 then there is no way that the SP will continue its fall down.

- based on the above mentioned figures of not loosing their money ~57.5 mln shorters will need to close their positions or pushing SP higher

- it seems that the SP has found its floor between $18.60-$19, also there is a good sign of decreasing the trading volume today