forty cents?, page-3

I know this is not going to be popular, but there may be rainclouds forming over the parade grounds.
The iron ore market remains weak, with long-suffering Chinese traders unwilling to risk any more purchases amid fears that prices will plummet further following a record decline last week.

I lost a lot on CCC from 7.5 and bailed at 4.3 waiting for a re-entry point. I agree that 18-ish my be the bottom but if iron-ore keeps slipping, coal will be affected too.

Just an oppinion

Cheers



"Plummet is an understatement - no one can see the bottom and they all just want out," says a commodities broker based in Hong Kong.

"Some people are trying to pick up bargains but if next week the price drops another $US10, it might not seem such a bargain after all," he says.

Iron ore prices fell by the highest weekly margin ever last week, with demand from top customer China slumping as its steel mills slashed output.

Read more: http://www.smh.com.au/business/markets/markets-live-shares-fall-back-20111031-1mr07.html#ixzz1cKXwpukW"