It's all down to one thing and one thing only.
The spot price.
Cap raising is exactly what the shorters hope who are essentially taking a bet.
The precipitous fall in IO spot price from $120 to $86 was like a tap being turned off unrelated to macroeconomic fundamentals. The shorters (perhaps the smart ones have already short covered holding this school of thought and took advantage of the de-stocking plunge as a window of opportunity).
Time are volatile. The spot price can easily go below $100 again perhpas with $95 as a key support level. But the trend is still up IMO.
great day, page-44
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Last
$21.41 |
Change
-0.260(1.20%) |
Mkt cap ! $65.92B | |||
| Open | High | Low | Value | Volume |
| $21.52 | $21.67 | $21.30 | $150.5M | 7.000M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 93 | $21.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.41 | 12657 | 3 |
View Market Depth
| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |