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.
It's all down to one thing and one thing only. The spot...
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Last
$15.97 |
Change
-0.235(1.45%) |
Mkt cap ! $49.77B | |||
| Open | High | Low | Value | Volume |
| $16.40 | $16.41 | $15.91 | $113.0M | 6.965M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 29 | 13431 | $15.96 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $15.97 | 13284 | 27 |
View Market Depth
| Last trade - 15.28pm 10/09/2024 (20 minute delay) ? |
| FMG (ASX) Chart |