It’s funny how Iron Ore price falls seem to get all the headlines but when it rallies – radio silence.
So, in the interests of balance, here is a chart of the September 62% FE Iron Ore swap futures contract.
http://edge.alluremedia.com.au/uploads/*/2014/06/Iron-Ore-26062014.pngPicture: Barchart.com
Iron Ore at $95.13 this morning is up 7.29% off the recent low and has broken a three-month downtrend.
It’s a solid bounce and if it can get through the recent high at $95.77 a tonne then the outlook might have changed and a bottom might be in place.
Time will tell.
http://www.*.com.au/chart-of-the-day-iron-ore-is-in-the-midst-of-a-big-rally-2014-6
IO chart shows bottom/revesal
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