RIO Lon up .59% BLT Lon Down -1.05% GLEN LON Down -1.67% AAL LON Down -1.08%
RIO NYSE UP 1.64% {After market down} BHP NYSE UP .86% {After market down} CLF NYSE UP 2.39% VALE NYSE UP 2.07% {After market down considerably!}
Platts Spot Price 62% Fe up $2.50 now $107.40/dmt USD
Australian Dollar now buys .898 USD
Platts Spot Price 62% Fe 119.524/dmt AUD
Atlas is currently making $20.24/wmt AUD
After D&A of 20/wmt they are now making money. lol
Super I wasn't taking profits I was shorting the hell out of the
whole IO sector for obvious reasons!
It's likely their going to have more business defaults in China and there could be more drama to unfold in Europe.
I'm not sold on the bullish Iron Ore market yet. But I'm am almost there!
Today could be a good day for AGO but if it opens too high I would stay well clear of it! If the IO price drops tonight, tomorrow AGO will come tumbling down again!
When Iron Ore rises above $115/dmt US again I will become bullish on the Iron Ores again.
I would put Atlas at the top of my list followed by BCI and FMG. I'm staying clear of MGX until we find out what the Chinese dominant share holders are going to do with all the cash! lol
This article has a bearish heading but the last part explains why we should be bullish long term.
Their forecasting a 40% growth in demand in the next 10 years. AS I am continually pointing out to the dismay of other AGO punters Iron Ore mines are depleting rapidly. In five years how much of the global Iron Ore supply will be competitive with Atlas Iron?
AGO Price at posting:
92.0¢ Sentiment: None Disclosure: Not Held
