While we're busying discussing the iron ore rally, here's a fun fact for the analysts among us:
Egg futures (traded on the Dalian exchange) have shockingly broken their correlation with Dalian iron ore futures.
Egg futures are trading at 4,435 renminbi per metric tonne. One metric tonne is 16,666 eggs (50 per cent white/50 per cent brown). Worth noting that China produces 40 per cent of the world's eggs.
But iron ore futures equal 371.5 renminbi per metric tonne.
"So effectively you can use 12 metric tonnes of iron ore to buy 16,666 eggs or one metric tonne of eggs," IG markets' chief market strategist Chris Weston says.
Iron ore therefore is much cheaper than eggs.
"Eggs are tastier though," he rightly points out.
Iron Ore Price, page-902
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