Iron ore price, page-47199

Great to see the DCE is starting to show a decent pronounced upward trend again.
The Jan contract is back above 700 whilst the Oct one is trading above 765. Despite the recent falls, I am confident that the mean will remain well above 100usd for the foreseeable future. Once the inauguration of Xi is over I suspect we will see a kinder gentler lockdown that will be more pro real estate & infrastructure- the normal Chinese playbook. With so much stimulus already around and a pronounced goal to support the real estate I agree with the likes of Mike Henry at BHP & Lizzy Gaines at FMG that see a good future for our IO in China.

Helping to support our revenue is the Aust dollar, with every Hawkish utterance by Powell & his colleagues at the Fed about Interest rates, the AUD takes a dive. Todays July balance of trade figures have seen a fall from a massive surplus of ~$17b down to $8b. The AUD is likely to do a swan dive off this and my Fx mates suggests we could break $0.60c usd mark. This would be massive and very productive for profits, but bad for that trip to Hawaii I was planning to do in Nov before the over priced Dec school holidays are upon us all.