That brings us to iron ore.
I’ve kept hammering the same point lately.
It was this: iron ore trading over US$100 is continuing to surprise everyone.
That is setting up some potentially ripping trades.
It’s just so profitable for any miner that can get it to market at this level.
Now what do we see?
Iron is brushing against US$130 a tonne!
This is a boon for the Australian government via higher tax revenues.
It’s great for the ASX in general because BHP, Rio Tinto and Fortescue make up so much of the Top 20.
It’s also great for the small-cap iron ore miners.
It’s up 14% since and I expect more coming. It’s just getting started in my book.
Of course, junior miners are risky and volatile. Things can go wrong. Iron ore could swan dive.
But this is happening at the same time the small-cap sector in general was down – until yesterday anyway.
Let’s combine the tale of these two commodities for the Aussie market.
Oil is not a big sector for the ASX.
You know the old stagers Santos and Woodside. Plus there’s a smattering of much, much smaller drillers and explorers.
For the rest of the market a lower oil price is a boon.
Iron ore, however, is vital to the direction of Australia and the ASX.
It may stay elevated for a lot longer than most people think.
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That brings us to iron ore.I’ve kept hammering the same point...
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