I cant believe what is happening, one good job report and everyone forgets all the troubles in the world. Sure on monday FMG will rally abit, but the short position will just increase even further due to SP increasing even more than fair value, regardless of the folks here saying about shorts burning or shorts dying.
There is a simple reason why the shorts are increasing, they don't have a daily view of the SP, they are looking at the big picture in China, iron ore port stockpiles have increased to near 98million tonnes at end of Jan (historic record) and domestic iron ore production has increased significantly(this inventory is not reported).
Despite the iron ore price holding at current levels, trading volumes are very light. Somewhere along the line, when the line is broken the huge inventory will dictate the price. Steel price is still weak and end user demand is weak, heck AUD is approaching 110c USD again.
For all the bullish comments about SP they cannot explain why China port iron ore stockpiles keep going up and steel production keep edging down.
I cant believe what is happening, one good job report and...
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Last
$22.41 |
Change
-0.210(0.93%) |
Mkt cap ! $68.99B | |||
| Open | High | Low | Value | Volume |
| $22.36 | $22.61 | $22.30 | $82.59M | 3.681M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 500 | $22.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $22.42 | 11435 | 2 |
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| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |