Iron ore has slumped to a fresh five-year low, falling 1.2% to be fetching $US85.70 per metric tonne. On the local market, shares are poised to open little changed ahead of retail sales and trade data after a weak lead from Wall Street.
What you need2know:
• SPI futures is down 5 points at 5649
• AUD at 93.45 US cents, 97.88 Japanese yen, 71.08 Euro cents and 56.77 British pence
Like a typical bear, David Llewellyn-Smith (Houses & Holes) of Macrobusiness considers anything that damages the economy to be worthy of celebration...
Yes David, we should celebrate things that impact the economy in a negative way...
Nickel prices rose to their highest level in four weeks on supply concerns after a Philippines senator filed a bill that would require raw minerals to be processed before exports, boosting expectations the Philippines would implement mining laws similar to Indonesia. Since Indonesia enacted its mineral ore export ban in January, the Philippines has stepped up its nickel ore exports to China, accounting for nearly all of China’s nickel ore imports in July. Nickel ore is feedstock for China’s nickel pig iron sector.
Iron ore fell by 1.2% to USD85.70/t (CFR China) on continuing surplus concerns, as Chinese steel mills and traders remain reluctant to procure iron ore given tight credit conditions, slowing steel demand, falling steel prices and the wide availability of iron ore.
Crude oil benchmarks rose on demand hopes after Russian President, Vladimir Putin, outlined a peace plan for Ukraine. US WTI crude oil also rose after on views that US crude oil inventories fell last week. The peace talks for the conflict in Ukraine also prompted palladium futures lower, as concerns eased that trade sanctions against Russia would limit supply from the world’s largest palladium producer.
Iron ore exports from Australia’s Port Hedland lifted 36.5% y/y to a record-high of 37.4Mt in August, as BHP and Fortescue increased iron ore production. Iron ore exports to China from the bulk port terminal rose by 43.5% y/y to a record high of 32Mt.
Rio Tinto said it will cut more jobs at its Kestrel metallurgical and thermal coal mine in Australia, as low coal prices continue to pressure the company to reduce costs at its coal mines.
Like a typical bear, David Llewellyn-Smith (Houses & Holes) of Macrobusiness considers anything that damages the economy to be worthy of celebration...
Yes David, we should celebrate things that impact the economy in a negative way...
It's good that you're not bitter.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
Like a typical bear, David Llewellyn-Smith (Houses & Holes) of Macrobusiness considers anything that damages the economy to be worthy of celebration...
Yes David, we should celebrate things that impact the economy in a negative way...
You would respond in the same way if Sydney house prices hit $1mil by 2015. When you've staked your reputation on the outcome, you'd feel some satisfaction if your predictions were fulfilled, even though it was bad for the economy.
You would respond in the same way if Sydney house prices hit $1mil by 2015. When you've staked your reputation on the outcome, you'd feel some satisfaction if your predictions were fulfilled, even though it was bad for the economy.
Lots of people do actually benefit financially when house prices rise, so millions of people do have reason to celebrate. But who benefits when the iron ore price falls? Who is Llewellyn-Smith celebrating with, apart from a small group of bitter whinging bears who will celebrate any bad news because they falsely believe it brings closer the house price crash they desire. They even cheer on unemployment. They want a recession and they want people to lose their jobs because they hope to benefit from the misfortune of others.
Lots of people do actually benefit financially when house prices rise, so millions of people do have reason to celebrate. But who benefits when the iron ore price falls? Who is Llewellyn-Smith celebrating with, apart from a small group of bitter whinging bears who will celebrate any bad news because they falsely believe it brings closer the house price crash they desire. They even cheer on unemployment. They want a recession and they want people to lose their jobs because they hope to benefit from the misfortune of others.
Those who work in Tourism, manufacturing ....
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
those who have already hedged themselves in anticipation for such an occurance... those who work in industries that would benefit from a lower aussie dollar. those who are tired of having prices of all their household items and services through the roof because of inflated wages in mining sector... etc..
Quote:
They want a recession and they want people to lose their jobs because they hope to benefit from the misfortune of others.
have you been having a few dinner dates with skamy ?
edit: regarding acting excited - hard not to be if you have a feeling you aren't one of these guys:
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