Iron ore is up almost $2 a tonne from the low earlier this week at $77.75, closing this morning at $79.55.
It looks like another attempt from buyers to pick bottom but equally it looks a lot like the fall is being managed so it doesn’t completely drop off a cliff.
Of course, this is pure speculation but while the overall downtrend remains intact and even though the big miners are unperturbed by the overall fall, it is in no-one’s interest to see the collapse in prices become a rout.
However, the buyers are brave in an overall commodity market backdrop where most players are either short or square. Buying has been a losing bet lately from iron ore to gold, Ags, copper and beyond.