Join

Enter Details

Comment on stories, receive email newsletters & alerts.

@
This is your permanent identity for Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters

Subscribe

Email newsletters but will contain a brief summary of our top stories and news alerts.

Forgotten Password

Enter Details


Back to log in

Iron Ore Bounces Again But Commodities Generally Look Weak

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.

Iron ore 63% Fe December Futures Contract – barchart.com

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.