It's going to be a tough day for iron ore names and not only has the spot price fallen to $105.4 (down 2.6% on the day), Vale have also reported poor earnings...

Chris Weston

Pepperstone

It's going to be a tough day for iron ore names and not only has the spot price fallen to $105.4 (down 2.6% on the day), Vale have also reported poor earnings in Brazil. Sentiment seems to be deteriorating in this space, so while contrarian investors may go down the Warren Buffett route of 'buying when others are fearful', short-term traders should trade in-line with sentiment and favour short positions. AGO has closed below trend support drawn from the June 2013 low; however there is still very strong horizontal support in the 88c to 90c area. While traders will be keen to watch the open of the rebar and iron ore futures market (on the Dalian exchange), I think it's also really interesting to watch USD/CNH and USD/CNY as well,


Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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