One move that caught my attention was in the bulk commodity iron ore yesterday as it rallied strongly towards fresh 2021 highs, an advance we’ve been expecting and flagged over recent weeks. The December futures continue to trade in backwardation, around 6% below Mays price but as we saw with Fortescue’s (FMG) bumper dividend yesterday anywhere near current levels turns our major low cost producers into extremely attractive cash cows.
MM is bullish iron ore short-term targeting another 6-8% upside short-term
Add To Hit List
