FMG bounced 60c, or 3%, from its intra-day low yesterday, suggesting plenty of buying into pullbacks of bulk commodity names. Wednesday’s session saw iron ore fall below $US100 per tonne for the first time since December as concerns rise that China’s demand is slowing. BHP also recovered strongly yesterday although both stocks may have enjoyed some money flow from the embattled Mineral Resources (MIN) which tumbled -9.7% yesterday following a production downgrade.
- We aren’t huge fans of the iron ore space at the moment but FMG looks well supported ~$20.
MM is neutral to bullish towards FMG
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