As volatility picks up around the iron ore miners, with both BHP and RIO set to open on the back foot this morning, we keep watching the iron ore price for signs of weakness, but it’s holding firm in both the spot market trading around $US106/MT and looking further out the futures curve i.e. December 2027 futures are still hovering around $US90/MT. If the commodities market proves correct and the looming increased supply from RIO doesn’t suppress prices too far, we believe begrudging upgrades are likely for the ASX major miners.
- We believe analysts are too bearish about the bulk commodity and can see it hold above $US100/MT for longer than many expect.
MM is cautiously bullish about iron ore
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