Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and Team With Chinas PMI beat this week supporting the resource names - How would you be playing the Iron Ore Names? FMG has already gone ex -dividend and BHP and RIO will follow next week on the 9th March. Do you see the Iron ore names being supported by this renewed optimism in China's reopening? What price would you be looking at selling these 3 stocks into strength? regards
Hi Debbie,
As we touched on in Fridays report we like the iron ore names at present believing they are set to make fresh recent highs as China reopens its economy post its futile COVID-Zero Policy. In terms of selling we would want fresh post COVID highs e.g. $50-52 for BHP. However after RIO/BHP trade ex-dividend this month we could pare these areas back slightly.
FMG has already traded ex-dividend last month and if were long this 3rd pier our initial target would be a simple retest of the $26 level.
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