Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Saturday, 5 March 2016

Shock & ore

Another rally in the iron price, up by another +5 per cent to US$53.75/ton according to Bloomberg.

The iron ore price is now at a 5-month high and +40.3 per cent from its December 11 low.

Source: Bloomberg

A resurgent Anglo-American was the "best" performer on the FTSE 100 (+86 per cent) while Glencore has rebounded by +66 per cent).

Other oversold commodities have also experienced significant gains.

The copper price hit $2.26/lb, the gold price hit a 13-month high of abive US$1,260/oz, and US crude oil futures closed up $1.35 or +3.91 per cent at $35.92 for another very large weekly gain of +9.5 per cent. 

All of which is upbeat news for the Australian economy.