iron ore fines breach the $120 floor

I am going short AUDUSDEarlier in the year there was a bit of a mystery as to why iron ore prices were hanging in and why demand was so high despite the slowdown in end demand in China. Now it is clear that the copper inventory financing trade that occupied the FT.com writers last year was…

China ponzi collapse follow up

coverage picks upAbout a month has passed since I wrote the Ponzi has crashed and now the reports are coming in. Whether it is China’s biggest private shipbuilding company seeking a bailout on account of its 20,000 employees, or the lovely ghost city of Ordos, perfect for skateboarding, seeking help to cover their payroll (it is difficult…