Iron Ore: So Much for Global Growth (Welcome Recession)

--> Probably no other commodity is tied to global growth, especially China’s growth, than the key steel-making ingredient that is Iron Ore.  The iron ore price continues to plunge.  In other words, so much for global growth!  (Interesting, this is the one commodity that is not a futures contract, cannot be manipulated by trading desks or by hedge funds.)  $122.74 is critical support for Iron Ore.  If this price level is penetrated, downside price projection is January 2009 level of $49. (I will definitely be monitoring Iron Ore on a monthly basis.)

Source: Index Mundi