RIO Next Stop $80 Range???
Updated
With current uncertainly commsec.com.au/market-news/the-markets/2021/not-so-grand-evergrande.html?icid=ContagionFears_Awareness-cus-unt-eng-cen-prpst-20211005-1
following is a snippet from news:
1. Either way, Aussie investors are indirectly exposed to Evergrande through the Chinese property sector’s insatiable demand for iron ore. The price of the steel-making ingredient - Australia’s most important export - has already halved from record highs of around US$233 a tonne in May, following China’s clampdown on the property sector and pollution.
2. A downdraught in Chinese property prices would further subdue construction and reduce iron ore demand. Of course, a potential Evergrande default would be catastrophic for steel demand and shares of Aussie-listed iron ore producers.
with current levle of uncertainlty, it's just like catching falling knife, unless we get trend reversal confirmation.
it is possible we can see further down side around $90 range and then finally $80 range.
Please note these are my own notes for future reference, by no means trading advise to anyone. Also, please feel free to comment or share your thoughts.
following is a snippet from news:
1. Either way, Aussie investors are indirectly exposed to Evergrande through the Chinese property sector’s insatiable demand for iron ore. The price of the steel-making ingredient - Australia’s most important export - has already halved from record highs of around US$233 a tonne in May, following China’s clampdown on the property sector and pollution.
2. A downdraught in Chinese property prices would further subdue construction and reduce iron ore demand. Of course, a potential Evergrande default would be catastrophic for steel demand and shares of Aussie-listed iron ore producers.
with current levle of uncertainlty, it's just like catching falling knife, unless we get trend reversal confirmation.
it is possible we can see further down side around $90 range and then finally $80 range.
Please note these are my own notes for future reference, by no means trading advise to anyone. Also, please feel free to comment or share your thoughts.
Note
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