Commodity Outlook

I participated in a commodity outlook discussion on CNBC this week. To watch the interview Click Here

About Ric Spooner

Over 30 years market experience - professional trader, broker, director
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2 Responses to Commodity Outlook

  1. Nathan says:

    Hi Rick,firstly I love your blogs.
    What do you think the fed will do tonight re QE.
    And also what are your thoughts on iron ore prices bottoming out?

    • Ric Spooner says:

      Hi Nathan,

      I reckon the most likely outcome is that Mr. Bernanke won’t say much new on QE tonight. The last Fed minutes showed a pretty clear intention to ease unless the economy picked up so there’ not much he could say to add more certainty there. What the market will now be interested in is what type of action they may take and how big it will be. He could say something that gives a bit more insight on this but more wer’e more likely to see this after a Fed meeting.
      There seems to be a steel oversupply in China.Producers are now reacting to this by cutting back production. This may take a while to get through. We are now geting back to a base range for iron ore $70-90 so we may not be too far from a bottom in terms of price. However, I think it could take time for prices to rally much as the market works through the steel overhang. Also some of the resource company charts look as though they may have pre-empted the worst already

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