Bloomberg reported that Sydney-based economist, Justin Smirk, known for his highly accurate base-metals predictions, said iron ore may drop 35% by the end of the year to $110 a ton.
As quoted in the market news:
Given the low level of inventories and where prices are going, we think Chinese production will respond,” Smirk said in an interview today. “The big swing will come through from China itself,” he said, referring to iron ore production.
Get our expert guide to base metals investing FREE!Download this FREE Special Report, Investing Opportunity: Using LME Prices and Base Metals News.