The last time Rio Tinto shares were trading at yesterday’s 3½-year low, the miner was receiving only $60 a tonne for its iron ore. Today the price is $112 per tonne.
The trend is repeated across the sector, as investors fall out of love with natural resources. Fund managers polled by Merrill Lynch have only once been so negative towards commodities in the survey’s history: December 2008.
So far, the “end-of-the-supercycle” trade has paid off. The ratio of Europe’s Stoxx basic resources index to the broader Stoxx 600 has fallen to a level last touched during the depths of the 2008-09 crisis.
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