Tough to Believe in This Mineral Rally

It's tough to believe in this mineral rally -- the one being produced by better action in coal, and by a better-than-expected quarter from Vale (VALE). The reason it was better than expected, of course, was that the-end-of-the-super-cycle-wish-club believes losses have to kick in soon.

The cross-currents are everywhere in this group. The Baltic Freight Index has been dropping in small but steady increments for weeks now. But copper seems to have put in a bottom. Lots of coal capacity has been taken out, with much iron ore shuttered. (Thank you, colleague Matt Horween, for keeping that data and its meaning in front of me.)...319 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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