Shares of Rio Tinto are down almost 1% in early trade near $81.00.
This could be a case of “buy the rumor, sell the fact” as the mining giant’s Q4 production numbers were largely as the market expected.
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Earlier today, RIO announced a 3% increase in Pilburra iron ore output , producing just under 88 tons, and reaching its 2017 guidance figures of 330 tons for the year.
Since posting a low of $68.60 on December 12th, RIO shares have rallied over $13.00 in just over a month.
This is a 20% gain on what has been a surprisingly resilient Spot iron Ore market over the last 8 weeks.
RIO has been in our Top 50 Model portfolio since March 6th when it was trading at $61.50.
We will look for a pull back into the $73.00 area before adding to long positions.
Rio Tinto
