Looking at the CME data last night, 226 lots were traded (500 tonne lots), for delivery in April May and June, in total. To put that in perspective, the price of IO was driven down 6% by a volume equivalent to 6.6% of RIO TINTO'S daily output. Thats right. DAILY output. Rio account for 25% of IO export out of Australia. Don't know what their global share is. I now see why its not very hard to "persuade" a market price if one wanted to....
