Fortescue (ASX:FMG) share price within arms’ reach of all-time highs

Fortescue shares are making a dash for a new record high right before reporting season.
The post Fortescue (ASX:FMG) share price within arms’ reach of all-time highs appeared first on The Motley Fool Australia. –

The Fortescue Metals Group Ltd (ASX: FMG) share price was up 3% to $26.18 by lunchtime before its gains began to fade.

At the time of writing, shares in the iron ore major are up 2.22% to $25.98.

Despite a slightly weaker performance, the Fortescue share price is not far off its 8 January record high of $26.40.

What should investors consider as the Fortescue share price lingers around record territory?

Reporting season is right around the corner

According to Fortescue’s website, the company will deliver its FY21 full-year financial results on 30 August.

As covered by The Motley Fool, here’s what investors should look out for when the results are released.

To summarise, this includes the expectation of a record shipping performance, an update about the blowout costs from the Iron Bridge project and dividends.

What’s next for the Fortescue share price?

It can be difficult to get a read on Fortescue shares.

One moment, iron ore prices are tumbling but the Fortescue share price is standing tall.

The next, Fortescue shares tumble despite iron ore prices holding well above US$200/tonne.

Last week, reported that the most active September futures contract on China’s Dalian Commodity Exchange fell 10%, down 17% from all-time highs in May.

The significant pullback in Chinese futures was the biggest weekly drop since the initial COVID-19 selloff in February 2020. said that the decline was driven by “efforts to reduce output of the construction and manufacturing material in line with its [China’s] carbon emission reduction goal”.

Despite the weaker pricing, the Fortescue share price tipped just 0.86% lower last week, with a close of $25.26 on Friday.

This week, the Fortescue share price has tipped higher following a recovery in Chinese iron ore prices.

The rebound in iron ore has also witnessed a strong rally from ASX iron ore heavyweights, BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO).

The post Fortescue (ASX:FMG) share price within arms’ reach of all-time highs appeared first on The Motley Fool Australia.

Should you invest $1,000 in Fortescue right now?

Before you consider Fortescue, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Fortescue wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Rio Tinto (ASX:RIO) share price rises despite aluminium production cuts
BHP (ASX:BHP) share price hits new all-time high on Tuesday
Lynas share price soars, BHP and Rio on watch, A2 on the naughty list. Scott Phillips on Nine’s Late News

What to expect from the ASX 200 during earnings season

Why City Chic, Lynas Rare Earths, Rio Tinto, & Stavely Minerals are charging higher

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!