Making sense of Fortescue's upside surprise

The decline in the dollar, shipping costs and the price of oil has helped offset the impact of lower iron ore prices, allowing Fortescue to reduce costs considerably and deliver positive margins.

Fortescue Metals’ much-anticipated December quarter production report provides an insight into the cross-currents swirling through commodities markets. The immediate spike in its share price this morning signals that some of them have surprised on the upside.

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