With this week's OPEC meeting, oil traders and analysts are watching for an unlikely cut in production from the cartel. But on the other side of the world, other negotiations are taking place that could also have a major influence on our global economy and the pace of its recovery -- and perhaps on your investment portfolio.
I'm referring to benchmark iron ore price agreements that industry giants like Rio Tinto
Compare that to the 96.5% price hike that Rio and BHP Billiton
All this is taking place under the watchful eyes of regulators, who almost certainly will be looking for evidence that Aluminum Corp. of China's
Still hanging back is the biggest ore producer of them all, Brazil's Vale
So while few of us wake up each day craving news on the world of iron ore pricing, it seems to me that all this activity is worth Foolish attention. Rio Tinto, for instance, has nearly tripled its share price just since the end of 2008, but is still well below its 52-week high. Given the impact that lower iron ore prices could have on profits, maybe there's a good reason why shares haven't recovered their former glory.
For related Foolishness:
Try any of our Foolish newsletters today, free for 30 days.