Iron ore punters. Iron ore bulls and others in the federal government and Treasury (hint, Scott Morrison) should not put their faith in the durability of the current boom in iron ore prices. As we pointed out on Friday, it is built on the shifting sands of Chinese punters and over US$1 trillion of cash pumped into the economy in recent months. In fact, it looks like a replay of the boom we saw this time last year in the Chinese sharemarket, which ended in tears, losses and legal action. So Canberra and any other enthusiast should yesterday's warnings from Bloomberg, Fitch Ratings and Morgan Stanley about the surge in Chinese commodity prices, especially iron ore, and moves by Chinese exchanges to try to cool the frenzied trading and outright speculation. Morgan Stanley said in a note yesterday: “Now China’s speculators engage commodities … China’s latest speculative spike has stunned global markets.” Bloomberg likened the activity to what happened in the Chinese sharemarket last May-August when a speculative surge created a bubble, and then a bust, as the government struggled to contain and control the situation. And US ratings group Fitch warned the boom in Chinese steel prices wasn't sustainable. The firm said in a note yesterday that the gains in steel prices have been driven by a seasonal recovery in activity that’s been exacerbated by increased speculation in the futures market. -- Glenn Dyer

Day in court. It’s not long to go until the “tough cop on the beat", to quote Messrs Turnbull and Morrison, faces up to its moment of truth: the insider trading trial in Sydney of former banker and socialite funds manager Oliver Curtis. The case starts in the NSW Supreme Court in Sydney on May 11 and should be a beauty. In fact it will be one of the biggest court cases of the year in Old Sydney Town, as Curtis goes on trial nine years after he was accused of  insider trading offences with childhood friend John Hartman, who has already been convicted and done his time. -- Glenn Dyer