October 23, 2016

Commodities drag down Australian Market

Asian markets experienced mixed fortunes on Tuesday following declines in the US and as slumping iron ore prices continued to hurt mining companies.

In Australia, the S&P/ASX 200 closed down 0.95% at 5,226.40.
Analysts said iron ore prices were continuing to move towards the decade low reached earlier this year.

The commodity is Australia’s biggest export and was trading at $44.20 a tonne in China on Monday.

Independent economist and commodities specialist Andy Xie has predicted that iron ore prices will fall below $40 a tonne before the end of the year.

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