Iron slides, copper at 6-year low – by Daniel Palmer (Business Spectator/The Australian – November 17, 2015)

http://www.theaustralian.com.au/

The price of iron ore has continued its slide toward a 10-year low amid another broad retreat in commodities.

At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US47.30 a tonne, down 0.2 per cent from its prior close of $US47.40.

The commodity has rarely seen positive numbers over the past month thanks to ongoing concerns around Chinese demand, the prospect of persistent supply increases, weak crude prices and a US dollar that is rising ahead of a likely rate hike in December.

The former and latter concerns are plaguing the broader commodities space, with base metals and oil all struggling since the US Federal Reserve hinted at a rate move two weeks ago.

Meanwhile, iron ore is steadily moving toward its 10-year low of $US44.10 a tonne, a price it touched in July this year.

Overnight, copper struck a fresh six-year low, while other base metals on the London Metals Exchange fell between 0.6 and 2.1 per cent as investors were seen cautious in the wake of terror attacks in Paris.

Benchmark copper on the London Metal Exchange slid as low as $US4685 a tonne in early trading, matching the low seen in June 2009. The metal used in power and construction closed down 2.8 per cent at $US4690.

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