Iron ore steadies, for the moment
The spot price of iron ore snapped two days of sharp losses, though there's no sign yet that a new floor has been found.
The spot price of iron ore snapped two days of sharp losses, though there's no sign yet that a new floor has been found.
The spot price of iron ore has fallen one-third from its February peak, as the slide into bear market turns into a rout.
Whitehaven Coal is in the sweet spot of the coal market right now.
Copper prices rebounded from their lowest level in three months, helped by a weaker US dollar and upbeat China trade data.
Iron ore is at risk of extending declines in the coming weeks after the biggest one-day slump in more than a year.
Iron ore tumbled 8.5 per cent overnight to $US68.04 a tonne, as already reluctant buyers stampeded to the sidelines.
Copper slid to three-month lows as a tentative recovery in broader financial markets lost steam, amid geopolitical tensions.
Gold jumped nearly 2 per cent amid mounting concerns over North Korea, the Middle East and the looming French election.
Iron ore's recent descent may herald further weakness, with Barclays pinning the blame on lower steel demand in China.
Wall Street's cool response to US strike on Syria should help the ASX shrug off a steep fall in the iron ore price on Friday night.
Bearish sentiment has taken charge with iron ore plunging 6.8 per cent, extending its pullback to more than 20 per cent.
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