ASX200 Eases Back Below 5500 on Commodities

Australian and New Zealand shares slipped on Wednesday with weaker iron ore, copper and oil prices dragging down Australia’s heavyweight resources sector amid concerns about global demand.

The S&P/ASX 200 index fell 29.9 points to 5,490 by 01:20 GMT, pulling away from a two-month peak set on Monday.

Energy and basic materials suffered the most with 1 percent losses, while miners added to the pain. Spot iron ore prices dropped to their weakest level since 2009 on Tuesday as a supply glut keeps pressure on the commodity, which has fallen 42 percent this year. Bluechips BHP Billiton Ltd and Rio Tinto gave up around 1 percent, while BC Iron tumbled nearly 7 percent to hit five-year lows at $0.900.

Reuters

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