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.