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Iron Ore Weighs Further on the Aussie
Overnight the price of Iron Ore was still the big issue for Asian traders. Markets are still concerned about growth in the Chinese economy and compounded by over an over supply of Iron Ore, the price of the commodity was again hammered. As you can see in the data below from Bloomberg, it’s been almost all downhill for the last couple of years, with falls exaggerated more recently. The supply issue isn’t going anywhere and the big players still have room to move on price, as Westpac’s Justin Smirk notes: “As noted, BHP and Rio Tinto can deliver into the Chinese market for around $US40 per tonne and have an ... (full story)