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Commodity crunch: mining shares tumble after Chinese trade shock - business live

Discussion in 'Market News' started by Lily, Dec 8, 2015.

  1. Lily

    Lily Forum Member

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    Rolling coverage as the rout in oil and metals prices hits global markets

    7.28am GMT

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    Today, we’ll be tracking the commodity rout that began in Europe yesterday.

    Related: Opec bid to kill off US shale sends oil price down to 2009 low

    Iron ore prices slipped further below $40 a ton yesterday and with no evidence of a base in sight, this in turn is likely to turn the screws further on a highly leveraged mining sector.

    At the beginning of this year Sam Walsh CEO of Australian giant Rio Tinto asserted that the prospect of $30 a ton iron ore was in the realms of fantasy land, and would never be reached. Given that we are now $9 away this fantasy could well be about to turn into a nightmare.

    At presser, @J_Dijsselbloem says plan for "trust fund" of Greek public assets to privatise should be "on the table" before X-mas holiday.

    Continue reading...
     

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