SYDNEY: Australian shares lost ground in early trade as further commodity price
declines pressured resources stocks, and after weaker leads from US and European markets.
At the 10.15am (AEDT) official market open, the benchmark S & P/ASX200 index fell 17.3 points, or 0.29 per cent, to 5874.2, while the broader All Ordinaries index declined 16.3 points, or 0.28 per cent, to 58456
Prices for crude oil, iron ore and base metals fell overnight, contributing to weakness in the mining and energy sector.
Iron ore for immediate delivery to the port of Tianjin in China was trading at $US51 a tonne, down 3.6 per cent, at the end of the latest offshore session, as it nosedives toward the $US50 mark.
“The apparent emergence of a new downtrend in spot iron ore prices over recent days is ratcheting up concerns about the viability of higher cost miners,” CMC Markets chief market analyst, Ric Spooner, said.
Australian stocks open weaker, S&P 200 sinks 17.3pts
SYDNEY: Australian shares lost ground in early trade as further commodity price declines pressured resources stocks, and after weaker leads from US and European markets.
At the 10.15am (AEDT) official market open, the benchmark S & P/ASX200 index fell 17.3 points, or 0.29 per cent, to 5874.2, while the broader All Ordinaries index declined 16.3 points, or 0.28 per cent, to 58456
Prices for crude oil, iron ore and base metals fell overnight, contributing to weakness in the mining and energy sector.
Iron ore for immediate delivery to the port of Tianjin in China was trading at $US51 a tonne, down 3.6 per cent, at the end of the latest offshore session, as it nosedives toward the $US50 mark.
“The apparent emergence of a new downtrend in spot iron ore prices over recent days is ratcheting up concerns about the viability of higher cost miners,” CMC Markets chief market analyst, Ric Spooner, said.
