SYDNEY: The Australian stocks remained lower at the start on Tuesday morning following plunge in iron and oil prices.
At 12.04pm (AEDT), the benchmark S & P/ASX200 index was down 29.1 points, or 0.53 per cent, at 5,412.9 points. The broader All Ordinaries index was down 28.8 points, or 0.53 per cent, at 5,385.3 points.
IG market strategist Stan Shamu said iron ore and oil stocks had rallied quite significantly over the past few sessions but were weighing on the market today.
“We’ve seen a pullback in iron ore and crude oil,” Mr Shamu said.
“That’s the main source of the weakness that we’re seeing today.”
Iron ore fell to $US67.90 a tonne, and Brent Crude oil dropped more than two per cent to $US60.11 a barrel.
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