SYDNEY: The Australian stocks expanded earlier losses by midday as weakness in key commodity prices weighed heavily on mining shares.
At 12.05am (AEDT), the benchmark S&P/ASX200 index was down 21 points, or 0.39 per cent, at 5,332.6 points, while the broader All Ordinaries index lost 20.3 points, or 0.38 per cent, to 5,311.9 points.
Overnight, copper prices suffered their biggest one-day decline in over three years, while Citigroup slashed its forecast for iron ore in 2015 to $US58 a tonne, which would represent a near six-year low for the commodity.
Head of trading for Quay Equities, Tristan K’Nell, said volatility in commodities was stirring uncertainty in the markets, with crude oil recovering late to finish higher while iron ore and copper continued to fall, forcing investors to be cautious ahead of unemployment data.
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