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Iron ore drops below $US90 as China ‘contagion’ batters commodities
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Fears of a slowdown in the world’s largest economies has injected fresh turbulence into commodity markets as traders question whether China can achieve its growth target while US recession risks intensify.
Iron ore dropped below $US90 a tonne on Monday for the first time since November 2022, while Brent oil plunged 10 per cent last week to its lowest close since 2021. Even copper, once hailed as this year’s breakout commodity success, is now in a bear market after diving 20 per cent from its May record.
The violent moves across commodity markets have been fuelled by evidence that Chinese demand for raw materials is dwindling while physical markets remain oversupplied. Investment banks are cutting their growth forecasts, believing Beijing risks undershooting its official target of about 5 per cent.
Source: afr.com
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