IRON ORE IS STILL TANKING

Prices remain under pressure in commodities markets, with iron ore futures leading the way lower at the open of this morning’s session.

After iron ore futures hit their limit down yesterday and slumped more than 7%, spot prices followed suit as benchmark 62% fines fell 5.1% to $US65.20.

Iron ore futures were lower again overnight, and subsequently crashed by another 6.8% this morning.

As cracks start to appear in the Chinese economy amid concerns about oversupply, it looks like there’s more pain to come for commodity prices.

UPDATE: With half an hour left in today’s futures trading session, it’s getting ugly. Iron ore is now down 7.72%.

Here’s an updated summary of commodity futures as at 2:30pm AEST:

SHFE Copper ¥45,290 , -1.03%

SHFE Aluminium ¥14,145 , 0.39%

SHFE Zinc ¥21,055 , -0.45%

SHFE Nickel ¥75,180 , -2.84%

SHFE Rebar ¥2,959 , -3.11%

DCE Iron Ore ¥460.50 , -7.72%

DCE Coking Coal ¥1,018.50, -4.99%

DCE Coke ¥1,472.00, -3.48%

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