Published at 00:22 (GMT) 24 Mar
The Australian: The price of iron ore has again moved below $55 a tonne, hitting another 6-year low as oversupply worries continue to haunt the market.
At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $54.20 a tonne, down 1.5% from the prior close of $55.00 a tonne. The price is the commodity's weakest close since 2009 and extends its losses since the start of 2014 to 60 per cent. The recent falls have come despite a weakening US dollar, which has resulted in gains in most other commodities, including oil and copper.
On FX, ongoing focus on the weakness in Iron Ore. Last at $54.20. Though AUD/USD is firmer for now - given downward pressure on USD. AUD/USD at 0.7875-77, just off the 1-month of 0.7905. Offers 0.7900-10. Bids at 0.7850/0.7800.
AUD/NZD at 1.0280-85, off the all time lows 1.0220-30. Offers at 1.0300-10, interest still to sell on rallies.
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