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End of bull run for base metals - prices and stocks thumped.(Brief Article)
Australasian Business Intelligence, October, 2004 by FitzGerald, Barry
Oct 14, 2004 (The Sydney Morning Herald - ABIX via COMTEX)
The 26-month strong performance by base metals has reached an end. On 14 October 2004, shares in Australian resources companies such as BHP Billiton, Rio Tinto, Oxiana, Zinifex and WMC Resources fell, as the value of key metals dropped by as much as 17 per cent in London. Hedge funds and other speculators sold their interests in base metals, on fears Chinese demand for raw materials is finally abating. However, comments made by the Australian miners themselves regarding the outlook for metals prices are believed to have contributed to the share price declines.
Publication Date: 15 October 2004
LONDON METAL EXCHANGE LIMITED:
COMMONWEALTH BANK OF AUSTRALIA - ASX
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