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Base metals hit hard as hedge funds unwind

The Australian – CMC Markets senior dealer Matthew Lewis said base metals were hammered in New York and London overnight on Wednesday as hedge funds liquidated their holdings.

"There is growing concern about the slowing of global growth and the impact that will have on base metals demand," he said.

"Junior iron ore explorers have been really hurt, which has been directly linked to concerns that China’s steel mills may reduce intake by up to 20 per cent.

"Plus, the short-term strength in the US dollar will hamper any bounce in metals."

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