Asian stocks fell as
tumbling commodity prices dragged raw-materials shares lower, with BHP
Billiton Ltd. on course to close at the lowest since 2008.
The MSCI Asia Pacific
Index lost 0.1 percent to 134.16 as of 9:00 a.m. in Tokyo, as Japanese
markets opened after a holiday. Material shares led losses among the
regional measure’s 10 industry groups. The increased likelihood of a
Federal Reserve interest-rate increase this year is sending the dollar
higher, making industrial metals more expensive for buyers holding other
currencies. Copper fell below $4,500 a metric ton for the first time in
six years and nickel touched the lowest in more than a decade. U.S.
crude rose back above $42 per barrel after Saudi Arabia pledged to help
stabilize markets.
Australia’s
S&P/ASX 200 Index slipped 0.4 percent. BHP Billiton fell 1.7 percent
in Sydney, the biggest drag on the regional benchmark gauge. Rio Tinto
Group lost 1.1 percent.
Source: Bloomberg
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