Oil and iron ore have had a shocker of a year and National Australia Bank says the two commodities may fall further in 2016.
"Risks remain tilted to the downside amidst stubborn oversupply and weak demand conditions," the bank said in a note Tuesday.
For iron ore, NAB expects a sharper slowdown in global steel production, particularly in China where the economy -- and construction -- continues to slow, might push the metal's price toward $30 a tonne, around Australian miners' breakeven. The bank is currency forecasting an average price of $42 a ton.
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