Joseph Palmer & Sons director Alex Moffatt says the market, already down about 0.75 per cent for the week, could shed another 30 points today, led lower by miners.
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It's going to be a negative day," says Mr Moffatt. "The iron ore price getting down to the $US80s (a tonne) is obviously being noticed."
"We started the week on a positive note with hope of further stimulus from the US,'' he said, referring to hopes of further quantitative easing from the US Federal Reserve. ''We end the week on concerns that the global economy continues to slow, led by Europe."
Mr Moffatt says that if the iron ore price drops to $US85 a tonne, it's the break-even point for profitability for Rio Tinto and BHP. "When it gets to that point, they'll just leave it in the ground."
