The big news from the commodity block yesterday is still reverberating around markets
The big news in the commodity block yesterday was that Anglo American is due to shed 85,000 jobs, cancel dividends and reduce it's business units.
Their shares too a hammering yesterday and they're on the slippery slope again today. They've lost 75% of their value this year alone
Anglo American
This type of news isn't the first and most definitely won't be the last. Commodity companies are already in the vice and they can only be squeezed so far before some start popping. If that happens and one or two big firms go, then that's going to lead to a big blowout in the sector. If that happens then that will be the time to start looking for some value for a long term trade
