European basic resources stocks take a hit; Glencore touches lowest level since 2011 IPO

7th Jul 2015 16:04

European basic resources took a hit on Tuesday, with the Stoxx Europe 600 index for the sector down 3.6% as metals prices dropped across the board.Base and precious metals were firmly in the red, with gold, silver, copper, nickel, and zinc down between 1 and 6%, hit by the dollar, which strengthened as investors cashed out of equities and the euro and into the relative safe-haven of bonds and the greenback.Iron ore, meanwhile, fell back into a bear market on Monday, amid low-cost supplies from Australia and Brazil and stalling demand in China. A bear market is defined as a 20% fall from recent highs.In terms of individual stocks, Glencore stood out, as the stock hit its lowest level since the company's IPO in 2011.ArcelorMittal plunged 6%, Glencore and Anglo American fell 5%, and Rio Tinto, BHP Billiton and Antofagasta slid 3%.