Inside the mining services disaster

The sharp falls in mining services stocks is set to continue.

In the period since December 31, 2012, the Australian sharemarket has moved sideways to 4,665 points. But indices hide facts.

Fact one: The market was up 12% to 5,229 by mid-May 2013, and a lot of investors forgot to take a profit.

Fact two: Many commodities, including gold, copper and iron ore (and commodity-related currencies) have been hit in recent weeks. 

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