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BUZZ-Parus bets Seadrill, Rio have further to fall

Reuters - UK Focus

** Equity hedge fund Parus Finance is increasing its short positions in deepwater oil explorers and mining stocks, such as Seadrill & Rio Tinto

** CIO Fabrice Vecchioli expects further damage from high supply and low demand for oil & copper

** Says deepwater oil services firms face low cashflow generation & writedowns on value of their fleet over coming yrs due to competition from shale gas cos

** Other shorts in oil services include Transocean (NYSE: RIG - news) , Ensco (NYSE: ESV - news) , Santos & Diamond Offshore

** Shorts in mining include First Quantum, Freeport-McMoRan & Fortescue

* Fund's AuM is US$800 mln vs US$150 mln 2 yrs ago

* A rout in oil had triggered heavy selling across commodities on Monday that saw oil prices hit five-year lows and copper slide to its weakest since 2010 (RM (LSE: RM.L - news) :francesco.canepa.thomsonreuters.com@reuters.net)