BUZZ-Australian mining stocks slip as base metal prices drop on supply concerns

Reuters04-09
BUZZ-Australian mining stocks slip as base metal prices drop on supply concerns

** Australian mining stocks .AXMM fall as much as 2%, making them the major laggards in the broader benchmark index .AXJO, which is trading flat

** The mining sub-index set to snap a two-session winning streak, which saw a 7.2% jump

** Iron ore prices slid on rising supply worries and doubts on demand prospects in top consumer China IRONORE/

** Copper prices retreated from a three-week high on renewed Middle East tensions MET/L

** Sector majors BHP BHP.AX and Rio Tinto RIO.AX lose as much as 1.4% and 2.8%, respectively

** Both stocks log their largest intraday pct fall since April 2

** YTD, AXMM up 12%, including the day's moves, outperforming a 2.6% gain in the AXJO

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment