BHP and Rio Tinto fall on ASX as copper drops
Full story: https://grafa.com/en/news/australia/bhp-and-rio-tinto-fall-on-asx-as-copper-drops
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The mining sector dropped 4.2% in morning trading following an overnight slump in global copper prices.
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Major miners were heavily impacted, with BHP falling 4.3% and Rio Tinto losing 3.4% during early market moves.
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Falling metal prices were driven by policy concerns in the United States over elevated domestic manufacturing costs.
Major resource stocks led the market lower as BHP (ASX:BHP) lost 4.3% following an overnight retreat in copper prices from record highs.
Benchmark copper futures stabilised at US$14,238 per tonne on the London Metal Exchange after dropping 3.6% in the previous session.
The price reversal occurred after reports indicated American officials were evaluating whether high domestic copper prices could raise costs for local manufacturers.
Traders had previously redirected significant volumes of metal into the US market to capitalise on price premiums related to potential tariffs on refined imports.
Following the announcement, the BHP share price was down at $60.47.
Longer-term demand expectations remain connected to growth in data centres and renewable energy infrastructure alongside ongoing global mine supply disruptions.
Copper markets remain lower by more than 1% over the week despite recent support from investor purchasing across international commodity exchanges.
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