Kalkine: ASX200 Edges Lower Amid Global Cues; Miners Mixed, Critical Minerals Slide

June 06, 2025 01:59 PM AEST | By Team Kalkine Media

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Kalkine: ASX200 Edges Lower Amid Global Cues; Miners Mixed, Critical Minerals Slide — Image source: Shutterstock

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Highlights

ASX200 slightly retreats amid US economic data anticipation

Mining stocks advance while critical minerals dip

Market eyes China trade developments and global growth cues

The Australian sharemarket traded lower on Friday as investors awaited key US jobs data, which is expected to influence the Federal Reserve’s next move on interest rates. The ASX200 stock dipped by 0.1%, shedding 9.9 points to reach 8529 points by early afternoon. The broader All Ordinaries followed suit, edging down 0.2%.

While seven out of eleven sectors ended in the red, the ASX200 remained close to record territory, underpinned by gains in the energy and mining sectors. The US markets, which ended weaker overnight, set a cautious tone amid profit-taking ahead of May’s payroll data. Expectations suggest a softening in job growth, with forecasts pointing to 126,000 new jobs and stable unemployment.

Back home, technology and financials saw selling pressure, with Commonwealth Bank (ASX:CBA) down 0.9%. In contrast, iron ore-linked miners rose as iron ore prices lifted 1.2% to US$96 a tonne. BHP Group (ASX:BHP) gained 1%, and Fortescue Metals Group (ASX:FMG) rose 1.1%, buoyed by renewed optimism over China-US trade discussions.

Energy stocks also moved higher with Woodside Energy (ASX:WDS) climbing 0.9%, reflecting improving sentiment in the commodities market.

However, critical minerals players were hit hard amid speculation that China may relax export controls on rare earths. Pilbara Minerals (ASX:PLS) fell 4.4%, while IGO Limited (ASX:IGO) slipped 4.3%, weighing on the broader resources segment.

In corporate developments, Ora Banda Mining (ASX:OBM) plunged 9.2% after flagging lower-than-expected gold output due to disruptions at its Davyhurst project. Meanwhile, Qantas (ASX:QAN) advanced 2.3% following competitor Virgin Australia's update that its upcoming IPO received strong investor backing.

Whitehaven Coal (ASX:WHC) saw a 3% uptick on expectations of operational efficiency improvements. SkyCity Entertainment (ASX:SKC) edged up 0.3% after initiating legal action against Fletcher Building (ASX:FBU), which dropped 3.1% following the lawsuit news.

EBR Systems (ASX:EBR) rose 3.6% after announcing successful first-time US implantation of its WiSE heart pacers, paving the way for a full commercial rollout by October.

Bitcoin slipped over 3%, nearing the AU$100,000 mark, amid a fresh standoff between leading global crypto firms.

As volatility persists, investors continue monitoring key macroeconomic signals while also focusing on resilient sectors like resources and ASX dividend stocks, which remain a key area of attention amid rate cut speculation.

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