Australian Mining Sub-Index Falls on Friday. Here’s Why.

1 min read | July 19, 2024 10:59 AM AEST | By Team Kalkine Media

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Australian Mining Sub-Index Falls on Friday. Here’s Why. — Image source: shutterstock

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The Australian mining sub-index (XMM) experienced a significant decline, slipping as much as 2.2% to reach its lowest level since November 2022. This downturn is largely attributed to the recent drop in copper prices, which have hit three-month lows.

Impact of Copper Price Decline

Copper prices fell sharply on Thursday due to the lack of new stimulus from a key political meeting in China. The metal's price decline has adversely affected the performance of major mining companies listed on the Australian stock exchange.

Performance of Major Mining Companies

Rio Tinto (ASX: RIO): Shares of Rio Tinto fell as much as 1.52%, reaching their lowest level since 24 October 2023.
BHP Group (ASX: BHP): The stock retreated as much as 1.55%.
Fortescue Metals Group (ASX: FMG): Shares dropped by as much as 1.50%.

Year-to-Date Performance

As of the last close, the mining sub-index is down approximately 13% year-to-date. This decline reflects ongoing challenges in the sector, including fluctuating commodity prices and macroeconomic uncertainties.

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