News
Current location: Home - News
Australia: Shares reverse early gains as miners track copper prices lower
2021-3-30
Australian shares gave up early gains on Tuesday to trade lower as heavyweight miners declined in tandem with copper prices, although a bounce-back in technology stocks limited losses.
The S&P/ASX 200 index was down 0.3 per cent to 6,781.00 by 0122 GMT, after rising 0.5 per cent earlier in the day. It had closed 0.4 per cent lower on Monday.
Overnight, the S&P 500 closed slightly lower, with banks falling amid warnings of potential losses from a hedge fund's default on margin calls, while economic optimism limited the day's declines. S&P 500 E-minis futures were down 0.25 points, or 0.01 per cent, on Tuesday.
Copper prices slid on Monday as worries about higher freight costs receded after a container ship blocking traffic in the Suez Canal was refloated.
Mining stocks in Australia fell 1.3 per cent in their biggest intraday percentage drop in more than a week, with BHP Group down 1.4 per cent and Rio Tinto falling 2.4 per cent.
The S&P/ASX 200 index was down 0.3 per cent to 6,781.00 by 0122 GMT, after rising 0.5 per cent earlier in the day. It had closed 0.4 per cent lower on Monday.
Overnight, the S&P 500 closed slightly lower, with banks falling amid warnings of potential losses from a hedge fund's default on margin calls, while economic optimism limited the day's declines. S&P 500 E-minis futures were down 0.25 points, or 0.01 per cent, on Tuesday.
Copper prices slid on Monday as worries about higher freight costs receded after a container ship blocking traffic in the Suez Canal was refloated.
Mining stocks in Australia fell 1.3 per cent in their biggest intraday percentage drop in more than a week, with BHP Group down 1.4 per cent and Rio Tinto falling 2.4 per cent.
WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!
