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Why are ASX 200 mining share prices slipping today?

These ASX 200 miners are having a rocky day…
The post Why are ASX 200 mining share prices slipping today? appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is in the red today, but some ASX 200 mining shares are falling harder.

The ASX 200 benchmark index is sliding 1.16% today. However, the S&P/ASX 200 Resources Index (ASX: XJR) is down nearly 3%.

Let’s take a look at how ASX 200 mining shares are faring today.

BHP, Rio, Fortescue fall

Three mining shares suffering on the ASX today are Rio Tinto Limited (ASX: RIO), BHP Group Ltd (ASX: BHP), and Fortescue Metals Group Limited (ASX: FMG).

Rio shares have fallen 3.7%, BHP shares have descended 2.81% while Fortescue shares have slid 2.65%.

China iron ore futures fell 7% on Tuesday to nearly a two-month low, a Reuters report cited by NAB trade stated.

Iron ore futures on the Dalian Commodity Exchange dropped to US$112.80, the lowest level since 16 March. Singapore iron ore futures also dropped 4.2%.

GF Futures analysts quoted by Reuters suggested US rate rises are impacting commodity prices. Analysts added: “That has led to significant decline in commodities prices denominated in US dollars such as iron ore.”

Rio Tinto, BHP, and Fortescue Metals are all iron ore producers. COVID-19 lockdowns in China could also be impacting iron ore prices, my Foolish colleague Brooke reported today.

Meanwhile, Macquarie has suggested BHP shares could command a re-rating following the demerger of its petroleum business.

ASX 200 mining share price recap

The BHP share price has dropped 13% in the past year, while Rio shares have descended nearly 23%. Meanwhile, the Fortescue share price has also plunged 23% over the past 12 months.

For perspective, the benchmark ASX 200 index has shed nearly 2% in a year.

The post Why are ASX 200 mining share prices slipping today? appeared first on The Motley Fool Australia.

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More reading

The Rio Tinto share price has dumped 8% in a week. Is it now cheap?
The BHP share price is sliding 5% today. Is it time to dig in?
Fortescue share price dives another 3%, down 12% in a week
Could Fortescue Future Industries’ green hydrogen help Europe ditch Russian energy?
Why is the Fortescue share price sinking 6% on Monday?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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