Insights

Why are ASX 200 mining shares having such a lousy day?

Let’s check why ASX 200 mining shares the worst performing shares today…
The post Why are ASX 200 mining shares having such a lousy day? appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is having a decent, if not inspiring day of trading so far on the ASX this Wednesday. The ASX 200 is currently up by 0.08% to 7,428 points at the time of writing. But one ASX 200 sector that is not having a decent day is the ASX 200 resources sector.

ASX 200 resources shares are currently leading the ASX 200 losses today. And it’s a trend that’s being felt across the board.

Lithium producers like Pilbara Minerals Ltd (ASX: PLS) and Orocobre Limited (ASX: ORE) are leading these losses, down 2.7% and 4.5% respectively.

Gold miner Ramelius Resources Limited (ASX: RMS) is down by close to 3.5% while BlueScope Steel Limited (ASX: BSL) has lost 4%.

Woodside Petroleum Limited (ASX: WPL) is down by 1%.

And the big dogs of the ASX mining space – BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) – have all shed between 1 and 2.5% so far today. As has Whitehaven Coal Ltd (ASX: WHC).

So what’s going on here?

Why are ASX 200 resources shares dragging on the share market today?

Well, as you might expect, we can probably point to the commodity markets for most of these woes. With many commodities spending most of the first half of this year exploring record territories, the last month or two has seen this paradigm dramatically shift.

After hitting a new all-time high of roughly US$220 a tonne a few months ago, iron ore is now well under US$100 per tonne (US$93 to be exact). 

Brent crude oil has slid more than 2% over the past day and is now at US$82.70 a barrel. And coal has also come off the boil, also down more than 2% to around US$141 a tonne. 

Put simply, there’s not a lot of good news in the commodities space today. And this is probably why we are seeing the ASX 200 resources sector lead the ASX 200 losses so far this Wednesday.

The post Why are ASX 200 mining shares having such a lousy day? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Fortescue Metals right now?

Before you consider Fortescue Metals, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Fortescue Metals wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Investors are buying up ARB (ASX:ARB) shares this month, but the company chair has been selling

ASX 200 (ASX:XJO) midday update: NAB hits 52-week high, CSL upgraded

Evergrande raises US$145 million, is it saved from default?

2 ASX 200 shares that could be top buys for dividends

5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. 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 Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!