Australian miners extend losses to hit 10-mth low on China power crunch

Badlands Resources

29/09/2021 02:16

** The Australian mining sub-index  .AXMM  dips 1.91% in its
second straight session of losses as metal prices continued
their slump following China's power shortages 
    ** AXMM hits lowest since Nov. 23, 2020 
    ** Iron ore and copper prices slip as China puts
restrictions on power usage to cut down on emissions,
threatening demand for the commodities   urn:newsml:reuters.com:*:nL8N2QT3TV
    ** Top loser on the sub-index is Red 5 Ltd  RED.AX  as it
dips 4.65%, followed by Chalice Mining  CHN.AX  and Mineral
Resources Ltd  MIN.AX , down 4.48% and 4.25%, respectively
    ** Heavyweights BHP  BHP.AX , Rio Tinto  RIO.AX  and
Fortescue  FMG.AX  have lost between 1.1% and 2.2% 
    ** AXMM down 9.16% so far this year, as of Tuesday's close,
vs the Australian benchmark index  .AXJO , which is up 10.45% 

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))