Australian miners track iron ore prices lower
BUZZ-Australian miners track iron ore prices lower Updates with analyst comments
** Australian miners .AXMM fall 1.2%, on track for biggest drop since June 10
** Miners fall tracking slump in iron ore futures on Wednesday, as heavy rains in China tempered demand for both steel and steelmaking ingredients IRONORE/
** Investors are trimming exposure to cyclical sectors following U.S. Federal Reserve's hawkish tone, said Marc Jocum a senior product and investment strategist at Global X ETFs
** However, structural drivers such as electrification, AI infrastructure, grid investment and energy security continue to underpin a constructive long-term outlook for commodities, particularly copper, Jocum added
** Sector majors Rio Tinto RIO.AX and BHP BHP.AX fall 2.3% and 0.5%, respectively
** YTD, sub-index up 21.5%
(Reporting by Aamir Sheik Khalid and Keshav Singh Chundawat in Bengaluru)
((Aamir.SheikKhalid@thomsonreuters.com; Keshav.SinghChundawat@thomsonreuters.com))
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Australian miners fall on weakening iron ore prices