European miners slump as China COVID-19 worries dents copper

Boliden AB

11/07/2022 08:40

** European miners slump on lower copper prices as resurging
COVID-19 restrictions in China trigger worries that a global
economic slowdown will dent demand  urn:newsml:reuters.com:*:nL1N2YS06J
    ** The STOXX 600's Basic resources sub-index slips nearly
4%, the worst performer of the pan-European stock index, dragged
by lower prices for copper - used in power and construction and
seen as a gauge for global economic health
    ** In London, Anglo American  AAL.L  and Antofagasta
 ANTO.L  sink around 5% - among the worst performers on Europe's
STOXX 600  .STOXX  - while Glencore  GLEN.L , Poland's KGHM
 KGH.WA  and Sweden's Boliden  BOL.ST  lose around 4%, and
France's Eramet falls 3%
    ** Earlier on Monday, China's Zijin Mining  601899.SS  and
Australia's BHP  BHP.AX  both closed down 3%
    ** Chinese cities are adopting lockdowns and business halts,
with the commercial hub of Shanghai bracing for another mass
testing campaign after detecting the BA.5 Omicron subvariant

 (Reporting by Sarah Morland)
 ((sarah.morland@tr.com
mailto:sarah.morland@thomsonreuters.com))