Base metal miners slip on weak China imports, strong dollar and rate hike woes

Canada Nickel

07/03/2023 16:39

** Shares of copper and other base metal miners fall amid broad market
selloff, pressured by weak import data from China and a strong U.S. dollar
    ** Copper prices also hurt by increased activity in large Peruvian copper
mines after protests and blockades dented production
    ** The dollar index  =USD  jumps ~1% after Fed Chair Powell indicated rate
hikes could come at a faster pace, making dollar-priced metals expensive for
foreign buyers
    ** U.S.-listed shares of Australian mining giants BHP Group  BHP.N ,
 BHP.AX  and Rio Tinto  RIO.N ,  RIO.AX  both fall ~2%
    ** Benchmark copper  CMCU3  on the London Metal Exchange (LME) down 0.8%,
dragging miners of the red metal like Southern Copper  SCCO.N , First Quantum
Minerals  FM.TO , Teck Resources  TECKb.TO  and Freeport McMoran  FCX.N  lower
2.6% to 4.4%
    ** Aluminium  CMAL3  slips 1%, pulling its miners Kaiser Aluminum  KALU.O ,
Arconic Corp  ARNC.N , Century Aluminum  CENX.O  and Alcoa Corp  AA.N  down
0.9%-4.3%
    ** Nickel miners Canada Nickel Co  CNC.V , Vale SA  VALE.N , Polymet Mining
 POM.TO  also fall as the metal slips 1.5%
    ** Other industrial metals such as tin  CMSN3 , zinc  CMZN , lead  CMPB3 
also fall 0.6%, 1.3% and 1.5%, respectively

 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))