Australian miners log worst half-year performance since late 2015

Core Lithium

28/06/2024 24:30

** Australian miners  .AXMM  set to lose 13.3% in first
half, logging worst half-year performance since second-half of
2015
    ** Iron ore prices fluctuated during the period, eventually
ending over 16% lower so far this year amid weaker steel demand 
    ** Analysts at Macquarie are "underweight" on iron ore,
noting that expansions into the market with limited demand
growth will likely push prices well into the cost curve 
    ** Macquarie not impressed with the medium-term outlook for
iron ore amid "stalling" demand
    ** In H1 2024, mining giant BHP  BHP.AX  is likely to shed
14.4% while Rio Tinto  RIO.AX  is on track to end 10.4% lower
    ** In May, BHP Group's $49 billion dollar takeover offer for
Anglo American  AAL.L  fell through in the absence of an
agreement between the two
    ** Gold stocks  .AXGD  set to fall 1.4% in H1, as metal
prices remained volatile amid a strong dollar and high interest
rate environment
    ** Lithium miners Pilbara Minerals  PLS.AX , Delta Lithium
 DLI.AX  and Core Lithium  CXO.AX  on the way to slump 17.5%,
19.3% and 60.8%, respectively 
    ** Macquarie analysts see the overhang of short-term demand
weakness and strong supply on the battery metal to continue into
2026 before a modest price recovery

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Australia miners    https://reut.rs/3W1iQda
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Sneha Kumar)
 ((Sneha.Kumar@thomsonreuters.com;))