Aussie mining stocks dragged down to near 2-week low on lithium dive

Elevra Lithium

24/07/2023 04:41

** Australia's mining sub-index  .AXMM  slips 1.2%, on track
for its sixth straight session of losses 
    ** AXMM dragged down by weakness in lithium stocks to hit
its lowest level since July 12
    ** China's lithium carbonate futures contracts on Guangzhou
Futures Exchange fell on their trading debut on Friday, weighed
down by concerns about limited demand and excess supply
    ** Pilbara Minerals  PLS.AX , Allkem Ltd  AKE.AX  and
Liontown Resources  LTR.AX  slide 3.2% to 5.6%
    ** Core Lithium  CXO.AX  tumbles to 4-month low on weak
production outlook
    ** Sayona Mining  SYA.AX  and Lake Resources  LKE.AX  down
5.9% and 4.9%, respectively
    ** Iron ore mining giants BHP Group  BHP.AX  and Rio Tinto
 RIO.AX  both fall over 0.6%
    ** AXMM up 2.2% YTD, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))