Aussie miners snap 8-year rally as falling commodity prices weigh

IGO

26/12/2024 23:12

** Australian miners are set to end 2024 18.4% lower, on track to snap an eight-year streak
of consecutive gains
    **  .AXMM , however, lags behind a yearly gain on the ASX bechmark index  .AXJO , which has
risen 8.3% so far this year
    ** Iron-ore prices have declined on low demand from top consumer China as the country's
property market grapples with a prolonged downturn since 2021
    ** Domestic miners have also been affected due to its exposure to China, Australia's top
trading partner, as U.S. President-elect Trump's threat of tariffs on Chinese goods looms
    ** Mining behemoth BHP Group  BHP.AX  has slumped 21% so far this year, on track to log its
worst year since 2015
    ** BHP walked away from its $49 bln plan to take over rival Anglo American  AAL.L  this year
    ** Fortescue  FMG.AX  tanks 36% while Rio Tinto  RIO.AX  sheds 14.4% 
    ** Lithium miners set to record yet another year of losses as the market reels from rapid
supply growth that has outpaced strong projections for demand, with IGO  IGO.AX  to end 46.7%
lower, its worst year since 2011
    ** Rio agreed to buy U.S.-based Arcadium Lithium  ALTM.N  in a $6.7 bln deal that would make
the Australian miner the third-largest lithium producer
    ** Gold miners  .AXGD  set to gain 14.8% this year as bullion prices surge on a softer
dollar
    ** Northern Star Resources  NST.AX  has gained 12.7% so far this year, on track for its
third consecutive year of gains

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Aussie Miners    https://tmsnrt.rs/3VVSWaF
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 (Reporting by Nikita Maria Jino and Rajasik Mukherjee in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com))