European basic resources stocks take a hit; Glencore touches lowest level since 2011 IPO
European basic resources took a hit on Tuesday, with the Stoxx Europe 600 index for the sector down 3.6% as metals prices dropped across the board.
AEX Index
901.13
08:00 09/09/22
Antofagasta
2,161.00p
12:25 08/05/24
ArcelorMittal SA
€23.68
08:00 09/09/22
BHP Group Limited NPV (DI)
2,275.00p
12:24 08/05/24
CAC 40
8,146.34
12:25 08/05/24
FTSE 100
8,337.21
12:25 08/05/24
FTSE 350
4,581.82
12:25 08/05/24
FTSE All-Share
4,534.01
12:25 08/05/24
Glencore
460.25p
12:25 08/05/24
Mining
10,308.16
12:25 08/05/24
Rio Tinto
5,519.00p
12:25 08/05/24
Base and precious metals were firmly in the red, with gold, silver, copper, nickel, and zinc down between 1 and 6%, hit by the dollar, which strengthened as investors cashed out of equities and the euro and into the relative safe-haven of bonds and the greenback.
Iron ore, meanwhile, fell back into a bear market on Monday, amid low-cost supplies from Australia and Brazil and stalling demand in China. A bear market is defined as a 20% fall from recent highs.
In terms of individual stocks, Glencore stood out, as the stock hit its lowest level since the company’s IPO in 2011.
ArcelorMittal plunged 6%, Glencore and Anglo American fell 5%, and Rio Tinto, BHP Billiton and Antofagasta slid 3%.