Australian copper miners dip as commodity prices hit 5-week low
XLB•Australian copper stocks fell as copper prices reached their lowest in more than five weeks, with Sandfire Resources down as much as 8.1% and Capstone Copper down as much as 5.4%.
1. Copper stocks fall
Australian copper stocks fell, adding to a 3.8% drop in the broader mining sub-index. Copper prices reached their lowest in more than five weeks overnight as further inflows into London Metal Exchange warehouses eased some supply fears. Sandfire Resources fell as much as 8.1% to a two-month low, while Australia-listed shares of Capstone Copper slipped as much as 5.4% to their lowest since April 2. For the week, the shares were down 10.8% and 13.9%, respectively, their worst moves since early March.
