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
882.63
08:00 09/09/22
Antofagasta
2,255.00p
16:35 26/04/24
ArcelorMittal SA
€23.75
08:00 09/09/22
BHP Group Limited NPV (DI)
2,250.00p
16:49 26/04/24
CAC 40
8,088.24
17:00 26/04/24
FTSE 100
8,139.83
17:09 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Glencore
469.50p
16:35 26/04/24
Mining
10,486.86
16:59 26/04/24
Rio Tinto
5,453.00p
16:39 26/04/24
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%.