Shares in copper miners began to decline as copper prices hit their lowest point in nearly a month, instigated by disappointing trade data from China.
The London Metal Exchange highlighted ongoing losses for copper for a third consecutive day, with a decrease of 1.9% to $8,323 per metric ton.
Recent data reveals that China’s import and export activity decreased considering more than anticipated in July, challenging growth prospects in the world’s second-largest economy.
U.S.-listed shares in Australian mining behemoths Rio Tinto (ASX:RIO) and BHP (ASX:BHP) fell 1.9% and 2.3% respectively.
U.S.-listed shares in Canadian mining corporation Teck Resources also slipped with a 2.9% fall.
Concurrently, Southern Copper and Freeport-McMoRan saw a slide of 2.7% and 3.5% respectively.
Rio Tinto (ASX:RIO) is an international mining company specializing in a variety of mined commodities including diamonds, coal, and copper.