Copper miners including mining giants Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) are experiencing a decline.
This drop is in sync with the price of the red metal which has seen a fall.
A significant downturn of 0.5% at $8,255 a tonne is noted on the London Metal Exchange’s benchmark three-month copper.
This owes to a weakening demand forecast in China, the world’s top consumer, undergirded by debt issues within the country’s property sector, a major user of the industrial metal.
U.S.-listed shares of Rio Tinto and BHP Group have witnessed a decrease of 2.3% and 2.1% respectively.
Other copper miners such as Southern Copper (ASX:SCCO) and Freeport-McMoRan (ASX:FCX) have also seen a drop, at 1.4% and 2% respectively.
Canadian miners, including Teck Resources (ASX:TECKb), First Quantum Minerals (ASX:FM), Ero Copper (ASX:ERO) and Hudbay Minerals (ASX:HBM) have all suffered a decline, ranging between 0.8% and 2%.
Established in 1873, Rio Tinto Group is a British-Australian multinational and one of the world’s largest metals and mining corporations.