Copper miners are witnessing a drop, mirroring similar movements in the value of the red metal itself.

The benchmark copper (3-month outlook) on the London Metal Exchange has descended by 0.7% to $8,392 per tonne.

This drop came despite promising signs of increased demand for metals in China, which were overshadowed by worries surrounding high interest rates potentially stunting global growth.

U.S.-listed shares of world-renowned mining groups Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) have seen respective declines of 1.4% and 2.1%.

Furthermore, Southern Copper (ASX:SCCO) and Freeport-McMoRan (ASX:FCX) have both seen their shares fall 0.7%, followed by Canadian miners such as Ero Copper (ASX:ERO), Teck Resources (ASX:TECKb), Hudbay Minerals (ASX:HBM), and First Quantum Minerals (ASX:FM) which have recorded decreases between 0.6% and 1.8%.

Rio Tinto (ASX:RIO) is a global mining giant specializing in finding, mining, and processing the Earth’s mineral resources.