Why are Mining shares ending the week in the red?

Mining shares

ASX 200 mining shares closed the week on a negative note with the S&P/ASX 200 Materials Index being the only market sector in the red. The BHP Group Ltd (AU: BHP) share price is down 1.73% to $45.88, Fortescue Metals Group Limited (AU: FMG) share price is down 2.28% today to $22.31, and Rio Tinto Limited (AU: RIO) share price is down 3.4% to $119.22. Newcrest Mining Ltd (AU: NCM) shares are down 2.41% to $22.64, South32 Ltd (AU: S32) shares are down 2.22% to $4.41, while Mineral Resources Ltd (AU: MIN) shares are up 0.04% to $85.06 after falling to an intraday low of $79.74.

The decline in the mining sector is due to the prices of commodities such as iron ore, copper, lithium, and coal that influence the prices of ASX 200 mining shares. The iron ore price fell by 1.13% to US$131.50 per tonne overnight, while the gold price is up 0.2% to US$1,826 per ounce. The prices of lithium, copper, and nickel futures have dropped, while Newcastle coal futures traded up 0.2% to US$210 per tonne overnight, falling from lofty heights and down 42% over the past month and down 12% YoY. Goldman Sachs predicted a 20% increase in the iron ore price to US$135 per tonne due to tighter supply and demand over the next three months.

The decline in mining shares is also due to companies’ latest earnings reports, where BHP Group Ltd and Rio Tinto Limited reported a consensus earnings miss and a dividend cut of 40% and 46%, respectively.

BHP Group Limited Stock Forecast

According to Stock Target Advisor’s analysis, BHP Group Limited’s stock has a bullish outlook, with 12 positive signals and 5 negative signals. The stock closed at AUD 46.69 in the last session. However, the stock price has experienced a decline of -2.97% over the past week, -5.49% over the past month, and -2.93% over the past year.

Fortescue Metals Group Ltd Stock Forecast

According to Stock Target Advisor, the stock analysis of Fortescue Metals Group Ltd’s stock is optimistic, supported by 12 positive signals and 4 negative signals. The company’s stock closed at AUD 22.83, and has seen a 2.28% increase over the past week, a 2.01% increase over the past month, and a 17.92% increase over the last year.

Rio Tinto Ltd Stock Forecast

According to Stock Target Advisor, Rio Tinto Ltd’s stock analysis is slightly bullish, based on 11 positive signals and 5 negative signals. The stock closed at AUD 123.40. Over the past week, the stock price has decreased by 0.23%, while over the past month, it has decreased by 2.36%. However, over the past year, it has increased by 2.94%.

Newcrest Mining Ltd Stock Forecast

Newcrest Mining Ltd’s stock analysis by Stock Target Advisor shows a slightly bullish outlook, with 8 positive signals and 5 negative signals taken into consideration. As of the previous closing, the stock was trading at AUD 23.20. The stock price has experienced a -2.93% change over the past week, no change over the past month, and a -5.73% decline over the last year.

South32 Ltd Stock Forecast

According to Stock Target Advisor’s analysis, South32 Ltd’s stock is bullish with 8 positive signals and 3 negative signals. The stock’s closing price was AUD 4.51, having declined by 3.22% in the past week, 2.59% in the past month, and 1.10% in the past year.

Mineral Resources Ltd Stock Forecast

Mineral Resources Ltd’s stock analysis by Stock Target Advisor suggests a slightly bullish outlook, with 10 positive signals and 5 negative signals. The stock price of Mineral Resources Ltd was AUD 85.03 at the last closing. The stock price has declined by 1.89% in the past week and 7.02% in the past month, but has surged by 81.96% in the last year.

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