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Subdued start for miners

Miners had a subdued start to the week in Australian trade as oil prices continued to slide, geopolitical uncertainties persist and commodity prices had mainly ended the week lower.
Subdued start for miners Subdued start for miners Subdued start for miners Subdued start for miners Subdued start for miners

BHP starts week lower

Staff reporter

BHP (ASX: BHP) was down around 3% in afternoon trade but is still well above the levels it was trading at 12 months ago. 

The metals and mining sector on the benchmark S&P/ASX200 index was down about 1.8% this afternoon.

Australian gold major Newcrest Mining (ASX: NCM) was about 1.4% lower at the time of writing while the spot gold price was worth around US$1,298 an ounce, having risen above $1,307/oz on Friday.

Markets are closed in the US and UK today for public holidays.

The S&P500 metals and mining sector had closed down 1.36% on Friday with the biggest drop by Freeport-McMoRan (NYSE: FCX) of 1.73%.

The New York Stock Exchange last week welcomed Stacey Cunningham as its 67th group president, the first female to hold the position in its 226-year history.

London's FTSE100 metals and miners closed up slightly on Friday by 0.56%, with Rio Tinto up a similar amount of 0.51%.

Toronto's metals and mining sector had closed down 1.1% with the biggest fall in copper of 3.4%.

This was mainly due to First Quantum Minerals' (TSX:FM) drop of 3.89%, after news its framework agreement over an option to earn up to 50% of Northern Dynasty Minerals' Pebble project was terminated.