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Sandfire Resources NL (ASX:SFR) share price down despite solid quarterly update

Copper-gold mining company Sandfire Resources NL (ASX: SFR) shares have sunk 3.3% lower today to $6.61 despite the release of a solid September quarterly report.

Sandfire maintained FY19 guidance, reported strong production and milling rates and has an unaudited $218.4 million cash on hand as at September 30.

There’s undeniable uncertainty in the copper space at present as the US and China trade war impacts every player in the metals space and its likely overall volatility in the sector has investors wary of the red metal for now.

Sandfire shares have seen short surges in the past few months as copper prices have had some rebounds, but its share price is a far cry from its mid-June high of $9.91 right now.

Copper-focused OZ Minerals Limited (ASX: OZL) shares are following suit today, down 3.4% at the time of writing to $8.73 with copper, nickel and zinc player Independence Group NL (ASX: IGO) also suffering – down 2.3% to $4.10.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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