Rio Tinto share price sinks on iron ore weakness

Rio Tinto shares are having a poor start to the week…

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a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.

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The Rio Tinto Limited (ASX: RIO) share price has started the week deep in the red.

In afternoon trade, the mining giant’s shares are down 4.5% to $102.13.

Why is the Rio Tinto share price falling?

Investors have been selling down the Rio Tinto share price on Monday following a pullback in commodity prices.

For example, according to Bloomberg, a host of base metals dropped on Friday night. This includes an almost 7% decline for the iron ore price and a 2.5% decline for the copper price.

These declines appear to have been sparked by fears that rising rates could lead to a global recession and reduce demand for base metals.

This news isn’t just impacting Rio Tinto. Fellow miners BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) have also taken a tumble today. They are down 5% and 7%, respectively, at the time of writing.

All in all, this has led to the S&P/ASX 200 Resources index losing a disappointing 4.6% of its value today. This compares unfavourably to a 0.4% decline by the benchmark ASX 200 index.

All eyes will be on iron ore and other base metals when the London Metal Exchange opens later today.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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