Why are ASX 200 mining shares ending the week in the red?

The top five ASX 200 mining shares are all falling today, led by Rio Tinto down 3.4%.

Key points
  • ASX materials shares are the worst performers of the ASX 200 today 
  • The top five ASX 200 mining shares are all down today
  • The sixth biggest ASX 200 mining share, Minerals Resources, fell by 6.2% this morning but has regained all those losses 

ASX 200 mining shares are down on Friday with the S&P/ASX 200 Materials Index (ASX: XMJ) the only market sector in the red at the time of writing, down 1.25%.

Meantime, the benchmark S&P/ASX 200 Index (ASX: XJO) is up 0.23% as the end of trading draws near.

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.

Image source: Getty Images

What's going on with ASX 200 mining shares today?

Let's take a look at the performance of the top six ASX 200 mining shares by market capitalisation.

The BHP Group Ltd (ASX: BHP) share price is down 1.73% to $45.88. The Big Australian released its 1H FY23 results this week, revealing a consensus earnings miss of 7.5% and a 40% cut to its dividend.

The Fortescue Metals Group Limited (ASX: FMG) share price is down 2.28% today to $22.31. The pure-play ASX iron ore share hit a new 52-week high of $23.33 on Tuesday.

The Rio Tinto Limited (ASX: RIO) share price is down 3.4% to $119.22. Rio Tinto reported its full-year results yesterday, which fell a touch short of expectations. The company slashed its dividend by 46%.

Newcrest Mining Ltd (ASX: NCM) shares are down 2.41% to $22.64 and South32 Ltd (ASX: S32) shares are down 2.22% to $4.41 today.

Mineral Resources Ltd (ASX: MIN) is today's outlier among the big ASX 200 mining shares.

The Mineral Resources share price plummeted this morning to an intraday low of $79.74, down 6.2% on yesterday's close. This was despite the company reporting incredible earnings growth in 1H FY23 and an interim dividend of $1.20 per share fully franked.

However, over the day, Minerals Resources shares have retraced and are up 0.04% to $85.06.

What's going on with commodity prices?

As we all know, the prices of ASX 200 mining shares are fundamentally influenced by commodity values.

Let's see what's happening with the commodities relevant to these six top miners at the moment.

The iron ore price fell by 1.13% to US$131.50 per tonne overnight. It's down 5% year over year (yoy) but up 5.6% over the past month.

This week, top broker Goldman Sachs tipped a 20% bump to the iron ore price to US$135 per tonne due to tighter supply and demand over the next three months.

The gold price is currently trading virtually steady, up 0.2% to US$1,826 per ounce. The gold price is down 6% over the past month and down 3% yoy.

Lithium held steady overnight but is down 15% over the past month and down 14% over the past year.

Copper futures fell to US$4.05 per pound overnight and are down 9% yoy. Half of this drop in value occurred over the past four weeks.

Nickel futures are down 2.2% to US$26,219 per tonne at the time of writing. They're down 6% over the month but up 5.5% yoy.

Newcastle coal futures traded up 0.2% to US$210 per tonne overnight. Coal has fallen from lofty heights and is down 42% over the past month and down 12% yoy.

Motley Fool contributor Bronwyn Allen has positions in BHP Group and Fortescue Metals Group. 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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