Australian Shares Slip as Mining Stocks Weigh, Inflation Data in Focus

Mon 24 Mar 25, 01:30 AM | Team Kalkine

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Highlights

ASX 200 Down 0.3%: The index fell to 7,905.4 points in early trade on Mondat, pressured by weaker commodity prices.

Mining Stocks Decline: Heavyweights BHP, Rio Tinto, and Fortescue dropped up to 1.2% amid falling iron ore and copper prices.

Investors Eye Inflation Data: Traders await February inflation figures to gauge the Reserve Bank of Australia’s rate-cut outlook.

The Australian stock market opened lower on Monday, dragged down by losses in mining stocks amid softer commodity prices. The S&P/ASX 200 index (XJO) fell 0.3% to 7,905.4 points, reversing Friday’s 0.2% gain.

Market participants are closely watching the upcoming inflation data, set for release on Wednesday, which could offer insights into the Reserve Bank of Australia's (RBA) potential interest rate trajectory ahead of its 1 April 2025 decision. The central bank had previously indicated that more positive inflation trends were needed before considering further rate cuts.

The materials sector (XMM) led the market downturn, sliding nearly 1% as iron ore and copper prices weakened. Major miners Rio Tinto (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG.) declined between 0.4% and 1.2%. Gold stocks (XGD) also retreated, shedding 0.7%, as a stronger U.S. dollar pressured bullion prices. Northern Star Resources (ASX:NST) slipped 0.4%.

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