Diversified drubbing
Copper specialists have gained a combined 33% year to date but the industry’s traditional big 5 – BHP, Rio Tinto, Glencore, Vale and Anglo American – have lost a collective $59 billion since the start of the year.
The boost from copper was also not enough to counter iron ore’s descent into bear territory from dragging down the group which now make up 29% of the total index, down from a height of 38% at the end of 2022. The steelmaking ingredient’s less than rosy outlook also sees two specialists – Cleveland Cliffs and Fortescue – appear in the worst performer list.
Were it not for Glencore’s lack of exposure to iron ore other than through trading steadying the Swiss giant’s share price, and Anglo American’s 25% jump during the quarter on the back of BHP’s unsuccessful takeover bid, mining’s traditional heavyweights would be an even more diminished grouping.
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