mining stocks lower after commodity prices tumble

mining stocks lower after commodity prices tumble


SINGAPORE — Shares in Asia-Pacific were mixed in Friday trade as investors monitored moves in the commodities space.

In Japan, the Nikkei 225 dipped slightly while the Topix index slipped 0.77%. South Korea’s Kospi traded fractionally higher.

Mainland Chinese stocks slipped, with the Shanghai composite 0.49% lower while the Shenzhen component sat below the flatline. Hong Kong’s Hang Seng index rose 0.59%.

The S&P/ASX 200 in Australia advanced 0.14%.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.11%.

Commodities watch

Investors watched for market moves in the commodities sector after a recent tumble in prices.

Shares of major Australian miners were lower: Rio Tinto declined 0.3% and BHP dropped 1.75% while Fortescue Metals Group shed 0.22%.

Oil prices were lower in the afternoon of Asia trading hours, adding to losses seen Thursday. International benchmark Brent crude futures slipped 0.79% to $72.50 per barrel. U.S. crude futures declined 0.73% to $70.52 per barrel.

Meanwhile, spot gold rose 0.66% to $1,784.99 per ounce, after seeing sharp declines earlier this week from above $1,840 an ounce.

Bank of Japan holds steady on policy

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 91.843 following a recent climb from below 91.

The Australian dollar was at $0.755 as it struggles to recover after declining from above $0.768 earlier this week.



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