Traders are closing out positions on copper stocks ahead of fresh manufacturing data from China amid fears the Asian superpower faces an economic slow-down.
Ivanhoe Mines fell 11 cents, or 9.4 per cent, to close at $1.055 while PanAust dropped 21 cents, or 7.8 per cent, to $2.48.
Copper has myriad industrial uses, making it a bellwether for base metals demand.
Weak manufacturing data from China last week was a key driver for market volatility and new figures due on Saturday are also expected to disappoint, CMC Markets sales trader Ben Taylor said.
A 4.52 per cent slump in copper prices in London overnight had also prompted some traders to reach for the “sell” button.
Copper is currently priced at about $US7,400 a tonne, compared to an all-time high of more than $US10,000 a tonne in February, when Cyclone Yasi in Queensland fuelled worries about copper supply.
Mr Taylor said heightened concerns regarding the inability of Eurozone members to reach an agreement on their financial crises was also weighing on mining stocks in general.
“Volatility will continue until a unified effort is formed,” he said.
