Shares of RIO Tinto have opened over 2% lower as both Iron Ore and Copper prices fell sharply in overnight trade.
Iron Ore prices seem to be in free fall, suffering an 8.5% drop to $68.00 per tonne. This is the largest overnight fall in over a year and extends the losses since February to over 28%.
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Copper prices fell over 5% to $2.54 per pound in NY trade. This is a new 5-month low and technical indicators are pointing lower.
Rio shares are currently at $59.50. We see a key support area at $58.40, and would suggest a break of that level would extend materially to the downside.
Rio Tinto
