, raising further concerns the capital could enter a major lockdown – our commodity connection has become a handicap.BHP slumped 5.8 per cent, Rio Tinto fell 4.2 per cent and South32 dropped 7.5 per cent, while the juniors were hit even harder, with Mineral Resources down 9.9 per cent and Champion Iron tumbling 9.2 per cent.The energy majors weren’t missed either, with Woodside Petroleum down 4.58 per cent and Santos shedding 4.3 per cent.
Copper, iron ore, zinc and aluminium all rose in trade in Shanghai and Singapore, but whether policy promises are enough to stabilise sentiment remains to be seen. Inflationary pressures have been a feature of the March quarter reporting season. Alcoa World AluminaChemicals, the joint venture of Alcoa and Alumina, reported last week that its unit costs in the March quarter were 18 per cent higher than in the three months ended December 31, reflecting lower production in some parts of its business but also higher energy and raw material costs.