It's a bloodbath among S&P/ASX 200 Index (ASX: XJO) mining shares today, with many of the market's biggest materials stocks tumbling.
Stock in resources giant BHP Group Ltd (ASX: BHP) is plummeting 2.1% at the time of writing.
Its heavyweight peers, Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG), are also suffering. Their share prices have fallen 1.45% and 2.2%, respectively.
So, what's weighing on most of the market's favourite ASX 200 mining shares today? Let's take a look.
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ASX 200 mining shares tumble on Wednesday
The ASX 200 is suffering on Wednesday, having fallen 1.4% right now. And the S&P/ASX 200 Materials Index (ASX: XMJ) is among its worst performing sectors.
The materials sector is currently down 1.69%, with only a few stocks defying its sell-off.
Lithium stocks Lake Resources NL (ASX: LKE) and Core Lithium Ltd (ASX: CXO) are currently in the green, lifting 1.66 and 1.67% respectively.
The share prices of Lynas Rare Earths Ltd (ASX: LYC), Incitec Pivot Ltd (ASX: IPL), and Orora Ltd (ASX: ORA) are also gaining, having risen 0.89%, 0.68%, and 0.31% respectively.
But, aside from a select few, most ASX 200 mining shares are tumbling lower.
Their suffering follows a rough night for commodity prices. While certain base metals, including copper, lead, and nickel, posted slight gains overnight, iron ore slumped.
Iron ore futures fell 0.9% to US$97.61 a tonne amid continuing reports of COVID-induced lockdowns and restrictions in China. Gold futures, however, lifted 0.6% to US$1,712.90 per ounce.
Today's worst performing ASX 200 mining share is Chalice Mining Ltd (ASX: CHN). Its share price has dumped 12.13% at the time of writing.
