The S&P/ASX 200 Index (ASX: XJO) is having a rather shaky start to the trading week this Monday. At the time of writing, the ASX 200 has spent time in both positive and negative territory over the first hour or two of trading. The index is currently up, but only just, enjoying a gain of 0.1%, which puts it at just over 7,150 points.
But let's talk about the Fortescue Metals Group Limited (ASX: FMG) share price. Although the ASX 200 is rising today, Fortescue shares are going the opposite way. The mining giant is currently suffering through a 3.4% loss, putting Fortescue down to $19.28 a share.
A 3.4% loss when the ASX 200 is in the green is certainly a move worthy of note. So what's going on with Fortescue shares today?
Image source: Getty Images
What's up with the Fortescue share price on Monday?
Well, it's nothing to do with anything out of the company itself, since there is nothing today. In fact, Fortescue's last ASX announcement was released back on 27 October. So this certainly isn't moving the markets today.
But commodity prices certainly are. Prices of raw materials have taken a dive across the board today. As my Fool colleague James discussed this morning, this Monday has seen both lower oil and gold prices. This is weighing heavily on ASX resources shares of all shapes and sizes today.
Take BHP Group Ltd (ASX: BHP) shares. They are presently down by 1.5%. Woodside Energy Group Ltd (ASX: WDS) shares have lost 1.65%, while the Rio Tinto Limited (ASX: RIO) share price has tanked by 2.1%
We don't yet have any firm pricing on iron ore for this week. But it's clear investors aren't too optimistic about this sector today, given that the ASX iron ore miners like Fortescue are some of the worst-performing ASX 200 shares this Monday.
So this is probably why we are seeing such weakness in the Fortescue share price thus far today.
At the current Fortescue share price, this ASX 200 mining giant has a market capitalisation of $59.5 billion, with a trailing dividend yield of 15.37%.
