On July 16, Rio Tinto fell 3.04% in regular trading, trading at $91.12/share, with turnover of $49.71 million.

On the news front, Rio Tinto released its Q2 production report on July 15, revealing copper output declined 7% quarter-over-quarter to 213,200 tons, missing the market consensus estimate of 214,700 tons. Although Pilbara iron ore shipments of 85.3 million tons exceeded analyst expectations of 83.13 million tons, the copper shortfall raised concerns over the company's growth trajectory in that segment. The company also lowered its copper spot cash unit net cost guidance to 30-50 cents per pound.

Adding to the pressure, RBC cut its target price on Rio Tinto from 6,300 pence to 6,100 pence. Peer BHP Billiton fell 4.09% on the same day after its Q4 copper production also missed expectations with significantly lowered next fiscal year guidance, dragging the broader diversified metals and mining sector lower. Other sector declines included MP Materials Corp. down 5.58%, USA Rare Earth down 5.03%, and Teck Resources down 2.90%.

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