Whitehaven Coal Ltd (WHC.AU) saw its shares plummet 5.01% during intraday trading on Friday, reflecting growing investor anxiety over the mining sector's exposure to macroeconomic headwinds.

The decline follows a market analysis from Jefferies that, while maintaining a positive outlook on Australian miners including Whitehaven Coal as a top pick, highlighted a global recession triggered by higher energy prices feeding inflation as a key risk. The firm warned that mining share prices could fall 25-50% in a recession scenario, with commodities facing significant downside pressure.

Jefferies' commentary specifically noted that in a real economic slowdown, copper prices could fall sharply from current levels, serving as a proxy for broader commodity weakness. This assessment appears to have prompted a reassessment of risk for resource stocks like Whitehaven Coal during the trading session.