Copper miners down as red metal prices slump on US credit fears

U.S.-listed shares of copper miners fall premarket, tracking the red metal's price

Benchmark three-month copper CMCU3 on London Metal Exchange down 1.7% at $10,466/metric ton, having earlier dipped as much as 2% to $10,430/metric ton, its lowest since October 10

The metal hit a 16-month high of $11,000/metric ton on October 9

Copper prices fell to a one-week low and was heading for a second straight weekly decline, tracking a fall in global financial stocks as signs of credit stress at U.S. regional banks rattled markets

Global mining giants Rio Tinto RIO.N and BHP Group BHP.N each down nearly 1%

Copper miners Southern Copper SCCO.N falls 2.4% and Freeport-McMoRan FCX.N drops 1.5%

Canadian miners Hudbay Minerals HBM.TO, HBM.N slides 4.2% and Ero Copper ERO.TO, ERO.N down 1.7%