Australian shares slipped to their lowest in two weeks on Tuesday, with materials weighing on the index on weak iron ore and coking coal prices.
The S&P/ASX 200 index fell 0.6 per cent, or 33.4 points to 6,043.7 by 0031 GMT, its biggest intraday percentage loss since Jan. 2. The benchmark closed up 0.1 per cent on Monday.
Trading was slow ahead of the upcoming earnings season, and on weak global sentiment as US markets were closed on Monday.
The materials and mining index dropped as much as 0.8 per cent, with mining giants BHP Billiton Ltd and Rio Tinto Ltd each falling over 1.0 per cent.
Rio Tinto reported a 1.0 per cent rise in iron ore shipments for 2017 to 330.1 million tonnes, in line with its guidance, but weak iron prices kept the stock down.
Australia’s financial stocks hit a two-week low, falling as much as 0.5 per cent, with the “Big Four” banks losing between 0.2 per cent and 0.8 per cent.
The biggest loser on the main index was Retail Food Group Ltd, shedding as much as 0.6 per cent and touching its lowest in one week.