The S&P/ASX 200 fell 0.2% to around 8,900 in early Thursday trade, reversing gains from the previous session as heavyweight mining stocks dragged. The mining sector slid 1.6% after copper and iron ore prices retreated. Global mining giant BHP sank 2.1%, easing from a record high, while its peer Rio Tinto edged up 0.1%. The copper miner is pushing for its chair and CEO to retain their roles in potential merger talks with Glencore, though the two sides remain divided on valuation and governance. Gold miners and energy firms also fell more than 1% each. In contrast, banking and technology stocks were mostly higher. However, Wisetech Global and Life360 extended losses, down 4% and 2%, respectively, tracking their Wall Street peers lower. Meanwhile, market sentiment found support after December trade data showed Australia’s goods surplus widened to AUD 3.37 billion, slightly above expectations, as exports rebounded on higher metal ores and minerals while imports fell to a three-month low.