** Australian mining stocks .AXMM fall as much as 2.8% to their lowest since May 5

** Sub-index on course for its fifth-straight session of losses, if current trend holds

** Iron ore futures decline as shipments continue to mount amid weak steel demand in China IRONORE/

** Copper prices also fall as an escalation in the Middle East conflict pushes oil prices higher and raises concerns about global economic growth MET/L

** ASX-listed shares of Alcoa Corp AAI.AX and Ora Banda Mining OBM.AX lead losses, down 8.2% and 7.3%, respectively

** Index-heavyweights Rio Tinto RIO.AX, Fortescue FMG.AX and BHP BHP.AX lost between 1%-2% each

** AXMM up 11.5%, including the day's move