Sumitomo Metal Mining tumbles sharply as gold price decline sparks selling across nonferrous metal stocks
Sumitomo Metal Mining Co., Ltd. <5713> fell sharply, reversing course. As rising oil prices fuel inflation concerns and accelerate global rate hikes, the relative appeal of gold - which bears no yield - came under pressure. On the 1st, New York gold futures dropped $85.10 from the previous session to $4,396.40 per troy ounce, marking a third straight session of declines and hitting their lowest level since early August on a front-month settlement basis. Silver and copper prices also remained soft.
In response, selling pressure intensified across nonferrous metal stocks. Sumitomo Metal Mining, along with Mitsui Kinzoku Company, Limited <5706>, Mitsubishi Materials Corporation <5711>, and DOWA HOLDINGS CO., LTD. <5714>, posted sharp losses on the day.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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