Metal miners slip on U.S. rate-hike worries

Valecha Engineering

29/08/2022 16:48

** Shares of metal miners decline on concerns over slower
economic growth, after the U.S. Fed signaled it will keep
raising interest rates as it seeks to tame inflation
    ** October copper contract on the Shanghai Futures Exchange
 SCFcv1  closed down 1.3% at 62,550 yuan ($9,039.41) a tonne
    ** Slowing growth could lead to weakening demand for base
metals, and copper is often used as a gauge for the global
economic health  urn:newsml:reuters.com:*:nL1N30509Z
    ** Shanghai Nickel  SNIcv1  dropped 5% to 165,060 yuan a
tonne, zinc  SZNcv1  slipped 1.6% to 25,025 yuan a tonne and
ShFE aluminium  SAFcv1  declined 0.6% to 18,675 yuan a tonne    
    ** U.S.-listed shares of mining giants Rio Tinto  RIO.N  and
BHP Group  BHP.N  down 0.75% and 1.58%, respectively 
    ** Shares of Freeport-McMoRan  FCX.N , the largest publicly
traded copper producer globally, fall 2.5%
    ** Shares of Canadian copper miners First Quantum Minerals
 FM.TO , Hudbay Minerals  HBM.TO , and  Ero Copper  ERO.TO  lose
between 0.9% and 2.5%
    ** U.S.-listed shares of iron and nickel giant Vale  VALE.N 
slip 0.78%
    ** Aluminum producer Century Aluminum  CENX.O  falls 1.34%
while Kaiser Aluminum Corp  KALU.O  slips 2.11% 
    ** Lithium producers Albemarle  ALB.N  and  Lithium Americas
 LAC.N  dip 0.24% and 1.91%, respectively

 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))