Why Are Metal and Mining Stocks BHP Group, VALE, Wheaton Precious Metals Falling Monday?
Portfolio Pulse from Anusuya Lahiri
Metal and mining stocks, including BHP Group Limited, VALE S.A., Wheaton Precious Metals Corp, and Freeport-McMoRan, Inc are trading lower due to a plunge in prices of cobalt hydroxide, used for making electric vehicle batteries. The price drop is attributed to higher supplies from the Democratic Republic of Congo and Indonesia. The demand for cobalt is also weak due to a decrease in sales of consumer electronics and a shift to cheaper lithium iron phosphate batteries.
September 25, 2023 | 5:46 pm
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NEGATIVE IMPACT
BHP Group Limited's stock is trading lower due to a drop in cobalt hydroxide prices.
BHP Group Limited is directly impacted by the drop in cobalt hydroxide prices as it is a major player in the metal and mining industry.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Freeport-McMoRan, Inc's stock is trading lower due to a drop in cobalt hydroxide prices.
Freeport-McMoRan, Inc is directly impacted by the drop in cobalt hydroxide prices as it is a major player in the metal and mining industry.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
VALE S.A.'s stock is trading lower due to a drop in cobalt hydroxide prices.
VALE S.A. is directly impacted by the drop in cobalt hydroxide prices as it is a major player in the metal and mining industry.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Wheaton Precious Metals Corp's stock is trading lower due to a drop in cobalt hydroxide prices.
Wheaton Precious Metals Corp is directly impacted by the drop in cobalt hydroxide prices as it is a major player in the metal and mining industry.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100