Why Top Metals and Mining Stocks Plunged This Week
Metals and mining stocks just finished up a tough week on Wall Street. According to data from S&P Global Market Intelligence, here's how much some of the poorest performers in the sector had lost for the week as of Friday's close:
Concerns about China and earnings were to blame for the waning sentiment around these once-hot stocks.
Until about some weeks ago, most metals and mining stocks appeared on track to finish out 2020 on positive notes. There was unprecedented demand this year for raw materials as China and other economies reopened after pandemic shutdowns, even as China slapped curbs on domestic mining to curb pollution. That sent prices of commodities like iron ore, aluminum, copper, and steel to record highs. Copper prices, for example, peaked as recently as Oct. 15.
Source Fool.com
