Mining Stocks Slide as Metals Prices Fall on Rate Expectations

Mining stocks fell sharply Monday, tracking a downturn in metals prices. Gold and silver dropped 3% and 5% respectively in New York, while London copper fell 1.8%. ANZ analysts cited higher oil prices and strong US industrial activity data reinforcing expectations that central bank rates will stay higher for longer, weighing on non-yielding metals. Fresnillo led FTSE 100 fallers at -5.8%, with Endeavour Mining -5.1%, Antofagasta -2.6%, Anglo American -2.2%, and Arcelor Mittal -2.2%.