Why Are Metal and Mining Stocks BHP Group, VALE, Wheaton Precious Metals Falling Monday?

Benzinga ·  09/26 01:46

Metal and mining stocks, including BHP Group Limited (NYSE:BHP), VALE S.A. (NYSE:VALE), Wheaton Precious Metals Corp (NYSE:WPM) and Freeport-McMoRan, Inc (NYSE:FCX) are trading lower Monday as prices of the cobalt hydroxide used to make chemicals for electric vehicle batteries have plunged due to higher supplies from top producer Democratic Republic of Congo. Also Read: EV Battery Prices Continue To Decline Over 10% In August: Report According to Benchmark Mineral Intelligence (BMI), payables in August dropped to 46% of the cobalt metal price versus 90% in late 2021 and early 2022, when cobalt metal traded around $60,000 a metric ton.

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