Producers of metals and other raw materials fell as an oil selloff caused traders to pare back bets on an era of commodity inflation.
China's imposition of a two-stage lockdown in its largest city of Shanghai also weighed on the price of commodities, and wheat futures fell by 4% on the Chicago Board of Trade. After spiking early in Russia's conflict with Ukraine, the price of wheat and other commodities affected by the war have eased in recent sessions amid hopes that Russia would narrow the scope of its campaign.
Hycroft Mining Holding has raised roughly $140 million by selling new shares since cinema giant and meme-stock favorite AMC Entertainment Holdings bought its own stake in the gold miner earlier this month, as the miner capitalizes on its unlikely connection to a company whose stock day traders have driven sky high.
Shares of Hycroft soared by more than 80% on Monday alone. Shares of global mining-supply companies such as Sweden's Sandvik were mostly weaker after analysts at brokerage Bank of America Global Research warned that revenue streams from Russia, one of the largest markets for mining supplies, could soon be crimped.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-28-22 1630ET
