Russian stocks dropped the most in almost a week as declining oil and metals prices hurt the outlook for commodity producers.
OAO Polyus Gold, Russia’s largest gold producer, lost 1.4 percent. OAO Novolipetsk Steel, the country’s biggest maker of the metal by market value, slid 1.2 percent, while oil producer OAO Lukoil decreased 1.3 percent. Those movements helped push the Micex Index of 30 stocks 0.8 percent lower, its biggest intraday loss since Oct. 12. The gauge was down 0.4 percent at 1,485.12 as of 11:12 a.m. in Moscow.
Crude, Russia’s chief export earner, dropped 0.7 percent to $80.72 amid speculation a report on new homes later today may add to signs U.S. fuel demand will remain weak. Copper lost as much as 1 percent to $8,315.75 a metric ton on the London Metal Exchange. Zinc, nickel, tin and lead all retreated on the LME. OAO GMK Norilsk Nickel, Russia’s largest miner, fell 0.6 percent.
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