June 13 (Bloomberg) -- Russia’s metal producers dropped to the lowest level since 2009 on concern economic growth in China is slowing, curbing demand for commodities.
OAO GMK Norilsk Nickel, the world’s biggest producer of the metal, lost as much as 4.2 percent, a December 2009 low and closed down 1.8 percent at 4,389 rubles in Moscow. OAO Novolipetsk Steel slid 0.8 percent to 41.58 rubles, the weakest level since April 2009, after dropping as much as 4 percent. OAO Severstal, Russia’s second-largest steelmaker, tumbled 0.3 percent to 216.10 rubles, the lowest in 3 1/2 years.
Morgan Stanley cut its 2013 gross domestic product forecast for China today, joining banks from UBS AG to Barclays Plc, after a weaker expansion in exports, industrial output and new lending last month. Most metals, including nickel and copper, retreated in London.
“Metal producers are pricing in concerns about the deceleration of Chinese growth,” Mikhail Stiskin, an analyst at Sberbank CIB in Moscow, said by phone. “Commodity prices have returned to 2009 levels.”
Nickel fell 1.4 percent to $14,078, the seventh day of declines and the lowest intraday level since June 2009. Steel has lost 49 percent over the last 12 months and trades at $155.
NLMK’s global depositary receipts declined as much as 5.4 percent in London, falling 1.9 percent to $13. Severstal added 0.2 percent to $6.75.
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