Japan's Metals Producers Cut Targets as China's Demand Slows
- Sumitomo Metal Mining sees shares dive the most in four years
- Mitsubishi Materials indicates copper price may have bottomed
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Japanese metals producers continue to cut profit forecasts, with Sumitomo Metal Mining Co. and Mitsubishi Materials Corp. the latest to warn of the impact of China’s slowdown.
Sumitomo Metal slashed its operating profit forecast by 37 percent for the year through March, according to a statement Tuesday. Its shares fell as much as 9.5 percent, the most in four years. Mitsubishi Materials, which is less reliant on metals for revenues, saw its shares rise as it made a more modest reduction in its forecast of 2.4 percent and gave a rosier outlook on prices.