Ibovespa Futures Drop as Decline in Metals Dims Export Outlook

Ibovespa futures declined as the price of metals decreased, dimming the outlook for Brazil’s exporters of raw materials.

State-controlled oil company Petroleo Brasileiro SA may move after denying it will release third-quarter results Jan. 12. Steelmaker Cia. Siderurgica Nacional SA may be active as the board approved a plan to buy back as many as 34.6 million shares through March 31.

Ibovespa futures contracts due in February were down 0.5 percent to 50,220 at 9:25 a.m. in Sao Paulo. The Bloomberg Base Metals 3-Month Price Commodity Index retreated 0.1 percent. Commodity producers account for about one-fourth of the Ibovespa’s weighting.

The benchmark stock index entered a bear market Dec. 12 after falling 22 percent from last year’s high in September. Trading volume of equities in Sao Paulo was 5.4 billion reais ($2 billion) on Dec. 30, according to the exchange. That compares with a daily average of 7.3 billion reais in 2014.

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