Russian stocks retreated for the second day this week as oil declined after U.S. crude inventories unexpectedly rose and steps by China to cool its housing sector curbed appetite for metals.
OAO Gazprom Neft, the oil division of the world’s biggest natural-gas producer, slipped 1 percent. OAO Novolipetsk Steel fell 3.2 percent, helping to push the 30-stock Micex Index down 0.6 percent to 1,465.87 at the close in Moscow.
Oil, Russia’s main export earner, fell after a U.S. Energy Department report showed supplies unexpectedly increased as imports climbed to the highest level since September. China’s banking regulator yesterday told bigger lenders to conduct stress tests on property loans and ensure risks attached to such lending are strictly controlled, increasing concern slower growth may hurt demand for metals.
Copper futures for July delivery declined 3.35 cents to $3.502 a pound in New York, retreating for a fourth day in five. Nickel for three-month delivery dropped as much as 3.1 percent in London to $26,447 a metric ton.
OAO GMK Norilsk Nickel, the country’s biggest mining company, slipped 2.1 percent to 5,485.09 rubles, its lowest close since April 8.
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