Stocks Market
Precious Metals Slide Dragging Casablanca Mining Shares Lower
Commodity markets were hit hard on Wednesday as a stronger U.S. dollar and expectations of prolonged Federal Reserve tightening pushed copper, gold and silver lower. The slide in precious metals weighed heavily on mining equities listed on the Casablanca Stock Exchange, where the MASI index fell more than 1 % by mid‑day. Key miners such as Managem, SMI and CMT saw their shares tumble close to 10 %, while the broader market struggled under the same macro‑economic pressures.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Commodity Markets Under Pressure
On Wednesday, commodity prices were dragged lower by a firmer U.S. dollar and fresh expectations that the Federal Reserve will keep tightening monetary policy for an extended period. Copper futures slipped to around $6.04 per pound, down 3.4 % from the previous session, as traders priced in less appetite for riskier assets.
Precious Metals Slide
Gold fell 2.9 % to break the $4,030 per ounce barrier, marking a seven‑month low. Silver dropped even further, losing 4.8 % and trading near $59 per ounce – its lowest level in six months. The decline was driven more by Fed‑related monetary tightening expectations than by any relief from the tentative U.S.–Iran peace talks, which had earlier helped calm inflation fears.
Casablanca Stock Exchange (CSE) Overview
At 13:30 GMT, the MASI index was down 1.16 % at 18,110 points, taking a year‑to‑date loss of 3.91 % after briefly dipping to a new intra‑day low of 18,099 points. Trading volume on the main market reached roughly MAD 109 million.
Mining Stocks Under Pressure
- Bank of Casablanca (CSEMA:BCP) led turnover with MAD 50 million, slipping 0.36 % to MAD 247.
- Managem (CSEMA:MANAGEM) fell 7.77 % to MAD 13.00, on MAD 11 million of trades.
- SMI (CSEMA:SMI) dropped 9.43 % to MAD 5.76.
- CMT (CSEMA:CMT) tumbled nearly 10 % to MAD 4.32.
Other Market Highlights
Improved shipping through the Strait of Hormuz following the de‑escalation of U.S.–Iran tensions eased concerns over global energy supply and helped temper inflation worries. Nonetheless, the broader market remains cautious amid ongoing Fed policy uncertainty.