Precious metals and fertilizer names slide in broader market rally (NYSE:HMY)

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Shares of precious metals miners and fertilizer producers, which have surged to multiyear highs following Russia’s invasion of Ukraine, fall sharply in early trading while other sectors rise in a broad market rally.

As April Comex gold (XAUUSD:CUR) slides 2.3% at $1,996.30/oz, following Tuesday’s push to as high as $2,060/oz before settling at a 19-month high, precious metals shares post broad declines: HMY -5.6%, TO -5.3%, GOLD -5.1%, GORO -4.9%, NMS -4%, GFI -3.4%, AG -3.2%, WSF -3.2%, AUY -3%, EXK -3%.

Two of the biggest losers in early trading on the S&P 500 are fertilizer names CF Industries (CF -8.3%) and Mosaic (MOS -6.2%)while Nutrien (NTR -3.0%) and Intrepid Potash (IPI -3.5%) also sink into the red.

CF Industries CEO Tony Will recently warned that global fertilizer inventories will be “as low as we’ve ever seen” heading into the Northern Hemisphere summer season.

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