Tokyo: Sumitomo Metal Mining Co., Japan’s top gold producer, soared the most in more than three years as bullion, copper and nickel jumped. Mitsubishi Materials Corp, Dowa Holdings Co. and Toho Zinc Co. also surged.
Sumitomo Metal shares rose 9.4 per cent, the most since February 2009, to 1,010 yen on the Tokyo Stock Exchange, while the Nikkei 225 Stock Average gained 1.8 per cent.
“Shares were supported by a jump in gold prices overnight in New York,” said Hiroyuki Suzuki, a senior analyst at Mizuho Investors Securities Co. Sumitomo Metal Mining shares will also benefit from a rally in copper and nickel, Suzuki said.
Gold for immediate delivery rose as much as 0.6 per cent to $1,778 an ounce, the highest level since February 29, before trading at $1,775.20. Bullion advanced 2.1 per cent yesterday after the Federal Reserve unveiled new measures to boost growth and reduce unemployment in the world’s largest economy.
Sumitomo Metal Mining is also Japan’s top nickel producer and second-largest copper producer. Three-month delivery copper jumped as much as 3.7 per cent on the London Metal Exchange to $8,371 a metric ton, the highest price since May 2. Nickel advanced as much as 3.4 per cent to $17,313 a ton, the highest level since July 3.
Mitsubishi Materials, Japan’s third-largest copper producer, climbed 8.6 per cent to 253 yen, while Dowa advanced 3.2 per cent to 545 yen. Toho Zinc gained 5.9 per cent to 286 yen.