Investors and traders sold off mining and metals stocks Monday as a strengthening dollar weighed on commodities prices around the world.
In recent weeks, officials from China, Russia and Brazil had suggested an interest in shifting away from U.S. Treasuries and into bonds issued by the International Monetary Fund -- the equivalent of selling the dollar.
word out of China and Russia over the weekend that finance ministers are confident in the greenback appeared to alleviate some of those fears -- and as the dollar rose, commodities declined. (They're often used as a hedge against U.S. currency.)
Leaders of four of the world's biggest "emerging" economies -- China, Russia, Brazil and India -- will converge for a summit in Moscow on Tuesday. The so-called BRIC group will undoubtedly discuss financial policy.
The FTSE 350 mining index, which includes stocks of the world's largest mining concerns, lost nearly 5% Monday in London.
In New York, the tune was the same.
shares fell 5% to $55.50.
American Depositary Receipts dropped the same percentage to $57.11.
lost nearly 6% to $22.88, and
ADRs declined 6.6% to $190.88.
Gold stocks were faring slightly better.
was off 2.7% at $41.56,
slipped 3.7% to $33.66, and
lost 3% to $32.93.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.