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Japan's Sumitomo Metal cuts FY profit forecast on lower metal prices [Reuters]

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PDF Japan's Sumitomo Metal cuts FY profit forecast on lower metal prices | Reuters 3 Min Read TOKYO, Nov 8 (Reuters) - Japan’s Sumitomo Metal Mining Co Ltd posted a 52 percent jump in half-yearly pre-tax profit on Thursday but cut its full-year forecast, blaming lower-than-expected metal prices amid the U.S.-Sino trade spat, and reduced nickel output. “It doesn’t seem that there will be a quick settlement in the U.S.-China trade conflicts, which suggests no quick recovery in prices of metals,” Kunihiko Miyamoto, deputy manager of Sumitomo Metal Mining, told a news conference. Pre-tax profit rose to 73.21 billion yen ($644 million) for the six months through September, bolstered by increases in prices of copper, nickel and cobalt from a year earlier, and a one-off gain from the sale of its stake in Pogo gold mine in Alaska. But the Japanese miner and smelter slashed its pre-tax profit prediction for the year to March 31 to 107 billion yen from its May guidance of 121 billion yen as it lowe [Read more]

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