Chalice Mining share price spikes 6%, reversing series of losses

A man in a hard hat and high visibility vest holds his thumb up in a gesture of confidence with heavy moving equipment in the background as on a mine site as the Chalice Mining share price rises todayA man in a hard hat and high visibility vest holds his thumb up in a gesture of confidence with heavy moving equipment in the background as on a mine site as the Chalice Mining share price rises today

The Chalice Mining Ltd (ASX: CHN) share price has nosedived by more than 60% since November but it’s captured the attention of investors today.

Chalice Mining opened strongly, rising to $4.11 shortly after the open. This was 6.5% higher than its previous close. It has since settled at a gain of 4% with shares trading at $4.01.

In wider market moves, the S&P/ASX 300 Metals & Mining (ASX: XMM) index is up 1.75% today.

What’s up with the Chalice Mining share price?

Chalice Mining shares have been gliding downwards in a persistent trend since November 2021. Since that time, Chalice Mining shares have lost more than 60% of its value.

The shares rapidly declined from 20 May and also suffered during the wider market sell-off in recent weeks.

TradingView Chart

An institutional placement in May saw the company raise $100 million. However, market pundits weren’t impressed, as seen on the chart.

But investors are piling into Chalice Mining today in sync with the mining index, suggesting broad sector strength.

Notably, commodity markets for most metals are rallying in today’s session. Copper is up 1.27% and steel is up by 1.57%. Nickel is up 2.39% and gold has dipped 0.02%.

Metal prices remain buoyant amid an ongoing commodity boom.

In the past 12 months, the Chalice Mining share price has slipped 49% into the red.

The post Chalice Mining share price spikes 6%, reversing series of losses appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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