Japan's Commodities-Related Stocks Fall; Shippers Gain on Rates

By Masaki Kondo

June 26 (Bloomberg) -- Japan's commodities-related stocks fell after metals prices declined, while shipping lines gained on the first increase in cargo rates in four days.

Nippon Mining Holdings Inc., the nation's largest copper producer, and Sumitomo Metal Mining Co. slumped. Mitsui O.S.K. Lines Ltd., Japan's largest operator of iron-ore ships, led shipping lines higher. Tiremaker Bridgestone Corp. extended its decline to a sixth day after Morgan Stanley slashed its price estimate. Nippon Telegraph & Telephone Corp. jumped after UBS AG raised its price target by 16 percent.

The Nikkei 225 Stock Average slid 12.36, or 0.1 percent, to 13,817.56 as of 9:47 a.m. in Tokyo. The broader Topix index sank 4.32, or 0.3 percent, to 1,341.76. Three stocks fell for every two that gained on the Topix.

The price of crude oil dropped for the first time in four sessions to $134.55 a barrel yesterday, while gold and copper also retreated. The Baltic Dry Index, a measure of commodity- shipping costs, leapt 1.2 percent, breaking a three-day losing streak. The gauge has declined by a fifth this month.

To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net.