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.
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.