The Newcrest Mining Ltd (ASX: NCM) share price is rangebound today and currently trades flat at $19.58.
Zooming out, and the share had a fairly robust year in FY22, right up until the final month of June. Shown on the chart below is the Newcrest share price returns this year to date.
Newcrest share price falters in late FY22
The primary driver of the Newcrest share price last financial year was the rally in copper and gold markets.
After making its first move higher in FY20, the price of copper continued north in FY22 albeit at a slower pace.
However, in June the metal cratered from its former high along with a major sell-off in commodities and financial assets.
It now trades down by 19% over the last year as a result of the down-leg in June.
Gold suffered a similar fate, albeit slightly beforehand. The yellow metal had surged to US$2,052 on 8 March.
However, it quickly gave back those gains to trade in line with longer-term averages. In July, it has clipped even more losses.
Each of these instruments trades in close similarity to the Newcrest Mining share price, as seen below.
With that in mind, shares of the gold and gold/copper concentrate mining giant were destined to slide off the cliff face just as both of these metals did in May.
Investors have since pushed the share to its 52-week low of $19.58 in today's trade.
