Bloomberg reported that Vale SA has fallen to its lowest since September 4 as Goldman Sachs Group lowered its estimate for iron ore and cut the price target on its American depository receipts.
As quoted in the market news:
Vale slumped 3.9 percent to 32.39 reais at the close of trading in Sao Paulo, the lowest since Sept. 4. The stock contributed the most to the benchmark Bovespa index’s 1.1 percent drop today. Vale’s ADRs sank 2.6 percent to $16.98 in New York.