Lower iron, nickel and copper prices weigh on Vale's quarterly earnings

Vale, the world's no.2 producer of iron-ore, posted a $1.7-billion net profit for the quarter ended in March, 9% lower than the year-earlier period, while analysts polled by LSEG were expecting $1.9-billion.

Vale last week reported first-quarter output and sales figures, registering lower nickel production even as iron ore and copper production rose.

Higher sales volumes of iron-ore and copper helped offset the dip in prices in the metals, Vale said on Wednesday.

The average realized price of copper was 19% lower than in the same period last year, while nickel was down 33%. Vale said iron-ore fines realized prices were also lower from last year.