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Materials Down As Covid Concerns Weigh On Industrial Metals, Buoy Gold -- Materials Roundup

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07/07/2020 | 04:29pm EDT

Producers of metals and other raw materials ticked down as Covid worries weakened industrial commodities and strengthened precious metals.

A federal judge cast doubt on Bayer's proposal to neatly resolve all future lawsuits over the safety of its Roundup weedkiller with a proposed $10.9 billion payment, potentially snagging the German company's attempts to move past the massive liability.

Shares of precious-metal miners rose alongside the price of gold, as Covid-19 outbreaks in the most populous American states and a weaker dollar spurred the highest close in roughly nine years.

Should Brazilian President Jair Bolsonaro recover rapidly from Covid-19, it could increase confidence in his strategy to keep the company open, but, in the unlikely event that he succumbs to the disease and is succeeded by deputy Hamilton Mourao, it could cause major policy reversals, according to the Economist Intelligence Unit, as reported earlier.

HeidelbergCement booked impairment charges of about $3.85 billion before tax, mainly due to the coronavirus pandemic and Brexit.

 

Write to Rob Curran at rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -0.70% 6.3548 Delayed Quote.40.50%
EURO / BRITISH POUND (EUR/GBP) -0.02% 0.9038 Delayed Quote.6.33%
GOLD 1.19% 1945.136441 Delayed Quote.25.83%
HEIDELBERGCEMENT AG -1.17% 52.24 Delayed Quote.-18.57%
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