Producers of metals and other raw materials rose as investors bet that growth and inflation will accelerate despite a spike in new Covid-19 infections worldwide.
Anthony Fauci, the foremost infectious-disease official in the U.S., warned that American case growth could accelerate further if current trends persist.
In a sign of rising inflation expectations, gold futures traded above $1800 a troy ounce for the first time since 2011 in New York. Copper futures have risen 21% in the second quarter, the biggest quarterly gain since the fourth quarter of 2010. The relatively fast revival of industrial activity in China -- the world's largest consumer of the industrial metal -- has buoyed prices.
Miner China Molybdenum is set to ride on further gains in global copper prices, said analysts at brokerage Daiwa, as reported earlier.
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