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ADRs Close Mostly Higher; Petrobras Trades Actively

10/25/2021 | 04:18pm EST

International stocks trading in New York closed mostly higher on Monday.

The S&P/BNY Mellon index of American depositary receipts edged up 0.1% to 166.76. The Asian index improved 0.1% to 226.23. The Latin American index rose 3.1% to 184.14. And the emerging-markets index increased 0.7% to 376.12.

Meanwhile, the European index eased 0.1% to 147.39.

Petrobras was among those whose ADRs traded actively.

Brazilian oil company Petróleo Brasileiro SA's ADRs closed 8% higher at $10.71 after announcing fuel price increases. Petrobras said that it would raise the price of diesel fuel by 9% and the price of gasoline by 7%. The government's history of pressuring the company not to raise prices, either to help keep inflation lower or to appease truckers angry about rapid fuel cost increases, sometimes weigh on Petrobras shares. Truckers are once again threatening strikes, but Brazilian President Jair Bolsonaro, who this year had fired the company's chief executive over price policy, last week said another increase might be possible.

Snarled supply chains are giving new impetus to Rio Tinto PLC's efforts to produce minerals essential for modern technologies, starting with mining sludge from a giant copper pit in the Western U.S. Rio Tinto is building a plant at the Kennecott mine in Utah that will recover tellurium, a critical mineral used in solar panels, from ore that has been dug up for its copper. The U.S. relies on imports of tellurium, including from China, which dominates global production. But the company wants to go further at Kennecott, which accounts for nearly 20% of U.S. copper output. Rio Tinto is examining capturing more of the minerals when ore is processed for copper as a first step before potentially recovering them from waste, known as tailings. Still, it is a challenge for producers to keep costs down as the minerals are typically found in small quantities. ADRs rose 1.4% to $66.83.

  -- WSJ Staff 
 

(END) Dow Jones Newswires

10-25-21 1818ET

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