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Materials Down As Dollar Rises On Inflation Fears -- Materials Roundup

09/13/2021 | 02:44pm EST

Producers of metals and other raw materials ticked down as the dollar marched higher on inflation fears.

The value of the dollar hit a two-week high against a basket of other currencies, weighing on the price of metals priced in the greenback ahead of inflation data.

Gold futures ticked down to $1792 an ounce. There's an increasingly stark difference of opinion among Wall Street economists as to whether inflation is "transitory" as the Federal Reserve has argued, or a "structural" issue.

"The [consumer] inflation strength is coming from a myriad of temporary reopening-related supply disruptions, which will dissipate slowly," said David Zervos, chief market strategist at brokerage Jefferies, in a note to clients, in which he warned clients not to "fall prey to rhetoric" about higher home prices feeding into long-term inflation.

Shares of uranium mining companies surged as retail traders from Reddit's WallStreetBets forum chased recent gains in the price of the nuclear-linked metal.

Sydney-listed uranium miners Peninsula Energy, Energy Resources of Australia and Bannerman Energy all added more than 25% in value in Australian trading. U.K.-listed miner Aura Energy jumped more than 35% and Yellow Cake, a company that acts as an exchange-traded fund for uranium, rose 13%.

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

(END) Dow Jones Newswires

09-13-21 1644ET

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