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Materials Shares Fall Ahead of Fed Rate Decision -- Materials Roundup

09/20/2022 | 04:50pm EST

Producers of metals and other raw materials fell amid expectations the Federal Reserve will unveil more forceful monetary tightening to curb inflation this week.

Gold prices declined, falling back to their lowest finish in more than two years, as investors wait for the Fed to raise interest rates and deliver updated economic projections on Wednesday.

Fortescue Metals will spend more than $6 billion on renewable energy and stop using fossil fuels by 2030, a pledge that the Australian iron-ore giant says will lower energy costs and mark a key step toward producing low-carbon steel. The commitment, the first by a major mining company, comes in response to rising pressure from investors and customers such as steelmakers, and ultimately auto makers, to reduce the environmental impact of raw materials.

Meanwhile, a lackluster U.S. harvest this year is setting back efforts to relieve a global food supply that has been constrained by Russia's war in Ukraine, agriculture-industry executives said.

Senior executives from companies such as Bayer, Corteva, Archer Daniels Midland and Bunge said worldwide crop supplies remain tight, and some said at least two more years of good harvests in North and South America are needed to ease the pressure.


Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

09-20-22 1649ET

Stocks mentioned in the article
ChangeLast1st jan.
ARCHER-DANIELS-MIDLAND COMPANY -0.36% 96.07 Delayed Quote.42.40%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.54% 0.6718 Delayed Quote.-8.40%
BAYER AG -1.04% 55.38 Delayed Quote.19.06%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.1943 Delayed Quote.-11.61%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.45% 0.73932 Delayed Quote.-6.29%
CORTEVA, INC. 0.11% 65.6435 Delayed Quote.38.68%
EURO / US DOLLAR (EUR/USD) -0.04% 1.0318 Delayed Quote.-9.04%
FORTESCUE METALS GROUP LIMITED -0.41% 19.38 Delayed Quote.1.30%
GOLD 0.27% 1753.9 Delayed Quote.-4.82%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.28% 0.012285 Delayed Quote.-8.79%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.62% 0.62346 Delayed Quote.-9.85%
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