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
