Producers of metals and other raw materials rose to close out a quiet week as investors weigh optimism about the economic recovery against concerns about inflation and supply shortages.
Gold futures declined, with strength in the U.S. dollar helping to send prices to their lowest finish in more than a week. The strong dollar is also exerting pressure on grain futures in addition to wet weather in some U.S. growing areas. "The grain and oilseed sector is under considerable pressure due to a combination of a stronger dollar, rains in the western Midwest, and wire service reports on possible actions by the Biden Administration that could cut demand for biofuels," Arlan Suderman of StoneX said.
New York hedge fund Anchorage Capital Group has amassed a holding of a few million pounds of uranium, people familiar with the matter say, in a bet that prices of the nuclear fuel will recover after a decade in the doldrums.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
06-11-21 1640ET
