Producers of metals and other raw materials edged lower as some commodity prices slipped.
Copper prices fell to their lowest level in eight weeks on concerns that China may tamp down on rising commodity prices and that the metal's red-hot rally has gone too far. Speculation that China's strategic stockpiling body, the State Reserve Bureau, is planning to gradually release some of its stockpiles of copper, aluminum and zinc over the coming months led to the downturn, analysts said.
The world's second-largest nation consumes half of the world's refined copper. Investors fear such steps could be part of a broader push from Chinese officials to temper rising prices.
Meanwhile, lumber prices are falling back to earth. Lumber futures edged higher on the day, but ended Monday down about 40% from a record reached in early May.
Shares of uranium miners rebounded a bit after sharp drops Monday on news that a nuclear power plant in Southeast China was flagged a performance issue. French power giant Électricité de France said it had requested an extraordinary board meeting with Chinese managers of a nuclear plant it co-owns in Southeast China to get more information on the buildup of gases inside one of the plant's reactors.
Gold futures fell, extending their decline to lowest prices in a month.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
06-15-21 1653ET
