Producers of metals and other raw materials ticked down as investors hedged their bets on the outlook for global growth.
The price of cobalt has risen by about 20% for the year to date, as traders anticipate widespread adoption of the electric car.
In a development that could have broad implications for grain prices and global commodities markets, Beijing officials seeking to reset the troubled U.S.-China relationship, Beijing is pressing for a meeting of its top diplomat with senior aides to President Biden to explore a summit between the two nations' leaders, The Wall Street Journal reported.
Chinese copper consumption, already the most voracious among the world's leading economies, is set to grow markedly in the next five years, said strategists at brokerage Jefferies, in a note to clients.
High-speed railways, 5G data centers, electricity generation and auto manufacturing are among the growth areas for copper, the Jefferies strategists forecast.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-22-21 1709ET
