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Materials Up After GDP Report -- Materials Roundup

07/29/2021 | 04:39pm EDT

Producers of metals and other raw materials rose after strong gross-domestic product growth.

Copper futures rose in New York following the GDP report. It's been a bonanza quarter for global miners such as Vale, Anglo American and BHP Group, with each netting multibillion dollar profits on a spike in the prices of copper, iron and other metals.

Shares of Brazilian mining giant Vale declined after an increase in second-quarter revenue was not quite as sharp as investors had anticipated.

On Thursday, China said it would increase export tariffs on some steel products, while scrapping tax rebates for steel exports, a further step to tame soaring commodity prices.

German chemicals concern Bayer warned expenses from lawsuits accusing its Roundup weedkiller of causing cancer could rise by $4.5 billion, significantly more than it had previously estimated.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-29-21 1638ET

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