Producers of metals and other raw materials rose as the dollar weakened in the wake of inflation data.
The core personal consumption expenditure index rose 2.6%, coming close to the Federal Reserve's comfort zone, spurring bets that the central bank would cut rates at its September meeting, confirmation of which may come next week in the July policy statement.
Australian miner Fortescue said its iron-ore shipments were broadly flat over the past year at 191.6 million metric tons, as it grappled with setbacks including a derailment and heavy rain. Anglo American swung to a net loss in the first half of the year after booking an impairment of $1.6 billion related to its crop-nutrients project in the U.K., a result of the mining major's group-wide reorganization.
Copper futures fell sharply for the week in the wake of tepid Chinese economic data. "Fading demand and rebounding supply in China have reduced the case for metals," said strategists at money manager Schroder's.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-26-24 1738ET
