Producers of metals and other raw materials ticked up as traders hedged their bets on the outlook for inflation.
The materials sector is among those expected to thrive should inflation continue to rise.
Federal Reserve Bank of St. Louis President James Ballard said it was time for "tapering" of the central bank's bond-buying levels to get inflation under control.
Publicly traded saw-mills, including West Fraser Timber and Canfor, reported second-quarter profits this week that topped earnings totals from their best years, as they benefited from a surge in demand for building products and lofty lumber prices. The sawmills said orders from home-improvement stores slowed when lumber futures peaked above $1600-a-board during the quarter.
Australian iron-ore miner Fortescue Metals Group, one of the world's largest iron producers, said it shipped record annual volumes of iron ore as it benefited from sky-high prices for the steel ingredient.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-30-21 1633ET
