Producers of metals and other raw materials rose as fears of a global recession eased somewhat.
Shares of Brazilian mining giant Vale fell after it said a retreat in the price of iron ore and copper towards the end of the second quarter dragged revenue into the red.
Vale joined BHP Group and some of the world's largest iron-ore miners who said they expect the global market to continue dictating prices of the commodity despite China setting up a centralized buying group to try to gain more sway.
Chilean miner Antofagasta rallied after analysts at brokerage RBC Capital Markets said copper miners could benefit from an apparent softening of the Federal Reserve's stance on interest rates.
Wheat futures gave back some gains amid signs of Ukrainian crops returning to the global market. The Wall Street Journal reported that Ukrainian President Volodymyr Zelensky was at the port of Chornomorsk to oversee what he said was the first loading of grain exports from a Ukrainian-controlled port since the start of the war in February.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-29-22 1633ET
