Materials Slip Ahead of Wholesale Inflation Data -- Materials Roundup

Producers of metals and other raw materials fell as traders awaited key wholesale inflation data Tuesday.

"This week is chock-full of data," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "After last week's roller coaster, investors are looking for anything that will give them a little bit of outlook as far as what the Fed may do."

Fed rate cuts could weigh on the U.S. dollar, which would in turn drive up the price of dollar-sensitive commodities, said Joyce.

Precious metals prices and miners' shares rose, and gold futures closed within a percentage point of all-time highs.

Barrick Gold shares soared after the Canadian gold-mining giant said higher prices buoyed its second-quarter earnings.

Soybean futures fell to their lowest price in nearly four years after federal agriculture officials forecast a record harvest this autumn.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

08-12-24 1738ET