Producers of metals and other raw materials rallied after the Federal Reserve prepared the way for a rate cut in September.

"A reduction in the policy rate could be on the table as soon as the next meeting in September," said Fed Chair Jerome Powell at a news conference after the meeting. "We're getting closer to the point at which it'll be appropriate to reduce our policy rate, but we're not quite at that point."

One strategist said the central bank hedged itself carefully, but was making a tacit promise of a September rate cut.

"He intends to cut rates by 25 basis points in September, barring a material change," said Oliver Pursche, senior vice president at financial advisory Wealthspire.

Powell said a 50-basis-point rate cut was not currently under discussion.

"If there one thing that has to be said about this Fed, they have been infredibly good at telegraphing moves," said Pursche.

BHP Group's agreement to buy a 50% stake in the Filo del Sol and Josemaria copper projects may lead it to be conservative when deciding its final dividend in August, warned Kaan Peker, an analyst at brokerage RBC Capital Markets, as reported earlier.


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

(END) Dow Jones Newswires

07-31-24 1714ET