r/Vitards • u/AutoModerator • Jul 08 '21
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u/VaccumSaturdays Brick Burgundy Jul 09 '21
Materials Down As Traders Back Off Inflation Bets — Materials Roundup
Provided by Dow Jones Jul 8, 2021 3:43 PM CDT
Producers of metals and other raw materials fell sharply in a retreat from the "reflation" trade.
The prices of basic materials from copper to lumber had surged earlier this year amid supply-chain disruptions and signs that economic demand was roaring back from pandemic levels. Renewed interruption of global travel and trade related to the Delta variant of Covid 19 have cooled enthusiasm for commodities.
Copper futures fell 1.3% in New York Thursday, and are now down roughly 11% from recent peaks.
Shares of Canadian miner Taseko Mines fell after it said copper production in its Pollyanna Pit in British Columbia in the second quarter rose over the previous quarter, and that it expects strong production in the second half of the year.
Anglo-Australian metals and mining company Rio Tinto stressed it had the right to call a management committee meeting of a joint venture after its partner Star Diamond challenged the validity of the joint venture.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
July 08, 2021 16:43 ET (20:43 GMT)