Materials Up as Dollar Weakens, Copper Rebounds — Materials Roundup

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Producers of metals and other raw materials rose as the dollar gave back some of its recent gains and copper futures bounced.

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The dollar had risen to multiyear highs against a basket of other currencies because of the interest-rate outlook.

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The prices of many commodities, including copper, have entered bear-market territory because of dollar strength, Chinese lockdowns, and a growing anticipation of a global recession.

“The decline reflects anxiety that China could resort to strict pandemic lockdowns again at a time when economic growth in the US and Europe is slowing or even contracting, reducing the demand for cyclical commodities such as energy and metals,” said strategists at money manager UBS Global Wealth Management. Signs of inflation peaking have also slowed demand for commodities as an inflation hedge, the UBS strategists said.

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The Justice Department is discussing with grain processors Cargill and Continental Grain potential concessions that could clear the way for the companies to acquire poultry processor Sanderson Farms, The Wall Street Journal reported.

Write to Rob Curran at [email protected]

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Credit: www.marketwatch.com /

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