Producers of metals and other raw materials rallied as investors continued to snap up cyclical sectors on economic optimism.
The SPDR Select Sector Materials exchange-traded fund, which tracks the raw materials industry group of the Standard & Poor's 500, added more than 1.8% and is now up by more than 10% for the year to date. Some Wall Street brokerages are forecasting a "super cycle" in commodities usage that would see a prolonged increase in prices for metals, grains and energy commodities.
Gold futures rose after the dollar lost ground against other major currencies. The dollar had gained in recent sessions because of a sense that the economic rebound in the U.S. would not be replicated in parts of the world that are currently seeing more growth in Covid-19 cases, such as Europe.
Gold futures remain down sharply on the year to date.
Kaz Minerals agreed to a roughly $5.63 billion offer from Nova Resources, a company owned by Oleg Novachuk and Vladimir Kim, a 9% increase on a previous offer in October, which reflects an increase in copper prices amid improved demand prospects.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-26-21 1637ET
