Producers of metals and other raw materials rose as traders moved into value sectors, which have not grown as much in recent years from growth sectors such as technology.
Lumber and copper futures remained at record highs, reflecting what some strategists have called a new “supercycle” for commodities. Most investors hedge against the risk of a slowdown in economic growth, but “don’t invest in what works well in high inflation,” said Brent Schutte, chief investment strategist at financial manager at Northwestern Mutual Wealth Management.
“I think you need to play it safe [of economic growth]… The hedging method is the ownership of goods. ”
Palladium futures hit an all-time high, surpassing $ 3,000 an ounce, as growth in auto sales in recent months spurred demand for the metal used in catalytic converters.
European mining company Caerus Mineral Resources rallied after it struck a deal with Jubilee Metals Group to produce copper and gold from the remains of mining companies in Cyprus.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
May 4, 2021 4:26 PM ET (8:26 PM GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.