Materials Lower After North Korea Tests Rattle Markets -- Materials Roundup

Features Dow Jones Newswires

Shares of commodities producers fell while gold futures rose in the aftermath of North Korean missile tests.

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The price of gold hit an 11-month high after North Korea fired a ballistic missile over northern Japan. Gold and industrial metals prices were also supported by a slide in the dollar to a 2 1/2-year low against a basket of currencies. The dollar's turnaround is related to moderated expectations for rate increases, and it has gained momentum recently.

Shares of mining company Freeport-McMoRan declined after it agreed to sell down its majority stake in the Indonesian Grasberg copper and gold mine. Facing demands from a government keen to reap more rewards from local resources, Freeport agreed to gradually cut its ownership stake from 90.64% to 49% and continue developing underground infrastructure at the former surface mine in the remote region of Papua in return for an extension of a mining license.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

August 29, 2017 16:33 ET (20:33 GMT)