Materials Shares Fall As Dollar Rises on Inflation Data - Materials Roundup

Features Dow Jones Newswires

Shares of commodities producers ticked down as the dollar rebounded against other currencies. The dollar's gains came as wholesale inflation data was not quite as weak as some had predicted. The spread between lump iron ore and benchmark iron prices widened to a record $25-per-ton more earlier this month, according to analysts at brokerage Macquarie. The market for this iron caliber is dominated by miners in Australia and particularly Rio Tinto and BHP Billiton, who are likely seeing a spike in demand as Chinese steel mills preempt production limits planned by the government there, according to the brokerage. Gold futures, which often move in the opposite direction to the dollar, closed at the lowest level since Aug. 31. The head of JBS, the world's largest meatpacker, was arrested in Brazil on Wednesday for allegedly using insider trading to profit from the explosive consequences of a plea deal he signed earlier this year.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

September 13, 2017 16:24 ET (20:24 GMT)