Shares of mining companies and other commodities producers rose as the dollar weakened to a four-month low against a basket of currencies.
The prices of gold and copper both rose, with the latter hovering near a multiyear high.
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"The dollar is key for prices and we expect the dollar to continue its weakness this year," said Xiao Fu, head of commodity markets strategy at BOCI Global Commodities.
One brokerage said concerns about high valuations among steelmaker shares were unwarranted given the outlook for U.S. trade policy and Chinese demand.
Analysts at brokerage Morgan Stanley predict a bump in the shares of steelmakers and particularly U.S. Steel as Commerce Secretary Wilbur Ross is set to make recommendations on the importance of the domestic steel industry for national security as the Trump administration moves toward new protectionist measures.
Rob Curran, email@example.com
(END) Dow Jones Newswires
January 10, 2018 17:12 ET (22:12 GMT)