Materials Stocks Up As Dollar Ticks Down - Materials Roundup
Shares of commodities producers rose after the dollar gave back some of its recent gains. Industrial metals are particularly sensitive to changes in the relative value of the dollar as they are traded worldwide but priced in dollars. The British pound sterling rallied after inflation data in the United Kingdom suggested the Bank of England would be forced to hike rates. The market for some plastics will likely be constrained because of factory outages linked to Hurricane Harvey. "While we see a medium term downward pressure on polymer prices on significant new supply, near term Hurricane Harvey is having a major impact in polymer markets, limiting availability, driving up contract prices and sending spot prices through the roof," said analysts at brokerage Credit Suisse,in a research note. "We believe investors should use polymer related share price dips as an opportunity to selectively pick up shares."
-Rob Curran, rob.curran@dowjones.com
(MORE TO FOLLOW) Dow Jones Newswires
September 12, 2017 16:20 ET (20:20 GMT)