Shares of mining companies and other commodities producers rose as the dollar weakened and copper continued its historic bull run.
Copper futures rose for the 16th session in a row Thursday, the longest streak on record. Front-month copper for January delivery added 0.7% to $3.2860 a pound on the New York Mercantile Exchange, for the highest close since February 2014.
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The dollar fell to a three-month low, reflecting increased expectations for a rate increase from the European Central Bank. Much of the dollar's appreciation in recent years has stemmed from a sense that the Federal Reserve was moving more aggressively than central banks overseeing other major currencies. The Fed's gradual pace and a change of tone from other central bankers, however, has reduced the likely "interest-rate differential" that is a key input for relative currency values. A weaker dollar tends to lead to higher global prices for metals priced in the greenback as constant prices overseas would mean higher dollar-denominated prices.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
December 28, 2017 17:26 ET (22:26 GMT)