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Materials Up As Gold Tops $1800/Ounce On Inflation Bets -- Materials Roundup

06/30/2020 | 05:35 pm

Producers of metals and other raw materials rose as investors bet that growth and inflation will accelerate despite a spike in new Covid-19 infections worldwide.

Anthony Fauci, the foremost infectious-disease official in the U.S., warned that American case growth could accelerate further if current trends persist.

In a sign of rising inflation expectations, gold futures traded above $1800 a troy ounce for the first time since 2011 in New York. Copper futures have risen 21% in the second quarter, the biggest quarterly gain since the fourth quarter of 2010. The relatively fast revival of industrial activity in China -- the world's largest consumer of the industrial metal -- has buoyed prices.

Miner China Molybdenum is set to ride on further gains in global copper prices, said analysts at brokerage Daiwa, as reported earlier.

 Write to Rob Curran at rob.curran@dowjones.com 

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