Producers of metals and other raw materials rose slightly as strength in agricultural futures offset weakness in gold futures. Gold futures fell $41.40, or 2%, to close at $2010 an ounce, as a five-session rally met resistance around the $2100-an-ounce level. The price of the precious metal has risen 32% so far this year as the combination of record low interest rates worldwide, a weaker dollar and safe-haven demand have made gold the most popular defensive investment in global markets. Silver futures are also on a tear, rising 13% this week alone. Canada said on Friday it intends to slap its own tariffs on a range of U.S. products that contain aluminum, ranging from washing machines to golf clubs to canned beverages, in retaliation to President Trump's decision to reimpose tariffs on some aluminum produced in Canada. Lean hog futures closed up 3.6% at 50.975 cents per pound, the highest close since late July, as traders bet that the U.S. and China will make progress on trade talks despite heightened tensions. Chilean lithium producer Sociedad Quimica y Minera de Chile has seen exports level off in recent months, according to one brokerage. "After SQM shipped almost 40,000 tons in the first six months of the year (close to our annual sales volume estimate of 49,000 tons), volumes decelerated," said analysts at brokerage Morgan Stanley, in a note to clients. "SQM was building inventories in warehouses around the world, and now is probably normalizing shipments to levels more aligned with actual demand."
Write to Rob Curran at rob.curran@dowjones.com
