Materials Flat As Coronavirus Impact On Global Growth Seen Limited -- Materials Roundup

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02/14/2020 | 10:36 pm

Producers of metals and other raw materials were more or less flat as traders bet the coronavirus would not have a major impact on global economic growth.

Chinese officials identified 5,090 new coronavirus cases, a new jump in their daily tally that has stirred concerns over the trajectory of the disease and has raised fresh worries over whether China is offering an accurate appraisal of the epidemic's scope.

"In many ways the market is looking through this," said Quincy Krosby, chief market strategist at Prudential Financial.

"The reason for that is, Beijing continues to stimulate the economy both from the fiscal side and monetary side and will continue to do so until this has been abated."

Chemicals maker Chemours rallied a session after it reported fourth-quarter operating earnings above Wall Street targets.

Corn futures were under pressure in the U.S. after a trade publication reported the China had procured half-a-million metric tons of the grain from Ukraine.

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

 

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