Materials Down On Session, Flat On Week, Amid Rotation -- Materials Roundup
|09/18/2020 | 04:38pm|
Producers of metals and other raw materials fell on the session but remained more or less flat on the week as investors retreated from growth sectors and bought into beaten-down value sectors.
"With tech [selling off], perhaps the market is broadening out and you're seeing some selling from tech to allocate funds to another sector -- industrials are getting a bid, materials are getting a bid," said Quincy Krosby, chief market strategist at Prudential Financial.
Copper futures finished at the highest weekly close since 2018, as the combination of increased Chinese demand and a weaker dollar buoyed prices.
The dollar remained soft against other currencies in the wake of the Federal Reserve's midweek indication that it could keep interest rates near zero through 2023.
Dollar-sensitive gold futures finished with their second straight weekly gain, on the cusp of the psychologically significant $2,000-an-ounce level.
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