Materials Drop After February Industrial Production Report -- Materials Roundup

03/16/2021 | 03:33pm

Producers of metals and other raw materials fell after a weak reading of February industrial production.

Factory activity was impeded in February by supply bottlenecks and bad weather across the country.

Economically sensitive copper futures were particularly hard hit, following a long run-up that some traders had warned was increasingly speculative.

Bluestone Resources, a coal miner owned by West Virginia Gov. Jim Justice, has become embroiled in a scandal surrounding a U.K. financing company that declared insolvency last week, suing the lender for alleged fraud.

An outbreak of African swine fever in China continues to weigh on soybean prices in the U.S. Soymeal futures trading hit their highest level since June 2014 early this year, but have fallen by roughly $100 a ton, or 16%, since their Jan. 12 peak.

Gold futures hit a two-week high ahead of the Federal Reserve's statement, with traders betting a dovish statement Wednesday would weigh on the dollar.

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

(END) Dow Jones Newswires

03-16-21 1633ET

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