Producers of metals and other raw materials rose despite jitters over China Evergrande.
The trouble at the property giant is likely to hurt the global metal industry, Capital Economics said. "We think that the most likely outcome is a managed restructuring, which would see other developers take over uncompleted Evergrande projects," Capital Economics said. The firm pointed out that "China accounts for around half of global zinc consumption, of which 70% finds its way into the construction sector," and copper "also relies heavily on the Chinese construction sector ... and this would be hard to offset even with increased demand elsewhere."
Gold futures fell, with prices marking their lowest finish in more than six weeks, as investors gravitated toward equities and away from assets perceived as havens. Copper and platinum slipped, while palladium settled down 3.2%.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
09-23-21 1706ET
