Materials Up As Copper Nears Record High -- Materials Roundup

10/15/2021 | 04:22pm

Producers of metals and other raw materials rose as a rush into industrial metals continued.

Copper futures closed on the cusp of all-time highs, rising 10% to $4.73 a pound for the week in New York, as traders bet the metal would be a beneficiary of a tight energy market. As an important component of electrical systems, copper is seen as benefiting from the push to renewable energy just as European shortages are set to hasten a global shift from natural-gas and oil.

The price of zinc and aluminum have also spiked as some major smelters were forced to reduce capacity due to high energy costs.

Rio Tinto shares fell after the miner said it expects to ship less iron ore than previously anticipated from its Australian mining operations this year because of delays to projects caused by labor shortages in the country's west.

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

(END) Dow Jones Newswires

10-15-21 1621ET

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