Producers of metals and other raw materials rose on a volatile session as investors sought out sectors that would benefit from inflation.
The price of copper rose to new highs in what one money manager said was a reflection of growing optimism about the global economic recovery. "We don't see this as the beginning of a new commodity super cycle -- such as the surge in raw material price between 2008 and 2011 that was fueled by mining shortages and rising Chinese industrial demand," said strategists at money manager UBS Global Wealth Management, in a note to clients. "But we do believe the recent commodity rally has further to run."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-23-21 1700ET
