Producers of metals and other raw materials rose after a copper production cut by Chinese mills.

Copper futures and shares of mining companies popped Wednesday after some of China's smelters agreed to cut production.

China's top smelters agreed Wednesday to reduce production at some loss-making plants to cope with a shortage of raw material, driving copper futures up 3.3% to an 11-month high of $4.05 a pound in London trading.

Shares of U.S. mining giant Freeport McMoRan soared by more than 8%.

The U.S. dollar is close to 52-week lows against a basket of other currencies, boosting commodity prices.

Gold futures closed near all-time highs above $2100 an ounce. Shares of United States Steel fell by more than 10% after The Financial Times reported that President Joe Biden plans to express serious concern over Nippon Steel's proposed $14.9 billion acquisition of the Pittsburgh-based company.

Enviva, the largest U.S. wood-pellet exporter, filed for bankruptcy Tuesday after a bad bet on future prices of the commodity triggered nine-figure losses.

De Beers reported an increase in the amount of rough diamonds it sold in the second five-week-long sales cycle of 2024, pointing to the development as an indication the market was recovering from a slump in the second half of 2023.


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

(END) Dow Jones Newswires

03-13-24 1725ET