Producers of metals and other raw materials rose as traders rotated into value sectors, which have not risen as much in recent years, from growth sectors such as technology.

Lumber and copper futures remained near all-time highs, reflecting what some strategists have called a new "supercycle" for commodities. Most investors hedge themselves against the risk of a slowdown in economic growth, but "don't invest in things that do well when inflation is high," said Brent Schutte, chief investment strategist at money manager Northwestern Mutual Wealth Management.

"I think you need to hedge the upside [of economic growth]. The way to hedge that is to own commodities."

Palladium futures touched their highest levels on record, above $3,000 an ounce, as the rebound in car sales in recent months spurred demand for the metal used in catalytic converters.

Shares of European miner Caerus Mineral Resources rallied after it struck a deal with Jubilee Metals Group to produce copper and gold from mining residues in Cyprus. 


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

(END) Dow Jones Newswires

05-04-21 1626ET