Materials Up as Copper Jumps on Chinese Stimulus Hopes — Materials Roundup

Producers of metals and other raw materials rallied amid expectations of more Chinese stimulus.

Copper futures rose 3.5% on the Comex exchange, the largest gain since 2022. "Following the monetary stimulus package, we expect follow-up fiscal measures to be announced in the next 2 to 4 weeks," said strategists at brokerage Bank of America Global Research.

"While these measures are laudable, we think the lack of positive incentives is the main culprit for the economic malaise ... We expect the announcement of a fiscal package in the coming weeks, include demand-boosting stimulus on consumption and investment, as well as further enhancement of social security, healthcare, and pro-birth measures."

The U.S. dollar lingered near multiyear lows against rivals, buoying precious-metals prices. Dollar-sensitive gold prices completed a seven-session winning streak, as the front-month contract rose to yet another record-high, closing up 0.4% to $2,669.90 an ounce.

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

(END) Dow Jones Newswires

September 26, 2024 17:51 ET (21:51 GMT)

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