Materials Up as Dollar Weakens on ECB Rate Raise -- Materials Roundup

Producers of metals and other raw materials rose as the dollar weakened against the euro in the wake of central bank policy decisions.

The European Central Bank raised interest rates by a quarter-of-a-percentage point and indicated it will continue to push them higher, generating gains for the euro against the dollar because of the ECB's more hawkish actions. Gold futures, which are particularly sensitive to moves in the dollar, ticked up.

In a positive sign for industrial metals demand, Beijing is planning major steps to revive the flagging economy, including the possibility of billions of dollars in new infrastructure spending, and looser rules to encourage property investors to buy more homes, The Wall Street Journal reported.

Grain futures soared after reports that the destruction of a dam in Southern Ukraine will have a more profound impact on harvests than previously estimated.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

06-15-23 1753ET