Producers of metals and other raw materials rose as traders bet protectionist policies would bolster profits for U.S. steelmakers.
President Trump announced intentions to levy 25% tariffs on U.S. imports of steel and aluminum. Integrated steel-and-iron firm Cleveland Cliffs soared by more than 15%. Other industrial-metals firms such as Steel Dynamics, U.S. Steel, Alcoa and Century Aluminum also rose smartly.
U.S. Steel shares remain down sharply over the last 12 months as successive U.S. administrations oppose a buyout from Japanese rival Nippon Steel.
Gold futures rose 1.6% to $2,914.30 an ounce, a record high, as traders bought into an asset often used to hedge against geopolitical uncertainty. One brokerage said a boom and bust in lithium prices in recent years could presage another shift in supply-and-demand dynamics soon.
"We have lowered our lithium supply growth projections, materially reducing the surplus in 2025-2026," said strategists at brokerage BNP Paribas, forecasting slowing production growth of the key battery metal due to unfavorable economics for miners of late.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 10, 2025 16:55 ET (21:55 GMT)
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