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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.