Materials Flat on Rate Hedging - Materials Roundup

Producers of metals and other raw materials were more or less flat as traders hedged their bets on the timing of rate cuts.

Two top Federal Reserve officials, New York Federal Reserve President John Williams and Fed governor Christopher Waller suggested an interest-rate cut could be warranted in the coming months, if a recent inflation slowdown continues.

U.S. economic activity seemed to soften in the past two months, with five of the 12 Fed regions reporting flat or declining activity, according to the Fed's Beige book regional survey.

Mining giant BHP Group said it produced more iron ore and copper over the past year thanks to new and acquired mines in Australia, but that it dug up less steelmaking coal amid unexpectedly heavy rains.

Gold futures reached a record high in Asian trading.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

07-17-24 1656ET