Producers of metals and other raw materials rose as the dollar gave back some of its recent gains.
A rising dollar had weighed on commodities priced in the greenback, including copper. Signs of a peak in inflation and the European Central Bank's matching of the Federal Reserve's bumper rate hike have eased the upward pressure on the dollar.
"Gasoline prices have now fallen for 87 consecutive days and the commodity price of food also seems past its peak," said analysts at brokerage Bank of America Securities.
"The food CPI remains under pressure, however, due to surging wages and labor shortages for food workers," the analysts added.
In another potential source of inflation, India banned exports of broken rice and levied a tax on other key varieties in a move that would add to global price pressures and exacerbate food supply pains caused by the war in Ukraine.
Mission Produce said avocado demand was resilient during the third quarter in the core U.S. market despite rising prices.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-09-22 1706ET
