Producers of metals and other raw materials fell as initial enthusiasm about China's first shift in monetary policy in 14 years wore off in light of other global economic risks.
The 24-man Politburo, China's top decision-making body, pledged to implement more proactive fiscal policy and to adopt a "moderately loose" monetary policy next year -- the first introduction of such language since 2008. "If you think about materials you're thinking about dollar also think about the overall strength of the economy," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
"The fact that they're languishing, there could be something to pay attention to ... but we're nowhere close to a recession, if we base it off GDP, it seems like things continue to grow."
Gold futures recouped some of their recent losses after a reported increase in Chinese bullion supplies.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-09-24 1744ET
