Materials Down as Recession Risks, Strong Dollar Weigh on Commodities

Producers of metals and other raw materials producers fell sharply as traders dumped commodities, pricing in a global recession.

Copper futures fell 5.4% to $3.43 a pound in New York, to bring losses since its March peak to more than 23%.

A spike in the relative value of the dollar, spurred by global recession fears, weighed on commodities priced in the greenback, including gold and grains.

The dollar rose 1.7% against the euro. The WSJ Dollar Index neared a 20-year high and posted the biggest one-day percentage increase since May 5, according to Dow Jones Market Data.

Brazil’s statistics agency said production increased 0.3% in May from April and grew 0.5% from a year earlier.

Future economic expectations are darkening among U.S. farmers, according to the latest survey conducted by Purdue University and the CME Group.

Write to Rob Curran at

(END) Dow Jones Newswires

07-05-22 1628ET

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