Materials Down As Dollar Rises On Inflation Fears — Materials Roundup

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Producers of metals and other raw materials ticked down as the dollar marched higher on inflation fears.

The value of the dollar hit a two-week high against a basket of other currencies, weighing on the price of metals priced in the greenback ahead of inflation data.

Gold futures ticked down to $1792 an ounce. There’s an increasingly stark difference of opinion among Wall Street economists as to whether inflation is “transitory” as the Federal Reserve has argued, or a “structural” issue.

“The [consumer] inflation strength is coming from a myriad of temporary reopening-related supply disruptions, which will dissipate slowly,” said David Zervos, chief market strategist at brokerage Jefferies, in a note to clients, in which he warned clients not to “fall prey to rhetoric” about higher home prices feeding into long-term inflation.

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