Producers of metals and other raw materials rallied as a spike in lumber prices gained momentum.
A U.S. housing boom, plans for infrastructure building, and forest-sustainability initiatives have generated a shortage of wood, and spurred lumber futures to all-time highs. On Monday, U.S. traded lumber futures contract rose 5% to $1577 a thousand feet, roughly five times their value in the depths of the pandemic last year.
Shares of forestry-products giant Weyerhaeuser rose to near all-time highs. Other construction materials are also surging in value. Copper futures hit a record high last week in New York trading, and remain within 5% of those records.
Lawmakers and administration officials signaled on Sunday that they expected negotiations over an infrastructure package to ramp up this week, as Republicans and President Biden work to see if a bipartisan agreement is within reach.
Gold futures rose as a slip in the relative value of the dollar boosted demand for the precious metal.
Plastic-bottle recycler CarbonLite Holdings received a $96 million bid to purchase certain of its assets out of bankruptcy, including equipment, inventory, and business contracts, according to court documents.
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(END) Dow Jones Newswires
May 03, 2021 16:21 ET (20:21 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.