Producers of metals and other raw materials recouped some of their recent losses after a strong earnings report from the world's largest miner by volumes.
BHP Group shares rose after the Anglo-Australian mining behemoth posted earnings above Wall Street expectations and amid speculation that it was close to offloading energy operations. BHP executives vowed to concentrate on the productivity of existing mines, despite a boom in commodities prices, to avoid overextending capital spending ahead of any price correction.
Rival miner Anglo American reported higher copper, iron-ore, and platinum group metals production for the second quarter, bolstering its shares.
U.S. steelmaker Nucor plans to buy Hannibal Industries, a maker of steel racks for warehouses and other locations, for about $370 million, one of a number of metals companies diversifying their business.
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(END) Dow Jones Newswires