Oil and metal prices rise on hopes of reduced tensions after a phone call between President Biden and China's Xi Jinping
raised hopes of a cooling in tensions and potential reduction in tariffs between the U.S. and China. Copper prices, which are sensitive to relations between the world’s two largest economies, rose 1.5% to $9,536 a metric ton on the London Metal Exchange.
Aluminum prices rose 1.9% to $2,889.50 a metric ton, their highest level since 2008. A coup in Guinea, a major bauxite producer, has added fresh impetus to aluminum prices that were already on the rise due toStocks remain close to record highs, but have turned volatile in September after climbing for much of the summer. Money managers point to an array of factors behind the choppiness.
In the bond market, the yield on 10-year Treasury notes ticked up to 1.312% from 1.300% Thursday. Yields, which move inversely to bond prices, are on track to snap two weeks of gains. Analysts say strong demand from investors in Treasury auctions has bolstered prices. Overseas markets were broadly higher. The Stoxx Europe 600 rose 0.2%, led by retail, technology and basic-resource stocks.
In Asia, the Shanghai Composite Index edged up 0.3% after the call between Presidents Biden and Xi. A White House statement said the “two leaders discussed the responsibility of both nations to ensure competition does not veer into conflict.”, which some investors say could lead to more fiscal stimulus. The Nikkei 225 added 1.3%.
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