Stocks Fall for the Week; Metals Rally on Hopes of Reduced U.S.-China Tensions

Oil prices recovered some lost ground after retreating when a Chinese government agency said it

to ease strains on refiners. Futures for West Texas Intermediate, the main grade of U.S. crude, rose aroundMetal prices rallied after a phone call between Presidents Biden and 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 around 3.8% to $4.45 a pound.

China has already sold from state stockpiles of metals to curb the rally in commodity prices, which pushed factory-gate prices to theirAluminum prices rose around 1.5% to $2,817 a metric ton. A coup in Guinea, a major bauxite producer, has added fresh impetus to aluminum prices that were already on the rise due toOn the economic front, the U.S. producer-price index rose 0.7% in August, down from a 1% jump in July. Economists polled by The Wall Street Journal had forecast a 0.6% advance.

In the bond market, the yield on 10-year Treasury notes ticked up to 1.338% from 1.300% Thursday. Yields, which move inversely to bond prices, are on track to end the week roughly flat. 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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