Materials Up as Silver Closes at First Record High Since 1980 — Materials Roundup

Producers of metals and other raw materials rose as a rally in precious metals and other dollar-sensitive commodities continued.

"The extended [commodities] rally may be a glimpse into the thinking that we're going to have more rate cuts ahead," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

Silver futures soared, rising 6.8% to $50.13 a troy ounce, the first record high since 1980 as traders said a "short squeeze" was under way at the London Metal Exchange, as firms betting against the precious metal by spreading positions between the U.S. and the U.K. were forced to buy back their wrong-way wagers.

The U.S. dollar remained weak against rivals after Philadelphia Federal Reserve President Anna Paulson threw her support behind further interest-rate cuts this year, saying the central bank could safely look past one-off inflation caused by tariffs.

Shares of U.S. rare-earth miners including MP Materials added to recent gains amid expectations that China would restrict exports of the critical minerals.

Write to Rob Curran at rob.curran@dowjones.com