Steelmaker Cleveland-Cliffs (NYSE:CLF) is in focus today as investors pay close attention to commodity markets. With steel prices rising, CLF stock is up 12%.
Of course, the driving factor behind much of this commodity price volatility has been the Russian invasion of Ukraine. A number of important commodities are seeing futures prices surge as investors digest the impact this war will have on global trade.
One commodity that is of particular interest today is steel.
Steel producers such as Cleveland-Cliffs have benefited from surging steel prices. Reportedly, since the war began, steel prices have jumped nearly 60%. This substantial move higher obviously benefits the bottom line of domestic producers.
However, there is another catalyst taking investors in Cleveland-Cliffs on a nice ride today. Let’s dive into what the market is digesting right now.
The post Why Is Cleveland-Cliffs (CLF) Stock Up Today? originally appeared at InvestorPlace.