S&P 500 Materials moved up +4.93% this week and the Materials Select Sector SPDR ETF (NYSEARCA: XLB) +5.01%. The general market sentiment was positive, helped by the lack of fresh news on the banking crisis and favorable economic data that strengthened the case for the Federal Reserve to end its rate hike campaign.
Gold was sliding around 0.5% this week, with Comex gold (XAUUSD:CUR) stopping just below the $2,000 threshold. Demand was fueled by a weaker dollar and lower bond yields as investors anticipate falling interest rates.
Meanwhile, iron ore futures ( SCO:COM ) closed flat +3.7% for the five-day trading period, supported by hopes of a recovery in demand. The most-traded May iron ore futures contract on the Dalian Commodity Exchange ended the day trading higher 4.8% during the past week. On the Singapore Stock Exchange, the most active May iron ore contract rose 7.5% from a week ago.
Check out this week’s top gainers among basic materials stocks (market cap of $2 billion or more):
- Companhia Siderurgica Nacional (SID) +13.70%
- Sigma Lithium (SGML) +11.96%
- Triple Flag Precious Metals (TFPM) +10.50%
- Braskem (BAK) +10.47%
- Posco Holdings (PKX) +9.44%
Here are the biggest losers among basic materials stocks:
- Icl Group (ICL) -2.16%
- Chemical and Mining Company of Chile (SQM) -0.14%
Other Materials ETFs to Watch: iShares Global Timber & Forestry ETF (WOOD), Materials Select Sector SPDR ETF, Vanguard Materials ETF (VAW), iShares Global Materials ETF (MXI), SPDR S&P Metals and Mining ETF (XME), VanEck Vectors Gold Miners ETF (GDX), iShares MSCI Global Gold Miners ETF (RING), Global X Copper Miners ETF (COPX).