The S&P Materials sector index closed the week +0.03%, and the Materials Select Sector SPDR ETF (XLB) +0.01%.
Gold prices slipped in Thursday’s trading as the U.S. dollar rebounded and some investors appeared to take profits after prices touched a nine-month intraday high. It fell further after much stronger than expected U.S. non-farm payrolls data raised fears that the Federal Reserve could keep hiking interest rates.
April Comex gold (XAUUSD:CUR) -2.3% to $1,886.60/oz, poised for a sixth loss in seven sessions, and March silver (XAGUSD:CUR) -4.3% to $22.59/oz.
Copper prices too fell the most in nearly seven weeks Wednesday as demand concerns outweighed supply disruptions and bets that the end of China’s COVID restrictions will reignite growth.
Front-month Comex copper (HG1:COM) for February delivery closed -2.7% to $4.111/lb, its fifth loss in the past seven sessions and the biggest drop since December 15. Three-month copper on the London Metal Exchange was down 2.4% for the week.
Take a look at this week’s top gainers among basic material stocks ($2B market cap or more):
- Scotts Miracle-Gro (SMG) +23.7%; Shares jumped after topping expectations for FQ1 adjusted earnings and revenues.
- Quaker Chemical (KWR) +10.16%
- Worthington Industries (WOR) +12.02%
- Constellium (CSTM) +10.08%
- Lithium Americas (LAC) +9.80%
Here are the top five losers among basic material stocks:
- Air Products & Chemicals (APD) -9.10%; Shares plunged to a nearly three-month low after posting disappointing earnings and Q2 EPS guidance.
- Gold Fields (GFI) -7.92%
- Agnico Eagle Mines (AEM) -7.45%
- Kinross Gold (KGC) -7.40%
- Vale (VALE) -7.13%
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).