The S&P materials sector was +5.2% for the week and the Materials Select Sector SPDR ETF (XLB) +5.1%.
Aluminum futures continued to make gains on worries about supply from Russia, with benchmark aluminum (LMAHDS03:COM) on the London Metal Exchange up 1% to $3,418/metric ton. Meanwhile, nickel (LN1:COM) tumbled 12% to the daily limit of $36,915/ton as glitches continued.
"The market is concerned that the Ukraine conflict could persist for longer, so that's refocused attention on worries about supply for many commodities from Russia," Xiao Fu, head of commodity market strategy at Bank of China International, told Reuters, adding that higher oil prices will have a much larger impact on aluminum than other base metals.
Precious metals and commodity prices also had a surge during the week, after Russia said reports of progress in negotiations with Ukraine are "wrong," and the dollar dropped. April Comex gold (XAUUSD:CUR) bounced back on March 17 after four straight daily declines.
The US Federal Reserve's 25-basis point rate hike also helped push up gold's appeal as an inflation hedge.
Take a look at this week's top gainers and losers among basic material stocks ($300M market cap or more):
- Danimer Scientific (DNMR) +58.99%; Shares have risen +39.41% in the past month, driven in part by a strong Q4 performance announced at the end of February.
- Benson Hill (BHIL) +31.58%; Shares have surged +101.81% over the previous month, driven by 2021 preliminary estimates that are ahead of prior guidance.
- Olympic Steel (ZEUS) +24.14%; Shares are up +46.92% YTD.
- Origin Materials (ORGN) +20.00%;
- Amyris (AMRS) +18.79%;
A look at this week's top losers:
- New Pacific Metals (NEWP) -20.28%;
- Intrepid Potash (IPI) -18.68%;
- Ramaco Resources (METC) -11.38%;
- Largo (LGO) -11.01%; The firm posted its Q4 results on March 16.
- Endeavour Silver (EXK) -10.09%; Endeavour disclosed a bought-deal offering with aggregate gross proceeds of ~US$40M, to help fund its acquisition of the Pitarrilla project in Mexico.
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).