The S&P Materials sector closed this trading week with a slight dip of 0.68%. The Materials Select Sector SPDR (NYSEARCA:XLB) was also down 0.66%.
Aluminum prices hit a four-month low on Friday as demand concerns created by slowdowns in manufacturing activity in China and elsewhere were reinforced by the strong dollar, Reuters reports. LME benchmark aluminum (LMAHDS03:COM) traded -0.7% at $2,895/metric ton after earlier touching $2,888/ton, a 30% decline since early March and the lowest price since Jan. 6.
Copper prices, meanwhile, was down 0.2% at $9,467/ton, zinc fell 2.1% at $3,824/ton, lead dropped 1.4% to $2,246, tin lost 1.5% to $39,900 and nickel ceded 0.3% to $30,025.
Base metals also tumbled at the start of the week in light of slowing manufacturing activities in China and the U.S., along with a stronger dollar, expected interest rate hikes in the U.S., and the war in Ukraine, which is pushing up energy prices and hurting industry.
Gold prices dipped more than 2% to nearly a three-month low on Monday as the benchmark 10-year U.S. Treasury yield hit 3% for the first time since Dec. 2018 ahead of this week's meeting of Federal Reserve policy makers. After sinking to $1,863.60/oz earlier in the week, gold spot price (XAUUSD:CUR) settled at $1,882.08/oz by the end of the week, down -0.63%.
Take a look at this week's top gainers and losers among basic material stocks ($300M market cap or more):
Hudson Technologies (HDSN) +39.91%; The stock rallied after Q1 results, with revenue up 149% Y/Y to $84.3M.
Livent (LTHM) +31.98%; Shares gained after better-than-expected Q1 results and a massive revenue guidance boost.
Albemarle (ALB) +26.30%; Shares spiked on better-than-expected Q1 results and a strong guidance raise.
Huadi International Group (HUDI) +23.53%; The stock has gained 467.57% over the past year.
Green Plains (GPRE) +19.96%; The company posted lower-than-expected Q1 margins but expects normalized production moving forward.
Take a look at this week's top losers among basic material stocks ($300M market cap or more):
Iamgold (IAG) -23.83%; Shares plunged following a Q1 earnings report that sparked at least three analyst downgrades.
Glatfelter (GLT) -18.94%; The firm missed Q1 earnings estimates as higher working capital usage weighed on margins.
Compass Minerals International (CMP) -18.49%; The stock was among the top energy/material losers as FQ2 earnings fell below estimates.
Perimeter Solutions (PRM) -18.20%; Prices have plunged -40.29% YTD.
Equinox Gold (EQX) -17.14%; Shares were pressured as Q1 revenues fell short of the consensus.
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).