Materials weekly round-up: Danimer Scientific take #1 spot; 5E Advanced Materials slides to bottom

Jun. 25, 2022 12:26 PM ETXLB, TIOC:COM, SCO:COM, HG1:COM, DNMR, AMRS, PLM, SLI, PPTA, FEAM, PLL, LXU, SLVM, CENX, WOOD, VAW, MXI, XME, GDX, RING, COPX, POM:CA, SLI:CA, PPTA:CABy: Preeti Singh, SA News Editor

Ore and conveyor belt aerial

Opla/E+ via Getty Images

The material sector closed this trading week in green, with S&P 500 Materials registering 2.53% gain and the Materials Select Sector SPDR ETF (NYSEARCA:XLB) up 2.07%.

Iron ore prices fell over 8% on Monday as steel mills idled blast furnaces due to growing pessimism over the demand outlook in China. In the spot market, benchmark 62%-grade iron ore bound for China (TIOC:COM) plunged $10 to $115.50/ton - the lowest since mid-December. Iron ore futures (SCO:COM) closed at $116.50/ton on Friday, down ~7% for the week. Last week, iron ore futures marked their steepest weekly drop since February.

Benchmark copper (HG1:COM) on the LME tumbled to a 16-month low on Thursday, -1.9% at $8,603/ton after touching $8,564.50; prices are down over 20% from a record high of $10,845 in March. The red metal registered its biggest weekly fall in a year, down ~7%, as investors worried that central bank rate hikes could restrain global economic growth and cut demand for metals.

Other industrial metals also registered sharp weekly declines, with nickel down ~13% this week and tin 25%, marking its biggest weekly fall since at least 2005.

Take a look at this week's top gainers among basic material stocks ($300M market cap or more):

  • Danimer Scientific (DNMR) +35.42%
  • Amyris (AMRS) +20.42%
  • Polymet Mining (PLM) +16.60%
  • Standard Lithium (SLI) +14.88%
  • Perpetua Resources (PPTA) +8.83%

A look at the week's top decliners among basic material stocks ($300M market cap or more):

  • 5E Advanced Materials (FEAM) -27.99%
  • Piedmont Lithium (PLL) -21.32%
  • LSB Industries (LXU) -20.89%
  • Sylvamo (SLVM) -20.02%
  • Century Aluminum (CENX) -19.88%

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).

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.