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.
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).