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The S&P 500 Materials sector was down -0.5% this week, with the Materials Select Sector SPDR Fund (XLB) trailing -0.8%.
Gold futures (XAUUSD:CUR) reached nearly $1,890/oz during the five-day trading period, but prices dropped in the last two days and closed at around $1,865. Silver (XAGUSD:CUR) was down nearly -1.6%, marking its fourth straight weekly loss. Prices have dropped nearly -7% in the past month.
Precious metal prices will move depending on the Federal Reserve’s next move. Lower-than-expected inflation would help gold, but continued Fed rate hikes will put pressure on prices.
Copper futures (HG1:COM) also had a tough week, with a -1.1% decline. Benchmark copper on the London Metal Exchange (LME) lost -0.6% over the week to $8,930.50 a ton amid weak Chinese demand and as investors await inflation data next Tuesday that could hint at the direction of U.S. monetary policy.
Take a look at this week’s top gainers among basic material stocks ($2B market cap or more):
- Corteva (CTVA) +6.61%
- Triple Flag Precious Metals (TFPM) +6.04%
- CF Industries Holdings (CF) +5.14%
- DuPont de Nemours (DD) +5.03%
- Avantor (AVTR) +4.31%
Here are the top losers among basic material stocks:
- International Flavors & Fragrances (IFF) -16.01%
- Constellium (CSTM) -11.29%
- SSR Mining (SSRM) -8.76%
- Sylvamo (SLVM) -8.20%
- Mp Materials (MP) -8.09%
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).
