Materials industry weekly roundup: The sector sees red with steelmakers at the bottom

Galvanized corrugated iron coils inside factory or warehouse

Vladimir Zapletin

The material is top loser this week, the S&P 500, which posted its worst weekly performance since mid-June, is down 4.78% in a five-day session. The sector is down -6.65%, and the Materials Select Industry SPDR ETF (XLB) -6.62%.

Gold (XAU:USDCUR) drops to $1,662/oz, Lowest level as of April 2020, during the week. Meanwhile, silver (XAGUSD: CUR) was up 4.9% at the start of the week and closed on Friday at +3.8 percent. This has added to the recent uptick in the economy, now +9.3% since the end of August.

On the other hand, the benchmark copper on the London Metal Exchange has seen weekly discount around 3% amid a stronger dollar and weaker yuan. Aluminum prices also fell about 2.3% at $2,254 a tonne.

Steel manufacturer US Steel (X) and Nucor (NUE) came under pressure this week as well after the release of weaker-than-expected Q3 estimates.

Take a look at this week’s top gainers among basic materials stocks ($2 billion market cap or more):

  • Grupo Simec (SIM) + 3.32%
  • Life (LTHM) + 0.91%
  • GCP application technology (GCP) -0.35%
  • Sigma Lithium (SGML) -0.47%
  • Newmont (NEM) -1.30%

The biggest losers are:

  • US Steel (X) -21.17%
  • Cleveland-Cliffs (CLF) -20.63%
  • Alcoa (AA) -20.10%
  • Nucor (NUE) -19.08%
  • Olin (OLN) -18.53%

Other documentary ETFs to watch: iShares Global Timber & Clinical ETF (WOOD), Sector Select Materials 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), Coin Mining Company Global X ETF (COPX).

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