Business

Quaker Chemical topped the list; Cleveland-Cliffs drops to bottom

Iron ore is loaded into the machine

Sergey Zavalnyuk

S&P 500 (SP500) closed for the week red with material field going up + 3.34% and the Selective Materials Sector SPDR ETF (XLB) + 3.36%.

Despite the sector recovering, the metal had a tough five-day trading session. Iron ore price (SCO: COM) to slide let them lowest in more than two years On Thursday, concerns about global steel demand increased, as tighter monetary policy and Europe’s energy crisis weighed on major economies.

“The bleak economic outlook and challenges in China’s property market do not bode well for bulk commodities,” said analysts at Australia & New Zealand Banking Group.

Meanwhile, the futures contract (HG1: COM) on the London Metal Exchange fell 1.9% to $7617 a tonne after hitting a nearly three-week high in the first week of the week as the dollar strengthened and China reported more coronavirus cases and extended lockdowns. .

However, the important role of metals in the clean energy transition and the upcoming supply decline will support strong demand and prices according to Tom Cunningham, SA contributor.

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

  • Quaker Chemicals (KWR) + 13.75%
  • Olin (OLN) + 9.74%
  • Enviva (EVA) + 8.53%
  • Company WD-40 (WDFC) + 8.22%
  • Boise Cascade (BCC) + 8.12%

Here are the top losers among fundamental materials (market cap $2 billion or more):

  • Cleveland-Cliffs (CLF) -15.67%
  • Companhia Siderurgica Nacional (SID) -10.98%
  • Teck Resources (TEST) -9.73%
  • Vale (SELL) -8.14%
  • LyondellBasell Industries (LYB) -5.27%

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



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