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    Home»Business»Iron stocks tops list; Lithium stocks drop to bottom
    Business

    Iron stocks tops list; Lithium stocks drop to bottom

    Todd LivingstonBy Todd LivingstonNovember 19, 2022No Comments2 Mins Read
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    Metal mining

    Adro_Hatxerre/iStock via Getty Images

    The S&P index was closed -1.61% this week, it’s the S&P 500 down -0.69% and Materials Select Sector SPDR ETF (XLB) -1.55%.

    Iron ore futures (SCO:COM) + 6.42% wrapped their third straight every week to rise on Friday, as above the iron China’s latest moves by manufacturers to boost its economy, including an easing of strict COVID-19 restrictions, have fueled optimism.

    Front month Comex gold (XAUUSD: CUR) for November delivery was lower -1.18% ending the week at $1,750.20/oz. Prices fell with “the dollar rising sharply after a surprise drop in commodities,” the US said, adding that commodity prices rose a slightly more than expected 0.2% in October.

    Three-month copper prices (HG1:COM) fell sharply this week, falling -8.38%. Futures on the London Metal Exchange fell as a spike in cases of COVID-19 among buyers of the precious metal in China and hawkish comments from Fed officials heightened concerns.

    This week’s top gainers among commodities ($2B market cap or more) benefited from the metal’s strong five-day performance:

    • Sylvamo (SLVM) +6.09%
    • Simec Group (SIM) +5.37%
    • Steel Strength (STLD) +4.54%
    • Alpha Metallurgical Resources (AMR) +4.68%
    • Ashland (ASH) + 4.09%

    The week’s biggest losers among key stocks were all lithium stocks that were under pressure following a sell-off in Asian lithium output peers on rumors of production cuts at China’s biggest cathode maker.

    • Chemical and Mining Society of Chile (SQM) -17.98%
    • Sigma Lithium (SGML) -14.99%
    • Livevent (LTHM) -13.60%
    • Albemarle (ALB) -12.39%
    • Lithium Americas (LAC) -10.64%

    Other 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).

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    Todd Livingston

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