The equipment was gone +2.59% for a five-day period and led the S&P 500 for November, gaining + 11.50% in the month. The Materials Select Sector SPDR (XLB) was higher +2.43% for a week and gained about +15% in November.
February Comex gold (XAUUSD: CUR) passed the $1,800/oz mark during the week for the first time since mid-August following a smaller-than-expected drop in the US and a weaker dollar in anticipation of a slower rate hike from the Federal Reserve. The precious metal rose +8.9% in November, starting the month at about $1650/oz.
The three-month copper benchmark (HG1:COM) also had a good five-day trading period, rising + 6.5% and reached ~$8,200/metric ton on the London Metal Exchange, the highest since November 17.
Copper touched a five-month high of $8,600/tonne earlier in the month but has recovered largely on fears that rising COVID cases in China could dampen demand for the metal.
Steel prices rose on Tuesday for their biggest monthly gain, with China’s Dalian benchmark rising to its highest level since mid-June, helped by measures to support the country’s property developers.
Benchmark iron ore (SCO:COM) closed the trading week flat +5% above. China’s commodity market and zero-COVID policies will continue to trigger a recovery in steel prices.
This week’s top gainers among primary commodities ($2B market cap or more) rose on the back of metals and industrial energy during the week:
- Triple Precious Metals (TFPM) + 15.91%
- Sigma Lithium (SGML) + 13.57%
- Teck Resources (TECK) +12.77%
- Warrior Met Coal (HCC) + 11.63%
- Pan American Silver (PAAS) + 11.37%
Here are the biggest losers among startups ($2B market cap or more):
- Moses (MOS) -3.99%
- Methanex (MEOH) -3.77%
- CF Industries (CF) -3.73%
- Suzano (SUZ) -3.45%
- Harmony Gold Mining (HMY) -3.16%
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).