Danimer Scientific take #1 spot; 5E Advanced Materials slides to bottom

Danimer Scientific take #1 spot; 5E Advanced Materials slides to bottom

The material sector closed this trading week in green, with S&P 500 Materials registering 2.53% gain and the Materials Select Sector SPDR ETF (NYSEARCA:XLB) up 2.07%.

Iron ore prices fell over 8% on Monday as steel mills idled blast furnaces due to growing pessimism over the demand outlook in China. In the spot market, benchmark 62%-grade iron ore bound for China (TIOC:COM) plunged $10 to $115.50/ton – the lowest since mid-December. Iron ore futures (SCO:COM) closed at $116.50/ton on Friday, down ~7% for the week. Last week, iron ore futures marked their steepest weekly drop since February.

Benchmark copper (HG1:COM) on the LME tumbled to a 16-month low on Thursday, -1.9% at $8,603/ton after touching $8,564.50; prices are down over 20% from a record high of $10,845 in March. The red metal registered its biggest weekly fall in a year, down ~7%, as investors worried that central bank rate hikes could restrain global economic growth and cut demand for metals.

Other industrial metals also registered sharp weekly declines, with nickel down ~13% this week and tin 25%, marking its biggest weekly fall since at least 2005.

Take a look at this week’s top gainers among basic material stocks ($300M market cap or more):

  • Danimer Scientific (DNMR) +35.42%
  • Amyris (AMRS) +20.42%
  • Polymet Mining (PLM) +16.60%
  • Standard Lithium (SLI) +14.88%
  • Perpetua Resources (PPTA) +8.83%

A look at the week’s top decliners among basic material stocks ($300M market cap or more):

  • 5E Advanced Materials (FEAM) -27.99%
  • Piedmont Lithium (PLL) -21.32%
  • LSB Industries (LXU) -20.89%
  • Sylvamo (SLVM) -20.02%
  • Century Aluminum (CENX) -19.88%

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).

Originally Posted on: https://seekingalpha.com/news/3851870-materials-weekly-round-up-danimer-scientific-take-1-spot-5e-advanced-materials-slides-to-bottom?source=feed_tag_commodities

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