PLL - Alcoa becomes top materials gainer on strong Q2 results; Piedmont Lithium at bottom

Basic material stocks closed out the trading week on a positive note, with iShares U.S. Basic Materials (IYM) +1.33% and Materials Select Sector SPDR ETF (XLB) +0.79%.Lumber futures saw a surge this week on concerns that wildfires in western Canada will reduce supply and cause more curtailments at sawmills. On July 21, 2021, lumber for September delivery (LB1:COM) settled +7.7% higher to $584 per 1,000 board feet, marking the biggest advance for a most-active contract since April 2020.However, copper and other base metals fell across the board at the start of the week on fears of a resurgence in COVID-19 cases and slower global growth that could follow. By mid-week, copper futures had made somewhat recovery following news that copper market deficit grew to 75K tons in April.For the week ended July 23, Alcoa (AA) +18.21% became the biggest gainer among the Basic Materials sector (of stocks with a market cap over $300M+). The aluminum company reported

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Alcoa becomes top materials gainer on strong Q2 results; Piedmont Lithium at bottom