WFG - Materials Round-up: Lumber stocks make up biggest gainers; Alcoa drops on Q1 sales miss

The S&P 500 Materials sector closed this trading week in red, down 3.83%. The Materials Select Sector SPDR (XLB) also registered a 3.66% dip. Most industrial metals stumbled on Friday amid concerns that Chinese COVID lockdowns and rapid monetary tightening will suppress metals demand and economic growth. According to Reuters, LME three-month copper dipped 0.7% to $10,213/ton by 1015 GMT, leading to its third weekly decline. LME aluminum was down 0.7% to $3,274/ton, tin declined 2.1% to $41,960, while lead was flat at $2,401.50. Earlier in the week, shares of precious metals miners fell across the board, with gold prices suffering their biggest drop in three weeks as the benchmark U.S. dollar index rose to its highest since March 2020. Gold futures, for June delivery, registered a 2.1% fall for the week, settling at $1,934.30/oz. Silver futures dropped nearly 6% for the week. Meanwhile, lumber prices reclaimed the crucial $1,000 per thousand board

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Materials Round-up: Lumber stocks make up biggest gainers; Alcoa drops on Q1 sales miss