RING - Materials Sector Weekly Round-up: LSB tops list; Mechel drops as Russia attacks Ukraine

The S&P 500 Materials sector closed this trading week in the red at -0.24%, while the Materials Select Sector SPDR (NYSEARCA:XLB) was up +0.11%. Industrial metals surged across the board this week in the wake of Russia's invasion of Ukraine,  with aluminum prices (LMAHDS03:COM) hitting a record high of $3,450/ton and nickel (LN1:COM) jumping to a decade-high $25K/ton on the London Metal Exchange. Russia is the world's second largest exporter of aluminum, and the war in Ukraine threatens supplies that are already stretched thin by strong demand and shrinking inventories. Recent sanctions have excluded Russia's energy and aluminum sectors so far. However, subsequent sanctions could feed high energy prices which would raise production costs for aluminum and other base metals. The Ukraine crisis also triggered a jump in gold futures to their highest levels since early 2021 and on track for their biggest daily rally in about two years. April Comex gold (XAUUSD:CUR)

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Materials Sector Weekly Round-up: LSB tops list; Mechel drops as Russia attacks Ukraine