ALTO - Materials Sector Weekly Round-up: Precious metals miners among top gainers; Alto Ramaco continue to drop on earnings decline

The S&P Materials sector closed this trading week in green at +1.95%, one of the top gainers for the five-day period. The Materials Select Sector SPDR (NYSEARCA:XLB) was also up +1.01%. Copper prices extended recent gains on Friday on optimism about a revival of demand in top metals consumer China after a mortgage rate cut and further progress in lifting COVID lockdowns. Last week, prices had plunged below $9,000/ton for the first time since October on rising fears about a slowing global economy and reduced demand for metals. London Metal Exchange benchmark copper (HG1:COM) rose 0.8% to $9,490/metric ton by 10.35 GMT on Friday, its highest since May 6, capping a 3.3% gain for the contract for the week, accoridng to Reuters. Other base metals also gained, with LME aluminum up 1.7% to $2,957/ton, tin +1.8% to $34,850, zinc +0.8% to $3,743.50 and lead +3.7% to $2,140. Gold spot price (XAUUSD:CUR) slipped

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Materials Sector Weekly Round-up: Precious metals miners among top gainers; Alto, Ramaco continue to drop on earnings decline