BHIL - Materials Weekly Round-up: Alto Ingredients becomes top gainer; TMC takes biggest loser spot
The S&P materials sector was +4.1% for the week, becoming one of the top gainers among the eleven S&P 500 sectors. The Materials Select Sector SPDR ETF (XLB) also ended the week in green, with a 3.7% growth. Aluminum prices in London jumped at the start of the week following Australia's announcement that it will ban exports of alumina and aluminum ores to Russia. Three-month aluminum (LMAHDS03:COM) on the London Metal Exchange rose 3.7% to $3,507 a tonne by 0940 GMT on Monday. The prices peaked to $3,675/tonne on Thursday before settling down at $3,590/ton Friday. Nickel prices jumped 15% to their upper limit on Wed (Mar. 23), rising for the first time since trading reopened a week ago after the historic short squeeze. LME Benchmark nickel CMNI3 (LN1:COM) spiked by nearly $3K in just 20 minutes and was holding the 15% gain by 1200 GMT at $32,380/metric ton, according to Reuters. By Friday, copper and aluminum
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Materials Weekly Round-up: Alto Ingredients becomes top gainer; TMC takes biggest loser spot