POM:CC - Materials weekly round-up: Danimer Scientific take #1 spot; 5E Advanced Materials slides to bottom

The material sector closed this trading week in green, with S&P 500 Materials registering 2.53% gain and the Materials Select Sector SPDR ETF (NYSEARCA:XLB) up 2.07%. Iron ore prices fell over 8% on Monday as steel mills idled blast furnaces due to growing pessimism over the demand outlook in China. In the spot market, benchmark 62%-grade iron ore bound for China (TIOC:COM) plunged $10 to $115.50/ton - the lowest since mid-December. Iron ore futures (SCO:COM) closed at $116.50/ton on Friday, down ~7% for the week. Last week, iron ore futures marked their steepest weekly drop since February. Benchmark copper (HG1:COM) on the LME tumbled to a 16-month low on Thursday, -1.9% at $8,603/ton after touching $8,564.50; prices are down over 20% from a record high of $10,845 in March. The red metal registered its biggest weekly fall in a year, down ~7%, as investors worried that central bank rate hikes could restrain global economic growth and cut

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Materials weekly round-up: Danimer Scientific take #1 spot; 5E Advanced Materials slides to bottom