RING - Materion becomes top materials gainer on record 3Q results; Ternium takes biggest loser spot
The S&P Materials Select Sector closed with a 2.50% gain, while the Materials Select Sector SPDR ETF (NYSEARCA:XLB) climbed 3.00% over the past 5-day trading session. Aluminum prices fell to their lowest in more than three months on Friday, as rising coal production in China eased concerns over aluminum supply from coal-powered smelters. Benchmark three-month aluminum (LMAHDS03:COM) on the London Metal Exchange fell to as low as $2,510/ton, its lowest since July. Prices have dropped ~20% since reaching a 13-year high in mid-October. Earlier in the week, copper prices dropped amid uncertainty ahead of a U.S. Federal Reserve meeting expected to start reducing stimulus and worries over declining economic growth in China. Three-month copper (HG1:COM) on the London Metal Exchange had shed 0.6% to $9,436 a ton by 1700 GMT on Wednesday, having lost ~10% since a five-month peak on Oct. 18. Gold prices, meanwhile, reclaimed the $1,800/oz. level, shrugging off stronger than expected
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Materion becomes top materials gainer on record 3Q results; Ternium takes biggest loser spot