TMC soars as nickel prices surge; among top gainers; aluminum stocks among losers

aluminum ingots stacked on a pallet, raw material, aluminum alloy ready to be processed

Javier Ruiz / iStock via Getty Images

The S&P Materials Select Sector Index closed -0.37% for the week, while the Materials Select Sector SPDR Fund (NYSEARCA: XLB) moved -1.24%.

Prices for aluminum and other base metals are pulling back, despite continued worries about Russian supply. “There is across commodities markets some confusion about where prices should be. If this (war in Ukraine) is a protracted conflict, a lot more supply will probably get hurt,” WisdomTree’s Nitesh Shah tells Reuters.

Aluminum (LMAHDS03: COM) on the London Metal Exchange, which has gained nearly 25% YTD, settled at around $ 3,474 a ton from $ 4,073.50 on Monday.

LME copper (HG1: COM) was down around -4% this week at $ 10,233 / ton, zinc (LMZSDS03: COM) -5% to $ 3,835, lead (LL1: COM) -4% to $ 2,377 and tin (LMSNDS03: COM) -8% to $ 43,600, according to Reuters.

The LME suspended trading in nickel after prices spiked as much as 250% in two sessions, and remained closed for the rest of the week.

The recent rally in spot gold (XAUUSD: CUR) eased off as well as Russian President Vladimir Putin said there had been progress in talks with Ukraine. The spot price posted a weekly rise of about 0.8%.

Take a look at this week’s top gainers among basic material stocks ($ 300M market cap or more):

  • TMC the metals company (NASDAQ: TMC) + 87.73%
  • Polymet Mining (NYSE: PLM) + 35.21%
  • Benson Hill (NYSE: BHIL) + 31.87%
  • Loop Industries (NASDAQ: LOOP) + 29.94%
  • Lightwave Logic (NASDAQ: LWLG) + 20.11%

A look at this week’s top losers among basic material stocks:

  • Aluminum Corp. of China (NYSE: ACH) -21.83%
  • Century Aluminum (NASDAQ: CENX) -18.01%
  • Scotts Miracle-Gro (NYSE: SMG) -14.78%
  • Danimer Scientific (NYSE: DNMR) -15.64%
  • Companhia Siderurgica Nacional (NYSE: SID) -14.98%

Other materials ETFs to watch: iShares Global Timber & Forestry ETF (NASDAQ: WOOD)Materials Select Sector SPDR ETF, Vanguard Materials ETF (NYSEARCA: VAW)iShares Global Materials ETF (NYSEARCA: MXI)SPDR S&P Metals and Mining ETF (NYSEARCA: XME)VanEck Vectors Gold Miners ETF (NYSEARCA: GDX)iShares MSCI Global Gold Miners ETF (NASDAQ: RING)Global X Copper Miners ETF (NYSEARCA: COPX).

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