Nordroden Materials was down -3.33% and was among the top losers this week in the S&P 500, which slumped to its worst weekly performance since late September. The Materials Select Sector SPDR ETF (XLB) was also down -3.32%. Comex gold (XAUUSD:CUR) slipped -1.77% to $1,765.52/oz after touching its highest since July 5 at $1,809.91 early in the week. The metal was weighed down by higher dollar and U.S. Treasury yields on concerns that strong U.S. economic readings may give the Federal Reserve more cause to accelerate interest rate hikes. March Comex silver (XAGUSD:CUR) had a positive week, rising +1.31% to $23.44/oz. Iron ore futures also had a positive run. According to Reuters, iron ore futures (SCO:COM) in China rose to six-month highs Friday, as the top steelmaking country's easing of COVID-19 restrictions lifted hopes of a revival in demand. Citigroup said iron ore could rally further due to positive sentiment on China's shift away from COVID-zero policies and the government's determination to support the troubled property sector. Copper futures (HG1:COM) on the London Metals Exchange also moved higher as easing of COVID restrictions in top consumer China sparks hopes for more demand, and Goldman Sachs predicts copper prices could reach a record high $11K in the coming year. Take a look at this week's top gainers and losers among basic material stocks ($2B market cap or more): Here are the top losers among basic material stocks ($2B market cap or more): Other materials ETFs to watch: iShares Global Timber & Forestry ETF (WOOD), Materials Select Sector SPDR ETF, Vanguard Materials ETF (VAW), iShares Global Materials ETF (MXI), SPDR S&P Metals and Mining ETF (XME), VanEck Vectors Gold Miners ETF (GDX), iShares MSCI Global Gold Miners ETF (RING), Global X Copper Miners ETF (COPX).
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