The Materials sector rose slightly this week, with the S&P 500 Materials Index and the Materials Select Sector SPDR (XLB) both rising 4%.

Below is a chart comparing the cumulative performance of the Materials sectors against the S&P 500:

Iron-ore futures jumped more than 7% in China on Monday, according to Reutersextending a previous rally sparked by hopes of a economic rebound of China’s largest steel producer. Most traded iron ore for delivery in September (OCS:COM) on the Dalian Commodity Exchange in China closed the day +7.1% at 711 yuan/metric ton ($105.27) after earlier hitting 723.50 yuan, its best level since July 14.

Copper futures hit a two-week high on Tuesday on optimism about new infrastructure projects in China, the metals’ biggest consumer. On Friday, LME 3-month copper (HG1:COM) rose 0.6% to $7,808/tonne, hitting its highest level since July 8. Other LME metals such as zinc, lead and nickel saw modest gains.

Gold prices rose 1% on Thursday after data showed an unexpected contraction in the US economy during the second quarter, which helped boost the metal’s appeal as a safe haven. Spot gold (XAUUSD:CUR) settled at $1,768.57/oz on Friday, recording a 2.4% earnings for the week. Last week, gold hit a nearly 16-month low after falling as low as $1,680 an ounce. SA contributor Florian Grummes sees an impending summer rally in the gold market, find out why.

Lumber prices (LB1:COM) fell 7% to $531.90 per thousand board feet on Tuesday, as new housing data showed an 8% drop in new home sales in June, marking the lowest monthly sales since April 2020. The price settled at $527.10 per thousand boards. feet on Friday, down about 8% for the week.

Take a look at this week’s top gainers and losers among basic materials stocks (market cap $2 billion or more):

US Steel (X) took first place with a 17.96% growth. Shares jumped on the company’s record second quarter results and $500 million share buyback plan.

Hecla Mining (HL) +17.66%; Sigma Lithium (SGML) +15.90%; First Majestic Silver (AG) +15.71%; and steel dynamics (STLD) +13.25% completed the list of winners.

The week’s top declines among basic materials stocks (market cap $2 billion or more) were:

Newmont (NEM) became the main decliner, slipping -8.78% during the week. Shares plunged on weaker-than-expected second-quarter earnings and lower gold production forecasts for the full year.

Avantor (AVTR) -6.27%; Sherwin-Williams (SHW) -6.13%; Tronox (TROX) -5.39%; West Fraser Timber (WFG) -5.18% completed the list of losers.

Other material 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).