Sector movers: Miners pace gains

By Alexander Bueso

Date: Saturday 18 May 2024

Sector movers: Miners pace gains

(Sharecast News) - Miners fared best at the end of the week as metals' prices, in particular, continued to race higher.
Copper futures on COMEX jumped 3.55% to $5.05/lb., leaving them at fresh multi-year highs.

Analysts at SP Angel cited speculative positioning as a key factor, amid supply disruptions.

There was also some speculation on the back of hopes for a lower interest rate environment and better PMI survey results.

SP Angel also noted the "huge spikes" seen over the past week in trading volumes for base metals on the LME.

Bloomberg's commodity index was also trading at 52-week highs, but remained well off the levels reached in mid-2022.

Silver futures for July delivery on COMEX were ahead by 4.63% to $31.26/oz. on Friday, alongside a 1.34% advance for similarly-dated gold futures of 1.34% to $2,417.40/oz..

Energy futures were also stronger with West Texas Intermediate for prompt month delivery reclaiming the $80 per barrel mark and June NYMEX natural gas running up 5.25% to $2.63/MMBtu.

"The crude oil price's recovery off its two-month lows did just enough to end the week in positive territory as well, following this week's inventory data," IG senior market analyst Axel Rudolph chipped in.

In the background, the US dollar index ended the day flat just atop its 200-day moving average, while the Dow Jones Industrials would see the day out for the first time from its 40,000 point perch.

Top performing sectors so far today

Precious Metals and Mining 10,819.66 +2.35%

Industrial Metals & Mining 7,412.40 +1.73%

Investment Banking and Brokerage Services 14,741.70 +1.08%

Personal Care, Drug and Grocery Stores 4,147.90 +0.61%

Food Producers 8,360.88 +0.26%

Bottom performing sectors so far today

Industrial Transportation 4,248.14 -3.84%

Personal Goods 16,132.29 -2.32%

Leisure Goods 24,797.98 -2.27%

Automobiles & Parts 1,159.72 -1.65%

Electricity 11,029.34 -1.62%


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