The S&P Materials sector closed this week at +4.29%, and the Materials Select Sector SPDR ETF (XLB) +4.26%.

Gold prices (XAUUSD:CUR) on Friday posted their first settlement above $1,900/oz since April, extending previous gains sparked by signs of cooling U.S. inflation in the December consumer price index.

Front-month Comex gold for January delivery settled +1.2% and +2.9% for the week to $1,918.40/oz, its fourth consecutive weekly gain. Front-month Comex silver (XAGUSD:CUR) closed +1.5% Friday and +1.7% for the week at $24.231/oz.

Copper prices (HG1:COM) on the London Metals Exchange pushed past $9K/metric ton Wednesday for the first time since June on optimism over a post-COVID recovery in China, which consumes more than half the world’s copper.

Improved demand prospects from China also buoyed iron ore futures with the Singapore benchmark contract topping $120/metric ton for a new six-month high during the week.

This week’s top gainers among basic material stocks ($2B market cap or more) benefited from the metals rally, which was also are supported by the weaker dollar, which has slipped to near a seven-month low as traders anticipate the U.S. Federal Reserve turning less hawkish.:

• Livent (LTHM) +19%
• Alcoa (AA) +14.75%
• Cleveland-Cliffs (CLF) +12.65%
• Southern Copper (SCCO) +12.19%
• Ternium (TX) +10.27%

Here are the top losers among basic material stocks ($2B market cap or more):

• Grupo Simec (SIM) -4.35%
• West Fraser Timber (WFG) -4.21%
• Nutrien (NTR) -3.19%
• Sylvamo (SLVM) -3.65%
• First Majestic Silver (AG) -2.99%

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).