SPDR S&P Metals & Mining ETF

Friday is shaping up to be one of the strongest days for metal commodities in recent years. Gold climbed over 1.7% toward a record-high close above $2,400 per ounce, silver surged more than 6% to its highest level since February 2013, and copper hit an all-time high. What Happened: In a week marked by diminishing inflation fears, the case for Federal Reserve rate cuts strengthened. Additionally, news of a broad-based Chinese stimulus to support the struggling real estate sector sent metal commodities skyrocketing. Beijing announced measures such as reducing down payments for homebuyers and a state-financed package to convert unsold properties into social housing. Copper, extremely sensitive to China’s economic health as the country is the top purchaser of the red metal, rallied 4% to above $5 a pound. This surge marked a fresh weekly all-time high and its strongest day since November 2022. Precious metals like silver and gold positively reacted to both interest-rate and Chinese-related developments. Silver spiked above $30, breaking out of a triple-top resistance pattern. Chart: Copper Hits ...Full story available on Benzinga.com

Related tickers: ERO, EXK, GDX, NGD, TGB, XME, CDE, HL, COPX, SIL, FM.

Alcoa Corporation (NYSE:AA) gets a price target bump from a couple of analysts following better-than-expected first-quarter FY24 results. Yesterday, the company reported an EPS loss of $(0.81), which beat the consensus loss of $(0.55) and revenue of $2.60 billion, beating the consensus estimate of $2.56 billion. Alcoa expects alumina production to be 9.8 million and 10 million metric tons and alumina shipments to be 12.7 million and 12.9 million metric tons for FY24. BMO Capital Markets analyst Katja Jancic raised the price target to $37 (from $35) and maintained the Market Perform rating. The analyst says Alcoa is well-positioned to benefit from the positive aluminum price momentum and continued multiple actions to deliver profitability improvements over time. Also, Jancic continues to project ...Full story available on Benzinga.com

Related tickers: XME, PWER, AA, AWCMF.