HEADLINES & MACRO

• API inventories data: crude build of 806K barrels, gasoline build of 3.31M barrels, distillates draw of 1.23M barrels, Cushing draw of 3.57M barrels
• Consensus for DOE tomorrow: crude draw of 3.910M, gasoline draw of 1.050M, distillate build of 1.16M

NOTABLE GAINERS TODAY

• SMM Rare Earth Carbonate Domestic Spot Price Daily up 63.8% (YTD: 108.8%)
• ICE-US Coffee up 6.7% (YTD: 29.2%)
• SMM Rare Earth Terbium Metal Spot Price Daily up 6.2% (YTD: 3.0%)
• SMM Rare Earth Terbium Oxide Spot Price Daily up 4.6% (YTD: 2.1%)
• SMM Rare Earth Dysprosium Metal Spot Price Daily up 3.2% (YTD: 32.1%)
• CBoT Corn up 2.8% (YTD: 18.1%)
• NYMEX Henry Hub Natural Gas up 2.6% (YTD: 52.7%)
• ICE-US Cotton No. 2 up 2.0% (YTD: 13.8%)
• SMM Tungsten Carbide-99.7% FB Spot Price Daily up 2.0% (YTD: 21.4%)

NOTABLE LOSERS TODAY

• Pork Primal Cutout Butt down -5.8% (YTD: 57.2%)
• Shanghai International Exchange TSR 20 Rubber down -4.5% (YTD: 2.8%)
• SHFE Rubber down -3.7% (YTD: -5.2%)
• SHFE Nickel down -2.6% (YTD: 12.2%)
• Coffee Arabica Colombia Excelso EP Spot down -2.5% (YTD: 22.8%)
• Intercontinental Exchange European Union Allowance (EUA) Yearly down -2.3% (YTD: 56.5%)
• Shanghai International Exchange Bonded Copper down -2.3% (YTD: 16.5%)
• EEX European-Carbon- Secondary Trading down -2.3% (YTD: 59.5%)
• SHFE Bitumen Continuation Month 1 down -2.1% (YTD: 30.8%)
• CME Random Length Lumber down -1.8% (YTD: -37.9%)
• SHFE Stannum (Tin) down -1.7% (YTD: 51.6%)
• SHFE Aluminum down -1.7% (YTD: 21.4%)
• SHFE Copper down -1.5% (YTD: 17.3%)

ENERGY TODAY

• WTI crude front month currently at US$ 66.89 per barrel, up 1.5% (YTD: +39.0%); 6-month term structure in widening backwardation
• Brent crude front month currently at US$ 69.08 per barrel, up 1.1% (YTD: +33.9%); 6-month term structure in widening backwardation
• Brent volatility at 33.1, down -8.5% (12-month range: 24.7 - 57.6)
• Newcastle Coal (ICE Europe) currently at US$ 149.70 per tonne, down -0.2% (YTD: +86.0%)
• Natural Gas (Henry Hub) currently at US$ 3.94 per MMBtu, up 2.6% (YTD: +52.7%)
• Gasoline (NYMEX) currently at US$ 2.12 per gallon, up 1.0% (YTD: +51.3%); 6-month term structure in tightening backwardation
• Low Sulphur Gasoil (ICE Europe) unchanged at US$ 562.75 per tonne (YTD: +33.6%)

BASE METALS TODAY

• Copper (COMEX) currently at US$ 4.27 per pound, up 1.5% (YTD: +21.6%)
• Iron Ore (Dalian Commodity Exchange) currently at CNY 1,295.50 per tonne, up 0.9% (YTD: +20.1%)
• Aluminum (Shanghai) currently at CNY 19,185 per tonne, down -1.7% (YTD: +21.4%)
• Nickel (Shanghai) currently at CNY 139,250 per tonne, down -2.6% (YTD: +12.2%)
• Lead (Shanghai) currently at CNY 15,820 per tonne, down -1.4% (YTD: +6.2%)
• Rebar (Shanghai) currently at CNY 5,540 per tonne, down -1.4% (YTD: +29.4%)
• Tin (Shanghai) currently at CNY 228,490 per tonne, down -1.7% (YTD: +51.6%)
• Zinc (Shanghai) currently at CNY 22,500 per tonne, down -0.2% (YTD: +7.8%)
• Refined Cobalt (Shanghai) spot price currently at CNY 379,500 per tonne, unchanged (YTD: +38.5%)
• Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)

PRECIOUS METALS TODAY

• Gold spot currently at US$ 1,808.25 per troy ounce, down -0.1% (YTD: -4.6%)
• Gold 1-Month ATM implied volatility currently at 13.33, up 1.6% (YTD: -15.7%)
• Silver spot currently at US$ 24.94 per troy ounce, down -0.9% (YTD: -5.5%)
• Silver 1-Month ATM implied volatility currently at 23.23, up 1.7% (YTD: -43.3%)
• Palladium spot currently at US$ 2,636.45 per troy ounce, up 1.8% (YTD: +7.9%)
• Platinum spot currently at US$ 1,071.77 per troy ounce, down -0.8% (YTD: -0.3%)
• Rhodium (Johnson Matthey, New York 09:30) currently at US$ 18,700 per troy ounce, down -0.5% (YTD: +9.7%)
• Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,600 per troy ounce, unchanged (YTD: +115.4%)

AGS TODAY

• Live Cattle (CME) currently at US$ 119.78 cents per pound, down 0.4% (YTD: +6.0%)
• Lean Hogs (CME) currently at US$ 105.00 cents per pound, up 0.5% (YTD: +49.4%)
• Rough Rice (CBOT) currently at US$ 13.20 cents per hundredweight, up 1.2% (YTD: +6.4%)
• Soybeans Composite (CBOT) currently at US$ 1,444.25 cents per bushel, up 1.1% (YTD: +9.8%)
• Corn (CBOT) currently at US$ 575.00 cents per bushel, up 2.8% (YTD: +18.1%)
• Wheat Composite (CBOT) currently at US$ 705.00 cents per bushel, up 0.4% (YTD: +9.4%)
• Sugar No.11 (ICE US) currently at US$ 17.41 cents per pound, up 2.0% (YTD: +12.4%)
• Cotton No.2 (ICE US) currently at US$ 88.87 cents per pound, up 2.0% (YTD: +13.8%)
• Cocoa (ICE US) currently at US$ 2,257 per tonne, up 0.8% (YTD: -13.3%)
• Coffee Arabica (Colombia Excelso) currently at EUR 3,887 per tonne, down -2.5% (YTD: +22.8%)
• Random Length Lumber (CME) currently at US$ 542.00 per 1,000 board feet, down -1.8% (YTD: -37.9%)
• TSR 20 Rubber (Shanghai) currently at CNY 10,300 per tonne, down -4.5% (YTD: +2.8%)
• Soybean Oil Composite (CBOT) currently at US$ 66.51 cents per pound, up 0.5% (YTD: +54.7%)
• Crude Palm Oil (Bursa Malaysia) currently at MYR 4,339 per tonne, up 0.9% (YTD: +11.5%)

SHIPPING TODAY

• Baltic Dry Index (Baltic Exchange) currently at 3,059, up 0.7% (YTD: +123.9%)
• Freightos China To North America West Coast Container Index currently at 6,540, unchanged (YTD: +55.7%)
• Freightos North America West Coast To China Container Index currently at 1,076, unchanged (YTD: +107.7%)
• Freightos North America East Coast To Europe Container Index currently at 697, unchanged (YTD: +91.9%)
• Freightos Europe To North America East Coast Container Index currently at 6,013, unchanged (YTD: +221.7%)
• Freightos China To North Europe Container Index currently at 13,209, unchanged (YTD: +133.3%)
• Freightos North Europe To China Container Index currently at 1,617, unchanged (YTD: +17.6%)
• Freightos Europe To South America West Coast Container Index currently at 4,463, unchanged (YTD: +163.8%)

CARBON EMISSION ALLOWANCES (CO2)

• EUA futures front month (European Energy Exchange) currently at EUR 51.21 per tonne, down -2.3% (YTD: +56.5%)