Commodities

Broad Fall Across The Commodities Complex, With All GSCI Sub-Indices Ending The Week In Red

Most of the big recent gainers (crude oil, nickel, wheat, etc.) had a decent selloff and the skew in their implied volatilities dropped back to less extreme levels

Published ET

Wheat 1-Month 10-Delta Call Implied Volatility | Source: Refinitiv

Wheat 1-Month 10-Delta Call Implied Volatility | Source: Refinitiv

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NOTABLE GAINERS THIS WEEK

  • DCE Coke up 20.9% (YTD: 52.6%), now at 4,450.00
  • Baltic Exchange dirty tank index up 18.8% (YTD: 67.6%), now at 1,321.00
  • DCE Coking Coal Continuation Month 1 up 15.3% (YTD: 80.9%), now at 3,741.00
  • TRPC Natural Gas TTF Monthly up 14.1% (YTD: 30.5%), now at 113.00
  • DCE Iron Ore Continuation Month 1 up 10.0% (YTD: 37.1%), now at 940.50
  • TRPC Natural Gas TTF Day 1 up 10.0% (YTD: 41.5%), now at 111.10
  • CME Cash Settled Cheese up 8.7% (YTD: 26.8%), now at 02.23
  • Commodities Exchange Center Iron Ore 62% Fe CFR China (Platts) up 6.7% (YTD: 42.4%), now at 158.81
  • SGX Iron Ore 62% China CFR Swap Monthly up 6.5% (YTD: 41.9%), now at 159.98
  • Zhengzhou Exchange Thermal Coal up 5.7% (YTD: 15.0%), now at 893.20
  • CME Class III Milk up 5.7% (YTD: 28.5%), now at 23.69
  • Johnson Matthey; Rhodium New York 0930 up 4.3% (YTD: 38.3%), now at 19,500.00
  • CME Cattle (Feeder) up 3.3% (YTD: -2.9%), now at 161.58
  • SHFE Rebar up 3.2% (YTD: 12.0%), now at 5,115.00
  • ICE-US Coffee up 3.0% (YTD: -0.2%), now at 228.40

NOTABLE LOSERS THIS WEEK

  • ICE Europe Newcastle Coal Monthly down -20.9% (YTD: 52.1%), now at 258.75
  • NYMEX NY Harbor ULSD down -16.8% (YTD: 42.9%), now at 03.42
  • SHFE Nickel down -16.1% (YTD: 46.5%), now at 221,010.00
  • Brent Crude Spot Free On Board (FOB) Sullom Voe North Sea down -15.8% (YTD: 37.9%), now at 108.47
  • Crude Oil WTI Cushing US FOB down -14.5% (YTD: 29.3%), now at 99.27
  • ICE Europe Brent Crude down -13.5% (YTD: 31.6%), now at 104.39
  • Brent Forties and Oseberg Dated FOB North Sea Crude down -13.3% (YTD: 34.9%), now at 106.50
  • NYMEX Light Sweet Crude Oil (WTI) down -12.8% (YTD: 28.9%), now at 99.27
  • CBoT Wheat down -10.7% (YTD: 26.3%), now at 984.50
  • Baltic Exchange Panamax Index down -10.0% (YTD: 22.2%), now at 3,073.00
  • NYMEX RBOB Gasoline down -9.1% (YTD: 37.3%), now at 03.15
  • CME Dry Whey down -8.9% (YTD: 12.8%), now at 72.05
  • Baltic Exchange Supramax Index down -8.8% (YTD: 19.6%), now at 2,755.00
  • ICE Europe Low Sulphur Gasoil down -8.8% (YTD: 61.0%), now at 1,091.00
GSCI Equal-Weighted Total Returns Index | Sources: ϕpost, Refinitiv dataGSCI Sub-Indices This Week | Sources: ϕpost, Refinitiv data

ENERGY THIS WEEK

  • WTI crude front month currently at US$ 99.27 per barrel, down -12.8% (YTD: +28.9%); 6-month term structure in tightening backwardation
  • Brent crude front month currently at US$ 104.39 per barrel, down -13.5% (YTD: +31.6%)
  • Newcastle Coal (ICE Europe) currently at US$ 258.75 per tonne, down -20.9% (YTD: +52.1%)
  • Natural Gas (Henry Hub) currently at US$ 5.72 per MMBtu, up 2.7% (YTD: +60.6%)
  • Gasoline (NYMEX) currently at US$ 3.15 per gallon, down -9.1% (YTD: +37.3%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 1091.00 per tonne, down -8.8% (YTD: +61.0%)
GSCI Energy This Week | Sources: ϕpost, Refinitiv dataBrent, WTI 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

BASE METALS THIS WEEK

  • Copper (COMEX) currently at US$ 4.70 per pound, down -0.1% (YTD: +6.8%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 940.50 per tonne, up 10.0% (YTD: +37.1%)
  • Aluminum (Shanghai) currently at CNY 22,725 per tonne, down -1.3% (YTD: +12.3%)
  • Nickel (Shanghai) currently at CNY 221,010 per tonne, down -16.1% (YTD: +46.5%)
  • Lead (Shanghai) currently at CNY 15,635 per tonne, up 2.0% (YTD: +2.2%)
  • Rebar (Shanghai) currently at CNY 5,115 per tonne, up 3.2% (YTD: +12.0%)
  • Tin (Shanghai) currently at CNY 344,060 per tonne, down -1.2% (YTD: +14.7%)
  • Zinc (Shanghai) currently at CNY 26,865 per tonne, up 2.3% (YTD: +12.0%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 562,500 per tonne, down -0.7% (YTD: +15.5%)
  • Lithium (Shanghai) spot price currently at CNY 3,150,750 per tonne, up 0.3% (YTD: +136.0%)
GSCI Base Metals This Week | Sources: ϕpost, Refinitiv data

PRECIOUS METALS THIS WEEK

  • Gold spot currently at US$ 1,924.37 per troy ounce, down -1.7% (YTD: +6.0%)
  • Gold 1-Month ATM implied volatility currently at 15.80, down -18.5% (YTD: +24.6%)
  • Silver spot currently at US$ 24.61 per troy ounce, down -3.5% (YTD: +6.9%)
  • Silver 1-Month ATM implied volatility currently at 24.83, down -13.9% (YTD: +9.6%)
  • Palladium spot currently at US$ 2,277.52 per troy ounce, down -2.8% (YTD: +15.9%)
  • Platinum spot currently at US$ 985.60 per troy ounce, down -1.5% (YTD: +2.4%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 19,500 per troy ounce, up 4.3% (YTD: +38.3%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,100 per troy ounce, unchanged (YTD: +27.5%)
GSCI Precious Metals This Week | Sources: ϕpost, Refinitiv data

AGS THIS WEEK

  • Live Cattle (CME) currently at US$ 138.65 cents per pound, down 1.3% (YTD: -0.3%)
  • Lean Hogs (CME) currently at US$ 101.30 cents per pound, down -5.7% (YTD: +22.5%)
  • Rough Rice (CBOT) currently at US$ 16.01 cents per hundredweight, down -1.5% (YTD: +9.8%)
  • Soybeans Composite (CBOT) currently at US$ 1,582.75 cents per bushel, down -7.5% (YTD: +19.2%)
  • Corn (CBOT) currently at US$ 735.00 cents per bushel, down -2.5% (YTD: +23.3%)
  • Wheat Composite (CBOT) currently at US$ 984.50 cents per bushel, down -10.7% (YTD: +26.3%)
  • Sugar No.11 (ICE US) currently at US$ 19.34 cents per pound, down -1.2% (YTD: +3.1%)
  • Cotton No.2 (ICE US) currently at US$ 134.84 cents per pound, down -1.0% (YTD: +17.7%)
  • Cocoa (ICE US) currently at US$ 2,598 per tonne, up 1.4% (YTD: +1.6%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 5,794 per tonne, up 1.5% (YTD: +5.2%)
  • Random Length Lumber (CME) currently at US$ 964.90 per 1,000 board feet, down -4.3% (YTD: -16.7%)
  • TSR 20 Rubber (Shanghai) currently at CNY 11,390 per tonne, up 2.1% (YTD: -0.7%)
  • Soybean Oil Composite (CBOT) currently at US$ 71.20 cents per pound, down -4.7% (YTD: +27.5%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 6,383 per tonne, down -3.8% (YTD: +23.6%)
GSCI Agriculture This Week | Sources: ϕpost, Refinitiv dataAgs 1-Month ATM IVs | Sources: ϕpost, Refinitiv data

SHIPPING THIS WEEK

  • Baltic Dry Index (Baltic Exchange) currently at 2,357, down -7.4% (YTD: +6.2%)
  • Freightos China To North America West Coast Container Index currently at 15,928, up 0.7% (YTD: +16.2%)
  • Freightos North America West Coast To China Container Index currently at 1,008, up 0.4% (YTD: +15.2%)
  • Freightos North America East Coast To Europe Container Index currently at 626, down -0.2% (YTD: +15.9%)
  • Freightos Europe To North America East Coast Container Index currently at 7,627, down -6.3% (YTD: +7.4%)
  • Freightos China To North Europe Container Index currently at 12,050, down -1.5% (YTD: -15.2%)
  • Freightos North Europe To China Container Index currently at 859, down -6.0% (YTD: -24.0%)
  • Freightos Europe To South America West Coast Container Index currently at 8,496, up 3.7% (YTD: +8.8%)

Baltic Dry index | Sources: phipost.com, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA front-month future (ICE) currently at EUR 78.49 per tonne, down -0.1% (YTD: -2.1%)

EUA Front Month Futures Prices | Sources: phipost.com, Refinitiv data

NET POSITIONS OF MANAGED MONEY (WEEKLY CFTC REPORT)

ENERGY

  • Light Sweet Crude reduced net long position
  • Ice Brent reduced net long position
  • Gasoline RBOB reduced net long position
  • No.2 Heating Oil increased net long position
  • Ice Gasoil reduced net long position
  • Henry Hub Ice reduced net long position

ICE Brent Net Managed Positioning | Sources: phipost.com, Refinitiv data

METALS

  • Gold reduced net long position
  • Silver reduced net long position
  • Platinum reduced net long position
  • Palladium turned to net short
  • Copper-Grade#1 increased net long position

AGRICULTURE

  • Wheat reduced net long position
  • Corn reduced net long position
  • Rough Rice reduced net long position
  • Oats reduced net long position
  • Soybeans reduced net long position
  • Soybean Oil reduced net long position
  • Soybean Meal reduced net long position
  • Lean Hogs increased net long position
  • Live Cattle increased net long position
  • Feeder Cattle reduced net short position
  • Cocoa increased net long position
  • Coffee C reduced net long position
  • Robusta Coffee increased net long position
  • Frozen Orange Juice increased net long position
  • Sugar No.11 increased net long position
  • White Sugar increased net long position