MACRO HEADLINES

• OPEC+ overproduced their quotas by a cumulative 3.316 million bpd through the end of March, with Russia and Iraq still the worst offenders (Russia over by 877K bpd, Iraq by 707K bpd)
• EIA weekly storage data saw a build of +60 Bcf vs consensus +65 Bcf
• US says Iran could rejoin nuclear pact if it shows willingness to rein in atomic work

NOTABLE GAINERS

• Iron Ore 62% Fe CFR China (TSI) up 10.0% (YTD: +26.8%)
• DCE Coking Coal up 7.4% (YTD: +15.2%)
• Gold/US Dollar 1 Month ATM Option up 7.1% (YTD: -18.8%)
• Silver/US Dollar 1 Month ATM Option up 6.8% (YTD: -32.1%)
• CME Dry Whey up 6.4% (YTD: +47.7%)
• DCE RBD Palm Oil up 5.2% (YTD: +20.1%)
• Freightos Baltic Europe To North America East Coast 40 Container Index up 4.7% (YTD: +90.5%)
• Zhengzhou Exchange Thermal Coal up 4.7% (YTD: +12.2%)
• Coffee Arabica Colombia Excelso up 4.6% (YTD: +13.8%)

NOTABLE LOSERS

• SMM Rare Earth Dysprosium Iron Alloy Spot Price Daily down -4.7% (YTD: +31.0%)
• Pork Primal Cutout Picnic down -3.4% (YTD: +38.6%)
• NYMEX RBOB Gasoline down -1.7% (YTD: +50.1%)

ENERGY

• WTI crude front month currently at US$ 64.87 per barrel, down -1.4% on the day (YTD: +33.4%); 6-month term structure in tightening backwardation
• Brent crude front month currently at US$ 68.09 per barrel, down -1.3% on the day (YTD: +31.4%); 6-month term structure in tightening backwardation
• Brent volatility at 32.1, up 2.0% on the day (12-month range: 24.7 - 90.3)
• Newcastle Coal (ICE Europe) currently at US$ 96.05 per tonne, up 2.4% on the day (YTD: +19.3%)
• Natural Gas (Henry Hub) currently at US$ 2.93 per MMBtu, down -0.3% on the day (YTD: +15.3%); 6-month term structure in tightening backwardation
• Gasoline (NYMEX) currently at US$ 2.12 per gallon, down -1.7% on the day (YTD: +50.1%); 6-month term structure in widening backwardation
• Low Sulphur Gasoil (ICE Europe) currently at US$ 551.00 per tonne, down -1.5% on the day (YTD: +31.0%); 6-month term structure in tightening backwardation

BASE METALS

• Copper (COMEX) currently at US$ 4.62 per pound, up 1.8% on the day (YTD: +31.4%)
• Iron Ore (Dalian Commodity Exchange) currently at CNY 1,269.50 per tonne, unchanged on the day (YTD: +14.5%)
• Aluminium (Shanghai) currently at CNY 19,550 per tonne, up 2.0% on the day (YTD: +22.7%)
• Nickel (Shanghai) currently at CNY 133,410 per tonne, up 1.7% on the day (YTD: +6.7%)
• Lead (Shanghai) currently at CNY 15,570 per tonne, up 1.6% on the day (YTD: +4.3%)
• Rebar (Shanghai) currently at CNY 5,530 per tonne, up 1.8% on the day (YTD: +29.4%)
• Tin (Shanghai) currently at CNY 197,750 per tonne, up 2.8% on the day (YTD: +31.1%)
• Zinc (Shanghai) currently at CNY 21,970 per tonne, down -0.4% on the day (YTD: +4.7%)
• Refined Cobalt (Shanghai) spot price currently at CNY 350,500 per tonne, unchanged on the day (YTD: +27.9%)
• Lithium (Shanghai) spot price currently at CNY 585,000 per tonne, unchanged on the day (YTD: +20.6%)

PRECIOUS METALS

• Gold spot currently at US$ 1,814.51 per troy ounce, up 1.6% on the day (YTD: -4.4%)
• Gold 1-Month ATM implied volatility currently at 12.59, up 7.1% on the day (YTD: -18.8%)
• Silver spot currently at US$ 27.27 per troy ounce, up 3.1% on the day (YTD: +3.5%)
• Silver 1-Month ATM implied volatility currently at 27.98, up 6.8% on the day (YTD: -32.1%)
• Palladium spot currently at US$ 2,944.18 per troy ounce, down -0.9% on the day (YTD: +20.5%)
• Platinum spot currently at US$ 1,251.26 per troy ounce, up 2.1% on the day (YTD: +17.1%)
• Rhodium (Johnson Matthey, New York 09:30) currently at US$ 29,100 per troy ounce, down -0.7% on the day (YTD: +70.7%)
• Iridium (Johnson Matthey, New York 09:30) currently at US$ 6,300 per troy ounce, unchanged (YTD: +142.3%)

AGRO

• Live Cattle (CME) currently at US$ 115.48 cents per pound, up 0.9% on the day (YTD: +2.2%)
• Lean Hogs (CME) currently at US$ 111.40 cents per pound, unchanged (YTD: +58.5%)
• Rough Rice (CBOT) currently at US$ 13.91 cents per hundredweight, down -1.6% on the day (YTD: +12.1%)
• Soybeans Composite (CBOT) currently at US$ 1,605.50 cents per bushel, up 1.5% on the day (YTD: +22.1%)
• Corn (CBOT) currently at US$ 759.50 cents per bushel, up 0.8% on the day (YTD: +56.9%)
• Wheat Composite (CBOT) currently at US$ 764.25 cents per bushel, up 1.1% on the day (YTD: +19.3%)
• Sugar No.11 (ICE US) currently at US$ 17.55 cents per pound, up 0.1% on the day (YTD: +13.3%)
• Cotton No.2 (ICE US) currently at US$ 90.58 cents per pound, up 3.8% on the day (YTD: +14.5%)
• Cocoa (ICE US) currently at US$ 2,372 per tonne, up 0.8% on the day (YTD: -8.9%)
• Coffee Arabica (Colombia Excelso) currently at EUR 3,602 per tonne, up 4.6% on the day (YTD: +13.8%)
• Random Length Lumber (CME) currently at US$ 1,645.00 per 1,000 board feet, up 0.6% on the day (YTD: +88.4%)
• TSR 20 Rubber (Shanghai) currently at CNY 11,100 per tonne, up 0.8% on the day (YTD: +11.1%)
• Soybean Oil Composite (CBOT) currently at US$ 66.25 cents per pound, down -0.7% on the day (YTD: +52.9%)
• Crude Palm Oil (Bursa Malaysia) currently at MYR 4,718 per tonne, up 2.6% on the day (YTD: +21.3%)

SHIPPING

• Baltic Dry Index (Baltic Exchange) currently at 3,266, up 3.5% on the day (YTD: +139.1%)
• Freightos China To North America West Coast Container Index currently at 5,144, up 3.5% on the day (YTD: +32.8%)
• Freightos North America West Coast To China Container Index currently at 812, unchanged (YTD: +56.9%)
• Freightos North America East Coast To Europe Container Index currently at 495, unchanged (YTD: +47.3%)
• Freightos Europe To North America East Coast Container Index currently at 3,665, up 4.7% on the day (YTD: +90.5%)
• Freightos China To North Europe Container Index currently at 8,248, up 1.0% on the day (YTD: +69.0%)
• Freightos North Europe To China Container Index currently at 1,747, unchanged (YTD: +27.1%)
• Freightos Europe To South America West Coast Container Index currently at 3,043, unchanged (YTD: +79.9%)

CARBON EMISSION ALLOWANCES (CO2)

• EUA futures front month (European Energy Exchange) currently at EUR 49.33 per tonne, up 1.0% on the day (YTD: +55.4%)