HEADLINES & MACRO

• EIA lowers 2022 US crude production forecast for the third consecutive month, now to 11.79 MM Bbld (+6.5% YoY). Credit Suisse analysts think that "the EIA is underestimating CAPEX discipline from public US E&Ps into 2022", meaning that US capacity and production will likely not recover as quickly as the EIA initially anticipated.

NOTABLE GAINERS

• Freightos Baltic China/East Asia To North America East Coast 40 Container Index up 18.1% (YTD: 66.0%)
• Zhengzhou Exchange Thermal Coal up 9.1% (YTD: 9.3%)
• Freightos Baltic China/East Asia To North America West Coast 40 Container Index up 8.0% (YTD: 47.2%)
• Freightos Baltic Europe To South America West Coast Container Index up 6.6% (YTD: 121.9%)
• Freightos Baltic Europe To South America East Coast 40 Container Index up 6.1% (YTD: 157.8%)
• Freightos Baltic Global Index up 4.8% (YTD: 75.6%)
• Pork Primal Cutout Butt up 3.1% (YTD: 154.1%)
• SGX Iron Ore 62% China CFR Swap Monthly up 3.0% (YTD: 33.1%)
• ICE-US Sugar No. 11 up 1.9% (YTD: 14.3%)
• NYMEX Henry Hub Natural Gas up 1.9% (YTD: 23.2%)

NOTABLE LOSERS

• Freightos Baltic North Europe To China/East Asia 40 Container Index down -5.8% (YTD: 20.7%)
• CME Random Length Lumber down -4.4% (YTD: 33.7%)
• SHFE Rubber down -2.7% (YTD: -6.8%)
• SHFE Bitumen Continuation Month 1 down -2.6% (YTD: 28.9%)
• Johnson Matthey Rhodium New York 0930 down -2.2% (YTD: 27.6%)
• DCE Iron Ore Continuation Month 1 down -2.1% (YTD: 16.1%)
• SHFE Hot Rolled Coil down -1.8% (YTD: 18.5%)
• SMM Rare Earth Terbium Oxide Spot Price Daily down -1.6% (YTD: -12.4%)
• ICE-US Coffee down -1.5% (YTD: 23.0%)
• Bursa Malaysia Crude Palm Oil down -1.2% (YTD: 7.4%)
• Platinum spot down -1.1% (YTD: 8.6%)

ENERGY

• WTI crude front month currently at US$ 70.03 per barrel, up 1.2% on the day (YTD: +44.4%); 6-month term structure in widening backwardation
• Brent crude front month currently at US$ 72.22 per barrel, up 1.0% on the day (YTD: +39.4%); 6-month term structure in widening backwardation
• Brent volatility at 27.0, up 0.7% on the day (12-month range: 24.7 - 58.9)
• Newcastle Coal (ICE Europe) currently at US$ 122.75 per tonne, up 0.9% on the day (YTD: +52.5%)
• Natural Gas (Henry Hub) currently at US$ 3.13 per MMBtu, up 1.9% on the day (YTD: +23.2%)
• Gasoline (NYMEX) currently at US$ 2.22 per gallon, up 1.2% on the day (YTD: +57.6%); 6-month term structure in widening backwardation
• Low Sulphur Gasoil (ICE Europe) currently at US$ 580.50 per tonne, unchanged (YTD: +38.0%)

BASE METALS

• Copper (COMEX) currently at US$ 4.56 per pound, up 0.6% on the day (YTD: +29.9%)
• Iron Ore (Dalian Commodity Exchange) currently at CNY 1,252.50 per tonne, down -2.1% on the day (YTD: +16.1%)
• Aluminium (Shanghai) currently at CNY 18,470 per tonne, down -0.6% on the day (YTD: +17.1%)
• Nickel (Shanghai) currently at CNY 131,550 per tonne, up 0.2% on the day (YTD: +5.7%)
• Lead (Shanghai) currently at CNY 15,130 per tonne, up 0.3% on the day (YTD: +1.7%)
• Rebar (Shanghai) currently at CNY 4,898 per tonne, up 0.4% on the day (YTD: +16.1%)
• Tin (Shanghai) currently at CNY 207,990 per tonne, unchanged (YTD: +36.2%)
• Zinc (Shanghai) currently at CNY 22,630 per tonne, up 0.3% on the day (YTD: +8.2%)
• Refined Cobalt (Shanghai) spot price currently at CNY 346,500 per tonne, unchanged (YTD: +26.5%)
• Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)

PRECIOUS METALS

• Gold spot currently at US$ 1,893.19 per troy ounce, down -0.3% on the day (YTD: -0.3%)
• Gold 1-Month ATM implied volatility currently at 12.11, down -0.9% on the day (YTD: -22.2%)
• Silver spot currently at US$ 27.60 per troy ounce, down -1.0% on the day (YTD: +4.7%)
• Silver 1-Month ATM implied volatility currently at 28.06, down -1.1% on the day (YTD: -31.5%)
• Palladium spot currently at US$ 2,808.20 per troy ounce, down -1.0% on the day (YTD: +14.8%)
• Platinum spot currently at US$ 1,161.22 per troy ounce, down -1.1% on the day (YTD: +8.6%)
• Rhodium (Johnson Matthey, New York 09:30) currently at US$ 21,750 per troy ounce, down -2.2% on the day (YTD: +27.6%)
• 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$ 116.73 cents per pound, up 0.4% on the day (YTD: +3.3%)
• Lean Hogs (CME) currently at US$ 120.70 cents per pound, up 0.7% on the day (YTD: +71.8%)
• Rough Rice (CBOT) currently at US$ 13.14 cents per hundredweight, down -1.0% on the day (YTD: +6.0%)
• Soybeans Composite (CBOT) currently at US$ 1,580.00 cents per bushel, up 1.3% on the day (YTD: +20.1%)
• Corn (CBOT) currently at US$ 680.00 cents per bushel, up 0.1% on the day (YTD: +40.5%)
• Wheat Composite (CBOT) currently at US$ 685.00 cents per bushel, up 0.7% on the day (YTD: +6.9%)
• Sugar No.11 (ICE US) currently at US$ 17.71 cents per pound, up 1.9% on the day (YTD: +14.3%)
• Cotton No.2 (ICE US) currently at US$ 85.14 cents per pound, up 0.9% on the day (YTD: +9.0%)
• Cocoa (ICE US) currently at US$ 2,375 per tonne, up 1.1% on the day (YTD: -8.8%)
• Coffee Arabica (Colombia Excelso) currently at EUR 3,842 per tonne, down -0.6% on the day (YTD: +21.4%)
• Random Length Lumber (CME) currently at US$ 1,167.00 per 1,000 board feet, down -4.4% on the day (YTD: +33.7%)
• TSR 20 Rubber (Shanghai) currently at CNY 10,485 per tonne, down -0.7% on the day (YTD: +4.9%)
• Soybean Oil Composite (CBOT) currently at US$ 72.08 cents per pound, up 1.8% on the day (YTD: +66.4%)
• Crude Palm Oil (Bursa Malaysia) currently at MYR 4,180 per tonne, down -1.2% on the day (YTD: +7.4%)

SHIPPING

• Baltic Dry Index (Baltic Exchange) currently at 2,428, down -0.4% on the day (YTD: +77.7%)
• Freightos China To North America West Coast Container Index currently at 6,181, up 8.0% on the day (YTD: +47.2%)
• Freightos North America West Coast To China Container Index currently at 1,266, up 1.4% on the day (YTD: +144.5%)
• Freightos North America East Coast To Europe Container Index currently at 699, unchanged (YTD: +92.5%)
• Freightos Europe To North America East Coast Container Index currently at 5,051, up 1.4% on the day (YTD: +170.3%)
• Freightos China To North Europe Container Index currently at 11,037, up 1.4% on the day (YTD: +94.9%)
• Freightos North Europe To China Container Index currently at 1,659, down -5.8% on the day (YTD: +20.7%)
• Freightos Europe To South America West Coast Container Index currently at 3,754, up 6.6% on the day (YTD: +121.9%)

CARBON EMISSION ALLOWANCES (CO2)

• EUA futures front month (European Energy Exchange) currently at EUR 52.17 per tonne, up 1.4% on the day (YTD: +59.4%)