Commodities

Industrial Metals And Livestock Lead GSCI Performance Today

The crude spot price is currently caught between 2 competing forces (outside of OPEC+), with the increase in US supply weighing it down and the delay in the Iranian nuclear deal seen as a short-term positive

Published ET

S&P GSCI Equal Weight Currently Sitting On Its 3-Month Moving Average | Sources: ϕpost, Refinitiv data

S&P GSCI Equal Weight Currently Sitting On Its 3-Month Moving Average | Sources: ϕpost, Refinitiv data

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HEADLINES & MACRO

  • API data reported crude inventories at -7.2m barrels, gasoline +959k barrels, distillates +992k barrels, Cushing -2.5m barrels
  • Consensus for DOE tomorrow: crude -3.9m, gasoline +1.1m, distillate +833k

NOTABLE GAINERS

  • CBoT Rough Rice up 3.4% (YTD: 6.0%)
  • DCE RBD Palm Oil up 3.3% (YTD: 5.2%)
  • Zhengzhou Exchange Thermal Coal up 2.5% (YTD: 16.2%)
  • Platinum spot up 2.5% (YTD: 0.9%)
  • NYMEX Henry Hub Natural Gas up 2.1% (YTD: 28.3%)
  • CME Cattle(Feeder) up 2.1% (YTD: 14.0%)
  • EEX European-Carbon- Secondary Trading up 1.9% (YTD: 66.4%)
  • ICE European Union CO2 Allowance (EUA) Yearly up 1.9% (YTD: 63.2%)
  • CME Live Cattle up 1.8% (YTD: 9.0%)
  • SHFE Nickel up 1.6% (YTD: 5.2%)
  • Brent Crude Spot Free On Board (FOB) Sullom Voe North Sea up 1.4% (YTD: 47.8%)
  • ICE Europe Newcastle Coal Monthly up 1.4% (YTD: 58.1%)

NOTABLE LOSERS

  • Freightos Baltic North America East Coast To Europe 40 Container Index down -13.7% (YTD: 62.9%)
  • Freightos Baltic Europe To South America East Coast 40 Container Index down -6.7% (YTD: 150.1%)
  • CME Random Length Lumber down -4.5% (YTD: 2.0%)
  • Pork Primal Cutout Butt down -2.9% (YTD: 150.0%)
  • Gold/US Dollar 1 Month ATM Option IV down -2.9% (YTD: -13.1%)
  • CBoT Soybean Meal down -2.6% (YTD: -16.4%)
  • SMM Rare Earth Terbium Metal Spot Price Daily down -2.5% (YTD: -15.1%)
1-Day GSCI performance | Sources: ϕpost, FactSet dataGSCI Realized Volatility | Sources: ϕpost, FactSet data

ENERGY

  • WTI crude front month currently at US$ 73.03 per barrel, down -0.8% on the day (YTD: +50.6%); 6-month term structure in tightening backwardation
  • Brent crude front month currently at US$ 74.98 per barrel, down -0.1% on the day (YTD: +44.4%); 6-month term structure in tightening backwardation
  • Brent volatility at 29.2, up 0.1% on the day (12-month range: 24.7 - 58.6)
  • Newcastle Coal (ICE Europe) currently at US$ 127.25 per tonne, up 1.4% on the day (YTD: +58.1%)
  • Natural Gas (Henry Hub) currently at US$ 3.26 per MMBtu, up 2.1% on the day (YTD: +28.3%)
  • Gasoline (NYMEX) currently at US$ 2.22 per gallon, up 1.2% on the day (YTD: +57.9%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 602.50 per tonne, up 0.7% on the day (YTD: +42.7%)
GSCI Energy 1-day returns | Sources: ϕpost, FactSet dataCrude Oil 1-month ATM IVs | Sources: ϕpost, Refinitiv data

BASE METALS

  • Copper (COMEX) currently at US$ 4.23 per pound, up 1.1% on the day (YTD: +20.5%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 1,248.00 per tonne, down -2.0% on the day (YTD: +12.7%)
  • Aluminium (Shanghai) currently at CNY 18,720 per tonne, up 0.9% on the day (YTD: +17.9%)
  • Nickel (Shanghai) currently at CNY 132,800 per tonne, up 1.6% on the day (YTD: +5.2%)
  • Lead (Shanghai) currently at CNY 15,470 per tonne, up 0.7% on the day (YTD: +5.2%)
  • Rebar (Shanghai) currently at CNY 4,789 per tonne, down -2.3% on the day (YTD: +12.8%)
  • Tin (Shanghai) currently at CNY 205,800 per tonne, up 1.0% on the day (YTD: +34.0%)
  • Zinc (Shanghai) currently at CNY 21,670 per tonne, up 0.4% on the day (YTD: +3.6%)
  • 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%)
Base metals 1-day total returns | Sources: ϕpost, FactSet dataBase metals 1-month ATM IVs | Sources: ϕpost, Refinitiv data

PRECIOUS METALS

  • Gold spot currently at US$ 1,777.84 per troy ounce, down -0.3% on the day (YTD: -6.3%)
  • Gold 1-Month ATM implied volatility currently at 13.71, down -2.9% on the day (YTD: -13.1%)
  • Silver spot currently at US$ 25.75 per troy ounce, down -0.7% on the day (YTD: -2.4%)
  • Silver 1-Month ATM implied volatility currently at 25.61, down -1.9% on the day (YTD: -37.3%)
  • Palladium spot currently at US$ 2,552.56 per troy ounce, down -1.0% on the day (YTD: +4.6%)
  • Platinum spot currently at US$ 1,075.44 per troy ounce, up 2.5% on the day (YTD: +0.9%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 19,750 per troy ounce, down -2.5% on the day (YTD: +15.8%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 6,100 per troy ounce, unchanged (YTD: +134.6%)
GSCI Precious Metals 1-Day Perf | Sources: ϕpost, FactSet dataPrecious metals 1M ATM IVs | Sources: ϕpost, Refinitiv data

AGRO

  • Live Cattle (CME) currently at US$ 123.10 cents per pound, up 1.8% on the day (YTD: +9.0%)
  • Lean Hogs (CME) currently at US$ 107.53 cents per pound, up 0.4% on the day (YTD: +53.0%)
  • Rough Rice (CBOT) currently at US$ 13.15 cents per hundredweight, up 3.4% on the day (YTD: +6.0%)
  • Soybeans Composite (CBOT) currently at US$ 1,404.50 cents per bushel, down -1.4% on the day (YTD: +6.0%)
  • Corn (CBOT) currently at US$ 662.00 cents per bushel, up 0.1% on the day (YTD: +36.3%)
  • Wheat Composite (CBOT) currently at US$ 656.75 cents per bushel, down -1.6% on the day (YTD: +1.6%)
  • Sugar No.11 (ICE US) currently at US$ 16.43 cents per pound, down -2.1% on the day (YTD: +6.1%)
  • Cotton No.2 (ICE US) currently at US$ 84.22 cents per pound, up 0.2% on the day (YTD: +7.8%)
  • Cocoa (ICE US) currently at US$ 2,326 per tonne, up 0.8% on the day (YTD: -10.6%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 3,757 per tonne, up 1.1% on the day (YTD: +18.7%)
  • Random Length Lumber (CME) currently at US$ 890.50 per 1,000 board feet, down -4.5% on the day (YTD: +2.0%)
  • TSR 20 Rubber (Shanghai) currently at CNY 10,115 per tonne, down -0.8% on the day (YTD: +1.6%)
  • Soybean Oil Composite (CBOT) currently at US$ 61.95 cents per pound, up 0.6% on the day (YTD: +40.0%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 3,556 per tonne, down -0.3% on the day (YTD: -8.6%)
GSCI Agriculture 1-day performance | Sources: ϕpost, FactSet dataAgros 1M ATM IVs | Sources: ϕpost, Refinitiv data

SHIPPING

  • Baltic Dry Index (Baltic Exchange) currently at 3,190, down -0.9% on the day (YTD: +133.5%)
  • Freightos China To North America West Coast Container Index currently at 6,861, up 1.3% on the day (YTD: +63.4%)
  • Freightos North America West Coast To China Container Index currently at 1,028, unchanged (YTD: +98.6%)
  • Freightos North America East Coast To Europe Container Index currently at 591, down -13.7% on the day (YTD: +62.9%)
  • Freightos Europe To North America East Coast Container Index currently at 5,193, unchanged (YTD: +177.8%)
  • Freightos China To North Europe Container Index currently at 10,972, down -0.2% on the day (YTD: +93.8%)
  • Freightos North Europe To China Container Index currently at 1,625, unchanged (YTD: +18.2%)
  • Freightos Europe To South America West Coast Container Index currently at 4,798, unchanged (YTD: +183.6%)
Baltic Dry Index | Sources: ϕpost, Refinitiv dataFreightos Freight Indices | Sources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA futures front month (European Energy Exchange) currently at EUR 53.41 per tonne, up 1.9% on the day (YTD: +63.2%)

CO2 EUA Front Month Future | Sources: phipost, Refinitiv data