Commodities

Broad Rise For Commodities Today, Led By Energy And Livestock

Iran nuclear talks have been delayed until August, which is short-term bullish for spot crude prices, as no negative surprise to expect on that side for at least a month

Published ET

GSCI Main And Sub-Indices Over The Last 10 Years | Sources: ϕpost, FactSet data

GSCI Main And Sub-Indices Over The Last 10 Years | Sources: ϕpost, FactSet data

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HEADLINES & MACRO

API WEEKLY INVENTORIES DATA

  • Crude draw of 4.08M barrels
  • Gasoline draw of 1.55M barrels
  • Distillates build of 3.70M barrels
  • Cushing draw of 1.59M barrels

CONSENSUS ESTIMATES FOR DOE DATA TOMORROW

  • Crude draw of 4.15M
  • Gasoline draw of 1.90M
  • Distillates build of 1.3M

NOTABLE GAINERS TODAY

  • Freightos Baltic North America East Coast To China/East Asia 40 Container Index up 15.7% (YTD: 88.7%)
  • Freightos Baltic North America East Coast To Europe 40 Container Index up 6.8% (YTD: 91.9%)
  • Johnson Matthey Rhodium New York 0930 up 5.9% (YTD: 15.0%)
  • Freightos Baltic North America West Coast To China/East Asia 40 Container Index up 5.6% (YTD: 108.7%)
  • SMM Rare Earth Yttrium Oxide Spot Price Daily up 4.7% (YTD: 63.4%)
  • Zhengzhou Exchange Thermal Coal up 3.7% (YTD: 17.5%)
  • CBoT Soybean Oil up 2.5% (YTD: 53.8%)
  • EEX European-Carbon- Secondary Trading up 2.2% (YTD: 64.6%)
  • Intercontinental Exchange European Union Allowance (EUA) Yearly up 2.2% (YTD: 61.5%)
  • NYMEX RBOB Gasoline up 1.8% (YTD: 64.6%)

NOTABLE LOSERS TODAY

  • CME Random Length Lumber down -12.6% (YTD: -31.4%)
  • Gold/US Dollar 1 Month ATM Option IV down -4.1% (YTD: -19.3%)
  • Silver/US Dollar 1 Month ATM Option IV down -2.9% (YTD: -46.0%)
  • DCE Coking Coal Continuation Month 1 down -2.2% (YTD: 46.6%)
  • NYMEX Henry Hub Natural Gas down -1.4% (YTD: 45.6%)
  • Platinum spot down -1.4% (YTD: 3.4%)
  • SHFE Bitumen Continuation Month 1 down -1.3% (YTD: 38.4%)
  • ICE-US Cocoa down -1.3% (YTD: -9.0%)
  • SHFE Zinc down -1.3% (YTD: 5.9%)
  • ICE-US Coffee C down -1.1% (YTD: 18.6%)
  • SHFE Lead Continuation Month 1 down -1.1% (YTD: 6.5%)
  • Palladium spot down -1.0% (YTD: 15.6%)
GSCI Sub-Indices Today | Sources: ϕpost, FactSet dataGSCI Equal Weight Total Return Index | Sources: ϕpost, Refinitiv data

ENERGY TODAY

  • WTI crude front month currently at US$ 75.03 per barrel, up 1.6% (YTD: +55.1%); 6-month term structure in tightening backwardation
  • Brent crude front month currently at US$ 76.28 per barrel, up 1.8% (YTD: +47.7%); 6-month term structure in widening backwardation
  • Brent volatility at 29.4, down -3.3% (12-month range: 24.7 - 57.6)
  • Newcastle Coal (ICE Europe) currently at US$ 144.60 per tonne, up 1.7% (YTD: +79.6%)
  • Natural Gas (Henry Hub) currently at US$ 3.69 per MMBtu, down -1.4% (YTD: +45.6%)
  • Gasoline (NYMEX) currently at US$ 2.31 per gallon, up 1.8% (YTD: +64.6%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 616.25 per tonne, up 0.5% (YTD: +45.7%)
GSCI Energy Today | Sources: ϕpost, FactSet data Crude Oil 1-Month ATM IVs | Sources: ϕpost, Refinitiv data

BASE METALS TODAY

  • Copper (COMEX) currently at US$ 4.29 per pound, down -0.2% (YTD: +22.8%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 1,346.00 per tonne, unchanged (YTD: +24.7%)
  • Aluminum (Shanghai) currently at CNY 19,280 per tonne, up 0.6% (YTD: +22.6%)
  • Nickel (Shanghai) currently at CNY 140,330 per tonne, up 0.2% (YTD: +13.4%)
  • Lead (Shanghai) currently at CNY 15,550 per tonne, down -1.1% (YTD: +6.5%)
  • Rebar (Shanghai) currently at CNY 4,946 per tonne, up 1.4% (YTD: +17.2%)
  • Tin (Shanghai) currently at CNY 221,550 per tonne, up 1.2% (YTD: +47.8%)
  • Zinc (Shanghai) currently at CNY 21,800 per tonne, down -1.3% (YTD: +5.9%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 370,500 per tonne, unchanged (YTD: +35.2%)
  • Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)
GSCI Base Metals | Sources: ϕpost, FactSet dataBase Metals 1-Month ATM IVs | Sources: ϕpost, Refinitiv data

PRECIOUS METALS TODAY

  • Gold spot currently at US$ 1,805.33 per troy ounce, up 0.0% (YTD: -4.8%)
  • Gold 1-Month ATM implied volatility currently at 12.59, down -4.1% (YTD: -19.3%)
  • Silver spot currently at US$ 25.94 per troy ounce, down -0.8% (YTD: -1.5%)
  • Silver 1-Month ATM implied volatility currently at 21.90, down -2.9% (YTD: -46.0%)
  • Palladium spot currently at US$ 2,822.70 per troy ounce, down -1.0% (YTD: +15.6%)
  • Platinum spot currently at US$ 1,102.77 per troy ounce, down -1.4% (YTD: +3.4%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 19,600 per troy ounce, up 5.9% (YTD: +15.0%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,650 per troy ounce, unchanged (YTD: +117.3%)
GSCI Precious Metals Today | Sources: ϕpost, FactSet dataPrecious Metals 1-month ATM IVs | Sources: ϕpost, Refinitiv data

AGROS TODAY

  • Live Cattle (CME) currently at US$ 121.75 cents per pound, up 1.6% (YTD: +7.8%)
  • Lean Hogs (CME) currently at US$ 112.25 cents per pound, down -0.2% (YTD: +59.7%)
  • Rough Rice (CBOT) currently at US$ 12.83 cents per hundredweight, up 1.3% (YTD: +3.5%)
  • Soybeans Composite (CBOT) currently at US$ 1,438.00 cents per bushel, up 0.4% (YTD: +9.3%)
  • Corn (CBOT) currently at US$ 677.00 cents per bushel, up 1.2% (YTD: +39.9%)
  • Wheat Composite (CBOT) currently at US$ 628.75 cents per bushel, down -1.0% (YTD: -1.8%)
  • Sugar No.11 (ICE US) currently at US$ 17.08 cents per pound, up 0.5% (YTD: +10.3%)
  • Cotton No.2 (ICE US) currently at US$ 88.77 cents per pound, up 0.3% (YTD: +13.6%)
  • Cocoa (ICE US) currently at US$ 2,370 per tonne, down -1.3% (YTD: -9.0%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 3,830 per tonne, up 1.8% (YTD: +21.0%)
  • Random Length Lumber (CME) currently at US$ 599.00 per 1,000 board feet, down -12.6% (YTD: -31.4%)
  • TSR 20 Rubber (Shanghai) currently at CNY 10,505 per tonne, unchanged (YTD: +5.1%)
  • Soybean Oil Composite (CBOT) currently at US$ 66.63 cents per pound, up 2.5% (YTD: +53.8%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 4,048 per tonne, up 1.5% (YTD: +4.0%)
GSCI Agriculture | Sources: ϕpost, FactSet dataAGs 1-Month ATM IVs | Sources: ϕpost, Refinitiv data

SHIPPING TODAY

  • Baltic Dry Index (Baltic Exchange) currently at 3,300, unchanged (YTD: +141.6%)
  • Freightos China To North America West Coast Container Index currently at 5,738, unchanged (YTD: +36.6%)
  • Freightos North America West Coast To China Container Index currently at 1,081, up 5.6% (YTD: +108.7%)
  • Freightos North America East Coast To Europe Container Index currently at 697, up 6.8% (YTD: +91.9%)
  • Freightos Europe To North America East Coast Container Index currently at 5,838, unchanged (YTD: +212.4%)
  • Freightos China To North Europe Container Index currently at 13,281, unchanged (YTD: +134.5%)
  • Freightos North Europe To China Container Index currently at 1,608, unchanged (YTD: +16.9%)
  • Freightos Europe To South America West Coast Container Index currently at 4,463, unchanged (YTD: +163.8%)
Baltic Dry Index | Sources: ϕpost, Refinitiv dataFreightos Indices | Sources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA futures front month (European Energy Exchange) currently at EUR 52.85 per tonne, up 2.2% (YTD: +61.5%)

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