Commodities

Energy Drops On Growth Concerns, Precious Metals Rise On Dollar Weakness

Agricultural commodities capped a good weak with further gains: wheat, corn, sugar, cotton all up on the day

Published ET

S&P GSCI Total Returns | Sources: ϕpost, FactSet data

S&P GSCI Total Returns | Sources: ϕpost, FactSet data

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NOTABLE GAINERS TODAY

  • DCE Coking Coal Continuation Month 1 up 5.7% (YTD: 43.7%)
  • Silver spot up 2.4% (YTD: -10.1%)
  • Shanghai International Exchange Bonded Copper up 2.3% (YTD: 19.9%)
  • SMM Lithium Metal Spot Price Daily up 2.3% (YTD: 37.1%)
  • ICE-US Sugar No. 11 up 2.1% (YTD: 28.8%)
  • CBoT Soybeans up 1.6% (YTD: 8.3%)
  • ICE-US Cocoa up 1.6% (YTD: -2.2%)
  • Gold spot up 1.5% (YTD: -6.2%)

NOTABLE LOSERS TODAY

  • Freightos Baltic Europe To North America East Coast 40 Container Index down -10.9% (YTD: 217.2%)
  • Freightos Baltic North America West Coast To China/East Asia 40 Container Index down -2.6% (YTD: 86.8%)
  • SHFE Stannum down -2.2% (YTD: 59.8%)
  • ICE-US Coffee down -2.0% (YTD: 42.5%)
  • SHFE Rubber down -2.0% (YTD: -1.4%)
  • NYMEX Henry Hub Natural Gas down -1.8% (YTD: 52.1%)
  • Gold/US Dollar 1 Month ATM Option IV down -1.8% (YTD: -19.2%)
  • EEX European-Carbon- Secondary Trading down -1.5% (YTD: 72.6%)
  • SHFE Zinc down -1.4% (YTD: 7.2%)
  • SHFE Rebar down -1.3% (YTD: 26.6%)

NET POSITIONS OF MANAGED MONEY (WEEKLY CFTC REPORT)

ENERGY

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

Brent Net Managed Money | Sources: phipos.com, Refinitiv data

METALS

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

AGRICULTURE

  • Wheat increased net long position
  • Corn increased net long position
  • Rough Rice increased net short position
  • Oats increased net long position
  • Soybeans increased net long position
  • Soybean Oil reduced net long position
  • Soybean Meal increased net long position
  • Lean Hogs reduced net long position
  • Live Cattle increased net long position
  • Feeder Cattle increased net long position
  • Cocoa reduced net short position
  • Coffee C reduced net long position
  • Robusta Coffee reduced net long position
  • Frozen Orange Juice reduced net long position
  • Sugar No.11 increased net long position
  • White Sugar increased net long position
GSCI Sub-Indices | Sources: ϕpost, FactSet dataS&P GSCI Equal Weight Total Return Index | Sources: ϕpost, Refinitiv data

ENERGY DOWN TODAY

  • WTI crude front month currently at US$ 68.44 per barrel, down -0.9% (YTD: +41.1%); 6-month term structure in tightening backwardation
  • Brent crude front month currently at US$ 70.59 per barrel, down -1.0% (YTD: +36.3%); 6-month term structure in tightening backwardation
  • Brent volatility at 30.5, up 0.9% (12-month range: 26.1 - 43.4)
  • Newcastle Coal (ICE Europe) currently at US$ 172.75 per tonne, up 0.9% (YTD: +114.6%)
  • Natural Gas (Henry Hub) currently at US$ 3.86 per MMBtu, down -1.8% (YTD: +52.1%)
  • Gasoline (NYMEX) currently at US$ 2.26 per gallon, down -0.6% (YTD: +60.7%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 582.50 per tonne, up 1.2% (YTD: +38.4%)
GSCI Energy Today | Sources: ϕpost, FactSet dataWTI, Brent 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

BASE METALS MIXED TODAY

  • Copper (COMEX) currently at US$ 4.40 per pound, up 0.7% (YTD: +24.8%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 973.50 per tonne, up 1.2% (YTD: +3.7%)
  • Aluminum (Shanghai) currently at CNY 20,400 per tonne, down -0.2% (YTD: +27.8%)
  • Nickel (Shanghai) currently at CNY 148,390 per tonne, up 0.5% (YTD: +19.9%)
  • Lead (Shanghai) currently at CNY 15,510 per tonne, down -0.4% (YTD: +4.4%)
  • Rebar (Shanghai) currently at CNY 5,343 per tonne, down -1.3% (YTD: +26.6%)
  • Tin (Shanghai) currently at CNY 240,340 per tonne, down -2.2% (YTD: +59.8%)
  • Zinc (Shanghai) currently at CNY 22,510 per tonne, down -1.4% (YTD: +7.2%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 362,500 per tonne, unchanged (YTD: +32.3%)
  • Lithium (Shanghai) spot price currently at CNY 665,000 per tonne, up 2.3% (YTD: +37.1%)
GSCI Base Metals | Sources: ϕpost, FactSet dataLME Base Metals 1-month ATM Implied Vols | Sources: ϕpost, Refinitiv data

PRECIOUS METALS RISE BROADLY TODAY

  • Gold spot currently at US$ 1,779.15 per troy ounce, up 1.5% (YTD: -6.2%)
  • Gold 1-Month ATM implied volatility currently at 12.73, down -1.8% (YTD: -19.2%)
  • Silver spot currently at US$ 23.72 per troy ounce, up 2.4% (YTD: -10.1%)
  • Silver 1-Month ATM implied volatility currently at 22.45, up 1.2% (YTD: -45.1%)
  • Palladium spot currently at US$ 2,649.58 per troy ounce, up 0.9% (YTD: +8.4%)
  • Platinum spot currently at US$ 1,028.48 per troy ounce, up 0.8% (YTD: -3.8%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 19,000 per troy ounce, unchanged (YTD: +11.4%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,300 per troy ounce, unchanged (YTD: +103.8%)
GSCI Precious Metals | Sources: ϕpost, FactSet dataGold, Silver 1-month ATM Implied Volatilities | Sources: ϕpost, Refinitiv data

AGS MOSTLY UP TODAY

  • Live Cattle (CME) currently at US$ 122.75 cents per pound, down 0.3% (YTD: +8.7%)
  • Lean Hogs (CME) currently at US$ 86.53 cents per pound, down -0.3% (YTD: +56.2%)
  • Rough Rice (CBOT) currently at US$ 13.53 cents per hundredweight, up 0.0% (YTD: +9.1%)
  • Soybeans Composite (CBOT) currently at US$ 1,373.00 cents per bushel, up 1.6% (YTD: +8.3%)
  • Corn (CBOT) currently at US$ 568.25 cents per bushel, up 0.2% (YTD: +17.4%)
  • Wheat Composite (CBOT) currently at US$ 762.25 cents per bushel, up 1.2% (YTD: +19.0%)
  • Sugar No.11 (ICE US) currently at US$ 20.10 cents per pound, up 2.1% (YTD: +28.8%)
  • Cotton No.2 (ICE US) currently at US$ 95.50 cents per pound, up 1.5% (YTD: +21.9%)
  • Cocoa (ICE US) currently at US$ 2,540 per tonne, up 1.6% (YTD: -2.2%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 4,456 per tonne, up 0.6% (YTD: +40.8%)
  • Random Length Lumber (CME) currently at US$ 495.20 per 1,000 board feet, down -1.0% (YTD: -43.3%)
  • TSR 20 Rubber (Shanghai) currently at CNY 10,950 per tonne, down 0.0% (YTD: +9.6%)
  • Soybean Oil Composite (CBOT) currently at US$ 63.72 cents per pound, down 0.0% (YTD: +46.6%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 4,615 per tonne, down -1.2% (YTD: +16.4%)
GSCI Agriculture | Sources: ϕpost, FactSet dataAGs 1-month ATM Implied Vols | Sources: ϕpost, Refinitiv data

SHIPPING TODAY

  • Baltic Dry Index (Baltic Exchange) currently at 3,503, up 2.7% (YTD: +156.4%)
  • Freightos China To North America West Coast Container Index currently at 15,809, unchanged (YTD: +276.4%)
  • Freightos North America West Coast To China Container Index currently at 967, down -2.6% (YTD: +86.8%)
  • Freightos North America East Coast To Europe Container Index currently at 547, unchanged (YTD: +50.7%)
  • Freightos Europe To North America East Coast Container Index currently at 5,929, down -10.9% (YTD: +217.2%)
  • Freightos China To North Europe Container Index currently at 14,141, unchanged (YTD: +149.7%)
  • Freightos North Europe To China Container Index currently at 1,544, unchanged (YTD: +12.3%)
  • Freightos Europe To South America West Coast Container Index currently at 5,255, unchanged (YTD: +210.6%)
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 55.38 per tonne, down -1.6% (YTD: +69.3%)