Commodities

Quiet Day For Commodities, But Precious Metals Rise, Led By Platinum, Rhodium And Silver

The Baltic Exchange Dry Bulk Index was up another 2.5% today, as shipping rates are still rising on some routes, with the Capesize Index up 4.6% today

Published ET

Baltic Dry Shipping Index Has More Than Tripled So Far This Year | Sources: ϕpost, Refinitiv data

Baltic Dry Shipping Index Has More Than Tripled So Far This Year | Sources: ϕpost, Refinitiv data

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HEADLINES & MACRO

  • Weekly API Inventories: Crude -6.11M barrels, gasoline -432K, distillate -2.72M, Cushing -1.75M
  • EIA estimates ahead of tomorrow's report: Crude -2.80M est vs -6.422M prior, Gas -1.472M est vs 1.857M prior, Distillates -1.100M est vs -1.689M prior

NOTABLE GAINERS TODAY

  • Johnson Matthey Rhodium New York 0930 up 5.1% (YTD: -22.0%)
  • Platinum spot up 4.6% (YTD: -10.8%)
  • Baltic Exchange Dry Index up 2.5% (YTD: 222.8%)
  • ICE-US Cotton No. 2 up 1.4% (YTD: 16.7%)
  • CME Random Length Lumber up 1.4% (YTD: -31.1%)
  • Palladium spot up 1.3% (YTD: -22.1%)
  • ICE Europe Newcastle Coal Monthly up 1.1% (YTD: 123.0%)
  • Silver spot up 1.1% (YTD: -14.7%)
  • CBoT Soybeans up 0.9% (YTD: -3.1%)
  • CBoT Rough Rice up 0.9% (YTD: 11.7%)
  • CBoT Soybean Oil up 0.7% (YTD: 27.7%)
  • NYMEX NY Harbor ULSD up 0.7% (YTD: 47.2%)
  • Bursa Malaysia Crude Palm Oil up 0.6% (YTD: 14.9%)
  • ICE Europe Brent Crude up 0.6% (YTD: 43.6%)
  • ICE-US Sugar No. 11 up 0.6% (YTD: 22.5%)

NOTABLE LOSERS TODAY

  • NYMEX Henry Hub Natural Gas down -3.6% (YTD: 89.2%)
  • Coffee Arabica Colombia Excelso EP Spot down -1.9% (YTD: 39.3%)
  • CBoT Wheat down -1.5% (YTD: 7.8%)
  • ICE Europe Low Sulphur Gasoil down -1.2% (YTD: 47.4%)
  • CBoT Corn down -0.9% (YTD: 6.8%)
  • EEX European-Carbon- Secondary Trading down -0.9% (YTD: 87.5%)
  • Intercontinental Exchange European Union Allowance (EUA) Yearly down -0.9% (YTD: 83.9%)
  • CME Lean Hogs down -0.7% (YTD: 20.1%)
  • Brent Crude Spot Free On Board (FOB) Sullom Voe North Sea down -0.6% (YTD: 43.7%)
  • NYMEX RBOB Gasoline down -0.5% (YTD: 49.5%)
  • CME Non Fat Dry Milk down -0.3% (YTD: 13.4%)
  • CME Live Cattle down -0.3% (YTD: 8.4%)
  • CME Cattle(Feeder) down -0.1% (YTD: 11.4%)
  • ICE-US Coffee C down -0.1% (YTD: 43.0%)
  • CME Class III Milk down -0.1% (YTD: 5.1%)
GSCI Sub Indices Today | Sources: ϕpost, FactSet dataGSCI Equal-Weighted Total Return Index | Sources: ϕpost, Refinitiv data

ENERGY TODAY

  • WTI crude front month currently at US$ 71.08 per barrel, up 0.4% (YTD: +45.4%); 6-month term structure in widening backwardation
  • Brent crude front month currently at US$ 74.84 per barrel, up 0.6% (YTD: +43.6%); 6-month term structure in tightening backwardation
  • Brent volatility at 30.5, down -2.3% (12-month range: 26.1 - 43.4)
  • Newcastle Coal (ICE Europe) currently at US$ 179.50 per tonne, up 1.1% (YTD: +123.0%)
  • Natural Gas (Henry Hub) currently at US$ 4.83 per MMBtu, down -3.6% (YTD: +89.2%)
  • Gasoline (NYMEX) currently at US$ 2.12 per gallon, down -0.5% (YTD: +49.5%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 628.75 per tonne, down -1.2% (YTD: +47.4%)
GSCI Energy | Sources: ϕpost, FactSet dataWTI, Brent 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

BASE METALS TODAY

  • Copper (COMEX) currently at US$ 4.21 per pound, up 0.3% (YTD: +17.5%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 641.50 per tonne (YTD: -35.2%)
  • Aluminum (Shanghai) currently at CNY 22,810 per tonne (YTD: +44.2%)
  • Nickel (Shanghai) currently at CNY 145,090 per tonne (YTD: +16.9%)
  • Lead (Shanghai) currently at CNY 14,300 per tonne (YTD: -0.3%)
  • Rebar (Shanghai) currently at CNY 5,927 per tonne (YTD: +35.3%)
  • Tin (Shanghai) currently at CNY 266,850 per tonne (YTD: +72.7%)
  • Zinc (Shanghai) currently at CNY 22,720 per tonne (YTD: +9.1%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 375,000 per tonne (YTD: +36.9%)
  • Lithium (Shanghai) spot price currently at CNY 825,000 per tonne (YTD: +70.1%)
GSCI Base Metals | Sources: ϕpost, FactSet dataLME Base Metals 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

PRECIOUS METALS TODAY

  • Gold spot currently at US$ 1,777.04 per troy ounce, up 0.6% (YTD: -6.5%)
  • Gold 1-Month ATM implied volatility currently at 13.04, down -0.2% (YTD: -17.5%)
  • Silver spot currently at US$ 22.70 per troy ounce, up 1.1% (YTD: -14.7%)
  • Silver 1-Month ATM implied volatility currently at 24.63, up 1.0% (YTD: -39.4%)
  • Palladium spot currently at US$ 1,923.12 per troy ounce, up 1.3% (YTD: -22.1%)
  • Platinum spot currently at US$ 954.81 per troy ounce, up 4.6% (YTD: -10.8%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 13,300 per troy ounce, up 5.1% (YTD: -22.0%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,000 per troy ounce, unchanged (YTD: +92.3%)
GSCI Precious Metals | Sources: ϕpost, FactSet dataGold, Silver 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

AGS TODAY

  • Live Cattle (CME) currently at US$ 122.45 cents per pound, down 0.3% (YTD: +8.4%)
  • Lean Hogs (CME) currently at US$ 84.38 cents per pound, down -0.7% (YTD: +20.1%)
  • Rough Rice (CBOT) currently at US$ 13.80 cents per hundredweight, up 0.9% (YTD: +11.7%)
  • Soybeans Composite (CBOT) currently at US$ 1,271.50 cents per bushel, up 0.9% (YTD: -3.1%)
  • Corn (CBOT) currently at US$ 517.50 cents per bushel, down -0.9% (YTD: +6.8%)
  • Wheat Composite (CBOT) currently at US$ 692.75 cents per bushel, down -1.5% (YTD: +7.8%)
  • Sugar No.11 (ICE US) currently at US$ 18.97 cents per pound, up 0.6% (YTD: +22.5%)
  • Cotton No.2 (ICE US) currently at US$ 91.18 cents per pound, up 1.4% (YTD: +16.7%)
  • Cocoa (ICE US) currently at US$ 2,605 per tonne, up 0.5% (YTD: +0.1%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 4,410 per tonne, down -1.9% (YTD: +39.3%)
  • Random Length Lumber (CME) currently at US$ 602.00 per 1,000 board feet, up 1.4% (YTD: -31.1%)
  • TSR 20 Rubber (Shanghai) currently at CNY 10,885 per tonne, up 0.1% (YTD: +13.3%)
  • Soybean Oil Composite (CBOT) currently at US$ 55.44 cents per pound, up 0.7% (YTD: +27.7%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 4,470 per tonne, up 0.6% (YTD: +14.9%)
GSCI Agriculture | Sources: ϕpost, FactSet dataAGs 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

SHIPPING TODAY

  • Baltic Dry Index (Baltic Exchange) currently at 4,410, up 2.5% (YTD: +222.8%)
  • Freightos China To North America West Coast Container Index currently at 18,850, down -3.2% (YTD: +348.9%)
  • Freightos North America West Coast To China Container Index currently at 896, unchanged (YTD: +73.1%)
  • Freightos North America East Coast To Europe Container Index currently at 533, down -3.8% (YTD: +46.9%)
  • Freightos Europe To North America East Coast Container Index currently at 6,869, unchanged (YTD: +267.5%)
  • Freightos China To North Europe Container Index currently at 14,431, unchanged (YTD: +154.9%)
  • Freightos North Europe To China Container Index currently at 1,459, down -2.8% (YTD: +6.1%)
  • Freightos Europe To South America West Coast Container Index currently at 5,622, unchanged (YTD: +232.3%)

Freightos Indices | Sources: phipost.com, Freightos data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA futures front month (European Energy Exchange) currently at EUR 60.16 per tonne, down -0.9% (YTD: +83.9%)

CO2 EUA Front Month Futures Prices | Sources: phipost.com, Refinitiv data