Commodities

Precious Metals Fall On Higher US Real Rates, Other Commodity Groups Mixed

Coal shortages in China are pushing prices ever higher, a particularly serious issue ahead of winter in a country where about 60% of power generation is based on thermal coal

Published ET

Natural Gas & Thermal Coal Front Month Futures Prices | Source: Refinitiv

Natural Gas & Thermal Coal Front Month Futures Prices | Source: Refinitiv

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HEADLINES

  • Natural gas up again to new multi-year high
  • OPEC's latest World Oil Outlook shows little change in demand this year and doesn't expect post-pandemic demand to run into supply constraints
  • API weekly report shows inventories build: crude +4.127M barrels, gasoline +3.555M, distillates +2.483M, Cushing +0.359M

NOTABLE GAINERS TODAY

  • Zhengzhou Exchange Thermal Coal up 4.4% (YTD: 86.6%)
  • ICE-US Coffee C up 2.6% (YTD: 54.9%)
  • Shanghai International Exchange TSR 20 rubber up 2.5% (YTD: 12.2%)
  • NYMEX Henry Hub Natural Gas up 2.4% (YTD: 130.1%)
  • SHFE Rubber up 2.2% (YTD: -5.4%)
  • ICE-US Cotton No. 2 up 2.0% (YTD: 29.2%)
  • SMM Rare Earth Gadolinium Oxide Spot Price Daily up 2.0% (YTD: 46.6%)
  • CME Lean Hogs up 1.6% (YTD: 30.5%)
  • ICE Europe Newcastle Coal Monthly up 1.4% (YTD: 158.0%)
  • DCE Coke up 1.4% (YTD: 35.1%)
  • ICE-US Sugar No. 11 up 1.3% (YTD: 22.5%)
  • Bursa Malaysia Crude Palm Oil up 1.3% (YTD: 20.5%)
  • SHFE Bitumen Continuation Month 1 up 1.3% (YTD: 27.4%)
  • SHFE Hot Rolled Coil up 0.9% (YTD: 26.5%)
  • DCE Coking Coal Continuation Month 1 up 0.8% (YTD: 146.7%)

NOTABLE LOSERS TODAY

  • SHFE Stannum down -4.8% (YTD: 79.9%)
  • Palladium spot down -4.5% (YTD: -23.2%)
  • CME Random Length Lumber down -4.1% (YTD: -29.5%)
  • Intercontinental Exchange European Union Allowance (EUA) Yearly down -3.8% (YTD: 89.2%)
  • EEX European-Carbon- Secondary Trading down -3.8% (YTD: 93.1%)
  • SHFE Nickel down -2.3% (YTD: 14.9%)
  • CBoT Wheat down -2.2% (YTD: 10.3%)
  • Platinum spot down -1.7% (YTD: -9.9%)
  • SHFE Aluminum down -1.5% (YTD: 44.3%)
  • DCE Iron Ore Continuation Month 1 down -1.4% (YTD: -35.9%)
  • CBoT Corn down -1.3% (YTD: 10.0%)
  • Brent Forties and Oseberg Dated FOB North sea Crude down -1.2% (YTD: 52.2%)
  • SMM Rare Earth Neodymium Oxide Spot Price Daily down -1.2% (YTD: 21.1%)
  • SHFE Zinc down -1.2% (YTD: 8.9%)
  • COMEX Copper down -1.1% (YTD: 20.8%)
S&P GSCI Sub Indices | Sources: ϕpost, FactSet dataGSCI Equal-Weighted Total Return Index | Sources: ϕpost, Refinitiv data

ENERGY MOSTLY DOWN TODAY

  • WTI crude front month currently at US$ 74.52 per barrel, down -0.2% (YTD: +55.2%); 6-month term structure in widening backwardation
  • Brent crude front month currently at US$ 78.38 per barrel, down -0.6% (YTD: +52.7%); 6-month term structure in tightening backwardation
  • Brent volatility at 31.6, up 4.4% (12-month range: 26.1 - 43.4)
  • Newcastle Coal (ICE Europe) currently at US$ 207.70 per tonne, up 1.4% (YTD: +158.0%)
  • Natural Gas (Henry Hub) currently at US$ 5.84 per MMBtu, up 2.4% (YTD: +130.1%)
  • Gasoline (NYMEX) currently at US$ 2.17 per gallon, down -1.0% (YTD: +56.3%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 659.50 per tonne, down -0.7% (YTD: +57.9%)
GSCI Energy | Sources: ϕpost, FactSet dataWTI, Brent Crude 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

BASE METALS MIXED TODAY

  • Copper (COMEX) currently at US$ 4.25 per pound, down -1.1% (YTD: +20.8%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 675.00 per tonne, down -1.4% (YTD: -35.9%)
  • Aluminum (Shanghai) currently at CNY 22,950 per tonne, down -1.5% (YTD: +44.3%)
  • Nickel (Shanghai) currently at CNY 141,100 per tonne, down -2.3% (YTD: +14.9%)
  • Lead (Shanghai) currently at CNY 14,490 per tonne, up 0.1% (YTD: -1.4%)
  • Rebar (Shanghai) currently at CNY 5,775 per tonne, up 0.7% (YTD: +38.0%)
  • Tin (Shanghai) currently at CNY 275,810 per tonne, down -4.8% (YTD: +79.9%)
  • Zinc (Shanghai) currently at CNY 22,645 per tonne, down -1.2% (YTD: +8.9%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 381,000 per tonne, unchanged (YTD: +39.1%)
  • Lithium (Shanghai) spot price currently at CNY 835,000 per tonne, unchanged (YTD: +72.2%)
GSCI Base Metals | Sources: ϕpost, FactSet dataLME Base Metals 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

PRECIOUS METALS DOWN TODAY

  • Gold spot currently at US$ 1,735.40 per troy ounce, down -0.9% (YTD: -8.6%)
  • Gold 1-Month ATM implied volatility currently at 13.16, up 1.6% (YTD: -15.9%)
  • Silver spot currently at US$ 22.46 per troy ounce, down -0.7% (YTD: -14.9%)
  • Silver 1-Month ATM implied volatility currently at 23.57, down -2.6% (YTD: -42.2%)
  • Palladium spot currently at US$ 1,889.91 per troy ounce, down -4.5% (YTD: -23.2%)
  • Platinum spot currently at US$ 967.44 per troy ounce, down -1.7% (YTD: -9.9%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 14,500 per troy ounce, unchanged (YTD: -15.0%)
  • 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 MIXED TODAY

  • Live Cattle (CME) currently at US$ 122.00 cents per pound, down 0.3% (YTD: +8.0%)
  • Lean Hogs (CME) currently at US$ 91.68 cents per pound, up 1.6% (YTD: +30.5%)
  • Rough Rice (CBOT) currently at US$ 13.89 cents per hundredweight, down -0.5% (YTD: +12.3%)
  • Soybeans Composite (CBOT) currently at US$ 1,274.25 cents per bushel, down -0.8% (YTD: -2.9%)
  • Corn (CBOT) currently at US$ 534.75 cents per bushel, down -1.3% (YTD: +10.0%)
  • Wheat Composite (CBOT) currently at US$ 709.75 cents per bushel, down -2.2% (YTD: +10.3%)
  • Sugar No.11 (ICE US) currently at US$ 18.98 cents per pound, up 1.3% (YTD: +22.5%)
  • Cotton No.2 (ICE US) currently at US$ 100.91 cents per pound, up 2.0% (YTD: +29.2%)
  • Cocoa (ICE US) currently at US$ 2,555 per tonne, up 0.4% (YTD: -1.8%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 4,632 per tonne, down -0.1% (YTD: +46.4%)
  • Random Length Lumber (CME) currently at US$ 615.70 per 1,000 board feet, down -4.1% (YTD: -29.5%)
  • TSR 20 Rubber (Shanghai) currently at CNY 11,185 per tonne, up 2.5% (YTD: +12.2%)
  • Soybean Oil Composite (CBOT) currently at US$ 57.56 cents per pound, down -0.9% (YTD: +33.3%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 4,688 per tonne, up 1.3% (YTD: +20.5%)
GSCI Agriculture | Sources: ϕpost, FactSet dataAGs 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

SHIPPING TODAY

  • Baltic Dry Index (Baltic Exchange) currently at 4,717, up 1.6% (YTD: +245.3%)
  • Freightos China To North America West Coast Container Index currently at 19,182, unchanged (YTD: +356.8%)
  • Freightos North America West Coast To China Container Index currently at 907, unchanged (YTD: +75.2%)
  • Freightos North America East Coast To Europe Container Index currently at 462, unchanged (YTD: +27.3%)
  • Freightos Europe To North America East Coast Container Index currently at 6,986, unchanged (YTD: +273.8%)
  • Freightos China To North Europe Container Index currently at 14,756, unchanged (YTD: +160.6%)
  • Freightos North Europe To China Container Index currently at 1,486, unchanged (YTD: +8.1%)
  • Freightos Europe To South America West Coast Container Index currently at 5,622, unchanged (YTD: +232.3%)
Freightos Indices | Sources: ϕpost, Freightos dataBaltic Dry Index | Sources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA futures front month (European Energy Exchange) currently at EUR 61.92 per tonne, down -3.8% (YTD: +89.2%)

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