Commodity News

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, soft commodities, and Bitcoin

Archives

Commodities Week in Review: February 1 to February 5

February 6, 2021 at 3:33 by Andrew Moran

Commodities Week in Review: February 1 to February 5

Agriculture 

It was a mixed week for the agricultural commodities market, mainly because of a strengthening US dollar. A stronger greenback is typically bad news for dollar-pegged commodities because it makes it more expensive for foreign investors to purchase. For the primary agricultural products — corn, soybeans, and wheat — exports were in focus, particularly after China made enormous purchases in recent weeks, a transaction that put US output and supplies under the microscope.

Cocoa 

  • Friday Settlement: +$13.00, or 0.53%, to $2,485 per metric ton
  • Weekly Performance: -1.47%
  • YTD Performance: -4.31%

Coffee 

  • Friday Settlement: -$0.0055, or 0.4%, to $1.2395 per pound
  • Weekly Performance: +1.31%
  • YTD Performance: -2.63%

Corn 

  • Friday Settlement: -$0.01, or 0.18%, to $5.49 per pound
  • Weekly Performance: +0.32%
  • YTD Performance: +13.02%

Cotton 

  • Friday Settlement: -1.67 cents, or 1.98%, to 82.61 cents per pound
  • Weekly Performance: +2.40%
  • YTD Performance: +5.63%

Lean Hogs

  • Friday Settlement: +$0.01075, or 1.36%, to 80.375 cents per pound
  • Weekly Performance: +4.62%
  • YTD Performance: +14.25%

Orange Juice 

  • Friday Settlement: +$0.009, or 0.81%, to $1.1215 per pound
  • Weekly Performance: +1.54%
  • YTD Performance: -10.89%

Rice 

  • Friday Settlement: +$0.001, or 0.08%, to $12.835 per pound
  • Weekly Performance: -0.31%
  • YTD Performance: +7.72%

Soybeans 

  • Friday Settlement: -$0.05, or 0.036%, to $13.675 per bushel
  • Weekly Performance: -0.02%
  • YTD Performance: +4.37%

Sugar 

  • Friday Settlement: +0.41 cent, or 2.55%, to 16.46 cents per pound
  • Weekly Performance: +3.85%
  • YTD Performance: +6.19%

Wheat 

  • Friday Settlement: +$0.035, or 0.55%, to $6.41 per bushel
  • Weekly Performance: -3.28%
  • YTD Performance: -0.12%

Bitcoin 

The peer-to-peer decentralized digital currency bitcoin should have dominated cryptocurrency headlines this week, but it was the altcoins that captured everyone’s attention. Ethereum surged to a record high, while dogecoin resuscitated. Still, bitcoin prices topped $38,000, and it could soon retest $39,000.

  • Friday Settlement: +$140.00, or 0.37%, to $38,055.00 per coin
  • Weekly Performance: +1.93%
  • YTD Performance: +30.24%

Energy 

The energy market had its best weekly performance this week as crude oil and natural gas soared. Crude prices surged on prospects that the Organization of the Petroleum Exporting Countries (OPEC) would place a lid in output, while natural gas futures soared on Arctic-like temperatures blanketing much of the US this month. Overall, US crude touched its best level in a year, and natural gas hit an important threshold of $3.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: +$0.84, or 1.49%, to $57.07 per barrel
  • Weekly Performance: +9.46%
  • YTD Performance: +17.86%

Brent Crude Oil 

  • Friday Settlement: +$0.28, or 0.47%, to $59.62 per barrel
  • Weekly Performance: +8.20%
  • YTD Performance: +15.27%

Natural Gas 

  • Friday Settlement: -$0.053, or 1.81%, to $2.882 per million British thermal units (btu)
  • Weekly Performance: +12.71%
  • YTD Performance: +13.64%

Gasoline 

  • Friday Settlement: +$0.0087, or 0.53%, to $1.6535 per gallon
  • Weekly Performance: +6.49%
  • YTD Performance: +17.18%

Heating Oil 

  • Friday Settlement: +$0.0158, or 0.93%, to $1.7163 per gallon
  • Weekly Performance: +7.57%
  • YTD Performance: +15.60%

Metals 

What a week it was for the metals market. It started off promising for gold and silver prices, thanks to talk of a silver squeeze. As the week progressed, they started trending downward. But the precious metals finished the week on a high note, rallying more than 1% and 3%, respectively. Can they extend the momentum next week? It might depend on US fiscal stimulus.

Gold 

  • Friday Settlement: +$24.00, or 1.34%, to $1,815.20 per ounce
  • Weekly Performance: -1.87%
  • YTD Performance: -4.54%

Silver 

  • Friday Settlement: +$0.801, or 3.05%, to $27.035 per ounce
  • Weekly Performance: -0.04%
  • YTD Performance: +1.92%

Copper 

  • Friday Settlement: +$0.087, or 2.45%, to $3.64 per pound
  • Weekly Performance: +2.81%
  • YTD Performance: +3.41%

Palladium 

  • Friday Settlement: +$63.30, or 2.78%, to $2,344.00 per ounce
  • Weekly Performance: +5.18%
  • YTD Performance: -4.54%

Platinum 

  • Friday Settlement: +$34.80, or 3.16%, to $1,137.80 per ounce
  • Weekly Performance: +5.36%
  • YTD Performance: +5.40%

Steel 

  • Friday Settlement: +$0.19, or 1.73%, to $1,120.00 per ton
  • Weekly Performance: +3.32%
  • YTD Performance: +16.30%

If you have any questions and comments on commodities today, use the form below to reply.

Leave a Reply

required
required  

Navigation

Menu