Commodity Blog

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

Archives

Commodities Week in Review: July 27 to July 31

August 1, 2020 at 3:17 by Andrew Moran

Agriculture 

It was a rough week for the sector as most agricultural commodities suffered a weekly loss. Many of them also endured a decline in July, primarily due to coronavirus concerns and fundamental issues.  

Coffee 

  • Friday Settlement: -$0.0035, or 0.29%, to $1.186 per pound 
  • Weekly Performance: +9.61% 
  • July Performance: +15.03% 

Corn 

  • Friday Settlement: -$0.0075, or 0.24%, to $3.15 per pound 
  • Weekly Performance: -3.67% 
  • July Performance: -8.30% 

Orange Juice 

  • Friday Settlement: -$0.0065, or 0.53%, to $1.211 per pound 
  • Weekly Performance: -2.69% 
  • July Performance: -3.2% 

Rice 

  • Friday Settlement: +$0.0065, or 0.56%, to $11.60 per pound 
  • Weekly Performance: -1.74% 
  • July Performance: -5.84% 

Soybeans 

  • Friday Settlement: +$0.0425, or 0.48%, to $892.50 per bushel 
  • Weekly Performance: -0.72% 
  • July Performance: -0.5% 

Sugar 

  • Friday Settlement: +0.52 cents, or 4.29%, to 12.63 cents a pound 
  • Weekly Performance: +10.02% 
  • July Performance: +3.19% 

Wheat 

  • Friday Settlement: +$0.0125, or 0.24%, to $5.3075 per bushel 
  • Weekly Performance: -1.76% 
  • July Performance: +7.88% 

Bitcoin 

Bitcoin futures enjoyed the same type of momentum as gold and silver over the last and in July. The peer-to-peer decentralized virtual currency topped $11,000 for the first time since August 2019 as investors’ fears over inflation and the coronavirus pandemic sent traders into the unconventional safe-haven asset. 

  • Friday Settlement: +$50.00, or 0.45%, to $11,195.00 per coin 
  • Weekly Performance: +16.01% 
  • July Performance: +22.95% 

Energy 

It was a mostly down week for the energy sector on supply and demand issues, as well as uncertainty surrounding the COVID-19 public health crisis. With a growing number of cases worldwide, particularly in the US, there are fears that major economies could return to lockdowns or reimpose coronavirus restrictions. This would have a tremendous impact on crude oil and natural gas, especially at a time when countries are beginning to restart operations and increase output levels. 

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: $0.51, or 1.28%, to $40.43 per barrel 
  • Weekly Performance: -2.20% 
  • July Performance: +0.35% 

Brent Crude Oil 

  • Friday Settlement: +$0.19, or 0.44%, to $43.71 a barrel 
  • Weekly Performance: +0.67% 
  • July Performance: +2.17% 

Natural Gas 

  • Friday Settlement: -$0.013, or 0.71%, to $1.816 per million British thermal units (btu) 
  • Weekly Performance: -2.26% 
  • July Performance: +5.21% 

Heating Oil 

  • Friday Settlement: +$0.0098, or 0.8%, to $1.2301 per gallon 
  • Weekly Performance: -2.40% 
  • July Performance: +0.45% 

Gasoline 

  • Friday Settlement: $-0.0129, or 1.08%, to $1.1779 per gallon 
  • Weekly Performance: -6.44% 
  • July Performance: -5.35% 

Metals 

It was a big week and month for the metals class as investors sought refuge in gold and silver. The industrial metals failed to spark a rally over the last five trading sessions, despite a strong July that was driven by hopes of strengthening foreign demand and a global economic recovery. All eyes will be on gold next week as the yellow metal could hit $2,000 for the first time ever. 

Gold 

  • Friday Settlement: +$51.70, or 2.66%, to $1,994.00 per ounce 
  • Weekly Performance: +4.93% 
  • July Performance: +11.58% 

Silver 

  • Friday Settlement: +$1.268, or 5.43%, to $24.63 an ounce 
  • Weekly Performance: +7.20% 
  • July Performance: +34.88% 

Copper 

  • Friday Settlement: -$0.0545, or 1.87%, to $2.8595 per pound 
  • Weekly Performance: -1.21% 
  • July Performance: +4.08% 

Platinum 

  • Friday Settlement: +$7.10, or 0.78%, to $919.70 an ounce 
  • Weekly Performance: -3.70% 
  • July Performance: +11.14% 

Palladium 

  • Friday Settlement: -$1.90, or 0.09%, to $2,133.00 an ounce 
  • Weekly Performance: -7.45% 
  • July Performance: +11.23% 

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

Leave a Reply

required
required  

Navigation

Menu