Commodity Blog

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

Archives

Commodities Week in Review: November 2 to November 6

November 7, 2020 at 5:38 by Andrew Moran

Commodities Week in Review: November 2 to November 6 

Agriculture 

It was a mostly positive trading week for the agricultural sector, despite some volatility heading into the 2020 US presidential election. The broader financial markets enjoyed a tremendous rally in the aftermath of the White House race, sending the US dollar collapsing, which was bullish for agricultural commodities. A weaker greenback is good for dollar-denominated commodities because it makes it cheaper for foreign investors to purchase.

Cocoa 

  • Friday Settlement: +$3.00, or 0.13%, to $2,341 per ton
  • Weekly Performance: +1.83%
  • YTD Performance: -7.76%

Coffee 

  • Friday Settlement: +$0.003, or 0.28%, to $1.0725 per pound
  • Weekly Performance: +2.88%
  • YTD Performance: -16.96%

Corn 

  • Friday Settlement: -$0.0325, or 0.79%, to $4.06 per pound
  • Weekly Performance: +2.14%
  • YTD Performance: +4.84%

Cotton

  • Friday Settlement: -1.52 cents, or 2.17%, to 68.55 cents per pound
  • Weekly Performance: -0.61%
  • YTD Performance: -0.58%

Orange Juice 

  • Friday Settlement: -$0.003, or 0.26%, to $1.145 per pound
  • Weekly Performance: +0.39%
  • YTD Performance: +14.84%

Rice 

  • Friday Settlement: +0.005, or 0.04%, to $12.415 per pound
  • Weekly Performance: -0.96%
  • YTD Performance: +3.33%

Soybeans 

  • Friday Settlement: -0.0025, or 0.02%, to $11.035 per bushel
  • Weekly Performance: +4.42%
  • YTD Performance: +15.43%

Sugar 

  • Friday Settlement: +0.45 cents, or 3.11%, to 14.93 cents per pound
  • Weekly Performance: +3.54%
  • YTD Performance: +11.09%

Wheat 

  • Friday Settlement: -$0.075, or 1.23%, to $6.0175 per bushel
  • Weekly Performance: +0.5%
  • YTD Performance: +7.55%

Bitcoin

Despite the US government seizing more than $1 billion in bitcoin linked to the Silk Road dark web marketplace, the peer-to-peer decentralized digital currency had a monumental week. Bitcoin prices are now trading at their best levels in more than two years amid a lower buck and near-zero interest rates

  • Friday Settlement: +$450.00, or 2.95%, to $15,710.00
  • Weekly Performance: +16.50%
  • YTD Performance: +117.59%

Energy 

It was a roller coaster ride in the energy sector this week, with US crude prices experiencing enormous volatility. But that did not stop oil futures from recording a weekly gain. Still, with a resurgence in COVID-19 cases and concerns over supply and demand, it is unclear which direction the energy commodity is going over the next six months.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$1.30, or 3.3%, to $37.49 per barrel
  • Weekly Performance: +4.96%
  • YTD Performance: -38.75%

Brent Crude Oil 

  • Friday Settlement: +$0.15, or 0.38%, to $39.60 per barrel
  • Weekly Performance: +4.60%
  • YTD Performance: -40.03%

Natural Gas 

  • Friday Settlement: -$0.049, or 1.59%, to $3.035 per million British thermal units (btu)
  • Weekly Performance: -13.29%
  • YTD Performance: -39.03%

Gasoline 

  • Friday Settlement: -$0.0265, or 2.37%, to $1.0894 per gallon
  • Weekly Performance: +5.58%
  • YTD Performance: -35.82%

Heating Oil 

  • Friday Settlement: -$0.021, or 1.80%, to $1.1486 per gallon
  • Weekly Performance: +5.98%
  • YTD Performance: -43.31%

Metals 

Now that it is more than likely that former Vice President Joe Biden will win the 2020 election, is this the beginning of another rally in gold and silver prices? The substantial jump in metal prices suggested that investors think a Biden administration will result in more spending, leading to a significant increase in inflation. A plunging US dollar has also been one of the main contributors to the asset class’ rally this week.

Gold 

  • Friday Settlement: +$4.70, or 0.24%, to $1,951.50 per ounce
  • Weekly Performance: +3.87%
  • YTD Performance: +28.39%

Silver 

  • Friday Settlement: +$0.514, or 2.04%, to $25.705 per ounce
  • Weekly Performance: +8.39%
  • YTD Performance: +43.60%

Copper 

  • Friday Settlement: +$0.0395, or 1.27%, to $3.1495 per pound
  • Weekly Performance: +3.25%
  • YTD Performance: +12.54%

Palladium 

  • Friday Settlement: +$110.40, or 4.63%, to $2,494.00 per ounce
  • Weekly Performance: +12.56%
  • YTD Performance: +30.41%

Platinum 

  • Friday Settlement: -$2.90, or 0.32%, to $897.00 per ounce
  • Weekly Performance: +5.90%
  • YTD Performance: -7.70%

Steel 

  • Friday Settlement: +$14.00, or 1.95%, to $732.00 per metric ton
  • Weekly Performance: +5.63%
  • YTD Performance: +24.28%

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

Leave a Reply

required
required  

Navigation

Menu