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Commodities Week in Review: November 30 to December 4

December 5, 2020 at 4:42 by Andrew Moran

Commodities Week in Review: November 30 to December 4 

Agriculture 

Despite the US dollar posting another weekly loss of about 1%, many agricultural commodities slumped during the trading week. Market analysts say that this is usually the time of the year when institutional investors and funds engage in end-of-year selloff. The financial markets took advantage of the stellar 2020 performance for a lot of crops and took profits before the year came to a close.

Cocoa 

  • Friday Settlement: +$3.00, or 0.11%, to $2,657 per metric ton 
  • Weekly Performance: -3.24%
  • YTD Performance: +4.69%

Coffee 

  • Friday Settlement: -$0.0055, or 0.47%, to $1.17 per pound
  • Weekly Performance: -5.84%
  • YTD Performance: -9.41%

Corn 

  • Friday Settlement: -$0.625, or 1.47%, to $4.2025 per pound
  • Weekly Performance: -3.45%
  • YTD Performance: +8.52%

Cotton 

  • Friday Settlement: +0.44 cents, or 0.62%, to 71.55 cents per pound
  • Weekly Performance: -2.45%
  • YTD Performance: +3.77%

Orange Juice 

  • Friday Settlement: -$0.001, or 0.08%, to $1.2385 per pound
  • Weekly Performance: -3.84%
  • YTD Performance: +24.22%

Rice 

  • Friday Settlement: -$0.0095, or 0.77%, to $12.23 per pound
  • Weekly Performance: -3.62%
  • YTD Performance: +1.79%

Soybeans 

  • Friday Settlement: -$0.0675, or 0.58%, to $11.615 per bushel
  • Weekly Performance: -2.66%
  • YTD Performance: +21.5%

Sugar 

  • Friday Settlement: -0.24 cents, or 1.63%, to 14.47 cents per pound
  • Weekly Performance: -2.36%
  • YTD Performance: +7.66%

Wheat 

  • Friday Settlement: -$0.0775, or 1.33%, to $5.7675 per bushel
  • Weekly Performance: -4.98%
  • YTD Performance: +3.08%

Bitcoin 

The peer-to-peer decentralized digital currency bitcoin touched a record high this week before paring some of its gains. Bitcoin prices have been driven by institutional demand as many managers diversify their portfolios with large stages in the cryptocurrency. Forecasts are now calling for $40,000 sometime in 2021 amid large-scale monetary easing and a supply reduction.

  • Friday Settlement: -$650.00, or 3.32%, to $18,915.00 per coin
  • Weekly Performance: +13.77%
  • YTD Performance: +161.98%

Energy 

It was a mixed week for the energy sector, with crude oil enjoying tepd gains and natural gas extending its correction. Oil found support in the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, agreeing to reduce its curbs to output levels. Effective January, OPEC nations would be permitted to produce 7.7 million barrels (bpd), up from the current 7.2 million bpd. This is critical because in Aprio, OPEC members established an agreement that would raise production to 7.7 million bpd.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: +$0.45, or 0.99%, to $46.09 per barrel
  • Weekly Performance: +1.25%
  • YTD Performance: -24.7%

Brent Crude Oil 

  • Friday Settlement: -$0.22, or 0.45%, to $49.03 per barrel
  • Weekly Performance: +1.51%
  • YTD Performance: -25.75%

Natural Gas 

  • Friday Settlement: +$0.046, or 1.83%, to $2.553 per million British thermal units (btu)
  • Weekly Performance: -10.45%
  • YTD Performance: +16.95%

Gasoline 

  • Friday Settlement: +0.0002, or 0.02%, to $1.2619 per gallon
  • Weekly Performance: -0.06%
  • YTD Performance: -25.65%

Heating Oil 

  • Friday Settlement: +$0.0058, or 0.42%, to $1.3991 per gallon
  • Weekly Performance: +1.19%
  • YTD Performance: -30.94%

Metals 

The precious metal class has been on a downward trend since Pfizer, Moderna, and AstraZeneca announced three coronavirus vaccines. But with renewed US fiscal stimulus and relief optimism, investors are heading back into gold and silver as an inflation hedge. The metals market is looking to build back some of the momentum it lost in November amid a cratering greenback.

Gold 

  • Friday Settlement: +$0.90, or 0.05%, to $1,842.00 per ounce
  • Weekly Performance: +2.86%
  • YTD Performance: +21.18%

Silver 

  • Friday Settlement: +$0.183, or 0.76%, to $24.32 per ounce
  • Weekly Performance: +6.78%
  • YTD Performance: +35.87%

Copper 

  • Friday Settlement: +$0.0385, or 1.11%, to $3.529 per pound
  • Weekly Performance: +3.13%
  • YTD Performance: +26.1%

Palladium 

  • Friday Settlement: +$33.70, or 1.45%, to $2,351.60 per ounce
  • Weekly Performance: -3.65%
  • YTD Performance: +22.97%

Platinum 

  • Friday Settlement: +$31.60, or 3.04%, to $1,070.20 per ounce
  • Weekly Performance: +10.24%
  • YTD Performance: +10.13%

Steel 

  • Friday Settlement: +$8.00, or 0.99%, to $820.0 per ton
  • Weekly Performance: +2.76%
  • YTD Performance: +39.22%

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

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