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Commodities Week in Review: October 5 to October 9

October 10, 2020 at 3:32 by Andrew Moran

Commodities Week in Review: October 5 to October 9 

Agriculture 

Most of the agricultural commodities enjoyed a stellar week, driven mainly because of a weaker US dollar. The fundamentals were also sound for a lot of agriculture, with foreign demand strengthening for many of the major crops, including soybeans and corn. Since the greenback is headed back on a downward trend, could prices finish the year with a tremendous rally?

Cocoa 

  • Friday Settlement: +$10.00, or 0.41%, to $2,442.00 per metric ton 
  • Weekly Performance: -2.2% 
  • YTD Performance: -3.78% 

Coffee 

  • Friday Settlement: -$0.004, or 0.36%, to $1.1115 per pound 
  • Weekly Performance: +4.37% 
  • YTD Performance: -13.94% 

Corn 

  • Friday Settlement: +$0.075, or 1.94%, to $3.945 per pound 
  • Weekly Performance: +3.20% 
  • YTD Performance: +1.87% 

Orange Juice 

  • Friday Settlement: +$0.002, or 0.17%, to $1.154 per pound 
  • Weekly Performance: +1.32% 
  • YTD Performance: +15.75% 

Rice 

  • Friday Settlement: -$0.205, or 1.62%, to $12.45 per pound 
  • Weekly Performance: -0.56% 
  • YTD Performance: +3.62% 

Soybeans 

  • Friday Settlement: +$0.155, or 1.48%, to $10.655 per bushel 
  • Weekly Performance: +4.03% 
  • YTD Performance: +11.45% 

Sugar 

  • Friday Settlement: +0.05 cents, or 0.35%, to 14.22 cents per pound 
  • Weekly Performance: +4.64% 
  • YTD Performance: +5.80% 

Wheat  

  • Friday Settlement: -$0.03, or 0.5%, to $5.9295 per bushel 
  • Weekly Performance: +3.95% 
  • YTD Performance: +5.85% 

Bitcoin 

The peer-to-peer decentralized virtual currency bitcoin enjoyed a stellar week amid a slumping greenback and growing confidence in the broader financial market. With a greater risk sentiment among investors, traders poured into the cryptocurrency, climbing above $11,000 for the first time in nearly a month.

  • Friday Settlement: +$140.00, or 1.28%, to $11,095.00 per coin 
  • Weekly Performance: +4.28% 
  • YTD Performance: +53.67% 

Energy 

Domestic inventories, short-term forecasts, Hurricane Delta, the Baker Hughes oil rig count, and fiscal stimulus — there was a lot going on this past week that made trading oil and gas a bit difficult. Still, the energy sector came out ahead to finish the trading week. Will energy commodities maintain the pattern of rising in the aftermath of a hurricane?

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$0.67, or 1.63%, to $40.52 per barrel 
  • Weekly Performance: +5.03% 
  • YTD Performance: -33.80% 

Brent Crude Oil 

  • Friday Settlement: -$0.03, or 0.07%, to $42.82 per barrel 
  • Weekly Performance: +5.18% 
  • YTD Performance: -35.15% 

Natural Gas 

  • Friday Settlement: +$0.136, or 5.18%, to $2.763 per million British thermal units (btu) 
  • Weekly Performance: +11.32% 
  • YTD Performance: +26.57% 

Gasoline 

  • Friday Settlement: -$0.026, or 2.11%, to $1.2056 per gallon  
  • Weekly Performance: +4.95% 
  • YTD Performance: -28.97% 

Heating Oil 

  • Friday Settlement: -$0.0006, or 0.05%, to $1.1917 per gallon 
  • Weekly Performance: +6.39% 
  • YTD Performance: -41.18% 

Metals 

The metals market had an impressive Friday trading session, which helped gold and silver prices record a weekly gain. With stimulus optimism rising and the greenback slumping once again, the metal commodities witnessed a resurgence to close out the trading week. Can metal asset class maintain that momentum next week?

Gold 

  • Friday Settlement: +$41.20, or 2.17%, to $1,936.30 per ounce 
  • Weekly Performance: +1.29% 
  • YTD Performance: +27.39% 

Silver 

  • Friday Settlement: +$1.424, or 5.96%, to $25.30 per ounce 
  • Weekly Performance: +5.77% 
  • YTD Performance: +41.34% 

Copper 

  • Friday Settlement: +$0.042, or 1.38%, to $3.084 per pound 
  • Weekly Performance: +7.18% 
  • YTD Performance: +10.2% 

Palladium 

  • Friday Settlement: +$55.70, or 2.32%, to $2,458.70 per ounce 
  • Weekly Performance: +5.37% 
  • YTD Performance: +28.57% 

Platinum 

  • Friday Settlement: +$33.20, or 3.84%, to $897.20 per ounce 
  • Weekly Performance: -1.13% 
  • YTD Performance: -7.68% 

Steel

  • Friday Settlement: +$3.00, or 0.48%, to $633.00 per metric ton
  • Weekly Performance: +1.28%
  • YTD Performance: +7.47%

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

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