• Palladium zooms, platinum follows, but gold and silver are stable
  • Energy commodities decline- Natural gas probes under $2 per MMBtu during the heart of the winter season
  • Wheat continues to post gains, corn higher but beans lower since last week
  • Stocks move higher on trade deals as the market ignores the impeachment trial in the US
  • Bitcoin and cryptocurrencies rebound sharply- The dollar index edges higher

I was traveling during the week. I will return with a story of the week on Friday, January 24.

Highlights in commodities:


  • February gold rises 0.01% and settled at $1560.30 per ounce, up only 20 cents from last week
  • March silver declines 0.18% on the week as the volatile precious metal settled at $18.073 per ounce on January 17
  • Platinum posts a 3.94% gain on the week. April platinum was at a $535.50 per ounce discount to February gold futures, which narrowed since last week
  • March palladium exploded 7.33% higher for the week and settled at $2224.90 per ounce after trading to a new record peak of just under $2300
  • March copper moved 1.14% higher as the red metal made a higher high at $2.8860 per pound last week
  • February iron ore futures moved 2.74% higher on the week
  • The BDI fell 1.17% since January 10 to the 763 level
  • February Rotterdam coal declined by 8.07% since last week
  • March lumber moved 3.32% higher since January 10 as the price was at the $430 per 1,000 board feet level
  • February NYMEX crude oil moved 0.85% lower since January 10
  • March Brent crude oil fell 0.15% since the previous report as Brent outperformed NYMEX crude oil on the back of tensions in the Middle East
  • The premium for Brent over WTI in March closes Friday at the $6.27 level up 31 cents since last week
  • February gasoline moved 1.14% lower while February heating oil futures fell 3.59% over the past week
  • The gasoline crack spread in February was 2.16% lower while the February heating oil crack moved 11.86% lower since January 10
  • Natural gas fell 9.04% on February futures closing the week at $2.003 per MMBtu after probing below the $2 level for the first time since 2016. The EIA reported a withdrawal of 109 bcf from storage on Thursday for the week ending on January 10
  • February ethanol was unchanged on the week
  • March soybeans fell 1.72% since last week
  • March corn moved 0.91% higher on the week
  • CBOT March wheat rose 1.06% since last week. March KCBT wheat trading at a 76.25 cents discount under March CBOT wheat up 6.50 cents since January 10. The discount moved away from the historical norm since last week
  • March sugar rose 2.70% since January 10 after moving to a new high at 14.58 cents per pound
  • March coffee continued to correct and fell 5.72% since last week
  • March cocoa rose 8.03% since January 10 and traded at over $2800 per ton for the first time since May 2018
  • March cotton moved 0.08% lower since last week as the fiber futures were at the 71.25 cents per pound level
  • March FCOJ futures fell 2.11% since the previous report to just over 95 cents per pound level
  • February live cattle fell 0.84% since last week
  • March feeder cattle were 1.66% lower since January 10
  • February lean hog futures rose 0.63% over the past week
  • The March dollar index futures contract rose 0.29% on the week
  • March Long-Bond futures trading at 157-17 down 0-06 for the week
  • The Dow Jones Industrial Average closes at 29,348 on Friday, January 17, up 524 points from January 10. The S&P 500 rose 1.97% since last week. The VIX was trading at around 12.10 on Friday down 0.46 on the week on the back of the signing of the “phase one” trade deal with China and passage of the USMAC deal between the US, Canada, and Mexico
  • Bitcoin was trading at $8,951.05 on Friday up $871.82 or 10.79% since January 10
  • Ethereum was trading at $176.60 on Friday, up 23.51% since the last report


Price Changes for the week:

DBC closes at $15.77 per share, down 10 cents since January 10

 Source: Barchart


DBC is the Invesco DB Commodity Tracking product which represents a diversified basket of commodities futures contracts, has net assets of $1.43 billion and trades an average daily volume of 1,163,657 shares. The fund summary for DBC states that it holds a diversified group of commodities futures but is weighted towards energy. The average volume rose over the past week, while the price of the ETF was posted a loss.

Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal.  This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.