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Commodities Recap For The Week Of February 9, 2018

Commodities Recap For The Week Of February 9, 2018

February 9, 2018


Highlights: Commodities Recap For The Week Of February 9, 2018


  • A wild and volatile week in markets
  • Stocks up and down like a yo-yo
  • Risk-off action in many markets
  • WASDE hints of the impact of demand on prices
  • More volatility ahead
  • Gold down 1.28% on the week
  • Silver falls 1.54% on the week and makes a lower low
  • Platinum down 2.78% for the week
  • Palladium declines 6.67%
  • Copper posts a 4.13% loss on the week
  • Iron ore up 2.06% on the week
  • The Baltic Dry Index falls 0.72% on the week
  • Lumber moves just 0.14% lower for the week after trading to just $3.40 below record high on Thursday
  • March NYMEX crude oil falls 9.55% on the week and settles below the $60 level on March futures for the first time in 2018
  • April Brent crude oil closes 8.44% lower on the week
  • The Brent premium over WTI in April futures closes at a $3.70 down $0.26 since last week’s report
  • Gasoline moves 9.18% lower, and heating oil falls 9.66% as products decline with crude
  • The gasoline crack spread falls 7.70% while the heating oil crack moves 10.16% lower on the week
  • Natural gas falls 9.21% on the week. Inventories fall by 119 bcf for the week ending on February 2
  • Ethanol down 2.77% on the week following energy
  • Soybeans move 0.43% higher as the oilseed rallies before the USDA report on the week and hold some gains after WASDE
  • Corn moves just 0.14% higher for the week post Thursday’s USDA report which indicates lower productions, greater consumption, and lower stocks compared to the previous month
  • CBOT wheat moves 0.50% higher on the week, and March KCBT wheat trading at a 16.5 cents premium over CBOT wheat down 3.5 cents since last Friday
  • Sugar gains just 0.29% on the week after the sweet commodity fails and makes a double top at 14.04 cents per pound
  • Coffee moves 1.20% higher on the week
  • Cocoa moves 1.36% lower on the week and closes above the $2000 per ton level after probing below
  • Cotton declines 0.80% on the week
  • FCOJ up just 0.41% on the week
  • Live cattle finish 1.98% lower on the week
  • Feeder cattle down 3.13% since last week
  • Hogs move 6.39% lower since last Friday
  • The dollar index bounces 1.46% on the March futures contract
  • March long-Bonds trading at around 143-27 down 0-24 on the week with support now at 142-31, the March 2015 low
  • The Dow Jones Industrial Average closes at 24,191 on Friday, February 9, down 1,330 points on the week, with volatility throughout the week
  • Bitcoin trading at around the $8,877.24 level up $102.24 or 1.17% on the week
  • Ethereum moves to $900.99 down 1.12 % for the week

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