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Recap Of The Week For August 11, 2017

Recap of the week for August 11, 2017

August 11, 2017

Recap of the week for August 11, 2017

Highlights:

  • Markets turn focus on North Korea
  • A bullish week for precious metals as fear and uncertainty leads to a flight to quality
  • Gold up 2.43% on the week and closing in on the 2017 highs
  • Silver rebounds 5.29% and closes over $17 per ounce
  • Platinum up 1.75 % as it approaches $1000
  • Palladium up 1.71% and closes near the $900 level
  • Copper up 0.69%
  • Iron ore corrects 1.93% lower for the week
  • The Baltic Index continues to post gains moving 6.74% higher as China buys raw materials
  • Lumber down 2.25% on the week bucking the trend in industrial commodities
  • WTI crude oil falls 1.53% on September futures
  • Brent down 0.61% as Brent premium over WTI moves to the highest level since 2015
  • Gasoline moves 2.02% lower and heating oil loses 0.85% on the week as inventories rise in gasoline and fall in distillates
  • Crack spreads mixed – gasoline crack down 3.68% and heating oil crack gains 1.69% on the week
  • Natural gas finds a bottom and rallies 7.53% on the week on improving fundamentals
  • Ethanol falls only 0.06% for the week
  • WASDE bearish for grains which head lower in post-report trading
  • Soybeans down 1.23% on the week
  • Corn falls 1.64%
  • CBOT wheat down another 3.41% for the week
  • Soft commodities all move to the downside sans coffee
  • Sugar plunges another 6.65% this week
  • Coffee up 0.11% on the week
  • Cocoa moved 0.20% lower on the week
  • Cotton falls after WASDE projects biggest crop in 11 years and winds up down 3.36% for the week
  • FCOJ down 0.59% on the week
  • Live cattle fall 5.87% on the week and decline through technical support
  • Feeder cattle down 5.70%
  • Hogs rally 2.77% on the week as China could be supporting the pork market
  • The dollar index falls 0.49% not following through on last Friday’s reversal and critical support is at recent lows at 92.39 and 91.88
  • September long-Bonds move higher and close at 155-16 up 1-09 on the week but lower than the highs
  • Dow Jones Industrial Average closes on Friday, August 4, at 21,859 down 235 points on the week after selling hits equity markets on Thursday

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