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Recap Of The Week For December 1, 2017

Recap of the week for December 1, 2017

December 1, 2017

Highlights:

  • OPEC extends production cuts to the end of 2018
  • Tax reform moves closer to reality and stocks explode then tank on Flynn’s guilty plea, then recover when the Senate says three are enough votes for the reform
  • Gold down 0.73% despite a lower dollar
  • Silver moves 3.77% lower and tests technical support
  • Platinum down 0.42% for the week
  • Palladium gains 2.34% since the last report
  • Copper corrects 3.19% lower on the week, but LME stocks continue to fall
  • Iron ore turns rallies another 4.46% for the week
  • The Baltic Index posts a 9.20% gain on the week
  • Lumber may have found a bottom as it moves 3.57% higher for the week
  • January NYMEX crude oil settles 1.00% lower on the week in the wake of the OPEC meeting
  • Brent rolls to February and closes 0.41% higher on the week and the Brent premium in February closes at a $5.31 premium to February WTI higher on the week
  • Gasoline moves 2.19% lower, and heating oil moves just 0.73% lower on the week on January futures contracts
  • Crack spreads mixed as the gasoline crack was down 6.97% and heating oil crack moves 0.13% higher on the week
  • Natural gas recovers and moves 4.72% higher on the week. Inventories fell by 33 bcf for the week ending on November 24
  • Ethanol down 0.94% on the week on weak gasoline
  • Soybeans move 0.10% higher for the week
  • Corn rolls to March and was up 1.20% on the week
  • CBOT wheat rolls to March and gained 1.21% on the week
  • Sugar corrects 3.04% lower on the week
  • Coffee moves 1.57% higher on the week
  • Cocoa down 3.13% on the week as it continues to back and fill and falls towards technical support
  • Cotton up 1.88% on the week and settles above 73 cents per pound on the March futures contract
  • FCOJ down 1.93% for the week on seasonal influences
  • Live cattle drop 2.09% on the week
  • Feeder cattle down 1.94% since last week
  • Hogs go the other way and post a 1.91% gain as of Friday’s close
  • The dollar index posts a marginal gain of 0.14% but closes below the 93 level on the December futures contract
  • March long-Bonds close at around 153-05 down 0-01 on the week after volatility on Friday
  • The Dow Jones Industrial Average closes at 24,232 on Friday, December 1, up 674 points on the week trading above 24,000 for the first time, but big volatility after Friday’s Flynn guilty plea and tax reform comes closer
  • Bitcoin trades to a high of over $11,150 on the week and closes at the $10700 level

 

Price Changes for the week:

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