Recap of the week for November 10, 2017
November 10, 2017
Highlights:
- Tensions rise in the Middle East
- Tax reform runs into problems in Congress and stocks move lower
- Gold up 0.48% on the week
- Silver posts a marginal gain of 0.36% for the week
- Platinum rebounds 0.96% and leads the precious metals sector- every dog has its week
- Palladium down 0.41% since last report after posting a higher high at $1023.25 on November 9
- Copper drops 1.33% on the week
- Iron ore continues to recover moving 4.09% for the week
- The Baltic Index down 1.00% on the week
- Lumber continues to rise 4.55% for the week
- December NYMEX crude oil moves 1.98% higher on the week on positive fundamentals and Middle East issues
- Brent 2.48% higher on the week the Brent premium in January closes the week at a $6.53 premium to January WTI
- Gasoline rises 2.04%, and heating oil moved 2.83% higher on the week on December futures contracts as demand supports prices
- Crack spreads continue to support crude oil and display strong demand- the gasoline crack was up 2.83% and heating oil crack moved 4.90% higher on the week reflecting seasonal trends
- Natural gas explodes 7.81% higher on the week as the injection season is coming to an end and inventories build by 15 bcf for the week ending on November 3
- Ethanol down just 0.21% on the week on weak corn price action
- November WASDE confirm bearish tone for most agricultural commodities
- Soybeans move just 0.03% higher for the week
- Corn down 1.36% on the week
- CBOT wheat up 1.35% on the week as WASDE says stocks marginally lower
- Sugar moves 4.03% higher on the week to the top end of its trading range on higher crude oil prices
- Coffee rebounds 2.90% on the week
- Cocoa up 7.86% on the week as it rallies above the $2200 mark and posted a new medium-term high breaking the pattern of lower highs
- Cotton up 0.48% on the week but WASDE is friendly for the fiber
- FCOJ up 3.83% for the week on seasonal influences
- Live cattle turn south and drop 5.28% on the week
- Feeder cattle post a 2.69% loss on the week
- Hogs follow cattle and fall 4.03% this week as a bullish October turns into a bearish November
- The dollar index retreated 0.61% but makes a new marginal short-term high at 95.07 on the December futures contract on November 7 before turning lower
- December long-Bonds retreat and close at around 152-09 down 1-20 on the week on prospects for interest rate hikes
- The Dow Jones Industrial Average closes at 23,422 on Friday, November 10, down 117 points on the week as tax reform falters
Price Changes for the week:
Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities
