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Recap Of The Week For October 6, 2017

Recap of the week for October 6, 2017

October 6, 2017

Highlights:

  • The worst jobs report since September 2010 with a loss of 33,000 jobs because of Hurricanes Harvey and Irma
  • Gold down just 0.24% on the week
  • Silver rises 1.05% for the week after making a new low on Friday putting in a bullish key reversal trading pattern on the daily chart
  • Platinum up just 0.26% and still at a discount to palladium
  • Palladium falls 1.55% since last report
  • Copper up 2.39% on the week and moved back over the $3 per pound level
  • Iron ore bounces 2.48% higher for the week
  • The Baltic Index falls just 0.65% on the week, but recovers from lower level
  • Lumber posts a 2.46% gain this week as it approaches critical resistance at $418 on the November futures contract
  • WTI crude oil corrects 4.61% on the week and closes below $50 per barrel
  • Brent moves 3.05% lower and Brent premium closes the week at a $5.92 premium to WTI in December
  • Gasoline down 1.90% on inventory builds, and heating oil down 3.39% on inventory declines
  • Crack spreads move in opposite directions; the gasoline crack rebounds 7.38% and heating oil crack declines 1.60% on the week
  • Natural gas falls 5.04% on the week and through the bottom end of the trading range after inventories build by 42 bcf for the week ending on September 29
  • Ethanol down 4.44%
  • Grains mixed as market awaits October 12 WASDE
  • Soybeans up 0.41% for the week
  • Corn down 1.48%on the week
  • CBOT wheat moves 1.06% lower for the week
  • Sugar falls just 0.85% this week
  • Coffee bounces 1.52% on the week on a bullish key reversal trading pattern on the daily chart on Thursday, October 6.
  • Cocoa moves another 2.06% higher on the week
  • Cotton moves 0.57% higher in listless trading
  • FCOJ up 5.93% for the week
  • Live cattle rebound 1.45% on the week
  • Feeder cattle post a 1.14% gain on the week
  • Hogs add to last week’s gains moving another 1.63% higher this week
  • The dollar index rebounds 0.84% and moves above technical resistance at 93.84 on the December dollar index futures contract to a high of 94.1 on Friday before moving lower after the jobs reports
  • December long-Bonds move lower and close at around 152-06 down 0-14 on the week
  • Stocks move to new record highs on all indices last week with the Dow Jones Industrial Average trading around 22,549 at the close on Friday, October 6, up 144 points on the week

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