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Recap Of The Week For September 22, 2017

Recap of the week for September 22, 2017

September 22, 2017

Highlights:

  • The Fed speaks and it is uncharacteristically hawkish on rates and plans for quantitative tightening
  • Industrial metals and minerals continue to correct lower
  • Precious metals dislike higher rates more than they like a lower dollar
  • Gold down 1.81% on the week
  • Silver falls 3.51% for the week
  • Platinum down 3.84% and below the $935 level
  • Palladium down just 0.10% since last report and remains the strongest precious metal
  • Copper almost unchanged up just 0.05% on the week but it continues to make lower lows
  • Iron ore falling like a stone, losses another 9.28% for the week
  • The Baltic Index bucks the trend in industrials moving 8.01% higher on the week- possibly on higher insurance rates because of tension in the Korean Peninsula
  • Lumber up 3.67% this week as demand during storms increases demand for wood
  • WTI crude oil up 1.56% on the week and settles over $50 per barrel level on November futures contract
  • Brent climbs 2.30% as Brent premium over WTI makes a higher high at $6.27 and closes the week at a $6.14 premium to WTI in November up $1.04 on the week
  • Gasoline up 0.44% on inventory withdrawals, and heating oil gains 1.00% on the week
  • Crack spreads move in seasonal form as the gasoline crack rises only 0.17% and heating oil crack gains 2.11% on the week
  • Natural gas fails above $3 and moves 2.87% lower as inventories build by 97 bcf for the week ending on September 15
  • Ethanol down just 0.07%
  • Grains hold despite the bearish WASDE in September as the market runs out of selling, for now
  • Soybeans up 1.60% on the week
  • Corn down just 0.35%on the week
  • CBOT wheat up just 0.11% for the week
  • Sugar falls 3.24% this week
  • Coffee loses 4.92% higher on the week
  • Cocoa down just 1.29% on the week
  • Cotton falls 0.88% as it drifts towards support
  • FCOJ down 1.90% for the week
  • Live cattle rallied 3.55%¬†on the week
  • Feeder cattle recover 3.62% on the week
  • Hogs continue to fall down 8.65% since last week
  • The dollar index rises only 0.34% after hawkish Fed statement which underpins weakness in the dollar
  • December long-Bonds move lower and close at 154-12 down 0-21 on the week as FOMC starts balance sheet normalization and projects four rate hikes by the end of 2018
  • The German election this weekend could provide support for the euro currency against the dollar
  • Dow Jones Industrial Average trading around 22,350 at the close on Friday, September 22, up 82 points on the week as stocks shrug off a hawkish Fed and geopolitical concerns

Price Changes for the week:

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