Commodities Week in Review: November 16 to November 20

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Andrew Moran
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Commodities Week in Review: November 16 to November 20

Agriculture 

It was another week of gains for the agriculture sector, driven by a weakening US dollar and strengthening demand. With coronavirus restrictions and lockdowns going into effect in North America and Europe, it is widely anticipated that there will be strong demand for plenty of agricultural commodities. While panic buying has yet to show up, the market is expecting higher-than-average consumption.

Cocoa 

• Friday Settlement: +$20.00, or 0.74%, to $2,732.00 per metric ton
• Weekly Performance: +14.41%
• YTD Performance: +7.64%

Coffee 

• Friday Settlement: -$0.0035, or 0.3%, to $1.177 per pound
• Weekly Performance: +4.95%
• YTD Performance: -8.87%

Corn 

• Friday Settlement: +$0.0075, or 0.18%, to $4.28 per pound
• Weekly Performance: +4.58%
• YTD Performance:  +10.52%

Cotton 

• Friday Settlement: +1.32 cents, or 1.84%, to 72.99 cents per pound
• Weekly Performance: +3.8%
• YTD Performance: +5.86%

Orange Juice 

• Friday Settlement: +$0.0015, or 0.12%, to $1.2785 per pound
• Weekly Performance: +4.5%
• YTD Performance: +28.23%

Rice 

• Friday Settlement: +$0.015, or 0.12%, to $12.455 per pound
• Weekly Performance: +0.65%
• YTD Performance: +3.66%

Soybeans 

• Friday Settlement: +$0.0425, or 0.36%, to $11.8175 per bushel
• Weekly Performance: +2.94%
• YTD Performance: +23.61%

Sugar 

• Friday Settlement: -$0.03 cents, or 0.2%, to 15.25 cents per pound
• Weekly Performance: +2.35%
• YTD Performance: +13.47%

Wheat 

• Friday Settlement: +$0.005, or 0.08%, to $5.9925 per bushel
• Weekly Performance: +1.1%
• YTD Performance: +7.1%

Bitcoin 

It took a few years, but the peer-to-peer decentralized virtual currency bitcoin has hurled toward a record high. Investors will now speculate if the digital currency can continue to repeatedly test fresh highs, or if there will be a correction in the bitcoin market. Either way, bitcoin prices should be routinely in the headlines over the next little while.

• Friday Settlement: +$515.00, or 2.85%, to $18,610.00 per coin
• Weekly Performance: +14.00%
• YTD Performance: +157.76%

Energy 

Energy commodities have been in a state of volatility in recent months as investors are unsure how to trade oil and gas. With the hurricane season coming to an end, all the focus is on foreign demand and the upcoming Organization of the Petroleum Exporting Countries (OPEC) meeting. Industry forecasts point out that consumption is expected to be lower than average until the second half of 2021, but will supply levels match market conditions. Libya has been ramping up production, and the number of crude oil rigs in the US has remained above 200 for five consecutive weeks.

West Texas Intermediate (WTI) Crude Oil 

• Friday Settlement: +$0.57, or 1.36%, to $42.47 per barrel
• Weekly Performance: +5.86%
• YTD Performance: -30.62%

Brent Crude Oil 

• Friday Settlement: +$0.28, or 0.62%, to $45.24 per barrel
• Weekly Performance: +6.12%
• YTD Performance: -31.49%

Natural Gas 

• Friday Settlement: +$0.062, or 2.28%, to $2.782 per million British thermal units (btu)
• Weekly Performance: -10.26%
• YTD Performance: +27.44%

Gasoline 

• Friday Settlement: +$0.0173, or 1.49%, to $1.1798 per gallon
• Weekly Performance: +4.98%
• YTD Performance: -30.49%

Heating Oil 

• Friday Settlement: +$0.015, or 1.17%, to $1.2916 per gallon
• Weekly Performance: +7.18%
• YTD Performance: -36.25%

Metals 

Is the rally in gold and silver finished? Bullion buying has subsided since the announcement of the two coronavirus vaccines from Pfizer and Moderna, with approximately $4 billion leaving gold markets this month. The industrial metals, however, have been able to maintain their upward trajectory as they are essential to stimulate the economy. But the metal assets would continue to find support on inflation fears and the length of time it would take to distribute the COVID-19 inoculations.

Gold 

• Friday Settlement: +$8.10, or 0.44%, to $1,689.60 per ounce
• Weekly Performance: -0.99%
• YTD Performance: +23.00%

Silver 

• Friday Settlement: +$0.177, or 0.74%, to $24.225 per ounce
• Weekly Performance: -2.16%
• YTD Performance: +35.34%

Copper 

• Friday Settlement: +$0.091, or 2.84%, to $3.293 per pound
• Weekly Performance: +3.49%
• YTD Performance: +17.67%

Palladium 

• Friday Settlement: +$5.20, or 0.22%, to $2,325.00 per ounce
• Weekly Performance: -0.01%
• YTD Performance: +21.57%

Platinum 

• Friday Settlement: +$1.00, or 0.11%, to $952.50 per ounce
• Weekly Performance: +6.54%
• YTD Performance: -1.99%

Steel 

• Friday Settlement: +$5.00, or 0.65%, to $770.00 per ton
• Weekly Performance: +1.85%
• YTD Performance: +30.73%

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