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Commodities Week in Review: November 9 to November 13

Summary:
Commodities Week in Review: November 9 to November 13 Agriculture  Most of the agricultural commodities enjoyed a strong week of gains as they joined the broader market rally. Although the rally was capped by a strengthening US dollar, it did signal that agriculture could become the next big asset class heading into 2021. But that surge might depend on the greenback since the currency plays an integral role in the boom or bust of dollar-denominated crops. Cocoa  Friday Settlement: +.00, or 0.97%, to ,388 per metric ton Weekly Performance: +2.01% YTD Performance: -5.91% Coffee  Friday Settlement: -%excerpt%.005, or 0.04%, to .1215 per pound Weekly Performance: +4.57% YTD Performance: -13.16% Corn  Friday Settlement: +%excerpt%.01, or 0.24%, to .0925 per pound Weekly Performance: +0.8% YTD

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Commodities Week in Review: November 9 to November 13

Agriculture 

Most of the agricultural commodities enjoyed a strong week of gains as they joined the broader market rally. Although the rally was capped by a strengthening US dollar, it did signal that agriculture could become the next big asset class heading into 2021. But that surge might depend on the greenback since the currency plays an integral role in the boom or bust of dollar-denominated crops.

Cocoa 

  • Friday Settlement: +$23.00, or 0.97%, to $2,388 per metric ton
  • Weekly Performance: +2.01%
  • YTD Performance: -5.91%

Coffee 

  • Friday Settlement: -$0.005, or 0.04%, to $1.1215 per pound
  • Weekly Performance: +4.57%
  • YTD Performance: -13.16%

Corn 

  • Friday Settlement: +$0.01, or 0.24%, to $4.0925 per pound
  • Weekly Performance: +0.8%
  • YTD Performance: +5.68%

Orange Juice 

  • Friday Settlement: -$0.0025, or 0.2%, to $1.2235 per pound
  • Weekly Performance: +6.86%
  • YTD Performance: +22.72%

Rice 

  • Friday Settlement: +0.005, or 0.04%, to $12.05 per pound
  • Weekly Performance: -2.94%
  • YTD Performance: +0.29%

Soybeans 

  • Friday Settlement: +$0.025, or 0.22%, to $11.48 per bushel
  • Weekly Performance: +4.03%
  • YTD Performance: +20.08%

Sugar 

  • Friday Settlement: -0.02 cents, or 0.13%, to 14.90 cents per pound
  • Weekly Performance: -0.2%
  • YTD Performance: +10.86%

Wheat 

  • Friday Settlement: +$0.045, or 0.76%, to $5.9275 per bushel
  • Weekly Performance: -1.50%
  • YTD Performance: +5.94%

Bitcoin 

The consensus within the bitcoin community is that the peer-to-peer decentralized digital currency is on its way to hiting $20,000 per coin. As bitcoin prices topped $16,000 this week, there is likely to be “minimal resistance” to the cryptocurrency’s next major level. With PayPal embracing virtual currencies for US users and uncertainty over the 2020 election in the rear-viewer mirror, there are more bulls and bears in this market.

  • Friday Settlement: +$85.00, or 0.52%, to $16,325.00 per coin
  • Weekly Performance: +3.91%
  • YTD Performance: +126.11%

Energy 

It was a roller coaster ride for energy commodities this week due to news of a coronavirus vaccine and Hurricane Eta. But after US crude roared earlier in the trading week, it consolidated its gains and trended downward. However, because of its massive rally in the first half of the week, oil and natural gas recorded noteworthy weekly boosts.

West Texas Intermediate (WTI) Crude Oil

  • Friday Settlement: -$1.00, or 2.43%, to $40.12 per barrel
  • Weekly Performance: +7.02%
  • YTD Performance: -34.46%

Brent Crude Oil 

  • Friday Settlement: -$0.15, or 0.35%, to $42.63 per barrel
  • Weekly Performance: +7.65%
  • YTD Performance: -35.44%

Natural Gas 

  • Friday Settlement: +$0.006, or 0.19%, to $3.10 per million British thermal units (btu)
  • Weekly Performance: +2.14%
  • YTD Performance: +42.01%

Gasoline 

  • Friday Settlement: -$0.0333, or 2.88%, to $1.1238 per gallon
  • Weekly Performance: +3.16%
  • YTD Performance: -35.79%

Heating Oil 

  • Friday Settlement: -$0.0282, or 2.29%, to $1.2051 per gallon
  • Weekly Performance: +4.92%
  • YTD Performance: -40.52%

Metals 

Gold and silver logged another week of red ink, failing to sustain any momentum. A lot of the developments over the last several trading sessions have been bad news for the metals market, from the COVID-19 vaccine to a strengthening greenback. As volatility grips the metals, can they eventually find a concrete direction to close out 2020?

Gold 

  • Friday Settlement: +$14.90, or 0.8%, to $1,888.20 per ounce
  • Weekly Performance: -3.24%
  • YTD Performance: +24.22%

Silver 

  • Friday Settlement: +$0.454, or 1.87%, to $24.76 per ounce
  • Weekly Performance: -3.68%
  • YTD Performance: +38.32%

Copper 

  • Friday Settlement: +$0.037, or 1.18%, to $3.182 per pound
  • Weekly Performance: +1.03%
  • YTD Performance: +13.7%

Palladium 

  • Friday Settlement: -$16.70, or 0.71%, to $2,325.20 per ounce
  • Weekly Performance: -6.77%
  • YTD Performance: +21.59%

Platinum 

  • Friday Settlement: +$10.00, or 1.13%, to $894.00 per ounce
  • Weekly Performance: -0.33%
  • YTD Performance: -8.01%

Steel 

  • Friday Settlement: +$6.00, or 0.8%, to $756.00 per ounce
  • Weekly Performance: +3.28%
  • YTD Performance: +28.35%

If you have any questions and comments on commodities today, use the form below to reply.


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Andrew Moran
I am a full-time professional writer. Prior to my self-employment, I worked as a reporter for Digital Journal covering the politics beat and The Toronto Times reporting on the city’s entertainment scene. I currently write mostly about business, marketing and finance

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