Mixed situation persisted in the commodity markets on Friday of the previous week. Oil prices rallied by more than 1.5% and also pushed the benchmark S&P GSCI Index up by 0.7%. The market was pricing in comments from Russian authorities who do not rule out production cuts ahead of the meeting with OPEC in Vienna this week. Traders also tended
Almost every major commodity was sold off yesterday. Only Brent crude oil appreciated, but at the same time only by next to nothing 0.08%. Gold also stayed relatively unchanged, but on the other side of zero; the yellow metal fell 0.09%. S&P GSCI, the commodity benchmark, gave up 0.44%.
Gold continues to perform relatively well, and it seems to benefit the most from weakening Greenback, while the rest of the commodities, as represented by S&P GSCI, fail to take advantage of the current situation. The precious metal added as much as 1.31%, slightly less than silver that appreciated by more than 1.3%. Meanwhile, the commodity benchmark edge 0.11% lower.
Overall, commodities are out of favour, as demonstrated by one more red day for S&P GSCI, which fell 0.45% yesterday. This does not apply to metals, however: while silver became 0.5% more expensive, gold appreciated 0.43%.
Yesterday gold was the second best performed after natural gas, advancing more than 0.6% within a day, while at the same time the commodity benchmark S&P GSCI plunged 2.4%.
Precious metals were in great demand on Friday. While silver appreciated 0.93%, the yellow metal gained more than 1.5%, leaving the rest of the commodities far behind. Meanwhile, corn lost the most ground, plummeting almost 2.2% within a single day.
Commodities were equally divided between gainers and losers yesterday. The major market maker was oil, which eroded all losses from the previous trading session and skyrocketed by 3.4% on Thursday. At the moment Crude is already hovering above $50 per barrel, while Brent has just surpassed the $54 mark.
Commodities showed no united trading dynamics during the market session on Wednesday. On the side of gainers, silver and natural gas added 1.1% and 0.2%, accordingly. However, all other commodities traded mainly in red, with oil leading the side of losers. Following a sharp climb in value on Tuesday, oil prices were down up to 1.5% yesterday amid a larger-than-forecasted
Commodities had one of the most bullish days in recent history on Tuesday. Only one of them failed to gain more than one full percentage point. The unconditional leader was oil, which skyrocketed by around 5% on a daily basis. Prices extended their revival due to a plunge in the total number of US rigs.
On Monday a robust increase in value was posted by all but two major commodities included in our daily review. We could observe divergence between prices of precious metals as gold was down 0.25% (worst performer), while silver surged as much as 2.6% and turned to be the major beneficiary.
Precious metals benefited the most from the weak US non-farm payrolls report. Silver skyrocketed by almost 5%, while gold was up 2.2% after data revealed there were only 142,000 new jobs created by the US economy in September. Moreover, August and July payrolls were both revised down by around 60,000 in total.
Commodities performed in a fairly bearish way in the past 24 hours of trading as only corn and silver added some positive value of 0.26% and 0.15%, correspondingly. Another precious metal, gold, was down marginally by 0.13%. On the other hand, the most volatile natural gas retreated by 3.6% yesterday, while oil prices decreased by 0.8%-1.4%, depending on the market.
Gold demand continued to weaken on Wednesday as the price tanked amid fears the Fed will eventually raise interest rates by the end of this year. The similar scenario was observed with silver prices, which slid 0.85% after gold's retreat of 1.1%. Meanwhile, oil traders were confused amid mixed reports on stockpiles and production. The fossil fuel traded sideways as
Changes in prices of commodities were quite strong on Tuesday, compared with insignificant currency fluctuations. The biggest loser of the day was natural gas, which fell 3.15% after a sharp surge in the preceding day. On the other hand, oil rallied almost 2% in the past 24 hours ahead of US inventory data on Wednesday.
Commodities were predominantly trading to the south on the first day of this week as only natural gas remained in green with a 1.5% positive change in value. Precious metals including gold and silver were down by 1.24% and 3.39%, respectively, as several members of the Fed's Federal Open Market Committee underlined that they want a Fed Funds rate increase
All commodities excluding precious metals and natural gas were trading in green last Friday. Among positive performers, corn surged by almost two full percentage points, while oil prices rebounded in the range between 0.9% and 1.8%. As a result of that, the benchmark S&P GSCI Index has also picked up by 1% before the weekend.
Risk aversion made precious metals the best performing commodities on Friday as both silver and gold climbed more than 2% on day-to-day basis. With uncertainty over global financial markets remaining in place, investors are preferring safe-haven assets including precious metals, Swiss Franc and Japanese Yen.
Commodities were divided equally in terms of the number of gainers and losers on Wednesday. On the green side, corn posted a rise of 0.7%. Alongside, both precious metals performed positively during the trading session as gold and silver were up 0.5% and 0.1%, correspondingly.
There was no unanimity observed among various commodities on Tuesday. Moreover, even different types of oil showed divergence in price changes as Brent rallied 1.15%, while Crude was down 0.3%. Precious metals traded noticeably to the downside, being that appreciating US Dollar is making safe-haven metals less attractive for investment.
Gold was the worst performer among all major commodities on Monday. It slumped by 0.44% amid strength of the US Dollar, which rallied after hawkish comments from several FOMC members. On the contrary, silver avoided losses and managed to gain 0.1% yesterday. On the positive side, oil prices rebounded 2-3% in the past 24 hours as US oil-rig count fell
Precious metals were the only commodities to rally on Friday of the last week. Gold gained 0.56% and silver traded 0.28% higher, helped by the decision of the Federal Reserve to leave interest rates unchanged for now. Moreover, additional impetus came from updated Federal Funds rate futures, which showed the first hike may take place only in early 2016.
Among researched commodities, only precious metals managed to rally yesterday. The Federal Reserve's decision to hold interest rates unchanged this time pushed silver and gold prices to the north by 1.6% and 1%, respectively. On the contrary, weaker US Dollar failed to lift off oil prices on Thursday as they dropped in the range between 1.2% and 1.7%.
Despite becoming 1.33% more expensive, gold failed to stay at the top of the list among best performers of Wednesday. Oil and silver traded in green and rallied more than 3% yesterday. Crude and Brent surged 5.2% and 4.1%, respectively, as market consensus suggests the Fed will keep rates unchanged on Thursday.
Weaker US Dollar helped to raise prices for some commodities, while others failed to gain bullish momentum on Tuesday. Among positive performers, oil climbed by 1%-1.6% yesterday as markets are sceptical about the Fed rate hike tomorrow.