The headline S&P GSCI fell 3.6% in September on the back of growing concern regarding the prolonged economic impact of a second wave of the COVID-19 pandemic. Across sectors, both industrial metals and energy contracted, while the agriculture and livestock sectors benefited from cursory signs of the return of demand from China. The S&P GSCI…
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Most constituents of the S&P GSCI posted positive performance in August. The headline S&P GSCI rose 4.59% on the back of increased inflation expectations and bullish market sentiment brought on by the S&P 500® reaching new highs. The performance attribution across sectors was evenly distributed. Inflation hedging may have been one of the key drivers…
COVID-19 continued to wreak havoc across commodities markets in April. The S&P GSCI fell 9.67% in April and 47.92% YTD. Economic data continued to weaken into uncharted territory. Supply chains crucial to the flow of commodities from extraction to consumption experienced a sudden shut off and demand collapsed. Energy and agriculture underperformed, while metals offered…
It is difficult to accurately express the magnitude of the health, societal, and economic costs of the COVID-19 pandemic. Through the lens of the commodities markets, the economic impact has been swift and severe. The broad-based S&P GSCI ended March down an extraordinary 29.4%, the largest monthly drop in performance in the index’s nearly 29-year…
In our blog post from December 2019,[1] we highlighted the disparity seen last year between different sectors of the commodity futures and commodity equities markets. The second thing to watch highlighted the substantial 25% performance difference in 2019 between the S&P GSCI Energy and the S&P GSCI Equity Commodity Energy Index. However, so far in…
The S&P GSCI ended 2019 up 17.6%. This was the S&P GSCI’s 10th-strongest performance since 1990 and its best annual return since the heights of the so-called commodity super cycle in 2007. Across the commodity markets, gains were driven by the petroleum complex and precious metals, while agriculture and livestock detracted from headline performance. Petroleum…
In this blog post, we present five eclectic thoughts for commodity investors to ponder as we look forward to the New Year and the start of a new decade. S&P 500® versus S&P GSCI Similar to the 1990s, the last decade saw equities radically outperform commodities. Prior to that, the 2000s were more volatile, with…
The broad commodities were tepid in November. The S&P GSCI was flat for the month and up 9.9% YTD. The Dow Jones Commodity Index (DJCI) was down 2.1% in November and up 4.5% YTD. Gains were driven by the energy complex, while both precious metals and industrial metals detracted from headline performance. The S&P GSCI…
The broad commodities market rose modestly in October. The S&P GSCI was up 1.2% for the month and up 10.0% YTD. The Dow Jones Commodity Index (DJCI) was up 1.9% in October and up 6.7% YTD. Gains were spread surprisingly evenly across the individual commodity markets As has been the case all year, the star…
Commodities markets struggled under the weight of an acceleration in trade tensions between the U.S. and China and growing evidence of a slowdown in global economic activity in August. The S&P GSCI was down 5.6% for the month but remained up 6.7% YTD. The Dow Jones Commodity Index (DJCI) was down 2.7% in August and…
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