Tag Archives: DJCI
Commodities Start the Year on the Front Foot
The headline S&P GSCI rose 4.9% in January, as the industrial portion of the global economy continued to bounce back from the first wave of the COVID-19 pandemic and lockdowns in 2020, and the prices of many agricultural commodities spiked higher on the back of record demand from Asia and the growing risk of grain…
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Industrial Commodities Benefit from Hopeful COVID-19 Vaccine News
November proved to be a good month for risk assets, including commodities. The headline S&P GSCI rose 12.0%, outperforming the S&P 500®, which gained 10.8%. Promising developments on the COVID-19 vaccine front and the U.S. election outcome rewarded risk assets such as energy and industrial metals, while safe-haven assets like gold lost some luster. The…
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Energy Drags Commodities Lower in October
The headline S&P GSCI fell 3.6% in October. Energy was responsible for the bulk of the declines in October, while agriculture continued to benefit from the return of demand from China, as well as weather-related supply issues. Across the energy complex, the rising number of COVID-19 infections, a second wave of lockdowns, and travel restrictions…
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A Second Wave Sinks Commodities in September
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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Cyclones and Cyclicals
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…
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Commodities Were Energetic in May
Bullish sentiment propelled the S&P GSCI higher by 16.4% in May, its best monthly performance in 11 years. The broad commodity index’s more than 50% exposure to energy was a key contributor to its performance. Energy led the way, with the WTI-based S&P GSCI Crude Oil up 55.0%, bouncing impressively off the lows in April….
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Unlikely Tariff Rollback Deflated Commodities in November
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…
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Commodities in October – Waiting Patiently for a U.S.-China Trade Deal
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…
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Commodities September – Short-Term Supply Shocks
Despite the largest one-day spike in oil prices since at least 1989, the broad commodities market only managed to climb modestly in September. The S&P GSCI was up 1.7% for the month and 8.6% YTD. The Dow Jones Commodity Index (DJCI) was up 1.4% in August and up 4.7% YTD. Rallies in the agriculture and…
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August 2019 Commodities Performance Highlights – Tweets, Trade, and Tumult
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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