Last year might end up being known as the year of countless inflection points. Narratives that were playing out over months and years were accelerated or reversed with volatility not seen since World War II. Among commodities, there were new all-time highs hit in gold and new all-time lows that reached into negative territory for…
READ
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…
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…
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…
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 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…
It has been a noteworthy start to 2019 for commodities. The S&P GSCI was up 1.6% in March and up 15.0% YTD. The performance of the Dow Jones Commodity Index (DJCI) was more modest in March, up 0.1%, and it was up 7.5% YTD, reflecting its lower energy weighting. Petroleum prices were the standout driver…
February saw commodities continue their impressive start to 2019. The S&P GSCI was up 3.8% in February and up 13.1% YTD, while the Dow Jones Commodity Index (DJCI) was up 1.9% in February and up 7.4% YTD. Solid performance in petroleum prices continued to support both the S&P GSCI and DJCI, while lagging grain prices…
Commodities enjoyed an impressive start to 2019. The S&P GSCI was up 9.0% in January, while the Dow Jones Commodity Index (DJCI) was up 5.4%. The strong performance was largely driven by a notable recovery in petroleum prices, but industrial metals also enjoyed a revival. Oil prices recovered strongly over the first full trading week…
Industrial metals hit multi-year highs last month with the S&P GSCI Industrial Metals Index up off its bottom nearly 60%. This was mainly due to strong Chinese demand growth and a falling US dollar. While the dollar has continued its fall in September, there is some concern over slowing growth in China. On average, returns…
SEE ALL
