ΛPP.IPΛI: Commodities Week in Review: February 1 to February 5

Commodities Week in Review: February 1 to February 5

Agriculture

It was a mixed week for the agricultural commodities market, mainly because of a strengthening US dollar. A stronger greenback is typically bad news for dollar-pegged commodities because it makes it more expensive for foreign investors to purchase. For the primary agricultural products — corn, soybeans, and wheat — exports were in focus, particularly after China made enormous purchases in recent weeks, a transaction that put US output and supplies under the microscope.

Cocoa

Friday Settlement: +$13.00, or 0.53%, to $2,485 per metric ton
Weekly Performance: -1.47%
YTD Performance: -4.31%

Coffee

Friday Settlement: -$0.0055, or 0.4%, to $1.2395 per pound
Weekly Performance: +1.31%
YTD Performance: -2.63%

Corn

Friday Settlement: -$0.01, or 0.18%, to $5.49 per pound
Weekly Performance: +0.32%
YTD Performance: +13.02%

Cotton

Friday Settlement: -1.67 cents, or 1.98%, to 82.61 cents per pound
Weekly Performance: +2.40%
YTD Performance: +5.63%

Lean Hogs

Friday Settlement: +$0.01075, or 1.36%, to 80.375 cents per pound
Weekly Performance: +4.62%
YTD Performance: +14.25%

Orange Juice

Friday Settlement: +$0.009, or 0.81%, to $1.1215 per pound
Weekly Performance: +1.54%
YTD Performance: -10.89%

Rice

Friday Settlement: +$0.001, or 0.08%, to $12.835 per pound
Weekly Performance: -0.31%
YTD Performance: +7.72%

Soybeans

Friday Settlement: -$0.05, or 0.036%, to $13.675 per bushel
Weekly Performance: -0.02%
YTD Performance: +4.37%

Sugar

Friday Settlement: +0.41 cent, or 2.55%, to 16.46 cents per pound
Weekly Performance: +3.85%
YTD Performance: +6.19%

Wheat

Friday Settlement: +$0.035, or 0.55%, to $6.41 per bushel
Weekly Performance: -3.28%
YTD Performance: -0.12%

Bitcoin

The peer-to-peer decentralized digital currency bitcoin should have dominated cryptocurrency headlines this week, but it was the altcoins that captured everyone’s attention. Ethereum surged to a record high, while dogecoin resuscitated. Still, bitcoin prices topped $38,000, and it could soon retest $39,000.

Friday Settlement: +$140.00, or 0.37%, to $38,055.00 per coin
Weekly Performance: +1.93%
YTD Performance: +30.24%

Energy

The energy market had its best weekly performance this week as crude oil and natural gas soared. Crude prices surged on prospects that the Organization of the Petroleum Exporting Countries (OPEC) would place a lid in output, while natural gas futures soared on Arctic-like temperatures blanketing much of the US this month. Overall, US crude touched its best level in a year, and natural gas hit an important threshold of $3.

West Texas Intermediate (WTI) Crude Oil

Friday Settlement: +$0.84, or 1.49%, to $57.07 per barrel
Weekly Performance: +9.46%
YTD Performance: +17.86%

Brent Crude Oil

Friday Settlement: +$0.28, or 0.47%, to $59.62 per barrel
Weekly Performance: +8.20%
YTD Performance: +15.27%

Natural Gas

Friday Settlement: -$0.053, or 1.81%, to $2.882 per million British thermal units (btu)
Weekly Performance: +12.71%
YTD Performance: +13.64%

Gasoline

Friday Settlement: +$0.0087, or 0.53%, to $1.6535 per gallon
Weekly Performance: +6.49%
YTD Performance: +17.18%

Heating Oil

Friday Settlement: +$0.0158, or 0.93%, to $1.7163 per gallon
Weekly Performance: +7.57%
YTD Performance: +15.60%

Metals

What a week it was for the metals market. It started off promising for gold and silver prices, thanks to talk of a silver squeeze. As the week progressed, they started trending downward. But the precious metals finished the week on a high note, rallying more than 1% and 3%, respectively. Can they extend the momentum next week? It might depend on US fiscal stimulus.

Gold

Friday Settlement: +$24.00, or 1.34%, to $1,815.20 per ounce
Weekly Performance: -1.87%
YTD Performance: -4.54%

Silver

Friday Settlement: +$0.801, or 3.05%, to $27.035 per ounce
Weekly Performance: -0.04%
YTD Performance: +1.92%

Copper

Friday Settlement: +$0.087, or 2.45%, to $3.64 per pound
Weekly Performance: +2.81%
YTD Performance: +3.41%

Palladium

Friday Settlement: +$63.30, or 2.78%, to $2,344.00 per ounce
Weekly Performance: +5.18%
YTD Performance: -4.54%

Platinum

Friday Settlement: +$34.80, or 3.16%, to $1,137.80 per ounce
Weekly Performance: +5.36%
YTD Performance: +5.40%

Steel

Friday Settlement: +$0.19, or 1.73%, to $1,120.00 per ton
Weekly Performance: +3.32%
YTD Performance: +16.30%

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

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source https://www.earnforex.com/commodities/commodities-week-in-review-february-1-to-february-5/

Labels: NASDAQ

ΛPP.IPΛI

Friday, February 5, 2021