COM - Commodity Roundup: Gold gains for fourth day; JPM issues nat gas TTF 2024/2025 outlook

2023-11-28 05:58:08 ET

Thursday's core personal consumption expenditures data, the central bank's preferred measure of inflation, will be the main event this week, with investors hesitant to place major bets.

Meanwhile in the energy market, oil prices rose after falling last week when OPEC+ postponed to Nov. 30 a ministerial meeting to iron out differences on production targets for African producers. Brent prices were trading above $80 a barrel on expectations that the producer group may extend output cuts due to concern over softer global demand. API supply report at 2130 GMT will be scanned by investors. JPM said its Brent forecasts for this year and next have not changed since June and are expected to average $81 for 2023 and $83 in 2024. Brokerage extend its outlook through 2025 with an average Brent price target of $75/bbl.

Forecast US natural gas price to average $3.34/MMBtu in 2024 and $4.75/MMBtu in 2025 while TTF is forecasted to average 38.75 EUR/MWh in 2024 and 28.75 EUR/MWh in 2025.

Copper prices also moved higher with help from a softer dollar, which makes commodities cheaper for holders of other currencies. Tin prices in Shanghai however, fell to a seven-month low on Tuesday due to adequate supply and subdued demand, offsetting support from a weak U.S. dollar, Reuters reported.

The most-traded December tin contract on the Shanghai Futures Exchange lost 3.3% to 193,540 yuan ($27,062.85) per metric ton recently, the lowest since April. Weighing on prices further was a gloomy demand outlook as China recorded a slower-than-expected growth in industrial profits last month.

Elsewhere, the Department of Agriculture reports that totals of grains inspected for shipment by the agency mostly declined from this time last year - after the release of the report was delayed. The USDA said that for the week ended Nov. 23, corn inspections totaled 406,680 metric tons, soybeans totaled 1.44 million tons. Soybean, cocoa and wheat futures were trading higher.

Recent Commodity Price Movements

• Energy

  • WTI Crude Oil ( CL1:COM ) +0.90% to  $75.53.

  • Natural Gas ( NG1:COM ) +1.18% to $2.98.

  Metals

  • Palladium ( XPDUSD:CUR ) +0.03% to $1,070.67.

  • Silver ( XAGUSD:CUR ) +0.03% to $24.63.
  • Copper ( HG1:COM ) +0.10% to $3.76.

  Agriculture

  • Corn ( C_1:COM ) +0.11% to $456.00.
  • Wheat ( W_1:COM ) +0.41% to $536.45.
  • Soybeans ( S_1:COM ) +0.49% to $1,336.25.

  Commodity ETFs

  Gold ETFs:

  • SPDR Gold Shares ETF ( GLD )
  • VanEck Gold Miners ETF ( GDX )
  • VanEck Junior Gold Miners ETF ( GDXJ )
  • iShares Gold Trust ETF ( IAU )
  • Direxion Daily Gold Miners Index Bull 2X Shares ETF ( NUGT )
  • Sprott Physical Gold Trust ( PHYS )

  Other Metal ETFs:

  • iShares Silver Trust ETF ( SLV )
  • Sprott Physical Silver Trust ( PSLV )
  • Global X Silver Miners ETF ( SIL )
  • U.S. Copper Index Fund, LP ETF ( CPER )
  • abrdn Physical Palladium Shares ETF ( PALL )

  Oil ETFs:

  • U.S. Oil Fund, LP ETF ( USO )
  • Invesco DB Oil Fund ETF ( DBO )
  • U.S. 12 Month Oil Fund, LP ETF ( USL )
  • U.S. Brent Oil Fund, LP ETF ( BNO )
  • U.S. Natural Gas Fund, LP ETF ( UNG )
  • U.S. Gasoline Fund, LP ETF ( UGA )

  Agriculture ETFs:

  • Invesco DB Agriculture Fund ETF ( DBA )
  • Teucrium Soybean ETF ( SOYB )
  • Teucrium Wheat ETF ( WEAT )
  • Teucrium Corn Fund ETF ( CORN )

For further details see: