COM - Commodity Roundup: Gold up; oil markets eye U.S. -Venezuela deal

2023-10-17 05:54:40 ET

Gold prices ( XAUUSD:CUR ) steadied on Tuesday after two sessions of losses as investors positioned for U.S. economic data and Federal Reserve Chair Jerome Powell's speech, while a stronger dollar capped advances as markets monitored risks from the turmoil in Middle East.

Traders continue to gauge the outlook for rates in the U.S., as bullion tends to lose its shine in a higher interest rate environment.

Meanwhile industrial gold production in Mali, one of Africa's top producers of the precious metal, is expected to reach or even exceed its 67.7 tonnes forecast for 2023, Reuters reported, citing a mines ministry official.

The estimated value of open interest in global commodity markets rebounded by ~$57 billion (5% WOW) after a drop in the week before, driven by gains across all commodity groups (as of 13 Oct), JPM Research said.

“Over the week, global commodity markets absorbed inflows (calculated across all trader types) of ~$16.4 billion WOW, bringing YTD cumulative inflows to $214 billion.”

In the energy market, U.S. natural gas prices ticked up, after falling for a fourth consecutive session on Monday, as prices continued to retreat after closing a week ago at the highest level in nearly nine months. Oil futures held steady on hopes of easing U.S. sanctions on Venezuela , as traders also assessed the ongoing conflict between Israel and Hamas, which pushed up Brent by 7.7% last week.

Among base metals, copper prices fell more than 1% amid a stronger dollar, with eyes on China’s third-quarter gross domestic product report on Wednesday, among other economic data.

Elsewhere, cocoa and wheat prices traded lower, while soybeans gained in the agriculture market.

Recent Commodity Price Movements

• Energy

  • WTI Crude Oil ( CL1:COM ) +0.46% to $87.06.

  • Natural Gas ( NG1:COM ) +0.81% to $3.13.

  Metals

  • Palladium ( XPDUSD:CUR ) -0.76% to $1,134.74.

  • Silver ( XAGUSD:CUR ) +0.37% to $22.68.
  • Copper ( HG1:COM ) -0.98% to $3.55.

  Agriculture

  • Corn ( C_1:COM ) -0.09% to $489.54.
  • Wheat ( W_1:COM ) -0.53% to $574.17.
  • Soybeans ( S_1:COM ) +0.21% to $1,289.00.

  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: