Energy up, precious down, ags down, softs up, base mixed.
Contributing to the choppy action was day one the SPGS and BCOM index rebalance and it was quite choppy during the closing bell.
Estimated rebalance numbers are next to today’s performance grid. Only 4 more days to go......Sean Kemery
Commodity Total
WTI Crude 14,801
fwmende |
Wheat(HRW- Hard red winter) ,
Feeder Cattle 1,064
4,602) (2,759)
Base Metals
3m lvls dod change support resistance Al $1832 +$42 $1800 $1900 Cu $6101 -$11 $6000 $6200 Zn $2160 +$27 $2125 $2200 Ni $15,550 +S0 $15,000 $15,650 Pb $1851 +$1 $1830 $1900
The base complex was up in the morning, with most metals rallying around 12:30, retracing in the afternoon then rallying to the close. Gains in stock markets, Fed confidence in the US economy and the increasing likelihood of aggressive stimulus in Europe are holding up the complex, but the re-wieghting of commodity indexes is likely to result in a sell off in Nickel Ali and Zinc between 8-14 Jan. Aluminium prices recovered as shorts were covered. Commerzbank expects to see a further rebound in coming days.Copper prices are suffering due to the sell off in the energy
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