Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>Orange juice futures hit an all-time high last week as citrus crops all across the US have been hammered by a series of hurricanes and the spread of citrus greening, an incurable disease spread by insects.</li><li>The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply.</li><li>Such headwinds are responsible for the supply shortage in oranges, which has driven up prices that will eventually filter through to consumers.</li></ul>

Orange juice futures hit an all-time high last week as citrus crops all across the US have been hammered by a series of hurricanes and the spread of citrus greening, an incurable disease spread by insects.The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply.Such headwinds are responsible for the supply shortage in oranges, which has driven up prices that will eventually filter through to consumers.

Traders Remain Neutral Commodities // Copper Loses as China Falls Apart

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.</li><li>Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.</li><li>Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

<ul><li>Cocoa Market Started Collapsing Run-ups in commodity markets tend to be slow but steady but meltdowns on the other hand fast and sharp - a bit comparable with equity markets but definitely more volatile.</li><li>Especially Parabolic advances, like the one in cocoa futures, often end with a sweeping reversal.</li><li>Fortunately, the soybean complex is one we covered intensively during this year.</li></ul>

Cocoa Market Started Collapsing Run-ups in commodity markets tend to be slow but steady but meltdowns on the other hand fast and sharp - a bit comparable with equity markets but definitely more volatile.Especially Parabolic advances, like the one in cocoa futures, often end with a sweeping reversal.Fortunately, the soybean complex is one we covered intensively during this year.

Cocoa Market Started Collapsing // Soybean Spreads crash down

<ul><li>US Oil Inventories Log Biggest Ever Weekly Decline US weekly oil inventories (ex SPR) fell by over 17 million barrels, as last weeks EIA data showed.</li><li>This draw marked the largest weekly drop in history and shows that the US demand for oil remains strong - this fits an (at least in the mid-term) improving economic momentum picture that we painted in our latest macro outlook.</li><li>Meanwhile, the divergence between the price of crude (reversed line in red) and the inventory data (black line) remains quite large.</li></ul>

US Oil Inventories Log Biggest Ever Weekly Decline US weekly oil inventories (ex SPR) fell by over 17 million barrels, as last weeks EIA data showed.This draw marked the largest weekly drop in history and shows that the US demand for oil remains strong - this fits an (at least in the mid-term) improving economic momentum picture that we painted in our latest macro outlook.Meanwhile, the divergence between the price of crude (reversed line in red) and the inventory data (black line) remains quite large.

US Oil Inventories Log Biggest Ever Weekly Decline

<ul><li>The Chinese Communist Party’s Politburo, one of the country's top decision-making bodies, on Monday, released a statement outlining plans to boost the country's ailing property sector.</li><li>But it didn't give much detail or signal any major measures as some commodity traders had hoped.</li><li>This uncertainty was also perfectly displayed in the price action of copper.</li></ul>

The Chinese Communist Party’s Politburo, one of the country's top decision-making bodies, on Monday, released a statement outlining plans to boost the country's ailing property sector.But it didn't give much detail or signal any major measures as some commodity traders had hoped.This uncertainty was also perfectly displayed in the price action of copper.

Stocks Vs. Commodities Ratio // China Wants to Boost Its Property Sector (But How)

United States

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

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Gold (GOLD COMDTY)

Traders Remain Neutral Commodities // Copper Loses as China Falls Apart

The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply.

The Commodity Report

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD

Scotiabank

Cocoa Market Started Collapsing // Soybean Spreads crash down

Cocoa Market Started Collapsing Run-ups in commodity markets tend to be slow but steady but meltdowns on the other hand fast and sharp

The Commodity Report

US Oil Inventories Log Biggest Ever Weekly Decline

US Oil Inventories Log Biggest Ever Weekly Decline US weekly oil inventories (ex SPR) fell by over 17 million barrels, as last weeks EIA data showed.

The Commodity Report

Stocks Vs. Commodities Ratio // China Wants to Boost Its Property Sector (But How)

The Chinese Communist Party’s Politburo, one of the country's top decision-making bodies, on Monday, released a statement outlining plans to boost...

The Commodity Report

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)