ContentsCommodities market overview 1
Summary tables 4
CFTC net positioning 5
Inventories 9
Moving average and volumes 13
Futures curves 17
Recent publications 21
Commodity Monthly Matrix1 Performance
2- 1 Mth - 6 Mth - 12 Mth
All Commodities -1.7% -3.1% -10.7%
Energy -12.4% -10.0% -15.6%WTI Oil 53 -15.0% -10.9% 8.1% -23% -0.5% (4) 0 Industrial Metals -3.3% -2.8% -19.8%Brent Oil 62 -13.0% -8.7% 5.0% -52% 1.6% (2) 2 Precious Metals 2.7% 6.3% -2.1%Natural Gas 2.4 -10.2% -22.3% 75.5% -80% 0.3% (2) (2) Agriculture 11.2% -0.4% -7.4%Gasoline 1.7 -12.4% -0.2% -4.5% -21% 1.5% 0 4 MSCI World 1.6% 10.4% 0.4%
Heating Oil 1.8 -11.1% -9.4% -6.4% -42% -0.3% (2) 4 US Aggregate Bond 1.7% 6.2% 7.4%
Carbon 25.0 -3.2% 11.2% - - -0.2% (2) 0
Wheat 5.4 22.6% 9.5% 8.3% 121% -0.6% 0 (4)
Corn 4.5 25.7% 21.6% 2.0% 187% -1.1% 0 (4)
Soybeans 9 9.7% 2.1% 5.5% 49% -0.7% 0 (2)
Sugar 0.1 6.8% 2.2% -6.0% 13% -1.3% 2 (1)
Cotton 0.7 -1.2% -11.8% -0.5% -88% -1.0% (2) (2)
Coffee 1.0 7.2% -4.7% - 60% -2.1% 0 (1)
Soybean Oil 0.3 3.3% -3.0% -6.2% 62% -0.6% 1 (2)
Cocoa 2,502 8.3% 10.3% - 1753% 0.2% 4 4 CFTC Net Speculative PositioningAluminium 1,734 -5.1% -8.5% -21.4% -1% -0.7% (2) (2) (in '000 contracts)
Copper (COMEX) 2.6 -3.8% -5.3% -39.5% -57% -0.1% (2) (1)
Copper (LME) 5,799 -3.6% -6.1% 74.5% -34% -0.2% (4) (1)
Zinc 2,561 -3.1% -4.0% -1.2% -14% 2.3% 0 (1)
Nickel 11,793 -1.2% -2.3% -15.4% 12% -0.1% 0 (1)
Lead 1,873 4.4% -5.1% -11.8% 2% 0.3% 3 (2)
Tin 19,350 -2.6% -2.9% 22.5% 3% 0.3% 0 0
Gold 1,340 3.4% 5.7% - 60% - 4 (2)
Silver 15 0.3% -0.7% - 108% - 2 (4)
Platinum 805 -6.3% -3.1% - -73% - (4) 4
Palladium 1,453 9.0% 14.3% - 25% - 4 0
Live Cattle 1.1 -0.7% -9.0% - -36% 4.3% (1) 3
Lean Hogs 0.8 -5.0% 18.7% - -19% -2.4% (3) 1
Feeder Cattle 1.4 -0.3% -7.1% - -867% -0.2% (4) (1)Source: WisdomTree, Commodity Futures Trading Commission (CFTC), Bloomberg
1
Commodity Monthly Monitor
All Eyes on the G-20 Summit Published 21 June 2019
Summary
Between ‘trade wars’ and ‘currency wars’, gold is proving its haven status, as it has done historically. There
has been little visible progress in resolving the trade dispute between the US and China in the past month
and doubts still remain as to whether the Presidents of both countries can unjam the stalemate when they
meet at the G20 meeting in Osaka on 28th/29th June. Meanwhile with the US Federal Reserve (Fed), People’s Bank of China and European Central Bank adopting a dovish tone, accusations of currency
manipulation are resurfacing. In this environment, both central banks and investors are flocking towards
gold as a safe haven asset and an alternative currency.
Speaking of wars, the risk of military confrontation in the Middle East is rising as Iran is on the brink of
breaching the terms under the Joint Comprehensive Plan of Action (JCPOA). The US has increased its
military presence in the area adding an extra 1000 troops in the area last week following the addition of
1500 last month. With multiple attacks on vessels around the Strait of Hormuz—a narrow channel of water
next to Iran and Oman, that is the route to more than 30% of all seaborne traded oil—the risk of some form
of retaliation is high. Although the Iranian government has not claimed responsibility, the US has accused
the regime. While the price of gold may in part be reflecting these risks, oil prices are failing to show a
geopolitical premium. In the past month the oil market appeared more concerned about demand
declining amid escalating trade tension. But we note that the Organization of the Petroleum Exporting
Countries (OPEC) has moved its policy meeting from June 25th/26th to July 1st in order to gain further
clarity on the trade front (which could come at the aforementioned G20 meeting on June 28th). As a
result, OPEC is likely to be successful in maintaining supply deficits. We believe that oil prices are due an
upside correction to reflect the geopolitical risk as well as OPEC supply tightness.
After being in the doldrums for most of the past year, the agricultural complex has reversed its losses since
February 2019 in the past month. With speculative shorts having been stretched the prior month, poor
weather and yield deterioration has ignited a short-covering-rally across several agricultural commodities.
With little improvement in weather expected, the rally could continue.
Nitesh Shah
Director
Aneeka Gupta
Associate Director
Mobeen Tahir
Associate Director
Current
Price2
Returns
(-1 Mth)
Positioning4
(- 1 Mth)
Potential supply woes fuel the agricultural rally. Agricultural commodities had a strong price rally last
month in sharp contrast to most other commodities which have been reeling due to the ongoing trade
dispute between US and China and rising economic growth concerns.
US-China trade dispute integral to industrial metal prices. The metals complex has had a difficult
couple of months with the escalation of the trade dispute between US and China. With talks expected
to resume ahead of the G20 summit at the end of the month and an increasing Fed policy
accommodation, industrial metals may be due a price recovery.
Trade tensions place pressure on demand outlook for oil. The energy complex suffered sharp declines
over the prior month due to concerns over falling demand sparked by the escalation of the trade
dispute coupled with higher oil supply in the US. However, we expect the upcoming G-20 meeting,
OPEC+ (OPEC and its non-OPEC partners) meeting coupled with rising geopolitical tensions in the
Middle East to bid up oil prices.
Gold surges on the back of an accommodative Fed. Gold started to shine as the prospect of a weaker
US dollar and build-up of speculative positioning supported the precious metal. Slowing auto industry
underpins the weakness in platinum however the upcoming wage negotiations among South African
platinum producers could raise the risk of a strike.
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14 June
Score
20 May
Score
Inventories3
(- 3 Mths)
Price vs 200
days MARoll Yield
5
Bloomberg TR Indexes for basket returns, data to Friday 14 June 2019. Source:
WisdomTree, Bloomberg
The score matrix is designed to highlight significant changes in key variables but should not be viewed as predictor of performance. Source: WisdomTree, Bloomberg
-1,000
-500
0
500
1,000
1,500
2,000
2,500
2014 2015 2016 2017 2018
Precious Metals Livestock Industrial Metals
Energy Agriculture
- Information not available. Green = returns positive, inventories falling, positioning rising, roll yield positive. Red = the opposite. Black = neutral. 1 Detailed explanation of the matrix calculations can be found at the end of this
report. 2 All prices are futures prices to Friday 14 Jun 19. Broad sector returns based on Bloomberg Commodity Index family. 3 % change in inventory over the past 3 months except for sugar and coffee which are based on
past 6 months as data is updated bi-annually by USDA. 4 CFTC futures and LME COTR net positioning as at Friday 14 Jun 19. June 11, 2019 and June 14, 2019 respectively, % change from previous month. 5 Calculated as %
difference between front month and second month futures prices on report date. LME is the London Metal Exchange.
Historical performance is not an indication of future performance and any investments may go down in value.
Agriculture Agriculture - June Returns*
Source: Bloomberg
Industrial Metals Industrial Metals - June Returns*
Source: Bloomberg
Energy Energy - June Returns*
Source: Bloomberg
Precious Metals Precious Metals - June Returns*
2
Source: Bloomberg
*Note: all returns are based on front month futures prices in the month to Friday 14 June 2019.
Historical performance is not an indication of future performance and any investments may go down in value.
Industrial metals had another weak month as the ongoing trade dispute between the US and China
weighed on investor sentiment. Macroeconomic data released by China for May remained lacklustre
offering little support to prices. Nevertheless, there may be a silver lining for the metals complex as US
and China have announced a resumption in talks ahead of the G20 summit at the end of June where
leaders from both countries are expected to have an extended meeting. Also, China’s announcement
to allow local governments to finance infrastructure projects with special bonds may provide some
much-needed support to industrial metals.
Copper has had a challenging couple of months despite the International Copper Study Group (ICSG)
forecast of an increasing supply deficit going into 2020. As trade tensions ease, fundamentals are
therefore likely to pull copper prices up. Some short-term price support is expected from the strike in
Chile’s Chuquicamata copper mine where operations have been halved as of 19 June. Lead was
slightly up last month following a recovery in June led by a dovish Fed. Accommodative monetary
policy by the Fed and positive news on the trade front will both support industrial metal prices.
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Agricultural commodities rallied last month defying the downward pressure commodities have faced
more broadly since the escalation of trade wars between the US and China in May. This has
fundamentally been driven by supply concerns as wet weather has affected crop plantation in the US.
Corn’s rally, which initiated in the latter half of April, gathered significant pace last month as plantation
woes continued to torment US farmers. Corn prices reached 5-year highs at $4.5 per bushel with
prolonged wet weather in the US Midwest growing regions further lowering the expected crop yield.
According to the US Department of Agriculture’s crop progress report released on 17 June, only 59% of
corn is classified as being in good to excellent condition compared to 78% last year. If the weather
does not improve meaningfully, expected crop yields are likely to decline with each passing week.
Concurrently, prices may rally further in the coming weeks to equilibrate demand as supply estimates
for the harvesting season are revised down further. Despite the recent rally, corn prices are still well
below their summer 2012 levels when drought caused prices to reach $8.2 per bushel.
Wet weather has also disrupted soybeans plantation but gains were somewhat capped as soybeans
can be planted later than corn and farmers have a small window to decide if they want to make the
switch away from corn. Having said that, the window is also closing fast on farmers driving soybeans
prices which may also see further support in the coming weeks. Soybean prices are still well below their
5-year and 10-year highs. Wheat prices, though generally steady for other major producers around the
world, rose sharply for the US last month based also due to rising concerns of crop quality caused by
plantation delays.
Sector Overview
The energy complex was the worst performer across all commodities. The energy complex suffered
sharp declines over the prior month due to concerns over falling demand sparked by the escalation of
the trade dispute between US and China. In addition, the sharp rise in non-OPEC supply primarily from
the US has also been weighing on oil prices. Despite the latest escalation in the Middle East on the two
gulf tankers, oil prices had a subdued response as a combination of demand concerns and rising US
supply weighed on oil prices. The Energy Information Agency (EIA) along with OPEC warned of further
downward revisions to their demand forecasts if the trade wars escalated further. We believe the
upward trajectory of oil prices hangs in the balance of the upcoming G-20 summit in June and the
OPEC+ meeting on 1 July. In our opinion, the risks now look skewed to the upside as there is a greater
chance of an OPEC decision to slightly scale back or extend the production cuts for the rest of 2019.
Geopolitical tensions in Iran and the Strait of Hormuz are showing no signs of abating. US President
Trumps recent tweet on 19th June confirming plans to have an extended meeting with President Xi set
a positive tone for negotiations on the cusp of the G-20 summit.
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Until last month, gold’s performance this year had been lacklustre despite elevated levels of
geopolitical tensions, macroeconomic uncertainty and market volatility. We believe the rally in gold
last month amounts to price beginning to catch up with fundamentals. An important turning point has
been the growing expectation of a US interest rate cut before the end of the year as per the Fed funds
futures. This will be supportive of gold as it would reduce US dollar strength- something that has been
holding gold back. Another important catalyst has been the accumulation in speculative positioning in
gold last month indicating the market’s favourable sentiment towards the historical safe-haven asset.
With the recent rally in gold prices, our updated base case forecast for gold price is $1480/oz at the
end of Q2 2020 with risks skewed to the upside, based on WisdomTree's proprietary gold forecast model. Given sluggish economic growth, we believe central banks have little headroom to provide
further policy support making the outlook more uncertain. Higher uncertainty will be supportive of gold.
Platinum, a large proportion of which is demanded by car manufacturers in Europe and China, has
faced headwinds in recent months as car sales in both those regions have been on the decline. New
car registrations in the EU showed a modest increase in May after eight consecutive months of decline.
While it is early to say if car sales have started to pick up again in Europe, tighter emission standards in
China and potential part-substitution of palladium by platinum by car manufacturers, especially given
its attractive price relative to palladium, is likely to keep interest in platinum alive. Some near-term price
volatility may also come if wage negotiations by South African platinum producers result in a strike
causing supply disruption. Palladium on the other hand had a strong month possibly due to speculative
buyers seeing the price decline in recent months as a buying opportunity.
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-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
Ca
rbo
n
Na
tura
l G
as
He
atin
g O
il
Ga
solin
e
Bre
nt
Oil
WTI
Oil
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Co
rn
Wh
ea
t
So
yb
ea
ns
Co
co
a
Co
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e
Su
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r
So
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ea
n O
il
Fe
ed
er
Ca
ttle
Live
Ca
ttle
Co
tto
n
Lea
n H
og
s
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Pa
llad
ium
Go
ld
Silv
er
Pla
tin
um
-6%
-4%
-2%
0%
2%
4%
6%
Lea
d
Nic
ke
l
Tin
Zin
c
Co
pp
er
(LM
E)
Co
pp
er
(CO
MEX
)
Alu
min
um
Positioning Top 5/Bottom 5 Change in CFTC Net Positions (over past month)1
Source: Bloomberg
Inventories Top 5/Bottom 5 Change in Inventories (over past 3 months)2
Curve Dynamics Top 5/Bottom 5 Roll Yields (front to next month)3
Source: Bloomberg
Technicals Top 5/Bottom 5 Price Diff to 200 day moving av. (dma)4
Source: Bloomberg
1 CFTC futures net positioning as at report date, percent change from previous month. 2 Percent change in inventory based on 3 month change (in %). 3
Roll yields calculated as percent change between front month futures
price and next month futures price on Jun 14, 2019. 4 Percent difference between the front month futures price and its 200 day moving average on Jun 14, 2019. * Contango happens when futures contract is sold at the spot price and bought again at a higher price. A loss is therefore incurred on rolling the contract. Backwardation happens when futures contract is sold at the spot price and bought again at a lower price. A profit is therefore made on rolling the contract
3
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Technical Overview (as of Jun 14, 2019)
Cocoa’s net positioning turned positive concurrently with its price rising by more
than 8% over the month as Ghana and Ivory Coast, who together account for over
60% of the world’s cocoa production, have pushed stakeholders to agree in
principle a $2,600 price floor for a tonne of cocoa. This move, which aims to provide
farmers a fair share of the chocolate industry value-chain profits, could lift cocoa
prices further which currently stand below the floor at $2,500.
Net positioning for copper turned more negative during the month as investor
sentiment for global growth remained gloomy. Positioning may improve if there is
positive news from US-China trade talks leading up to the G20 summit at the end of
June.
Net speculative positioning on natural gas futures declined 80% falling below the 5-
year long term average owing to a 26% rise in short positions as investors turned
bearish on the outlook of natural gas.
Increase in speculative positioning drove palladium and gold prices last month
while sentiment in platinum remained negative given weak demand from European
and Chinese car manufacturers.
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Despite the recent spot price rally, a number of agricultural commodities still remain
in contango* potentially indicating further price upside potential as supply tightens,
particularly for grains. Live cattle however is in backwardation** at the very front
end of the curve.
While most industrial metals have almost flat or slightly contangoed futures curves,
zinc is the exception. The International Lead and Zinc Study Group (ILZSG) expects
zinc to remain in a supply deficit this year which is keeping the zinc futures curve in
backwardation offering a positive roll yield of 2.3%.
Backwardation in the Brent futures curve is providing a positive roll yield of 1.6% at
the front-end providing signs of further near-term tightness on the oil market.
Copper inventory trends remain bifurcated across the 2 exchanges. Copper
inventories have been rising on the LME (up 75% over 3 months) and falling on the
Comex Futures Exchange (down 40% over 3 months).
Tin inventories have also seen a meaningful increase of 22% over 3 months driven
primarily by a build-up in warehouses in Singapore. This is indicative of high levels of
Indonesian exports which are typically shipped overseas via Singapore and
Malaysia.
Natural Gas inventories have risen 75% over the prior 3 months led by a surge of
115Bn cubit foot net injection into US natural gas storage for the week ending June
14, 2019 reported by the US Department of Energy, exceeding the 84Bn cubic foot 5-
year average.
Source: Bloomberg
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With supply difficulties causing prices to rally recently, corn now stands at 21.6%
above its 200-day moving average (dma) with further upside potential if wet
conditions persist.
Natural gas prices are trading 22.3% below its 200-dma and we expect the
downtrend to continue as the US market becomes better supplied on a seasonally
adjusted basis amidst the mild summer temperature forecast.
The price of palladium recovered last month following weakness earlier this year
and now stands at 14.3% above its 200-dma. The palladium market is expected to
remain in a supply deficit which will continue to support prices.
Historical performance is not an indication of future performance and any investments may go down in value.
-60% -40% -20% 0% 20% 40% 60% 80% 100%
Natural Gas
Copper - LME
Tin
Wheat
WTI Oil
Heating Oil
Lead
Nickel
Aluminium
Copper - Comex
-30% -20% -10% 0% 10% 20% 30%
Corn
Lean Hogs
Palladium
Carbon
Cocoa
Live Cattle
Heating Oil
WTI Oil
Cotton
Natural Gas
% < 200 dma % > 200 dma
-4% -2% 0% 2% 4% 6%
Live Cattle
Zinc
Brent Oil
Gasoline
Lead
Cotton
Corn
Sugar
Coffee
Lean Hogs
Contango Backwardation
-1000% -500% 0% 500% 1000% 1500% 2000%
Cocoa
Corn
Wheat
Silver
Soybean Oil
Copper (COMEX)
Platinum
Natural Gas
Cotton
Feeder Cattle
4 23 42 61 4 3
Unit ROLL
YIELDS2 Unit Exchange 14-Jun 1 Week 1 Month 3 Month
Energy EnergyWTI Oil 53 USD/bbl. -15.0% -10.4% 2.6% -21.5% WTI Oil USD/bbl. NYMEX -0.5% -0.3% -0.3% -0.5%
Brent Oil 62 USD/bbl. -13.0% -7.8% 2.9% -18.3% Brent Oil USD/bbl. ICE 1.6% 1.8% 1.3% 0.1%
Natural Gas 2.4 USD/MMBtu -10.2% -16.4% -37.6% -19.5% Natural Gas USD/MMBtu NYMEX 0.3% 0.3% -1.1% -0.2%
Gasoline 1.7 USd/gal. -12.4% -6.3% 20.8% -17.1% Gasoline USd/gal. NYMEX 1.5% 1.6% 1.4% 0.5%
Heating Oil 1.8 USd/gal. -11.1% -7.8% -0.9% -15.3% Heating Oil USd/gal. NYMEX -0.3% -0.4% -0.2% -0.1%
Carbon 25.0 EUR/MT -3.2% 10.4% 6.9% 67.9% Carbon EUR/MT ICE -0.2% -0.2% -0.2% -0.2%
Agriculture
Wheat 5.4 USd/bu. 22.6% 20.1% 2.0% 7.4% Wheat USd/bu. CBOT -0.6% -1.0% -2.1% -1.0%
Corn 4.5 USd/bu. 25.7% 25.3% 20.2% 24.8% Corn USd/bu. CBOT -1.1% -2.0% -2.2% -2.4%
Soybeans 9.0 USd/bu. 9.7% 0.8% -0.4% -3.3% Soybeans USd/bu. CBOT -0.7% -0.8% -1.7% -1.0%
Sugar 0.1 USd/lb. 6.8% 2.7% 0.8% 4.3% Sugar USd/lb. NYBOT -1.3% -2.2% -2.6% -1.3%
Cotton 0.7 USd/lb. -1.2% -11.3% -17.2% -29.4% Cotton USd/lb. NYBOT -1.0% -0.4% -1.0% -1.5%
Coffee 1.0 USd/lb. 7.2% 2.2% -1.0% -17.0% Coffee USd/lb. NYBOT -2.1% -2.6% -1.5% -3.3%
Soybean Oil 0.3 USd/lb. 3.3% -6.1% -2.7% -8.4% Soybean Oil USd/lb. CBOT -0.6% -0.5% -1.0% -0.6%
Cocoa 2,502 USD/MT 8.3% 13.7% 11.8% 2.1% Cocoa USD/MT NYBOT 0.2% 0.5% 0.7% -0.6%
Industrial Metals Industrial Metals
Aluminum 1,734 USD/MT -5.1% -7.7% -9.2% -23.4% Aluminum USD/MT LME -0.7% -0.6% -0.5% -0.7%
Copper 2.6 USd/lb. -3.8% -9.0% -4.7% -18.4% Copper USd/lb. COMEX -0.1% 0.0% 0.3% -0.1%
Copper (LME) 5,799 USD/MT -3.6% -9.6% -5.4% -19.2% Copper (LME)USD/MT LME -0.2% -0.1% -0.1% 0.2%
Zinc 2,561 USD/MT -3.1% -11.0% -0.1% -20.5% Zinc USD/MT LME 2.3% 2.1% 1.4% 0.7%
Nickel 11,793 USD/MT -1.2% -7.9% 7.1% -22.5% Nickel USD/MT LME -0.1% -0.2% 0.2% -0.3%
Lead 1,873 USD/MT 4.4% -10.8% -3.6% -23.2% Lead USD/MT LME 0.3% 0.5% -0.3% -0.4%
Tin 19,350 USD/MT -2.6% -8.8% -0.1% -7.7% Tin USD/MT LME 0.3% 0.2% 0.2% 0.1%
Precious Metals Precious Metals
Gold 1,340 USD/t oz. 3.4% 3.5% 8.3% 2.8% Gold USD/t oz. COMEX -0.3% -0.4% -0.4% -0.5%
Silver 14.8 USD/t oz. 0.3% -2.0% 2.0% -14.2% Silver USD/t oz. COMEX -0.5% -0.5% -0.4% -0.5%
Platinum 805 USD/t oz. -6.3% -2.7% 2.5% -11.7% Platinum USD/t oz. NYMEX -0.7% -0.7% -0.6% -0.6%
Palladium 1,453 USD/t oz. 9.0% -5.2% 21.2% 42.6% Palladium USD/t oz. NYMEX -0.6% -0.5% 0.1% 1.1%
Livestock Livestock
Live Cattle 1.1 USd/lb. -0.7% -14.6% -9.0% 2.4% Live Cattle USd/lb. CME 4.3% 3.5% 2.6% 5.9%
Lean Hogs 0.8 USd/lb. -5.0% 20.6% 44.4% -2.2% Lean Hogs USd/lb. CME -2.4% -5.6% -6.3% -12.1%
Feeder Cattle 1.4 USd/lb. -0.3% -4.0% -8.2% -5.7% Feeder CattleUSd/lb. CME -0.2% -0.1% -4.6% -2.5%
EnergyE
nEnergy
WTI Oil 411,123 431,693 535,326 375,270 635,594 Oil - US 485,470 8.4% 3% 8% 10%
Brent Oil** 82,634 171,011 173,266 10,778 367,386 Oil - OECD Europe** 339 -1% 0% 5% 4%
Natural Gas -133,282 -114,296 -74,033 18,522 -62,887 Natural Gas - DOE 2,088 -10% 26% 75% -25%
Gasoline 73,997 70,702 93,085 77,269 87,119 Gasoline - DOE 234,913 2% 4% -5% 2%
Heating Oil -25,442 11,788 -17,880 -2,242 33,063 Heating Oil - DOE 10,192 -9% -3% -6% -3%
Agriculture Industrial Metals
Wheat 11,786 -46,433 -56,357 -11,794 23,162 Aluminum 1,515,675 -46% -18% -21% -18%
Corn 199,993 64,232 -231,090 157,184 167,221 Aluminum - LME 1,064,625 -55% -15% -10% -7%
Soybeans -75,406 36,119 -148,817 7,245 40,368 Aluminium - SHFE 451,050 1% -25% -39% -35%
Sugar -93,771 58,871 -108,097 15,908 18,630 Copper 422,185 -20% -1% -8% 16%
Cotton -22,633 55,731 -12,021 48,652 123,757 Copper - LME 252,425 3% 27% 75% 108%
Coffee -24,992 -9,044 -62,624 -44,193 -41,640 Copper - SHFE 139,556 -22% -28% -47% 14%
Soybean Oil -18,824 33,913 -49,861 -6,425 -23,571 Copper - COMEX 30,204 -70% -7% -39% -75%
Cocoa 38,467 23,619 2,076 -1,841 42,671 Nickel - LME 163,122 -54% -3% -15% -22%
Industrial Metals5 Zinc 180,570 -65% 3% -1% 26%
Copper (COMEX) -31,214 3,388 -19,913 6,799 67,602 Zinc - LME 100,625 -73% -4% 71% -15%
Copper (LME) 16,420 38,093 24,768 40,883 64,573 Zinc - SHFE 79,945 -40% 15% -36% 221%
Aluminum 137,472 156,296 138,708 165,591 190,292 Lead 98,163 -51% -7% -12% -21%
Nickel 16,531 13,850 14,799 6,227 22,931 Lead - LME 67,950 -58% -8% -13% -36%
Zinc 42,752 46,428 49,742 42,809 66,314 Lead - SHFE 30,213 -15% -6% -10% 79%
Lead 48,919 50,700 48,076 44,836 62,526 Tin 11,741 24% 25% 22% 4%
Tin 8,456 7,846 8,183 8,285 7,992 Tin - LME 3,615 -27% 306% 201% 21%
Precious Metals Tin - SHFE 8,126 80% -4% -3% -2%
Gold 205,940 134,535 128,449 68,701 115,460A
gAgriculture
Silver 421 35,811 -5,296 9,843 48,851 Wheat - USDA 293,010 49.5% - 8.3% 9.3%
Platinum 7,009 24,614 26,255 11,170 4,138 Corn - USDA 314,710 116% - 2.0% 1.9%
Palladium 9,552 14,406 7,621 14,320 13,446 Soybeans - USDA 113,090 79% - 5.5% -2%
Livestock Sugar - USDA 47,836 33% - -6.0% -6%
Live Cattle 74,821 86,972 117,743 100,606 27,824 Cotton - USDA 75,690 6% - -0.5% 3.4%
Lean Hogs 74,603 43,349 92,079 42,856 -3,330 Coffee - USDA 37,056 3% - - -
Feeder Cattle -1,542 7,404 201 -1,548 494 Soybean Oil - USDA 3,480 -16% - -6% -7%
1Performance of front month futures from 14 Jun 18 (1 Year), 14 Dec 18 (6 Month), 14 Mar 19 (3 Month) and 14 May 19 (1 Month) to 14 Jun 19.
2Roll return non-annualised from front month futures into second " month on 14 Mar 19 (3 Month), 14 May 19 (1 Month), 07 Jun 19 (1 Week), 14 Jun 19.
4
Summary Tables
INVENTORY LEVELS4
Current 1 Year
5 Yr
Average
PRICES1 3 Month
1 Month
6 Month1 Month
6 Month
3Net positions in number of contracts.
4Current inventories relative to 1, 3, 6 months ago. Under the column "5 yr average" is the current inventory level relative to 5 year average inventory.
For energy, 5 yr average is the average of the same month as report month over the past 5 years. SHFE started reporting inventory data from April 2015. 5All Industrial metals positioning
data (excluding copper) is sourced from LME COTR data in Bloomberg from 30 January 2018 (first available date) under post-MIFID rules. **Brent 5 Yr average of net positions from January
2011 as positions were not reported by CFTC before then and inventory data (OECD) reported with 3 month lag with current = Feb 2019.
Historical performance is not an indication of future performance and any investments may go down in value.
Agriculture
1 YearCFTC NET POSITIONING3 6 MonthCurrent 3 Month
5 Yr
Average1 MonthCurrent
T
Agriculture
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
·Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
5
CFTC Speculative Net Long Futures Positions
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
3,200
3,400
3,600
-50
-30
-10
10
30
50
70
90
110
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-18
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Cocoa
CFTC non-commercial net positioning Price (RHS, USD/MT)
-1x stdv
-2x stdv
1x stdv
2x stdv
5 Yr Average
2
3
3
4
4
5
5
-350
-250
-150
-50
50
150
250
350
450
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Corn
CFTC non-commercial net positioning Price (RHS, USd/bu.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
0.25
0.27
0.29
0.31
0.33
0.35
0.37
0.39
0.41
0.43
-100
-50
0
50
100
150
200
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Soybean Oil
CFTC non-commercial net positioning Price (RHS, USd/lb.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
0.10
0.12
0.14
0.16
0.18
0.20
0.22
0.24
-300
-200
-100
0
100
200
300
400
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-19
Ju
n-1
9
Sugar
CFTC non-commercial net positioning Price (RHS, USd/lb.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
8
9
10
11
12
13
14
15
16
-200
-150
-100
-50
0
50
100
150
200
250
300
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Soybeans
CFTC non-commercial net positioning Price (RHS, USd/bu.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
3
4
4
5
5
6
6
7
7
-200
-150
-100
-50
0
50
100
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-18
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-19
Ju
n-1
9
Wheat
CFTC non-commercial net positioning Price (RHS, USd/bu.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
0.3
0.8
1.3
1.8
2.3
2.8
-120
-100
-80
-60
-40
-20
0
20
40
60
80
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-18
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Coffee
CFTC non-commercial net positioning Price (RHS, USd/lb.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
0.5
0.6
0.6
0.7
0.7
0.8
0.8
0.9
0.9
1.0
1.0
-40
-20
0
20
40
60
80
100
120
140
160
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-19
Ju
n-1
9
Cotton
CFTC non-commercial net positioning Price (RHS, USd/lb.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning
All commodity futures price data is denominated in USD unless otherwise indicated. CFTC futures and LME COTR net positioning as at June 11, 2019 and June 14, 2019 respectively. Historical performance is not an indication of future performance and any investments may go down in value.
Energy
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
6Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. All commodity futures price data is denominated in
USD unless otherwise indicated. *Brent average of net positions from January 2011 as positions were not reported by CFTC before then.
Historical performance is not an indication of future performance and any investments may go down in value.
0.9
1.4
1.9
2.4
2.9
3.4
-60
-40
-20
0
20
40
60
80
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-19
Ju
n-1
9
Heating Oil
CFTC non-commercial net positioning Price (RHS, USd/gal.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
-300
-250
-200
-150
-100
-50
0
50
100
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Natural Gas
CFTC non-commercial net positioning Price (RHS, USD/MMBtu)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
25
35
45
55
65
75
85
95
105
115
125
-200
-100
0
100
200
300
400
500
600
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Brent Oil
ICE managed money net positioning Price (RHS, USD/bbl.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
0.8
1.3
1.8
2.3
2.8
3.3
3.8
30
40
50
60
70
80
90
100
110
120
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-19
Ju
n-1
9
Gasoline
CFTC non-commercial net positioning Price (RHS, USd/gal.)
-1x stdv
2x stdv
-2x stdv
5 Yr Average
1x stdv
25
35
45
55
65
75
85
95
105
115
100
200
300
400
500
600
700
800
900
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-18
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
WTI Oil
CFTC non-commercial net positioning Price (RHS, USD/bbl.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
Industrial Metals
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
7Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. LME non-commercial net positions from 30 January
2018 post MIFID II data and respective graphs represent daily data. All commodity futures price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
5,600
5,800
6,000
6,200
6,400
6,600
6,800
7,000
7,200
7,400
0
10
20
30
40
50
60
70
Ja
n-1
8
Fe
b-1
8
Ma
r-1
8
Ap
r-18
Ma
y-1
8
Ju
n-1
8
Ju
l-1
8
Au
g-1
8
Se
p-1
8
Oc
t-18
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-1
9
Ap
r-1
9
Ma
y-1
9
Copper (LME)
LME non-commercial net positioning Price (RHS, USD/MT)
2,200
2,400
2,600
2,800
3,000
3,200
3,400
3,600
3,800
0
10
20
30
40
50
60
70
Ja
n-1
8
Fe
b-1
8
Ma
r-18
Ap
r-1
8
Ma
y-1
8
Ju
n-1
8
Ju
l-1
8
Au
g-1
8
Se
p-1
8
Oc
t-1
8
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-19
Ap
r-1
9
Ma
y-1
9
Zinc
LME non-commercial net positioning Price (RHS, USD/MT)
1,500
1,700
1,900
2,100
2,300
2,500
2,700
10
20
30
40
50
60
70
80
Ja
n-1
8
Fe
b-1
8
Ma
r-1
8
Ap
r-18
Ma
y-1
8
Ju
n-1
8
Ju
l-1
8
Au
g-1
8
Se
p-1
8
Oc
t-18
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-1
9
Ap
r-1
9
Ma
y-1
9
Lead
LME non-commercial net positioning Price (RHS, USD/MT)
9,800
10,800
11,800
12,800
13,800
14,800
15,800
16,800
-14
-9
-4
1
6
11
16
21
26
31
36
41
Ja
n-1
8
Fe
b-1
8
Ma
r-1
8
Ap
r-18
Ma
y-1
8
Ju
n-1
8
Ju
l-18
Au
g-1
8
Se
p-1
8
Oc
t-1
8
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-1
9
Ap
r-1
9
Ma
y-1
9
Nickel
LME non-commercial net positioning Price (RHS, USD/MT)
1,700
1,900
2,100
2,300
2,500
2,700
70
90
110
130
150
170
190
210
Ja
n-1
8
Fe
b-1
8
Ma
r-1
8
Ap
r-1
8
Ma
y-1
8
Ju
n-1
8
Ju
l-1
8
Au
g-1
8
Se
p-1
8
Oc
t-1
8
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-19
Ap
r-1
9
Ma
y-1
9
Aluminum
LME non-commercial net positioning Price (RHS, USD/MT)
1.7
2.2
2.7
3.2
3.7
4.2
-60
-40
-20
0
20
40
60
80
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-19
Ju
n-1
9
Copper (COMEX)
CFTC non-commercial net positioning Price (RHS, USd/lb.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
18,000
18,500
19,000
19,500
20,000
20,500
21,000
21,500
22,000
22,500
0
5
10
15
Ja
n-1
8
Fe
b-1
8
Ma
r-1
8
Ap
r-18
Ma
y-1
8
Ju
n-1
8
Ju
l-18
Au
g-1
8
Se
p-1
8
Oc
t-18
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-19
Ap
r-1
9
Ma
y-1
9
Tin
LME non-commercial net positioning Price (RHS, USD/MT)
Precious Metals
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Livestock
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
8Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. respective graphs represent daily data. All
commodity futures price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
-20
0
20
40
60
80
100
120
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Lean Hogs
CFTC non-commercial net positioning Price (RHS, USd/lb.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
0.9
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
-50
0
50
100
150
200
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-19
Ju
n-1
9
Live Cattle
CFTC non-commercial net positioning Price (RHS, USd/lb.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
-10
-5
0
5
10
15
20
25
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Feeder Cattle
CFTC non-commercial net positioning Price (RHS, USd/lb.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
12
19
26
-40
-20
0
20
40
60
80
100
120
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-1
7
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Jun
-19
Silver
CFTC non-commercial net positioning Price (RHS, USD/t oz.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
900
950
1,000
1,050
1,100
1,150
1,200
1,250
1,300
1,350
1,400
-100
-50
0
50
100
150
200
250
300
350
400
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-18
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-19
Ju
n-1
9
Gold
CFTC non-commercial net positioning Price (RHS, USD/t oz.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
450
650
850
1,050
1,250
1,450
1,650
0
5
10
15
20
25
30
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-1
5
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-16
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Palladium
CFTC non-commercial net positioning Price (RHS, USD/t oz.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
750
950
1,150
1,350
1,550
1,750
1,950
-20
-10
0
10
20
30
40
50
60
70
Ju
n-1
4
Se
p-1
4
De
c-1
4
Ma
r-15
Ju
n-1
5
Se
p-1
5
De
c-1
5
Ma
r-1
6
Ju
n-1
6
Se
p-1
6
De
c-1
6
Ma
r-17
Ju
n-1
7
Se
p-1
7
De
c-1
7
Ma
r-1
8
Ju
n-1
8
Se
p-1
8
De
c-1
8
Ma
r-1
9
Ju
n-1
9
Platinum
CFTC non-commercial net positioning Price (RHS, USD/t oz.)
1x stdv
-1x stdv
2x stdv
-2x stdv
5 Yr Average
Agriculture
Source: USDA, Bloomberg,WisdomTree Source: USDA, Bloomberg,WisdomTree
Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree
Source: USDA, Bloomberg,WisdomTree Source: USDA, Bloomberg, WisdomTree
•
·Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree
9
Inventories
Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2017/2018 estimates.
Historical performance is not an indication of future performance and any investments may go down in value.
0
5
10
15
20
25
30
35
40
45
50
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10/1
1
12/1
3
14/1
5
16/1
7
18/1
9
Corn - Stock to UseAnnual data in %, from 1980 to 2018
% chg in projections vs.
previous = 1.0%
0
50
100
150
200
250
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10
/11
12
/13
14
/15
16
/17
18
/19
Coffee - Stock to UseAnnual data in %, from 1980 to 2018
% chg in projections
vs. previous = 0.0%
0
10
20
30
40
50
60
70
80
90
100
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10/1
1
12/1
3
14/1
5
16/1
7
18/1
9
Cotton - Stock to UseAnnual data in %, from 1980 to 2018
% chg in projections
vs. previous = -3.0%
0
5
10
15
20
25
30
35
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10
/11
12
/13
14
/15
16
/17
18
/19
Soybeans - Stock to UseAnnual data in %, from 1980 to 2018
% chg in projections vs. previous = 3.5%
0
20
40
60
80
100
120
82/8
3
84/8
5
86/8
7
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00/0
1
02/0
3
04/0
5
06/0
7
08/0
9
10
/11
12
/13
14
/15
16
/17
18
/19
Soybeans - Ending StocksAnnual data in , from 1980 to 2018
chg in projections vs. previous = 5.9
0
10
20
30
40
50
60
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10
/11
12
/13
14
/15
16
/17
18
/19
Coffee - Ending StocksAnnual data in mln bags (60 kg), from 1980 to 2018
chg in projections
vs. previous = -2.9
0
20
40
60
80
100
120
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10/1
1
12/1
3
14/1
5
16/1
7
18/1
9
Cotton - Ending StocksAnnual data in mln 480 lb Bales, from 1980 to 2018
chg in projections vs.
previous = -0.4
0
50
100
150
200
250
300
350
400
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10/1
1
12/1
3
14/1
5
16/1
7
18/1
9
Corn - Ending StocksAnnual data in mln tons, from 1980 to 2018
chg in projections
vs. previous = 6.2
Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree
Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree
Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree
Source: International Cocoa Organisation, Bloomberg, WisdomTree
10Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2017/2018 estimates.
Historical performance is not an indication of future performance and any investments may go down in value.
0
5
10
15
20
25
30
35
40
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10
/11
12
/13
14
/15
16
/17
18
/19
Wheat - Stock to UseAnnual data in %, from 1980 to 2018
% chg in projections vs.
previous = 5.8%
0
20
40
60
80
100
120
95
/96
96
/97
97
/98
98
/99
99
/00
00
/01
01
/02
02
/03
03
/04
04
/05
05
/06
06
/07
07
/08
08
/09
09
/10
10
/11
11
/12
12
/13
13
/14
14
/15
15
/16
16
/17
17
/18
18
/19
Sugar - Stock to UseAnnual data in %, from 1998 to 2018
% chg in projections
vs. previous = -8%
0
2
4
6
8
10
12
14
16
18
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10/1
1
12/1
3
14/1
5
16/1
7
18/1
9
Soybean Oil - Stock to UseAnnual data in %, from 1980 to 2018
% chg in projections vs.
previous = -8.2%
0
50
100
150
200
250
300
82/8
3
84/8
5
86/8
7
88/8
9
90/9
1
92/9
3
94/9
5
96/9
7
98/9
9
00/0
1
02/0
3
04/0
5
06/0
7
08/0
9
10/1
1
12/1
3
14/1
5
16/1
7
18/1
9
Wheat - Ending StocksAnnual data in mln tons, from 1980 to 2018
chg in projections vs.
previous = 22.5
0
10
20
30
40
50
60
82/8
3
84
/85
86
/87
88
/89
90
/91
92/9
3
94/9
5
96/9
7
98/9
9
00
/01
02
/03
04
/05
06
/07
08
/09
10/1
1
12/1
3
14/1
5
16/1
7
18
/19
Sugar - Ending StocksAnnual data in mln Metric Tons, from 1980 to 2018
chg in projections vs.
previous = -11.3
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10/1
1
12/1
3
14/1
5
16/1
7
18/1
9
Soybean Oil - Ending StocksAnnual data in mln Metric Tons, from 1980 to 2018
chg in projections vs.
previous = -0.2
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
19
82
19
84
19
86
19
88
19
90
19
92
19
94
19
96
19
98
20
00
20
02
20
04
20
06
20
08
20
10
20
12
20
14
20
16
20
18
Cocoa - InventoryAnnual data in '000 metric tons, from 1981 to 2018
Industrial Metals
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: LME, Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: LME, Bloomberg, WisdomTree
Livestock
Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree
11Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2017/2018 estimates. Historical performance is not an indication of future performance and any investments may go down in value.
0
2
4
6
8
10
12
14
Ju
n-1
8
Ju
l-1
8
Au
g-1
8
Se
p-1
8
Oc
t-18
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-1
9
Ap
r-1
9
Ma
y-1
9
Ju
n-1
9
Tin Inventory
LME Inventory (in '000 tonnes) SHFE Inventory (in '000 tonnes)
Daily data in '000 MT, from 14 Jun 18 to 14 Jun 19
60
70
80
90
100
110
120
130
140
150
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Lead Inventory
SHFE Inventory (in '000 tonnes) LME Inventory (in '000 tonnes)
Daily data, from 14 Jun 18 to 14 Jun 19
0
50
100
150
200
250
300
Ju
n-1
8
Ju
l-18
Au
g-1
8
Se
p-1
8
Oc
t-18
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-19
Ap
r-19
Ma
y-1
9
Ju
n-1
9
Nickel InventoryDaily data in '000 MT, from 14 Jun 18 to 14 Jun 19
40
90
140
190
240
290
340
390
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 18
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Zinc Inventory
SHFE Inventory (in '000 tonnes) LME Inventory (in '000 tonnes)
Daily data, from 14 Jun 18 to 14 Jun 19
0
500
1,000
1,500
2,000
2,500
Jun
18
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Aluminum Inventory
SHFE Inventory (in '000 tonnes) LME Inventory (in '000 tonnes)
Daily data, from 14 Jun 18 to 14 Jun 19
80
180
280
380
480
580
680
780
880
Jun
18
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Copper Inventory
SHFE Inventory (in '000 tonnes) COMEX Inventory (in '000 tonnes)
LME Inventory (in '000 tonnes)
Daily data, from 14 Jun 18 to 14 Jun 19
640
660
680
700
720
740
760
780
800
820
840
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10
/11
12
/13
14
/15
16
/17
18
/19
Lean Hogs InventoryAnnual data in mln Heads, from 1980 to 2018
900
950
1,000
1,050
1,100
1,150
82
/83
84
/85
86
/87
88
/89
90
/91
92
/93
94
/95
96
/97
98
/99
00
/01
02
/03
04
/05
06
/07
08
/09
10
/11
12
/13
14
/15
16
/17
18
/19
Live Cattle InventoryAnnual data in mln Heads, from 1980 to 2018
Energy
Source: DOE, Bloomberg, WisdomTree Source: IEA, Bloomberg, WisdomTree
Source: DOE, Bloomberg, WisdomTree Source: DOE, Bloomberg, WisdomTree
Source: DOE, Bloomberg, WisdomTree
12Note: "Oil - OECD Inventory" represents OECD industry stocks and is reported with a 2 month lag.
Historical performance is not an indication of future performance and any investments may go down in value.
300
350
400
450
500
550
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
US Oil Inventory
5Yr Average +/-1 stdev 2018 2019
Weekly data in mln barrels, from Jun 14 to Jun 19
200
210
220
230
240
250
260
270
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
Gasoline Inventory
5Yr Average +/-1 stdev 2018 2019
Weekly data in mln barrels, from Jun 14 to Jun 19
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1 3 5 7 9 111315171921232527293133353739414345474951
Natural Gas Inventory
5Yr Average +/-1 stdev 2018 2019
Weekly data in billion cubic feet, from Jun 14 to Jun 19
6
11
16
21
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
Heating Oil Inventory
5Yr Average +/-1 stdev 2018 2019
Weekly data in mln barrels, from Jun 14 to Jun 19
280
290
300
310
320
330
340
350
360
370
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
OECD Europe Oil Industry Inventory
5Yr Average +/-1 stdev 2018 2019
Monthly data in mln barrels, from Mar 14 to Dec 18
Agriculture
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
·
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
13
Commodities Front Month Futures and
Trading Volumes
Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
$2,800
$3,000
0
500
1,000
1,500
2,000
2,500
3,000
Jun
18
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Cocoa Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/MT, from 14 Jun 18 to 14 Jun 19
$3.2
$3.4
$3.6
$3.8
$4.0
$4.2
$4.4
$4.6
0
5,000
10,000
15,000
20,000
25,000
Jun
18
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Corn Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/bu., from 14 Jun 18 to 14 Jun 19
$0.22
$0.24
$0.26
$0.28
$0.30
$0.32
$0.34
$0.36
$0.38
-500
500
1,500
2,500
3,500
4,500
5,500
Jun
18
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Soybean Oil Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19
$0.05
$0.06
$0.07
$0.08
$0.09
$0.10
$0.11
$0.12
$0.13
$0.14
$0.15
0
1,000
2,000
3,000
4,000
5,000
6,000
Ju
n 1
8
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Sugar Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19
$0.7
$0.8
$0.9
$1.0
$1.1
$1.2
$1.3
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Jun
18
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Coffee Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19
$0.60
$0.65
$0.70
$0.75
$0.80
$0.85
$0.90
$0.95
$1.00
-150
350
850
1,350
1,850
2,350
2,850
3,350
Jun
18
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Cotton Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19
$7.0
$7.5
$8.0
$8.5
$9.0
$9.5
$10.0
$10.5
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Jun
18
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Soybeans Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/bu., from 14 Jun 18 to 14 Jun 19
$3.5
$4.0
$4.5
$5.0
$5.5
$6.0
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Jun
18
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Wheat Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/bu., from 14 Jun 18 to 14 Jun 19
Energy
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
Carbon
Source: Bloomberg, WisdomTree
14Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
$40
$45
$50
$55
$60
$65
$70
$75
$80
$85
$90
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
Jun
18
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Brent Oil Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/bbl., from 14 Jun 18 to 14 Jun 19
$2.2
$2.7
$3.2
$3.7
$4.2
$4.7
$5.2
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Natural Gas Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/MMBtu, from 14 Jun 18 to 14 Jun 19
$1.3
$1.5
$1.7
$1.9
$2.1
$2.3
$2.5
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Ju
n 1
8
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Heating Oil Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/gal., from 14 Jun 18 to 14 Jun 19
3.4 €
8.4 €
13.4 €
18.4 €
23.4 €
28.4 €
€0
€200
€400
€600
€800
€1,000
€1,200
€1,400
€1,600
Jun
18
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Carbon Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in EUR/MT, from 14 Jun 18 to 14 Jun 19
$40
$45
$50
$55
$60
$65
$70
$75
$80
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Ju
n 1
8
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
WTI Oil Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/bbl., from 14 Jun 18 to 14 Jun 19
$1.2
$1.4
$1.6
$1.8
$2.0
$2.2
$2.4
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000Ju
n 1
8
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Gasoline Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/gal., from 14 Jun 18 to 14 Jun 19
Industrial Metals
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
15Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
$1,500
$1,600
$1,700
$1,800
$1,900
$2,000
$2,100
$2,200
$2,300
$2,400
-$4,000
$1,000
$6,000
$11,000
$16,000
$21,000
$26,000
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Aluminum Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/MT, from 14 Jun 18 to 14 Jun 19
$1,900
$2,100
$2,300
$2,500
$2,700
$2,900
$3,100
$3,300
$3,500
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Jun
18
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Zinc Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/MT, from 14 Jun 18 to 14 Jun 19
$8,000
$9,000
$10,000
$11,000
$12,000
$13,000
$14,000
$15,000
$16,000
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Ju
n 1
8
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Nickel Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/MT, from 14 Jun 18 to 14 Jun 19
$1.8
$2.0
$2.2
$2.4
$2.6
$2.8
$3.0
$3.2
$3.4
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
Jun
18
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 1
9
Ap
r 19
Ma
y 1
9
Jun
19
Copper (COMEX) Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19
$17,000
$18,000
$19,000
$20,000
$21,000
$22,000
$23,000
$0
$100
$200
$300
$400
$500
$600
$700
$800
Jun
18
Jul 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Tin Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/MT, from 14 Jun 18 to 14 Jun 19
$1,700
$1,800
$1,900
$2,000
$2,100
$2,200
$2,300
$2,400
$2,500
$2,600
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
Jun
18
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Lead Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/MT, from 14 Jun 18 to 14 Jun 19
$4,200
$4,700
$5,200
$5,700
$6,200
$6,700
$7,200
$7,700
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000Ju
n 1
8
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Copper (LME) Front Month Futures Price
Volume ($mn) 200 dma (RHS) 50 dma (RHS) Prices (RHS)
Daily data in USD/MT, from 14 Jun 18 to 14 Jun 19
Precious Metals
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Livestock
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
16Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
$1.10
$1.20
$1.30
$1.40
$1.50
$1.60
$1.70
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Feeder Cattle Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19
$0.32
$0.42
$0.52
$0.62
$0.72
$0.82
$0.92
$1.02
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Lean Hogs Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19
$750
$800
$850
$900
$950
$1,000
$0
$500
$1,000
$1,500
$2,000
$2,500
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Platinum Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/t oz., from 14 Jun 18 to 14 Jun 19
$1,100
$1,150
$1,200
$1,250
$1,300
$1,350
$1,400
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
Jun
18
Jul 1
8
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Gold Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/t oz., from 14 Jun 18 to 14 Jun 19
$0.90
$0.95
$1.00
$1.05
$1.10
$1.15
$1.20
$1.25
$1.30
$1.35
$1.40
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Live Cattle Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19
$500
$700
$900
$1,100
$1,300
$1,500
$1,700
$0
$500
$1,000
$1,500
$2,000
$2,500
Jun
18
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Jun
19
Palladium Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/t oz., from 14 Jun 18 to 14 Jun 19
$13
$14
$15
$16
$17
$18
$19
$20
$21
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Ju
n 1
8
Ju
l 18
Au
g 1
8
Se
p 1
8
Oc
t 1
8
No
v 1
8
De
c 1
8
Ja
n 1
9
Fe
b 1
9
Ma
r 19
Ap
r 19
Ma
y 1
9
Ju
n 1
9
Silver Front Month Futures Price
Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)
Daily data in USD/t oz., from 14 Jun 18 to 14 Jun 19
Agriculture
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
·Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
17
Futures Curves
Note: all commodity futures price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
$2,200
$2,250
$2,300
$2,350
$2,400
$2,450
$2,500
$2,550
$2,600
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10Maturity (Month)
Cocoa Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/MT
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
$1.40
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
M15
Maturity (Month)
Coffee Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/lb.
$3.3
$3.5
$3.7
$3.9
$4.1
$4.3
$4.5
$4.7
$4.9
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
M15
Maturity (Month)
Corn Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/bu.
$0.60
$0.62
$0.64
$0.66
$0.68
$0.70
$0.72
$0.74
$0.76
$0.78
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
M15
Maturity (Month)
Cotton Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/lb.
$0.250
$0.260
$0.270
$0.280
$0.290
$0.300
$0.310
$0.320
$0.330
$0.340
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
Maturity (Month)
Soybean Oil Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/lb.
$7.8
$8.3
$8.8
$9.3
$9.8
$10.3
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
M15
M16
M17
M18
M19
M20
M21
Maturity (Month)
Soybeans Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/bu.
$0.100
$0.110
$0.120
$0.130
$0.140
$0.150
$0.160
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
Maturity (Month)
Sugar Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/lb.
$3.5
$4.0
$4.5
$5.0
$5.5
$6.0
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
Maturity (Month)
Wheat Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/bu.
Energy
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
Carbon
Source: Bloomberg, WisdomTree
18Note: all commodity futures price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
$55
$60
$65
$70
$75
M1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
Brent Oil Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/bbl.
$45
$50
$55
$60
$65
$70
M1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
WTI Oil Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/bbl.
$2.3
$2.4
$2.5
$2.6
$2.7
$2.8
$2.9
$3.0
$3.1
$3.2
$3.3
M1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
Natural Gas Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/MMBtu
$1.30
$1.40
$1.50
$1.60
$1.70
$1.80
$1.90
$2.00
$2.10
M1
M3
M5
M7
M9
M1
1
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M3
3
M3
5
Maturity (Month)
Gasoline Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/gal.
$1.70
$1.75
$1.80
$1.85
$1.90
$1.95
$2.00
$2.05
$2.10
$2.15
M1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
Heating Oil Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/gal.
17.0 €
19.0 €
21.0 €
23.0 €
25.0 €
27.0 €
29.0 €
31.0 €
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
M15
M16
M17
M18
M19
M20
M21
M22
M23
Maturity (Month)
Carbon Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
EUR/MT
Industrial Metals
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
19Note: all commodity futures price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
$1,660
$1,760
$1,860
$1,960
$2,060
$2,160
M1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
Aluminum Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/MT
$1,600
$1,700
$1,800
$1,900
$2,000
$2,100
$2,200
M1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
Lead Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/MT
$2.60
$2.65
$2.70
$2.75
$2.80
$2.85
$2.90
$2.95
$3.00
M1
M2
M3
M4
M5
M6
M7
M8
M9
M1
0
M11
M12
M13
M14
M15
M16
M17
M18
M19
M20
M21
M22
M23
M24
M25
Maturity (Month)
Copper (COMEX) Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/lb.
$5,800
$5,900
$6,000
$6,100
$6,200
$6,300
$6,400
$6,500
$6,600
$6,700
$6,800M
1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
Copper (LME) Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/MT
$18,500
$19,000
$19,500
$20,000
$20,500
$21,000
$21,500
$22,000
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
M15
Maturity (Month)
Tin Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/MT
$10,000$10,400$10,800$11,200$11,600$12,000$12,400$12,800$13,200$13,600$14,000$14,400
M1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
Nickel Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/MT
$2,200
$2,300
$2,400
$2,500
$2,600
$2,700
$2,800
$2,900
$3,000
M1
M3
M5
M7
M9
M11
M13
M15
M17
M19
M21
M23
M25
M27
M29
M31
M33
M35
Maturity (Month)
Zinc Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/MT
Precious Metals
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Livestock
Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree
Source: Bloomberg, WisdomTree
20Note: all commodity futures price data is denominated in USD unless otherwise indicated.
Historical performance is not an indication of future performance and any investments may go down in value.
$13.5
$14.0
$14.5
$15.0
$15.5
$16.0
$16.5
$17.0
$17.5
$18.0
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
M15
M16
Maturity (Month)
Silver Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/t oz.
$1,180
$1,230
$1,280
$1,330
$1,380
$1,430
$1,480
$1,530
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
M13
M14
M15
M16
M17
M18
M19
M20
Maturity (Month)
Gold Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/t oz.
$760
$780
$800
$820
$840
$860
$880
$900
M1 M2 M3 M4 M5Maturity (Month)
Platinum Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/t oz.
$1,100
$1,150
$1,200
$1,250
$1,300
$1,350
$1,400
$1,450
$1,500
$1,550
$1,600
M1 M2 M3 M4 M5Maturity (Month)
Palladium Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USD/t oz.
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
Maturity (Month)
Lean Hogs Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/lb.
$1.01
$1.06
$1.11
$1.16
$1.21
$1.26
$1.31
M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)
Live Cattle Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/lb.
$1.30
$1.35
$1.40
$1.45
$1.50
$1.55
M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)
Feeder Cattle Futures
14 Jun 19 07 Jun 19 14 May 19 14 Mar 19
USd/lb.
C
CALENDAR
WisdomTree - Recent Blogs
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WisdomTree - Past Issues of Commodity Monthly Monitor
Apr - May 2019 Research Team Trade reprices commodity risk
Mar - Apr 2019 Research Team Commodities hanging on the balance of a trade deal
Feb - Mar 2019 Research Team Dovish Fed counters a delayed trade deal
Nov - Feb 2019 Research Team Commodities ― a phoenix rising from the ashes
Oct - Nov 2018 Research Team G-20 sets tone for further upside
The research notes are for qualified investors only.
Key Reports
Current Next release
11-Jun-19 11-Jul-19 USDA World Agricultural Supply and Demand Estimates
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OPEC OPEC Oil Market Report13-Jun-19
14-Jun-19
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DISCLAIMER
Important Information
Communications issued in the European Economic Area (“EEA”): This document has been issued and approved by WisdomTree Ireland Limited, which is authorised and regulated by the Central Bank of Ireland.
Communications issued in jurisdictions outside of the EEA: This document has been issued and approved by WisdomTree UK Limited, which is authorised and regulated by the United Kingdom Financial Conduct Authority.
WisdomTree Ireland Limited and WisdomTree UK Limited are each referred to as “WisdomTree” (as applicable). Our Conflicts of Interest Policy and Inventory are available on request.
For professional clients only. The information contained in this document is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities or shares. This document should not be used as the basis for any investment decision. Investments may go up or down in value and you may lose some or all of the amount invested. Past performance is not necessarily a guide to future performance. Any decision to invest should be based on the information contained in the appropriate prospectus and after seeking independent investment, tax and legal advice.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
This document may contain independent market commentary prepared by WisdomTree based on publicly available information. Although WisdomTree endeavours to ensure the accuracy of the content in this document, WisdomTree does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this document make no warranties or representation of any kind relating to such data. Where WisdomTree has expressed its own opinions related to product or market activity, these views may change. Neither WisdomTree, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents.
This document may contain forward looking statements including statements regarding current expectations or beliefs with regards to the performance of certain assets classes and/or sectors. Forward looking statements are subject to certain risks, uncertainties and assumptions. There can be no assurance that such statements will be accurate and actual results could differ materially from those anticipated in such statements. WisdomTree strongly recommends that you do not place undue reliance on these forward-looking statements.
Any historical performance included in this document may be based on back testing. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. However, back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and
should not be interpreted as an indication of actual or future performance.
Commodity Monthly Matrix Explained
Score based on unweighted sum of four fundamental/technical measures detailed below with each measure awarded a possible score of -1, 0, or 1 depending on whether variable is viewed as fundamentally negative, neutral or positive. Score ranging from -4 to +4. For commodities where data is not available or not relevant, scores are calculated on remaining variables and adjusted to the -4 to +4 scale. The score matrix is designed to highlight significant changes in key variables but should not be viewed as predictor of performance.
The four fundamental/technical measures are as follow:
- price vs. 200 days moving average: 1 when price is above 200dma and return is positive, -1 when price is below 200dma and return is negative, 0 otherwise
- % change in net positioning over the past month: 1 when % change is positive, -1 when % change is negative, 0 when no change
- % change in inventory level over the past 3 months: 1 when % is negative, -1 when % is positive, 0 when no change
- roll yield between the front and second month futures contracts: 1 when in backwardation, -1 when in contango, 0 when no change
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