Hot Commodities Hit Multi-Year Highs!
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The economic calendar was full again today.
Starting with the Commerce Department report on Personal Spending and Income,
the numbers showed growth roughly in line with estimates (report).
The Commerce Department also released its report on Construction Spending.
The report showed that construction spending rose 0.7% in
October following a 0.2% increase in September. Economists had been expecting a
more modest increase of 0.4% (report).
The Labor Department reported a drop in Initial
Jobless Claims (report).
The Institute of Supply Management reported growth in the manufacturing sector,
although the pace slowed from October (report).
In Europe, the European Central Bank raised
interest rates for the first time in 5-years. The 25bp move was in line with
expectations and took the benchmark rate to 2.25%.
Treasury Secretary John Snow also made comments
on the US economy.
Go to our
Economic News section for reports and analysis.
The commodity markets surged higher today,
determined not to be out done by equities.
Energy prices rallied sharply, partly due to colder weather
being forecast for the next week in the northeast US. From a technical
perspective the energies were oversold and in the case Heating Oil extremely so.
Natural Gas was the first to turn higher and is leading the advance, making it
worth watching closely.
In the metals, Gold and Silver hit new 18-year highs, Platinum
hit a new 25-year high, Copper hit a new all-time high and Aluminum hit a
16-year high. Precious metals are being driven higher by inflation concerns
while industrial metals are in short supply while global demand is booming.
In the softs, Sugar hit a 9-year high, Lumber closed limit-up
and Orange Juice neared a 7-year high.
The US Dollar Index closed slightly higher and Treasuries
closed slightly lower. All eyes now turn to tomorrow’s Employment Report.
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 58.47 | +1.15 |
+2.01 |
| Heating Oil (HO) | 173.87 | +4.90 |
+2.90 |
| Unleaded Gas (HU) | 156.26 | +6.55 |
+4.38 |
| Natural Gas (NG) | 13.03 | +0.44 |
+3.50 |
|
Metals |
|||
| Gold (GC) | 506.30 | +7.60 |
+1.52 |
| Silver (SI) | 860.20 | +21.70 |
+2.59 |
| Copper (HG) | 199.95 | +7.35 |
+3.82 |
|
Grains |
|||
|
Corn (C) |
203.75 | +2.00 |
+0.99 |
| Wheat (W) | 322.00 | +1.25 |
+0.39 |
| Soybeans (S) | 559.75 | +1.75 |
+0.31 |
|
Softs |
|||
| Sugar (SB) | 12.92 | +0.53 |
+4.26 |
| Coffee (KC) | 96.45 | -0.75 |
-1.43 |
| Cocoa (CC) | 1465.00 | +47.00 |
+3.31 |
| Frozen Orange Juice (JO) | 123.00 | +2.85 |
+2.37 |
| Cotton (CT) | 51.53 | -0.75 |
-1.43 |
| Lumber (LB) | 336.50 | +10.00 |
+3.06 |
|
Livestock |
|||
| Lean Hogs (LH) | 67.95 | +0.60 |
+0.89 |
| Live Cattle (LC) | 96.90 | +1.18 |
+1.23 |
Economic Recap
ECB Raises Rates 25 Basis Points To 2.25%
Initial Jobless Claims Down 17,000 To 320,000
Personal Spending Up 0.2% In Oct.; Personal
Income Up 0.4%
ISM November Manufacturing Index Falls To 58.1
After 59.1
Ashton Dorkins
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