Weekly Market Recap – December 17, 2021

Posted by:

Weekly Market Recap – December 17, 2021

COVID-19 statistics have dominated the news every day of the week. The Omicron variant has now been detected in all 50 states. Congress gave final approval to raise the debt ceiling by $2.5 trillion.

Monthly economic statistics, compared with previous levels, were as follows: the producer price index +0.8% vs. +0.6%, retail sales +0.3% vs. +1.8%, business inventories +1.2% vs. +1.2%, housing starts 1.68 million vs. 1.50 million, building permits 1.71 vs.1.65 million, industrial production +0.5% vs. +1.7%, capacity utilization 76.8% vs. 76.5%, and PMI for manufacturing 57.7 vs. 58.3. Weekly initial jobless claims rose to 206,000 vs. 188,000 the prior week.

Stock indices retreated. The DJIA ended the week at 35,365.44 (-1.7%), the S&P 500 finished at 4,620.64 (-1.9%), and the NASDAQ Composite closed at 15,169.68 (-2.9%). CBOE’s VIX settled at 21.57 (+15.4%), and the U.S Dollar Index inched up 0.6%, ending at 96.67 on Friday. The commodities in the S&P GSCI futures portfolio decreased slightly to close the index at 540.28 (-0.7%).

The six metal futures we track here strengthened in varying degrees, and all ended in the plus column. The final prices and corresponding percentage increases were: gold at $1,804.90 (+1.1%), silver at $22.533 (+1.5%), platinum at $934.50 (+0.03%), palladium at $1,784.80 (+2.0%), and copper at $4.2950 (+0.2%). Aluminum jumped 4.5%, with the LME Friday settlement at $2,724.50 per metric ton, its highest end-of-week close since late October.

Our recap follows five energy futures contracts, and they all declined. Their settlements and percentage losses were as follows: WTI crude at $70.86 per barrel (-1.1%), Brent crude at $73.52 (-2.2%), ultra-low sulfur diesel fuel at $2.2199 per gallon (-1.4%), and RBOB gasoline at $2.1217 (-0.7%) and natural gas tumbled to $3.690 per mmBtu (-6.0%), its lowest Friday close since mid-June.

In terms of directional movement, the nine agricultural futures we monitor were mixed, with four decreasing and five increasing. The contracts that lost value were: wheat at $7.75 (-1.3%), sugar at 19.11¢ (-3.0%), live cattle at 136.425 (-1.2%), and lean hogs at 80.800 (-0.3%). The gainers were: soybeans at $12.85¼ (+1.4%), corn at $5.93¼ (+0.6%), coffee at $2.3475 (+0.9%), cocoa at $2,497 (+1.3%), and cotton closed at 107.30¢ (+1.0%).


Futures Referenced in Market Recap

Exchange Commodity Contract Month
CME Live Cattle February
CME Lean Hogs February
CBT Soybeans January
CBT Corn March
CBT Wheat March
ICE Coffee March
ICE Cocoa March
ICE Sugar March
ICE Cotton March
ICE Brent Crude February
NYMEX WTI Crude January
NYMEX ULSD (Heating Oil) January
NYMEX RBOB (Gasoline) January
NYMEX Natural Gas January
NYMEX Platinum January
NYMEX Palladium March
COMEX Gold February
COMEX Silver March
COMEX Copper March
LME Aluminum 3 Mo. Forward


Current Standings​

2021 World Cup Championship of Futures Trading®
1 Kevin S McCormick 253.8% United States
2 Jürg Diemand 230.6% Switzerland
3 Marek Chrastina 164.4% Slovakia
4 Graeme Adams 116.8% New Zealand
5 Lisa Chen 80.9% Canada

January 1, 2021 – December 31, 2021 – Final

2021 World Cup Championship of Forex Trading®​
1 Lorenzo Misino 405.5% Italy
2 Patrick Nill 229.2% Germany
3 Raul Glavan 190.9% Germany
4 Sergey Shirko 183.5% Latvia
5 Cristian Franchi 151.6% Italy

January 1, 2021 – December 31, 2021 – Final

2020-2021 Global Cup Trading Championship​
1 Jan Smolen 247.6% Slovakia Futures
2 Stefan Seibert 222.7% Germany Futures
3 Marek Chrastina 182.4% Slovakia Futures
4 Patrick Nill 125.7% Germany Futures
5 Maxim Schulz 78.8% Germany Futures

June 1, 2020 – May 28, 2021 – Final

Trading futures and forex involves significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results. World Cup Championship (WCC ) accounts do not necessarily represent all the trading accounts controlled by a given competitor. WCC competitors may control accounts that produce results substantially different than the results achieved in their WCC accounts. WCC entrants may trade more than one account in the competition. CME Group is the trademark of CME Group, Inc. The Globe logo is a trademark of Chicago Mercantile Exchange, Inc.

About the Author: