Weekly Market Recap – July 16, 2021

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Weekly Market Recap – July 16, 2021

COVID-19 cases are rising in all fifty U.S. states; Los Angeles reinstated its indoor mask mandate. Wildfires are raging throughout western North America, which is in its fourth consecutive heatwave. Nevada’s Lake Meade, the nation’s largest reservoir, has dropped to the lowest level ever recorded since the construction of Hoover Dam created the lake in 1936. This is severely impacting farm production throughout the Southwest. Historic rains in Europe have caused more than 120 deaths; Germany and Belgium have suffered the worst flooding in over a century.

Americans seeking unemployment insurance filed 360,000 claims, the lowest level yet reported during the pandemic. There were numerous other economic statistics were released. June CPI showed a 0.9% uptick, compared with a 0.6% rise in May. Producer prices were up 1.0% (vs. the prior month’s 0.8% increase). June retail sales increased 0.6% (vs. -1.7% in May). Wholesale inventories advanced 0.5% in May; the prior month’s report was a 0.1% rise. The capacity utilization rate is now 75.4% (vs. 74.1%). The monthly consumer sentiment index stands at 85.5, unchanged from the prior level. June’s federal budget showed a $174 billion deficit vs. -$864 billion in May.

Stock market indices took a breather from the recent weeks of new record highs, easing somewhat. For the week, the DJIA slipped 0.5% to 34,687.85, the S&P 500 decreased 1.0% to 4,327.16, and the NASDAQ went out at 14,427.24 with its 1.9% slide. Volatility returned to the exchanges and nudged CBOE’s VIX to pop up 14.0%, ending at 18.45 on Friday. The U.S. Dollar Index was firm, closing the week at 92.71 (+0.7%). The portfolio of commodities in S&P’s GSCI declined 0.7% to a 528.17 final print.

Of the six metal futures we focus on in our recap, two moved higher and four moved lower. The gainers were: gold at $1,815.00 (+0.2%) and platinum at $1,108.50 (+1.2%). The weaker contracts in the group closed as follows: aluminum at $2,488.50 (-0.5%), silver at $25.795 (-1.7%), copper at $4.3230, and palladium at $2,637.30 (-6.2%).

On the energy futures charts, the uptrend is breaking in the petroleum sector. For the week, NYMEX WTI fell to $71.81 per barrel, down 3.7%. ICE Brent dropped to 73.59 (-2.6%). U.S. refined products retreated, as well: Heating oil faded 1.9%, closing the week at $2.1133, and RBOB gasoline shaved off 1.7% to $2.2536 per gallon. Natural gas had an uneventful week, going out unchanged at $3.674 per mmBtu.

The agricultural products that we monitor showed steady strength. Of the nine futures on our roster, eight advanced, and one declined. Cocoa contracts lost value, closing at $2,320 per metric ton (-1.2%). For the gainers, closing prices and net weekly percentages were as follows: soybeans closed at $13.91¾ (+4.7%), corn at $5.52 (+6.8%), wheat at $6.92½ (+12.6%), coffee at $1.6135 (+6.5%), sugar at 17.71¢ per pound (+2.5%), cotton at 89.93¢ (+2.5%), live cattle at 120.175 (+0.8%), and lean hogs closed at 105.650 (+4.0%).

 

Futures Referenced in Market Recap

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

 

Current Standings​

2021 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Kevin S McCormick 218.3% United States
2 Nikolai Dmitriev 166.2% Russia
3 Jürg Diemand 166.1% Switzerland
4 Graeme Adams 94.2% New Zealand
5 Kevin Davey 86.9% United States

January 1, 2021 – September 17, 2021


2021 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Raul Glavan 256.2% Germany
2 Patrick Nill 253.8% Germany
3 Cristian Franchi 190.1% Italy
4 Sergey Shirko 181.1% Latvia
5 Robert Miner 113.2% United States

January 1, 2021 – September 17, 2021


2020-2021 Global Cup Trading Championship​
RANK NAME NET RETURN LOCATION DIVISION
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 Pending Audit

 

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.

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