Weekly Market Recap – June 10, 2022

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Weekly Market Recap – June 10, 2022

In a move to mitigate soaring inflation, the European Central bank will raise interest rates in July. The quarter-percentage-point increase will be ECB’s first rate increase since 2011. The U.S. is ending COVID-19 testing requirements for air travelers entering the country, starting on Sunday.

The U.S. Department of Commerce reported that the foreign trade deficit in April was -$87.1 billion, a significant drop from the -$107.7 billion in March, one of three record deficit months in a row. Other monthly economic statistics compared with prior levels, were as follows: consumer credit $38 billion vs. $47 billion, wholesale inventories (revision) +2.2% vs. +2.1%, CPI +1.0% vs. +0.3%, core CPI +0.6% vs. +0.6% (unchanged), CPI year-over-year +8.6% vs.+8.3%, consumer sentiment index 50.2 vs. 58.4 and May’s Federal budget was -$66 billion vs. the April deficit of -$132 billion. Quarterly reports released showed that real household net worth fell 7.9% in Q1, compared with Q4’s 7.2% rise, and real domestic nonfinancial debt rose 3.4% vs. the previous quarter’s 1.9% increase. Regarding weekly stats, there were 229,000 initial jobless claims vs. 202,000 the week before. Continuing unemployment claims were unchanged at 1.31 million.

Stock markets reeled from Friday morning’s CPI number; the 8.6% increase was the highest year-over-year inflation jump since1981. The Dow Jones Industrial Average closed at 31,392.79 (-4.6%) the S&P 500 gave back 5.1% to close at 3,900.86 and the NASDAQ Composite went out at 11,340.02 (-5.6%). CBOE’s VIX settled at 27.75 (+11.9%). In currencies, USD Index futures closed the week at 104.151 (+1.9%). The commodity sector eased slightly as a whole, as per S&P’s GSCI: the portfolio of futures fell to 804.80 (-0.4%).

The six metal futures we track in this recap moved lower for most of the week; only gold and silver showed a blip to the upside on Friday. The final prices and corresponding positive/negative movements were: gold at $1,875.50 (+1.4%), silver at $21.931 (+0.1%), platinum at $971.00 (-4.5%), palladium at $1,907.00 (-4.0%), copper at $4.2945 (-4.0%), and aluminum at $2,680.00 per metric ton (-1.7%).

AAA reported on Saturday that the average national at-the-pump gasoline price exceeded $5.00 for the first time. The wholesale gas price we report here (Reformulated Blend, or “R Bob”) actually dropped for the week, ending at $4.1722 per gallon, which was down 1.9%. The previous week had seen new contract highs for RB, which takes a few days to get transported from refineries to terminals, then onto trucks and delivered to filling stations. The other energy contracts we monitor in our recap were mostly higher, except for Dutch gas. Friday settlements and weekly percentage movements were: NYMEX WTI at $120.67 per barrel (+1.5%), Brent crude at $122.01 (+1.9%), heating oil at $4.3667 per gallon (+2.0%), NYMEX natural gas at $8.850 per MMBtu (+3.8%), and ICE TTF Dutch gas eased to €82.464 per MWh (-0.8%).

Of the nine agricultural futures we track, five increased and four decreased Those that went into the red were: coffee at $2.2890 (-1.5%), sugar at 18.87¢ (-2.2%), cocoa at $2,385 (-3.4%) and lean hogs at 103.750 (-4.0%). The gainers were: soybeans at $17.45½ (+2.8%), corn at $7.73¼ (+6.4%), wheat at $10.70¾ (+3.0%), cotton at 145.06¢ (+5.0%), and live cattle at 136.200 (+1.8%).


Futures Referenced in Market Recap

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


Current Standings​

2022 World Cup Championship of Futures Trading®
1 Sergio Angiuli 275.7% Italy
2 Stefano Serafini 217.2% Italy
3 Antonello Camiletti 171.5% Italy
4 Marco Vironda Gambin 130.3% Italy
5 Fabio Viazzo 118.4% Italy

January 1, 2022 – July 1, 2022

2022 World Cup Championship of Forex Trading®​
1 Patrick Nill 144.7% Germany
2 K. Takegawa 125.6% Japan
3 Jeff Xie 78.1% Canada
4 Thomas Helling 67.8% Germany
5 Eik Baumgarten 27.7% Germany

January 1, 2022 – July 1, 2022

2021-2022 Global Cup Trading Championship​
1 Kevin Stufflebeam 392.9% USA Futures
2 Antonio Ferlito 133.2% Italy Futures
3 Patrick Nill 94.5% Germany Forex
4 Brent Carlile 66.3% Netherlands Futures
5 Philipp Kozalla 64.1% Germany Futures

June 1, 2021 – May 31, 2022 – 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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