Weekly Market Recap – November 5, 2021

Congress finally passed the $1.2 trillion bipartisan infrastructure bill late Friday evening. Monthly economic statistics, compared with previous releases, were: construction spending -0.5% vs. +0.1%, factory orders +0.2% vs. +1.2%, balance of trade -$80.9 billion deficit vs. -$72.8 billion, consumer credit $29.0 billion vs. $14.0 billion, non-farm payrolls 531,000 vs. 312,000, and the unemployment rate 4.6% vs. 4.8%. Weekly initial jobless claims were 269,000 vs. 283,000.

After steadily rising during the week, stock indices surged more on Friday, taking the benchmarks to new all-time highs once again. The Dow Jones Industrial Average weekly rise to 36,327.95 was a 1.4% increase. The S&P 500 went out at 4,697.53 (+2.0%), and the NASDAQ Composite ended at 15,971.59 (+3.1%). The CBOE VIX rose 1.4% to 16.48. In currency markets, the US Dollar index was stable, closing at 94.21 (the prior week closed at 94.13). Commodities slipped, evidenced by the S&P GSCI (-1.3%), as Friday’s final print was 580.26.

Metals futures that we monitor were mixed as the precious sector increased, and the industrials declined. Settlement prices and their corresponding weekly percentage changes were: gold at $1,816.80 (+1.8%), silver at $24.157 (+0.9%), platinum at $1,035.80 (+1.5%), palladium at $2,027.60 (+2.4%), copper at $4.3430 (-0.6%) and aluminum at $2,556.50 (-5.9%). Aluminum’s weekly close was its lowest since August 20th

The energy futures that we track in our recap were mostly lower for the week. Crude lost a few dollars per barrel, as WTI closed at $81.27 (-2.8%) and ICE Brent slipped to $82.74 (-1.2%). Refined products followed suit, with ultra-low sulfur diesel settling at $2.4556 (-0.9%) and RBOB gasoline at $2.3209 per gallon (-2.1%). Natural gas was the sector gainer, as colder temperature forecasts put an end to the prior week’s down leg on the charts as the front-month contract went out at $5.516 per mmBtu (+1.7%).

Of the nine agricultural contract prices we report, five retreated, and four advanced. Those in the red were: soybeans at $12.05½ (-3.5%), corn at $5.53 (-2.7%), wheat at $7.66½ (-0.8%), coffee at $2.0355 (-0.2%), and cocoa at $2,397 (-5.8%). The gainers were: sugar at 19.94¢ (+3.5%), cotton at 116.87¢ (+1.8%), live cattle at 131.800 (+2.0%), and lean hogs at 76.550 (+0.6%).

 

Futures Referenced in Market Recap

ExchangeCommodityContract Month
CMELive CattleDecember
CMELean HogsDecember
CBTSoybeansJanuary
CBTCornDecember
CBTWheatDecember
ICECoffeeDecember
ICECocoaDecember
ICESugarMarch
ICECottonDecember
ICEBrent CrudeJanuary
NYMEXWTI CrudeDecember
NYMEXULSD (Heating Oil)December
NYMEXRBOB (Gasoline)December
NYMEXNatural GasDecember
NYMEXPlatinumJanuary
NYMEXPalladiumDecember
COMEXGoldDecember
COMEXSilverDecember
COMEXCopperDecember
LMEAluminum3 Mo. Forward

 

Current Standings​

2021 World Cup Championship of Futures Trading®
[table “2021-futures-standings” not found /]

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