Weekly Market Recap – September 10, 2021

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Weekly Market Recap – September 10, 2021

The current Fed “Beige Book” report focuses on the economic pullback in July and August, attributing it to the resurgence of COVID-19 cases, persistent supply chain problems, and companies struggling to fill positions. According to the Fed’s comments, the most impacted expenditures have been for eating out, travel and tourism. The Beige Book findings will be used at the next Fed policy-making meeting (Sep. 21-22), to determine the central bank’s decisions regarding interest rates and its monthly bond purchasing program.

The week was light on economic statistics. Monthly figures, compared with previous levels, were as follows: consumer credit $17 billion vs. $38 billion, producer price index 0.7% vs. 1.0%, and wholesale inventories were revised to 0.6% (unchanged). Weekly initial jobless claims were 310,000 vs. last week’s 340,000.

Stocks were weaker across the indices we track. The DJIA fell 2.2%, ending at 34,607.72 on Friday. The S&P 500 went out at 4,458.58 (-1.7%), and the NASDAQ Composite closed at 15,115.49 (-1.6%). Volatility surged back into the market, as evidenced by CBOE VIX, which jumped 27.7% to a 20.95 finish. The U.S Dollar Index regained what it had lost the prior week, to end at 92.64 (+0.6%), and the S&P GSCI closed at 531.42 (-0.1%).

Precious metal prices decreased, while industrial metals increased. The end-of-week futures settlements and their respective percentage movements were as follows: gold at $1,792.10 (-2.3%), silver at $23.900 (-3.6%), platinum at $956.50 (-6.4%), palladium at $2,126.30 (-12.0%), copper at $4.4520 (+2.7%), and aluminum at $2,924.00 (+7.2%).

In the energy sector, the spotlight was on natural gas, with a 4.8% weekly rise to $4.938 per mmBtu on Friday. October natgas futures printed above the five-dollar mark a few times during the week, but Thursday’s close was $5.031, a price level not seen for the nearby contract since February 2014. The petroleum sector’s closing prices showed minimal changes for the week: WTI crude at $69.72 (+0.6%), Brent crude at $72.92 (+0.4%), heating oil at $2.1460 (-0.6%), and RBOB gasoline at $2.1540 (0.0%).

Regarding the nine agricultural futures we track in our recap, all of the products in this category moved lower. The closing prices and corresponding percentage decreases from the previous Friday were: soybeans at $12.86½ (-0.4%), corn at $5.17½ (-1.2%), wheat at $6.88½ (-5.2%), coffee at $1.8805 (-2.6%), sugar at 18.79¢ (-4.2%), cocoa at $2,603 (-1.9%), cotton at 93.50¢ (-0.6%), live cattle at 123.425 (-1.1%), and lean hogs at 82.450 (-8.0%).

 

Futures Referenced in Market Recap

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