Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Commodities»Global commodity open interest value drops to 5-month low amid macro contagion – JPM
    Commodities

    Global commodity open interest value drops to 5-month low amid macro contagion – JPM

    August 6, 20243 Mins Read


    Prairie Pumpjack Silhouette

    ImagineGolf

    Amid the wider macro meltdown, the estimated value of open interest across global commodity markets declined to a five-month low of ~$1.38 trillion, declining by -1.4% week-on-week, after crude oil markets sold off, JPM Commodities Research said.

    As of Aug 02, outflows continued across global commodity markets for a consecutive week, totalling -$6.9 billion week-on-week, mainly concentrated across crude oil markets and precious metals, while petroleum products and grains & oil seeds market registered modest inflows over the week.

    The estimated value of open interest in precious metals markets rebounded slightly to ~$196 billion, up by +$1.4 billion in the Aug. 2 week, while the those in the energy markets decreased by -3% to $620 billion driven by crude oil and petroleum products as both WTI and Brent prices sold off significantly through the week, JPM added.

    JPM analysts, however, continue to project Brent prices close to $90 by September 2024 and $63 by December 2025, “flagging the strength of global demand and a fundamentally weak 2025 as the main hurdles for Brent crude prices to reach $90.”

    U.S. crude oil futures slumped to their lowest settlement in six months Monday but recovered from sharp declines at midday after a wild morning trading session when the highs and lows for crude were separated by $2/bbl or more.

    Oil prices were pulled down largely by the continued rout in global equity markets, sparked by fears that the U.S. economy may be heading toward a recession.

    ANZ Research however noted that rising geopolitical tensions should help support oil prices and reverse losses from the recent sell-off.

    Base metals were also not immune from the global selloff amid concerns of weaker demand in China. “We expect this to reverse in the second half of 2024. However, the supply response will be a dominating factor to rebalance metal markets,” ANZ further added.

    Recent Commodity Price Movements and A look At Some ETFs

    • Energy

        • Crude oil (CL1:COM) +0.15% to $73.05.
        • Natural Gas (NG1:COM) +0.23% to $1.95.

      Metals

      Agriculture

        • Corn (C_1:COM) -4.79% to $387.49.
        • Wheat (W_1:COM) -0.23% to $538.28.
        • Soybeans (S_1:COM) -2.20% to $1,021.79.

      Commodity ETFs

      Gold ETFs:

        • SPDR Gold Shares ETF (GLD)
        • VanEck Gold Miners ETF (GDX)
        • VanEck Junior Gold Miners ETF (GDXJ)
        • iShares Gold Trust ETF (IAU)
        • Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT)
        • Sprott Physical Gold Trust (PHYS)

      Other Metal ETFs:

        • iShares Silver Trust ETF (SLV)
        • Sprott Physical Silver Trust (PSLV)
        • Global X Silver Miners ETF (SIL)
        • U.S. Copper Index Fund, LP ETF (CPER)
        • abrdn Physical Palladium Shares ETF (PALL)

      Oil ETFs:

        • U.S. Oil Fund, LP ETF (USO)
        • Invesco DB Oil Fund ETF (DBO)
        • U.S. 12 Month Oil Fund, LP ETF (USL)
        • U.S. Brent Oil Fund, LP ETF (BNO)
        • U.S. Natural Gas Fund, LP ETF (UNG)
        • U.S. Gasoline Fund, LP ETF (UGA)

      Agriculture ETFs:

        • Invesco DB Agriculture Fund ETF (DBA)
        • Teucrium Soybean ETF (SOYB)
        • Teucrium Wheat ETF (WEAT)
        • Teucrium Corn Fund ETF (CORN)

    More on Brent Futures, Gold Spot Price, etc.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    VAALCO mise sur Baobab, malgré sa production marginale

    Commodities

    Haiti – Agriculture : Colombia and Haiti progress in their agricultural cooperation

    Commodities

    le premier parc éolien en Nord-Vienne inauguré

    Commodities

    China’s market regulator promotes agricultural standardization in Zambia to deepen Sino-African ties

    Commodities

    Mineral Commodities reçoit un paiement partiel dans le cadre de la vente de son projet en Norvège

    Commodities

    The Commodities Feed: Trump’s larger-than-expected copper tariff shocks market | articles

    Commodities
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    Digital currency wallets to be used for study loan subsidies

    Stock Market

    Stock Market Today: Dow logs record close, but Nasdaq slumps 0.9% as tech stocks drop

    Cryptocurrency

    New Cryptocurrency Releases, Listings, & Presales Today – Anryton, Mint Blockchain, Vyvo AI

    Editors Picks

    Silver Consolidates Above $30, Targeting Higher As Safe Havens Remain in Demand

    October 15, 2024

    How New Jersey ranks in Olympic gold medals

    July 24, 2024

    Ukraine war: Russia to legalise cryptocurrency for payments as sanctions weigh on companies

    July 30, 2024

    Human remains found on property of man whose wife disappeared

    August 19, 2024
    What's Hot

    UK extends seasonal worker visa scheme for five more years to address agricultural labor shortage 

    March 1, 2025

    Future FinTech Group Inc – Rétablit sa conformité avec le cours plancher du Nasdaq – Dépôt auprès de la SEC

    April 29, 2025

    Davis Commodities (NASDAQ:DTCK) Stock Price Down 3.4%

    July 20, 2024
    Our Picks

    SG Americas Securities LLC Has $3.43 Million Position in Atmos Energy Co. (NYSE:ATO)

    July 15, 2024

    Voters approving Camas-Washougal area fire station bonds, levy lid lift

    August 7, 2024

    Africa, Caribbean consider developing digital currency to enhance trade

    July 1, 2025
    Weekly Top

    Credas launches digital wallet, payments as property sector adapts to UK changes

    July 9, 2025

    Un duel “Next Gen” au premier tour du FIP Silver de Narbonne !

    July 9, 2025

    VAALCO mise sur Baobab, malgré sa production marginale

    July 9, 2025
    Editor's Pick

    Journée féminine, lutte contre la chaleur… Ce qu’il faut attendre du Hellfest, qui ouvre ses portes jeudi

    June 18, 2025

    Miyares advises State Retirement System to avoid ESG investing

    August 22, 2024

    A Crypto Cold War? How the U.S. Reserve Could Influence Global Digital Finance • Daily Market News 🗞️

    April 4, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.