Commodity Portfolio Monthly : September puts gold in focus

Published October 14th, 2009 - 10:04 GMT

September returns unexciting for main commodity indices
The MLCX TR index returned -0.94% in September as most sectors posted negative or limited returns. In turn, the DJ-UBS TR index posted 1.57% while the S&P GSCI TR returned 0.17%. The ML US Broad Bond Market index returned 1.20% and the S&P 500 TR gained 3.73%.

US nat gas prices recovered, oil stayed flat on the month
After US nat gas dipped to levels only last seen in 2002, it recovered and ended the month with strong spot price appreciation. However, investments in nat gas are markedly in the red after months of negative roll returns. Crude oil and products pulled back and the MLCX Energy TR index returned -0.34%.

Gold & silver appreciated while base metals fell last month
Most base metals fell and the MLCX Industrial Metals TR index returned -3.43% for the month. Meanwhile, gold and silver outpaced other commodity prices in September, with the MLCX Precious Metals TR index yielding 6.78%.

Grains declined, while livestock & softs were up slightly
The MLCX Grains TR index posted a loss of -3.97% for September on the back of wheat. Sugar reversed some of its extraordinary gains in the preceding month, but overall the MLCX Softs TR index returned 1.46% thanks to strong coffee and cocoa returns. The MLCX Livestock TR index yielded 0.98% for the month.

New CFTC reports provide insight into market positioning
During the past month, the Commodity Futures Trading Commission published their first weekly Disaggregated Commitments of Traders reports. In this note, we study the new data, and discuss the dilemma faced by the CFTC and the potential consequences of new constraints imposed on the US futures market participants.

 

Please see full report for further details...  

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