commodity monthly monitor - wisdomtree europe · nitesh shah. director. aneeka gupta. associate...

ContentsCommodities market overview 1

Summary tables 4

CFTC net positioning 5

Inventories 9

Moving average and volumes 13

Futures curves 17

Recent publications 21

Commodity Monthly Matrix1 Performance

2- 1 Mth - 6 Mth - 12 Mth

All Commodities 0.9% -1.1% -3.9%

Energy -1.2% -11.0% -16.1%WTI Oil 57 0.3% -1.0% -2.7% -14% -0.1% (1) 2 Industrial Metals 1.9% 1.0% 2.1%

Brent Oil 62 -0.6% -4.0% 0.1% 0% 0.5% 0 2 Precious Metals -0.4% 17.8% 21.3%Natural Gas 2.3 -8.1% -8.0% 40.4% -74% -6.5% (4) (1) Agriculture 3.3% 1.6% -6.2%Gasoline 1.7 2.9% -5.1% -4.1% 8% 2.3% 3 0 MSCI World 2.1% 3.0% 12.9%

Heating Oil 2.0 1.3% 1.8% 10.2% 31% 0.5% 2 1 US Aggregate Bond 0.1% 5.2% 10.6%

Carbon 25.0 -0.9% 0.0% - - -0.2% (4) (2)

Wheat 5.2 8.5% 6.8% 0.5% 590% -1.1% 0 1

Corn 3.9 3.3% 0.4% 1.2% 47% -2.7% 0 (4)

Soybeans 9 3.5% 4.1% -8.9% 1097% -1.5% 2 0

Sugar 0.1 4.7% 1.4% - -16% -0.6% (1) (2)

Cotton 0.6 9.3% -3.6% 4.1% 132% -1.4% (1) (1)

Coffee 1.0 -1.5% 2.3% - -64% -3.3% (3) (1)

Soybean Oil 0.3 6.6% 7.7% 3.1% 78% -0.7% 0 (3)

Cocoa 2,435 -1.4% 3.8% - 212% -1.9% 0 (3) CFTC Net Speculative PositioningAluminium 1,734 -0.3% -3.8% -10.6% -16% -0.3% (2) 1 (in '000 contracts)

Copper (COMEX) 2.7 3.1% -1.9% -10.3% 0% -0.3% 1 (1)

Copper (LME) 5,914 2.5% -2.0% -11.7% 47% -0.1% 1 (3)

Zinc 2,555 10.7% -1.1% -19.2% 13% 0.7% 3 (1)

Nickel 16,793 -3.8% 20.5% -47.2% -24% 0.0% (1) 1

Lead 2,235 6.1% 11.4% -4.2% 9% 0.2% 4 (2)

Tin 16,664 0.8% -12.1% -13.7% -9% -0.1% (1) (2)

Gold 1,500 -0.4% 8.6% - -19% - (2) (2)

Silver 18 -0.2% 12.2% - -17% - (2) 4

Platinum 929 0.1% 8.3% - 0% - 0 4

Palladium 1,744 8.1% 18.6% - 4% - 4 4

Live Cattle 1.1 8.7% -1.9% - 118% -3.5% 0 (4)

Lean Hogs 0.6 0.5% -9.7% - -2% -11.5% (3) (4)

Feeder Cattle 1.5 2.9% 3.7% - 1589% 0.2% 4 0Source: WisdomTree, Commodity Futures Trading Commission (CFTC), Bloomberg

1

Bloomberg TR Indexes for basket returns, data to Friday 25 October 2019. Source:

WisdomTree, Bloomberg

The score matrix is designed to highlight significant changes in key variables but should not be viewed as predictor of performance. Source: WisdomTree, Bloomberg

- Information not available. Green = returns positive, inventories falling, positioning rising, roll yield positive. Red = the opposite. Black = neutral. 1 Detailed explanation of the matrix calculations can be found at the end of this

report. 2 All prices are futures prices to Friday 25 Oct 19. Broad sector returns based on Bloomberg Commodity Index family. 3 % change in inventory over the past 3 months except for sugar and coffee which are based on past

6 months as data is updated bi-annually by USDA. 4 CFTC futures and LME COTR net positioning as at Sep 10, 2019 and Sep 13, 2019 respectively, % change from previous month. 5 Calculated as % difference between front

month and second month futures prices on report date.

Current

Price2

Returns

(-1 Mth)

Positioning4

(- 1 Mth)

Agricultural commodities stage a strong rebound following optimism on the first phase of a trade deal

between US-China. China is expected to resume net purchases of US agricultural product at a level last

seen prior to the trade wars in 2018. Net speculative positioning for agricultural commodities except for

sugar, coffee and lean hogs rose higher reflecting the renewed positive sentiment.

Oil markets beginning to price in December cuts by OPEC+. Oil markets spiked in the middle of

September when Saudi oil facilities became the subject of a drone attack and retreated quickly as

authorities assured the damage was minimal. OPEC+ countries are now expected to offset some of the

price weakness with further cuts in December. Markets are now beginning to price this in.

Industrial metal prices led by zinc, lead and copper rebound after the International Study Groups for

various metals revised the year end balances for 2019 lower. The release of better economic activity

data in China coupled with the prospect of dollar weakness should support the industrial metals

complex.

Palladium shines in a dull month for precious metals. The precious metals basket was relatively flat last

month following strong performance in recent months. Palladium was the standout performer with an

8.1% price rally. This was driven by further accumulation in speculative positioning with investors

probably recognising that fundamentals still remain strong for the very industrial precious metal.

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25 Oct

Score

13 Sept

Score

Inventories3

(- 3 Mths)

Price vs 200

days MARoll Yield

5

Commodity Monthly Monitor

Phase1 of trade deal bifurcates commodity markets 13 Sep - 25 Oct 2019

Summary

US President Trump’s declaration of a “phase one” of a trade deal with China has driven a rally in base

metals (+1.9%) and agriculture (+3.3%) over the past month. However, the fact that China’s President Xi has

failed to acknowledge it as a deal has meant that defensive hedges are still in play. Gold has not lost

much ground and hovers close to the US$1500/oz level. Other defensive currencies like the Yen and the

Swiss Franc have been trading in a tight range.

As this Commodity Monthly Monitor goes to print, the London Metals Week will be coming to a close. The

mood among participants is generally more positive than last year notwithstanding trade uncertainties.

However, last week the big United Nations metal study groups published their forecasts for 2020 supply and

demand balances. For 2020 they expect surpluses for copper, lead and zinc, from deficits in 2019. We are

somewhat sceptic, based on the pattern of historic revisions. Usually balances are revised down. As such

the market has not reacted negatively to these releases.

We are little over a month away from the OPEC+ (Organization of the Petroleum Exporting Countries and its

partnering countries) meeting. We expect the oil cartel to extend cuts to production. According to news

reports, Saudi Arabia is due to launch its initial public offering of Saudi Aramco on 3rd November 2019, with

the view to commence trading on the domestic Tadawul stock exchange on 11th December 2019. Given

the valuation gap between what the Saudi Crown Prince wants (US$2trn) and what market consensus

expects (US$1.2-1.5trn), Saudi Arabia will be keen to keep the pressure on the OPEC cartel to maintain

stable – if not higher – oil prices, especially before the company starts trading on any of the international

exchanges.

Nitesh Shah

Director

Aneeka Gupta

Associate Director

Mobeen Tahir

Associate Director

-1,000

-500

0

500

1,000

1,500

2,000

2,500

2014 2015 2016 2017 2018

Precious Metals Livestock Industrial Metals

Energy Agriculture

Historical performance is not an indication of future performance and any investments may go down in value.

Agriculture Agriculture - October Returns*

Source: Bloomberg

Industrial Metals Industrial Metals - October Returns*

Source: Bloomberg

Energy Energy - October Returns*

Source: Bloomberg

Precious Metals Precious Metals - October Returns*

2

Source: Bloomberg

*Note: all returns are based on front month futures prices in the month to Friday 25 October 2019.


Chinese economic data disappointed in September. According to the National Bureau of Statistics

(NBS), the Chinese economy grew by 6.0% in the third quarter, which marked its weakest level since

1992. Despite the release of weak GDP growth in China, commodity demand in China was resilient as

reported by NBS. Economic activity data for September was slightly better – industrial production

recovered from the prior month and rose by 5.8%. Fixed asset investments increased by 5.4%. Real

estate continued to be the key driver for industrial commodity demand as property investment

maintained a 10.5% year on year (yoy) growth last month. We expect the strong momentum to

continue next month as the macro backdrop remains broadly constructive. Additional monetary

easing in the US and subsequent dollar weakness is likely to support industrial metal prices.

Lead and zinc led the gains across industrial metals over the period owing to higher supply deficits in

the first half of the year versus last year according to the International Lead and Zinc Study Group

(ILZSG). The zinc market witnessed a combination of short supply coupled with higher demand, but the

situation is likely to ease as supply exceeded demand in June. While the lead market experienced a

high deficit as robust demand from China and India helped offset rising supply.

The high supply deficit of 160,000 tons (January – May) reported by the International Copper Study

Group (ICSG) helped lend a tailwind to copper prices over the period. Smelter outages in Chile, forced

closure of a large smelter in India and power supply shortages in Zambia were to blame for the

reduced refined copper production this year. However, in sharp contrast to the previous estimate in

April, the ICSG now expects refined copper production to surge by 4.2% to nearly 25.3mn tonnes in 2020

which should result in production surplus of almost 300,000 tones. According to ICSG demand is likely to

abate after rising slightly this year, to grow by 1.7% next year. .

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Optimism surrounding the first phase of the US China trade deal drove agricultural commodities higher

over the prior month. China is expected to resume purchases of US agricultural products at a level last

seen before the trade wars began in 2018. In exchange the US plans to import cooked poultry products

from China and delay further tariffs slated for this month. The first phase of the trade deal is expected to

be signed on Nov 16-17 at the Asia-Pacific Economic Cooperation summit in Santiago, Chile. Cotton

prices staged the strongest recovery, up 9.3%, the price response is likely related to better prospects of

trade relations between US and China, as China is a major supplier of cotton textiles to the US and is

also the world’s largest importer of cotton.

Wheat posted strong gains, rising 8.5% over the prior month as its recent inclusion in the Chinese list of

agricultural commodity purchases from the US helped improve sentiment. We expect further upside for

wheat to be capped as the US Department of Agriculture (USDA) has raised its estimate for global

wheat ending stocks in October to a record 287.8mn owing to higher supply and lower use.

Sector Overview

The relatively flat return for oil during the month masks the developments behind the scenes. In the first

half of the month, oil prices were retreating following the spike that occurred in the middle of

September when Saudi oil facilities suffered a drone attack. Prices retreated quickly as Saudi authorities

assured markets that the damage was less than what was initially suspected and that supply had been

restored swiftly. Markets then resumed their focus on demand growth destruction driven by soft global

economic data, which has been the primary cause for weakness in oil markets this year. However, in

the second half of the month, oil markets picked up again to pare earlier losses on the back of

expectations that OPEC and its partners (collectively referred to as OPEC+) will agree to cut supplies

further when they next meet in December. This will serve to offset some of the weakness in global

demand growth and facilitate a more favourable valuation for Saudi Aramco in its upcoming initial public offering (IPO).

Natural gas had another challenging month with a price decline of 8.1% continuing its seasonal trend

of low demand through the summer months. This has been reflected in net negative and worsening

speculative positioning for the commodity since spring this year. As we enter winter, demand is

expected to pick up again for heating purposes and we may see a rebound in speculative positioning

and concurrently prices.

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Gold continued to hover around the $1500/oz mark throughout the month as small macroeconomic

and geopolitical jolts kept investor appetite in the haven asset high. Speculative positioning, which has

driven the strong performance of the yellow metal this year, came off very slightly during the month but

remains within a region we characterise as significantly elevated. Trade tensions, conflict in Syria, Brexit

prolongation and soft economic data from both the US and China are some of the factors keeping

gold in demand. Under our central yet conservative scenario, we expect the current economic

environment to continue and speculative positioning to come down from around 300k contracts today

to around 120k contracts by end of Q2 next year. This is likely to take us to a gold price of $1550/oz at

the same time. In an alternative scenario, where speculative positioning remains elevated as it is today

and all other economic conditions remain unchanged still, gold could exceed the $1800/oz mark.

The broader precious metals basket has been experiencing a rally since June this year driven by its

correlation to gold, albeit to different extents for different metals. Last month, palladium was the

standout performer in the basket rallying 8.1%. While this was supported primarily by a meaningful

uptick in speculative positioning, we believe investor sentiment is being fuelled by an appreciation for

the growing demand for palladium in the automobile industry relative to its tight supply. Platinum on

the other hand, which is used primarily in catalytic converters for diesel cars, has weaker fundamentals

and its correlation rally may be losing steam.

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-10%

-8%

-6%

-4%

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4.0%

5.0%

6.0%

7.0%

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9.0%

Pa

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Pla

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Silv

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Positioning Top 5/Bottom 5 Change in CFTC Net Positions (over past month)1

Source: Bloomberg

Inventories Top 5/Bottom 5 Change in Inventories (over past 3 months)2

Curve Dynamics Top 5/Bottom 5 Roll Yields (front to next month)3

Source: Bloomberg

Technicals Top 5/Bottom 5 Price Diff to 200 day moving av. (dma)4

Source: Bloomberg

1 CFTC futures net positioning as at report date, percent change from previous month. 2 Percent change in inventory based on 3 month change (in %).

3 Roll yields calculated as percent change between front month futures price and next month futures price on Oct 25, 2019.4 Percent difference between the front month futures price and its 200 day moving average on Oct 25, 2019.

3Historical performance is not an indication of future performance and any investments may go down in value.

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Technical Overview (as of Oct 25, 2019)

Net speculative positioning on most agricultural commodity futures except for sugar,

coffee and lean hogs rose higher as investors trimmed their short positions on corn (by 23%), soybeans (41%), wheat (19%), cotton (36%), soybean oil (47%), cocoa (18%), live cattle (29%) and feeder cattle (24%).

Net positioning for natural gas became more negative during the month continuing

the trend from recent months driven by demand weakness through the summer.

Net speculative positioning in gold and silver came off very slightly last month.

Gold’s positioning remains considerably elevated and is hovering around all-time

highs. The uptick in silver’s speculative positioning has been directionally similar to

gold due to silver’s precious metal attributes but smaller in magnitude owing to

weaker demand for silver as an industrial metal.

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Corn, coffee, live cattle and lean hog futures are in contango. Roll yields are

considerably negative with lean hogs at -11.5% and corn at -2.7% indicating that

the markets are in over-supply in the short-term.

The front end of the zinc futures curve moved further into backwardation over the

prior month with a positive roll yield of 0.7%.

Gasoline remains in backwardation on account of its seasonal futures curve. Spot

prices for Brent moved during the month as discussed in the summary but the shape

of the curve looks relatively similar to what it was a month ago. Brent is in

backwardation as markets continue to expect current tightness to persist in the short

term but a potential supply surplus to emerge in H1 2020 on account of demand

growth destruction. This means that prices for delivery in 6 months are lower than

that for prompt delivery.

Cotton inventories increased 4.1% over the prior 3 months. According to USDA,

global ending cotton stocks are forecasted to rise 3mn bales more than the prior

year.

Inventories for nickel, zinc, tin, copper, aluminium in storage houses on the London

Metal Exchange (LME) and Shanghai Futures Metal Exchange (SHFE) are down

47.2%, 19.2%, 13.7%, 11.7% and 10.6% respectively over the last 3 months.

Natural gas inventories continued to build during the month in line with seasonal

trends as we approach winter when heating demand picks up. Heating oil

inventories followed suit for similar reasons.

Source: Bloomberg

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Lead prices are trading 11.4% above its 200-dma as the outlook improves following

the higher supply deficits projected by ILZSG.

Due to seasonal weakness in natural gas, price for the commodity is now 8% below

its 200-dma. Similarly, weakness in oil markets in recent months mean that Brent is

now 4% below its 200-dma.

Despite a relatively flat month for gold and silver, both metals remain well above

their 200- day moving averages on account of their strong rally in recent months.

Palladium, which stayed on its upward trajectory last month and experienced a

price appreciation of 8.1%, now stands at 18.6% above its 200-dma.

-60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%

Natural Gas

Heating Oil

Cotton

Soybean Oil

Corn

Aluminium

Copper - LME

Tin

Zinc

Nickel

-20% -10% 0% 10% 20% 30%

Nickel

Palladium

Silver

Lead

Gold

Brent Oil

Gasoline

Natural Gas

Lean Hogs

Tin

% < 200 dma % > 200 dma

-15% -10% -5% 0% 5%

Gasoline

Zinc

Brent Oil

Heating Oil

Palladium

Corn

Coffee

Live Cattle

Natural Gas

Lean Hogs

Contango Backwardation

-200% 0% 200% 400% 600% 800% 1000% 1200% 1400% 1600% 1800%

Feeder Cattle

Soybeans

Wheat

Cocoa

Cotton

Silver

Gold

Nickel

Coffee

Natural Gas

4 23 42 61 4 3

Unit ROLL YIELDS2 Unit Exchange 25-Oct 1 Week 1 Month 3 Month

Energy EnergyWTI Oil 57 USD/bbl. 0.3% 1.1% -13.1% -15.8% WTI Oil USD/bbl. NYMEX -0.1% -0.2% 0.3% -0.2%

Brent Oil 62 USD/bbl. -0.6% -2.2% -16.6% -19.3% Brent Oil USD/bbl. ICE 0.5% 0.6% 1.6% 0.2%

Natural Gas 2.3 USD/MMBtu -8.1% 2.5% -8.5% -28.2% Natural Gas USD/MMBtu NYMEX -6.5% -7.8% -0.6% 0.8%

Gasoline 1.7 USd/gal. 2.9% -11.0% -21.5% -7.7% Gasoline USd/gal. NYMEX 2.3% 2.9% 1.6% 3.0%

Heating Oil 2.0 USd/gal. 1.3% 3.4% -5.6% -13.1% Heating Oil USd/gal. NYMEX 0.5% 0.9% 0.2% -0.4%

Carbon 25.0 EUR/MT -0.9% -13.9% -8.2% 30.9% Carbon EUR/MT ICE -0.2% -0.2% -0.1% -0.1%

Agriculture

Wheat 5.2 USd/bu. 8.5% 3.7% 19.1% 6.3% Wheat USd/bu. CBOT -1.1% -0.9% -1.3% -1.5%

Corn 3.9 USd/bu. 3.3% -7.6% 11.3% 7.1% Corn USd/bu. CBOT -2.7% -2.9% -2.9% -2.1%

Soybeans 9.2 USd/bu. 3.5% 4.3% 7.1% 9.3% Soybeans USd/bu. CBOT -1.5% -1.4% -1.5% -0.6%

Sugar 0.1 USd/lb. 4.7% 2.9% -0.1% -11.6% Sugar USd/lb. NYBOT -0.6% -0.7% -6.8% -7.6%

Cotton 0.6 USd/lb. 9.3% 1.7% -15.7% -16.5% Cotton USd/lb. NYBOT -1.4% -1.0% -1.8% -0.6%

Coffee 1.0 USd/lb. -1.5% -1.2% 8.0% -17.9% Coffee USd/lb. NYBOT -3.3% -3.4% -3.4% -3.5%

Soybean Oil 0.3 USd/lb. 6.6% 9.5% 12.0% 9.1% Soybean Oil USd/lb. CBOT -0.7% -0.8% -0.5% -0.5%

Cocoa 2,435 USD/MT -1.4% 0.0% 6.1% 10.2% Cocoa USD/MT NYBOT -1.9% -1.1% -0.4% -2.2%

Industrial Metals Industrial Metals

Aluminum 1,734 USD/MT -0.3% -4.1% -5.7% -12.7% Aluminum USD/MT LME -0.3% -0.2% -0.9% -0.5%

Copper 2.7 USd/lb. 3.1% -0.7% -6.5% -2.9% Copper USd/lb. COMEX -0.3% -0.3% -0.7% -0.3%

Copper (LME) 5,914 USD/MT 2.5% -1.4% -7.0% -5.2% Copper (LME) USD/MT LME -0.1% -0.2% -0.2% -0.1%

Zinc 2,555 USD/MT 10.7% 4.8% -9.0% -4.8% Zinc USD/MT LME 0.7% 0.7% 0.4% -0.2%

Nickel 16,793 USD/MT -3.8% 19.4% 36.8% 38.9% Nickel USD/MT LME 0.0% 0.2% 0.4% -0.2%

Lead 2,235 USD/MT 6.1% 5.4% 16.2% 11.3% Lead USD/MT LME 0.2% 0.2% -0.3% 0.0%

Tin 16,664 USD/MT 0.8% -6.7% -16.2% -14.0% Tin USD/MT LME -0.1% -0.1% 0.0% -0.1%

Precious Metals Precious Metals

Gold 1,500 USD/t oz. -0.4% 6.0% 17.5% 22.0% Gold USD/t oz. COMEX -0.4% -0.4% -0.5% -0.5%

Silver 17.9 USD/t oz. -0.2% 9.7% 20.5% 22.5% Silver USD/t oz. COMEX -0.8% -0.8% -0.6% -0.4%

Platinum 929 USD/t oz. 0.1% 7.0% 4.9% 12.1% Platinum USD/t oz. NYMEX -0.5% -0.4% -0.8% -0.6%

Palladium 1,744 USD/t oz. 8.1% 13.7% 24.0% 60.4% Palladium USD/t oz. NYMEX 0.3% 0.5% 0.1% 0.1%

Livestock Livestock

Live Cattle 1.1 USd/lb. 8.7% 3.1% -9.7% -1.2% Live Cattle USd/lb. CME -3.5% -2.8% -5.1% -1.1%

Lean Hogs 0.6 USd/lb. 0.5% -24.5% -26.1% 14.4% Lean Hogs USd/lb. CME -11.5% -12.3% -9.6% 9.3%

Feeder Cattle 1.5 USd/lb. 2.9% 2.0% 1.5% -5.4% Feeder Cattle USd/lb. CME 0.2% 0.5% -0.6% -0.3%

EnergyE

nEnergy

WTI Oil 392,752 436,140 455,067 581,229 482,706 Oil - US 433,151 -2.7% 3% -3% -6%

Brent Oil** 238,952 178,584 237,914 185,639 246,947 Oil - OECD Europe** 358 1% - 0% 10%

Natural Gas -211,848 -115,236 -121,468 -60,595 -14,801 Natural Gas - DOE 3,606 -1% 13% 40% 169%

Gasoline 63,079 71,973 58,504 98,956 93,673 Gasoline - DOE 223,094 0% -3% -4% -1%

Heating Oil -1,974 11,904 -2,843 -12,192 37,935 Heating Oil - DOE 11,279 -9% 3% 10% -2%

Agriculture Industrial Metals

Wheat 19,397 -42,018 2,812 -56,260 -15,418 Aluminum 1,261,037 -50% 1% -11% -26%

Corn -58,128 59,290 -110,402 -270,560 87,295 Aluminum - LME 966,200 -54% 6% -2% -6%

Soybeans 83,107 35,412 -8,333 -110,318 -33,353 Aluminium - SHFE 294,837 -34% -13% -30% -56%

Sugar -203,643 46,315 -176,058 5,144 67,901 Copper 438,748 -19% -4% -10% -6%

Cotton 5,395 53,574 -17,035 42,548 56,116 Copper - LME 261,025 3% -6% -12% 34%

Coffee -50,621 -14,101 -30,932 -66,070 -38,341 Copper - SHFE 143,010 -22% 1% -7% -40%

Soybean Oil 87,709 34,676 49,355 -29,628 -2,844 Copper - COMEX 34,713 -66% -15% -10% -1%

Cocoa 31,350 19,955 10,061 -2,345 -22,679 Nickel - LME 76,758 -77% -50% -47% -56%

Industrial Metals5 Zinc 122,600 -73% -12% -19% -26%

Copper (COMEX) -40,532 886 -40,593 869 8,648 Zinc - LME 58,525 -82% -3% -23% -23%

Copper (LME) 17,625 33,808 11,984 42,659 48,070 Zinc - SHFE 64,075 -49% -19% -15% -28%

Aluminum 129,479 154,711 153,658 157,722 187,331 Lead 87,569 -53% -7% -4% -19%

Nickel 31,324 17,611 41,122 20,523 3,709 Lead - LME 69,250 -55% -5% 23% -8%

Zinc 34,862 43,936 30,802 59,078 45,153 Lead - SHFE 18,319 -44% -11% -48% -45%

Lead 60,852 51,535 55,941 45,788 45,946 Tin 11,150 25% -2% -14% 28%

Tin 8,181 7,990 9,026 7,947 7,035 Tin - LME 6,590 43% 1% 7% 609%

Precious Metals Tin - SHFE 4,560 5% -7% -32% -42%

Gold 290,532 148,247 357,965 36,022 28,404A

gAgriculture

Silver 49,777 37,664 59,687 -3,071 -5,651 Wheat - USDA 287,800 46.8% 0.5% 0.5% 4.4%

Platinum 35,177 23,352 35,331 32,468 12,840 Corn - USDA 302,550 107% -1.2% 1.2% -3.6%

Palladium 13,302 13,531 12,780 8,962 13,600 Soybeans - USDA 95,210 51% -4.0% -8.9% -11%

Livestock Sugar - USDA 47,836 33% - - -6%

Live Cattle 52,261 80,779 23,936 183,134 97,625 Cotton - USDA 83,690 17% -0.1% 4.1% 9.5%

Lean Hogs 51,649 42,219 52,877 97,769 26,838 Coffee - USDA 33,545 -7% - - -8%

Feeder Cattle 1,653 6,659 -111 10,928 2,527 Soybean Oil - USDA 3,680 -11% - 3% -1%

1Performance of front month futures from 25 Oct 18 (1 Year), 25 Apr 19 (6 Month), 25 Jul 19 (3 Month) and 25 Sep 19 (1 Month) to 25 Oct 19.

2Roll return non-annualised from front month futures into second " month on 25 Jul 19 (3 Month), 25 Sep 19 (1 Month), 18 Oct 19 (1 Week), 25 Oct 19.

4

6 Month

3Net positions in number of contracts.

4Current inventories relative to 1, 3, 6 months ago. Under the column "5 yr average" is the current inventory level relative to 5 year average inventory.

For energy, 5 yr average is the average of the same month as report month over the past 5 years. SHFE started reporting inventory data from April 2015. 5All Industrial metals positioning

data (excluding copper) is sourced from LME COTR data in Bloomberg from 30 January 2018 (first available date) under post-MIFID rules. **Brent 5 Yr average of net positions from January

2011 as positions were not reported by CFTC before then and inventory data (OECD) reported with 3 month lag with current = June 2019.


Agriculture

1 YearCFTC NET POSITIONING3 6 MonthCurrent 3 Month

5 Yr

Average1 MonthCurrent

Summary Tables

INVENTORY LEVELS4

Current 1 Year

5 Yr

Average

PRICES1 3 Month

1 Month

6 Month1 Month

T

Agriculture

Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree



·Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree

Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning 5

CFTC Speculative Net Long Futures Positions

All commodity futures price data is denominated in USD unless otherwise indicated. CFTC futures and LME COTR net positioning as at Sep 10, 2019 and Sep 13, 2019 respectively.

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

-50

-30

-10

10

30

50

70

90

110

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-1

6

Oc

t-16

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-18

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Cocoa

CFTC non-commercial net positioning Price (RHS, USD/MT)

-1x stdv

-2x stdv

1x stdv

2x stdv

5 Yr Average

2

3

3

4

4

5

5

-350

-250

-150

-50

50

150

250

350

450

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-16

Ju

l-1

6

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-18

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Corn

CFTC non-commercial net positioning Price (RHS, USd/bu.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.25

0.27

0.29

0.31

0.33

0.35

0.37

0.39

-100

-50

0

50

100

150

200

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-16

Ju

l-1

6

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-17

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-18

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Soybean Oil

CFTC non-commercial net positioning Price (RHS, USd/lb.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.10

0.12

0.14

0.16

0.18

0.20

0.22

0.24

-300

-200

-100

0

100

200

300

400

Oc

t-14

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-16

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-19

Ju

l-19

Oc

t-19

Sugar


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

8

9

9

10

10

11

11

12

12

-200

-150

-100

-50

0

50

100

150

200

250

300

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-15

Ja

n-1

6

Ap

r-1

6

Ju

l-1

6

Oc

t-16

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-18

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Soybeans


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

3

4

4

5

5

6

6

7

7

-200

-150

-100

-50

0

50

100

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-18

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-19

Oc

t-1

9

Wheat


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.3

0.8

1.3

1.8

2.3

2.8

-120

-100

-80

-60

-40

-20

0

20

40

60

80

Oc

t-1

4

Ja

n-1

5

Ap

r-15

Ju

l-1

5

Oc

t-15

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-17

Ja

n-1

8

Ap

r-1

8

Ju

l-18

Oc

t-1

8

Ja

n-1

9

Ap

r-19

Ju

l-1

9

Oc

t-19

Coffee


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.5

0.6

0.6

0.7

0.7

0.8

0.8

0.9

0.9

1.0

1.0

-60

-40

-20

0

20

40

60

80

100

120

140

160

Oc

t-1

4

Ja

n-1

5

Ap

r-15

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-17

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-19

Ju

l-19

Oc

t-1

9

Cotton


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average


Energy



Source: Bloomberg, WisdomTree

6Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. All commodity futures price data is denominated in

USD unless otherwise indicated. *Brent average of net positions from January 2011 as positions were not reported by CFTC before then.


0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

2.7

-60

-40

-20

0

20

40

60

80

Oc

t-14

Ja

n-1

5

Ap

r-15

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-1

6

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-17

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-18

Ja

n-1

9

Ap

r-19

Ju

l-19

Oc

t-1

9

Heating Oil

CFTC non-commercial net positioning Price (RHS, USd/gal.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

-300

-250

-200

-150

-100

-50

0

50

100

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-16

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Natural Gas

CFTC non-commercial net positioning Price (RHS, USD/MMBtu)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

25

35

45

55

65

75

85

95

-200

-100

0

100

200

300

400

500

600

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-1

6

Oc

t-16

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-18

Ju

l-18

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Brent Oil

ICE managed money net positioning Price (RHS, USD/bbl.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.8

1.3

1.8

2.3

2.8

3.3

3.8

30

40

50

60

70

80

90

100

110

120

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-16

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-18

Ja

n-1

9

Ap

r-19

Ju

l-19

Oc

t-1

9

Gasoline

CFTC non-commercial net positioning Price (RHS, USd/gal.)

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1x stdv

25

35

45

55

65

75

85

95

100

200

300

400

500

600

700

800

900

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-1

6

Oc

t-1

6

Ja

n-1

7

Ap

r-17

Ju

l-1

7

Oc

t-17

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-19

Ju

l-1

9

Oc

t-1

9

WTI Oil

CFTC non-commercial net positioning Price (RHS, USD/bbl.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

Industrial Metals





7Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. LME non-commercial net positions from 30 January

2018 post MIFID II data and respective graphs represent daily data. All commodity futures price data is denominated in USD unless otherwise indicated.


5,400

5,600

5,800

6,000

6,200

6,400

6,600

6,800

7,000

7,200

7,400

0

10

20

30

40

50

60

70

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-18

Au

g-1

8

Se

p-1

8

Oc

t-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-19

Au

g-1

9

Se

p-1

9

Copper (LME)

LME non-commercial net positioning Price (RHS, USD/MT)

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

3,800

0

10

20

30

40

50

60

70

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-18

Au

g-1

8

Se

p-1

8

Oc

t-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Au

g-1

9

Se

p-1

9

Zinc


1,500

1,700

1,900

2,100

2,300

2,500

2,700

10

20

30

40

50

60

70

80

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-18

Au

g-1

8

Se

p-1

8

Oc

t-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-19

Au

g-1

9

Se

p-1

9

Lead


9,800

10,800

11,800

12,800

13,800

14,800

15,800

16,800

17,800

18,800

-14

-9

-4

1

6

11

16

21

26

31

36

41

46

51

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-18

Au

g-1

8

Se

p-1

8

Oc

t-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-19

Ap

r-19

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Au

g-1

9

Se

p-1

9

Nickel


1,700

1,900

2,100

2,300

2,500

2,700

70

90

110

130

150

170

190

210

Ja

n-1

8

Fe

b-1

8

Ma

r-18

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-18

Au

g-1

8

Se

p-1

8

Oc

t-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Au

g-1

9

Se

p-1

9

Aluminum


1.7

2.2

2.7

3.2

3.7

4.2

-80

-60

-40

-20

0

20

40

60

80

Oc

t-1

4

Ja

n-1

5

Ap

r-15

Ju

l-15

Oc

t-15

Ja

n-1

6

Ap

r-16

Ju

l-1

6

Oc

t-16

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-19

Ju

l-19

Oc

t-19

Copper (COMEX)


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

15,500

16,500

17,500

18,500

19,500

20,500

21,500

22,500

0

5

10

15

Ja

n-1

8

Fe

b-1

8

Ma

r-18

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Au

g-1

8

Se

p-1

8

Oc

t-18

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-19

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Au

g-1

9

Se

p-1

9

Tin


Precious Metals



Livestock



8Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. respective graphs represent daily data. All

commodity futures price data is denominated in USD unless otherwise indicated.


0.4

0.5

0.6

0.7

0.8

0.9

1.0

1.1

1.2

-20

0

20

40

60

80

100

120

Oc

t-1

4

Ja

n-1

5

Ap

r-15

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-18

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-19

Lean Hogs


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

-50

0

50

100

150

200

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-16

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-19

Ju

l-19

Oc

t-19

Live Cattle


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

-10

-5

0

5

10

15

20

25

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-15

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-17

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-19

Feeder Cattle


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

12

19

26

-40

-20

0

20

40

60

80

100

120

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-1

6

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-19

Silver

CFTC non-commercial net positioning Price (RHS, USD/t oz.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

-100

-50

0

50

100

150

200

250

300

350

400

Oc

t-14

Ja

n-1

5

Ap

r-15

Ju

l-15

Oc

t-15

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-17

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-18

Ju

l-18

Oc

t-1

8

Ja

n-1

9

Ap

r-19

Ju

l-19

Oc

t-1

9

Gold


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

450

650

850

1,050

1,250

1,450

1,650

1,850

0

5

10

15

20

25

30

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-18

Ja

n-1

9

Ap

r-19

Ju

l-1

9

Oc

t-19

Palladium


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

750

950

1,150

1,350

1,550

1,750

1,950

-20

-10

0

10

20

30

40

50

60

70

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-16

Ju

l-1

6

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-18

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Platinum


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

Agriculture

Source: USDA, Bloomberg,WisdomTree Source: USDA, Bloomberg,WisdomTree

Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree

Source: USDA, Bloomberg,WisdomTree Source: USDA, Bloomberg, WisdomTree

•

·Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree

9

Inventories

Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2017/2018 estimates.


0

5

10

15

20

25

30

35

40

45

50

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

Corn - Stock to UseAnnual data in %, from 1980 to 2018

% chg in projections vs.

previous = 2.1%

0

50

100

150

200

250

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10

/11

12

/13

14

/15

16

/17

18

/19

Coffee - Stock to UseAnnual data in %, from 1980 to 2018

% chg in projections

vs. previous = 0.0%

0

10

20

30

40

50

60

70

80

90

100

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

Cotton - Stock to UseAnnual data in %, from 1980 to 2018


vs. previous = 6.5%

0

5

10

15

20

25

30

35

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10

/11

12

/13

14

/15

16

/17

18

/19

Soybeans - Stock to UseAnnual data in %, from 1980 to 2018

% chg in projections vs. previous = -8.2%

0

20

40

60

80

100

120

82/8

3

84/8

5

86/8

7

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00/0

1

02/0

3

04/0

5

06/0

7

08/0

9

10

/11

12

/13

14

/15

16

/17

18

/19

Soybeans - Ending StocksAnnual data in , from 1980 to 2018

chg in projections vs. previous = -9.3

0

10

20

30

40

50

60

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10

/11

12

/13

14

/15

16

/17

18

/19

Coffee - Ending StocksAnnual data in mln bags (60 kg), from 1980 to 2018

chg in projections

vs. previous = -2.9

0

20

40

60

80

100

120

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

Cotton - Ending StocksAnnual data in mln 480 lb Bales, from 1980 to 2018

chg in projections vs.

previous = 3.3

0

50

100

150

200

250

300

350

400

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

Corn - Ending StocksAnnual data in mln tons, from 1980 to 2018

chg in projections

vs. previous = 3.6




Source: International Cocoa Organisation, Bloomberg, WisdomTree

10Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2018/2019 estimates.


0

5

10

15

20

25

30

35

40

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10

/11

12

/13

14

/15

16

/17

18

/19

Wheat - Stock to UseAnnual data in %, from 1980 to 2018


previous = 1.1%

0

20

40

60

80

100

120

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01

/02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10

/11

11

/12

12

/13

13

/14

14

/15

15

/16

16

/17

17

/18

18

/19

Sugar - Stock to UseAnnual data in %, from 1998 to 2018


vs. previous = 0%

0

2

4

6

8

10

12

14

16

18

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

Soybean Oil - Stock to UseAnnual data in %, from 1980 to 2018


previous = 3.0%

0

50

100

150

200

250

300

82/8

3

84/8

5

86/8

7

88/8

9

90/9

1

92/9

3

94/9

5

96/9

7

98/9

9

00/0

1

02/0

3

04/0

5

06/0

7

08/0

9

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

Wheat - Ending StocksAnnual data in mln tons, from 1980 to 2018


previous = 1.3

0

10

20

30

40

50

60

82/8

3

84

/85

86

/87

88

/89

90

/91

92/9

3

94/9

5

96/9

7

98/9

9

00

/01

02

/03

04

/05

06

/07

08

/09

10/1

1

12/1

3

14/1

5

16/1

7

18

/19

Sugar - Ending StocksAnnual data in mln Metric Tons, from 1980 to 2018


previous = -11.3

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

Soybean Oil - Ending StocksAnnual data in mln Metric Tons, from 1980 to 2018


previous = 0.1

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

20

12

20

14

20

16

20

18

Cocoa - InventoryAnnual data in '000 metric tons, from 1981 to 2018

Industrial Metals


Source: LME, Bloomberg, WisdomTree Source: Bloomberg, WisdomTree

Source: Bloomberg, WisdomTree Source: LME, Bloomberg, WisdomTree

Livestock


11Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2018/2019 estimates.


0

2

4

6

8

10

12

14

16

Oc

t-18

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Au

g-1

9

Se

p-1

9

Oc

t-19

Tin Inventory

LME Inventory (in '000 tonnes) SHFE Inventory (in '000 tonnes)

Daily data in '000 MT, from 25 Oct 18 to 25 Oct 19

50

60

70

80

90

100

110

120

130

140

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Lead Inventory

SHFE Inventory (in '000 tonnes) LME Inventory (in '000 tonnes)

Daily data, from 25 Oct 18 to 25 Oct 19

0

50

100

150

200

250

Oc

t-18

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-19

Ap

r-19

Ma

y-1

9

Ju

n-1

9

Ju

l-19

Au

g-1

9

Se

p-1

9

Oc

t-19

Nickel InventoryDaily data in '000 MT, from 25 Oct 18 to 25 Oct 19

40

60

80

100

120

140

160

180

200

220

Oc

t 18

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 19

Zinc Inventory



0

500

1,000

1,500

2,000

2,500

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Aluminum Inventory



80

130

180

230

280

330

380

430

480

530

580

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Copper Inventory

SHFE Inventory (in '000 tonnes) COMEX Inventory (in '000 tonnes)

LME Inventory (in '000 tonnes)


640

660

680

700

720

740

760

780

800

820

840

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10

/11

12

/13

14

/15

16

/17

18

/19

Lean Hogs InventoryAnnual data in mln Heads, from 1980 to 2018

900

950

1,000

1,050

1,100

1,150

82

/83

84

/85

86

/87

88

/89

90

/91

92

/93

94

/95

96

/97

98

/99

00

/01

02

/03

04

/05

06

/07

08

/09

10

/11

12

/13

14

/15

16

/17

18

/19

Live Cattle InventoryAnnual data in mln Heads, from 1980 to 2018

Energy

Source: DOE, Bloomberg, WisdomTree Source: IEA, Bloomberg, WisdomTree

Source: DOE, Bloomberg, WisdomTree Source: DOE, Bloomberg, WisdomTree

Source: DOE, Bloomberg, WisdomTree

12Note: "Oil - OECD Inventory" represents OECD industry stocks and is reported with a 2 month lag.


300

350

400

450

500

550

600

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

US Oil Inventory

5Yr Average +/-1 stdev 2018 2019

Weekly data in mln barrels, from Oct 14 to Oct 19

200

210

220

230

240

250

260

270

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Gasoline Inventory



500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1 3 5 7 9 111315171921232527293133353739414345474951

Natural Gas Inventory


Weekly data in billion cubic feet, from Oct 14 to Oct 19

6

11

16

21

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Heating Oil Inventory



280

290

300

310

320

330

340

350

360

370

380

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

OECD Europe Oil Industry Inventory


Monthly data in mln barrels, from Aug 14 to Aug 19

Agriculture




·


13

Commodities Front Month Futures and

Trading Volumes

Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated.


$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

$3,000

0

500

1,000

1,500

2,000

2,500

3,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Cocoa Front Month Futures Price

Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)

Daily data in USD/MT, from 25 Oct 18 to 25 Oct 19

$3.2

$3.4

$3.6

$3.8

$4.0

$4.2

$4.4

$4.6

0

5,000

10,000

15,000

20,000

25,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Corn Front Month Futures Price


Daily data in USd/bu., from 25 Oct 18 to 25 Oct 19

$0.20

$0.22

$0.24

$0.26

$0.28

$0.30

$0.32

-500

500

1,500

2,500

3,500

4,500

5,500

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Soybean Oil Front Month Futures Price


Daily data in USd/lb., from 25 Oct 18 to 25 Oct 19

$0.10

$0.11

$0.12

$0.13

$0.14

$0.15

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Sugar Front Month Futures Price



$0.7

$0.8

$0.9

$1.0

$1.1

$1.2

$1.3

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Coffee Front Month Futures Price



$0.50

$0.55

$0.60

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

-150

350

850

1,350

1,850

2,350

2,850

3,350

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Cotton Front Month Futures Price



$7.0

$7.5

$8.0

$8.5

$9.0

$9.5

$10.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Soybeans Front Month Futures Price



$3.5

$4.0

$4.5

$5.0

$5.5

$6.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Wheat Front Month Futures Price



Energy




Carbon


14Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated.


$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$90

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Brent Oil Front Month Futures Price


Daily data in USD/bbl., from 25 Oct 18 to 25 Oct 19

$1.9

$2.4

$2.9

$3.4

$3.9

$4.4

$4.9

$5.4

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Natural Gas Front Month Futures Price


Daily data in USD/MMBtu, from 25 Oct 18 to 25 Oct 19

$1.3

$1.5

$1.7

$1.9

$2.1

$2.3

$2.5

$0

$5,000

$10,000

$15,000

$20,000

$25,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Heating Oil Front Month Futures Price


Daily data in USd/gal., from 25 Oct 18 to 25 Oct 19

3.4 €

8.4 €

13.4 €

18.4 €

23.4 €

28.4 €

€0

€200

€400

€600

€800

€1,000

€1,200

€1,400

€1,600

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Carbon Front Month Futures Price


Daily data in EUR/MT, from 25 Oct 18 to 25 Oct 19

$40

$45

$50

$55

$60

$65

$70

$75

$80

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

WTI Oil Front Month Futures Price


Daily data in USD/bbl., from 25 Oct 18 to 25 Oct 19

$1.2

$1.3

$1.4

$1.5

$1.6

$1.7

$1.8

$1.9

$2.0

$2.1

$2.2

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000O

ct

18

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Gasoline Front Month Futures Price


Daily data in USd/gal., from 25 Oct 18 to 25 Oct 19

Industrial Metals







$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

-$4,000

$1,000

$6,000

$11,000

$16,000

$21,000

$26,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Aluminum Front Month Futures Price



$1,900

$2,100

$2,300

$2,500

$2,700

$2,900

$3,100

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Zinc Front Month Futures Price



$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Nickel Front Month Futures Price



$1.8

$2.0

$2.2

$2.4

$2.6

$2.8

$3.0

$3.2

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

Oc

t 18

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 1

9

Ap

r 19

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Copper (COMEX) Front Month Futures Price



$15,000

$16,000

$17,000

$18,000

$19,000

$20,000

$21,000

$22,000

$23,000

$0

$100

$200

$300

$400

$500

$600

$700

$800

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Tin Front Month Futures Price



$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Lead Front Month Futures Price



$4,200

$4,700

$5,200

$5,700

$6,200

$6,700

$7,200

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000O

ct

18

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Copper (LME) Front Month Futures Price

Volume ($mn) 200 dma (RHS) 50 dma (RHS) Prices (RHS)


Precious Metals



Livestock





$1.10

$1.15

$1.20

$1.25

$1.30

$1.35

$1.40

$1.45

$1.50

$1.55

$1.60

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Feeder Cattle Front Month Futures Price



$0.32

$0.42

$0.52

$0.62

$0.72

$0.82

$0.92

$1.02

$200

$700

$1,200

$1,700

$2,200

$2,700

$3,200

$3,700

$4,200

$4,700

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Lean Hogs Front Month Futures Price



$750

$800

$850

$900

$950

$1,000

$0

$500

$1,000

$1,500

$2,000

$2,500

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Platinum Front Month Futures Price


Daily data in USD/t oz., from 25 Oct 18 to 25 Oct 19

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

$1,500

$1,550

$1,600

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Gold Front Month Futures Price



$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

$1.35

$1.40

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Live Cattle Front Month Futures Price



$500

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$0

$500

$1,000

$1,500

$2,000

$2,500

Oc

t 1

8

No

v 1

8

De

c 1

8

Jan

19

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Palladium Front Month Futures Price



$13

$14

$15

$16

$17

$18

$19

$20

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Oc

t 1

8

No

v 1

8

De

c 1

8

Ja

n 1

9

Fe

b 1

9

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

Silver Front Month Futures Price



Agriculture




·Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree

17

Futures Curves

Note: all commodity futures price data is denominated in USD unless otherwise indicated.


$2,050

$2,150

$2,250

$2,350

$2,450

$2,550

$2,650

M1 M2 M3 M4 M5 M6 M7 M8 M9 M10Maturity (Month)

Cocoa Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/MT

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Coffee Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/lb.

$3.3

$3.5

$3.7

$3.9

$4.1

$4.3

$4.5

$4.7

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Corn Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/bu.

$0.54

$0.56

$0.58

$0.60

$0.62

$0.64

$0.66

$0.68

$0.70

$0.72

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Cotton Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/lb.

$0.270

$0.280

$0.290

$0.300

$0.310

$0.320

$0.330

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

Maturity (Month)

Soybean Oil Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/lb.

$8.3

$8.8

$9.3

$9.8

$10.3

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

M21

Maturity (Month)

Soybeans Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/bu.

$0.080

$0.090

$0.100

$0.110

$0.120

$0.130

$0.140

$0.150

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

Maturity (Month)

Sugar Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/lb.

$4.0

$4.5

$5.0

$5.5

$6.0

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

Maturity (Month)

Wheat Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/bu.

Energy




Carbon


18Note: all commodity futures price data is denominated in USD unless otherwise indicated.


$54

$55

$56

$57

$58

$59

$60

$61

$62

$63

$64

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Brent Oil Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/bbl.

$45

$47

$49

$51

$53

$55

$57

$59

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

WTI Oil Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/bbl.

$1.9

$2.0

$2.1

$2.2

$2.3

$2.4

$2.5

$2.6

$2.7

$2.8

$2.9

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Natural Gas Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/MMBtu

$1.30

$1.40

$1.50

$1.60

$1.70

$1.80

$1.90

$2.00

M1

M3

M5

M7

M9

M1

1

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M3

3

M3

5

Maturity (Month)

Gasoline Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/gal.

$1.70

$1.75

$1.80

$1.85

$1.90

$1.95

$2.00

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Heating Oil Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/gal.

17.0 €

19.0 €

21.0 €

23.0 €

25.0 €

27.0 €

29.0 €

31.0 €

33.0 €

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

M21

M22

M23

Maturity (Month)

Carbon Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

EUR/MT

Industrial Metals







$1,660

$1,760

$1,860

$1,960

$2,060

$2,160

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Aluminum Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/MT

$2,000

$2,050

$2,100

$2,150

$2,200

$2,250

$2,300

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Lead Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/MT

$2.55

$2.60

$2.65

$2.70

$2.75

$2.80

$2.85

M1

M2

M3

M4

M5

M6

M7

M8

M9

M1

0

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

M21

M22

M23

M24

M25

Maturity (Month)

Copper (COMEX) Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/lb.

$5,400

$5,500

$5,600

$5,700

$5,800

$5,900

$6,000

$6,100

$6,200

$6,300

$6,400M

1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Copper (LME) Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/MT

$15,500

$16,000

$16,500

$17,000

$17,500

$18,000

$18,500

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Tin Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/MT

$12,000

$12,800

$13,600

$14,400

$15,200

$16,000

$16,800

$17,600

$18,400

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Nickel Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/MT

$2,200

$2,300

$2,400

$2,500

$2,600

$2,700

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Zinc Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/MT

Precious Metals



Livestock





$14.0

$15.0

$16.0

$17.0

$18.0

$19.0

$20.0

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

Maturity (Month)

Silver Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/t oz.

$1,180

$1,230

$1,280

$1,330

$1,380

$1,430

$1,480

$1,530

$1,580

$1,630

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

Maturity (Month)

Gold Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/t oz.

$760

$810

$860

$910

$960

$1,010

M1 M2 M3 M4 M5Maturity (Month)

Platinum Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/t oz.

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

M1 M2 M3 M4 M5Maturity (Month)

Palladium Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USD/t oz.

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

Maturity (Month)

Lean Hogs Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/lb.

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)

Live Cattle Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/lb.

$1.24

$1.29

$1.34

$1.39

$1.44

$1.49

M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)

Feeder Cattle Futures

25 Oct 19 18 Oct 19 25 Sep 19 25 Jul 19

USd/lb.

C

Commodity Monthly Matrix Explained

CALENDAR

WisdomTree - Recent Blogs

25-Oct-19 Jesper Koll Japan fiscal boost coming?

21-Oct-19 Kevin Flanagan Markets to the Fed: Go fund me

10-Oct-19 Nitesh Shah Nickel rally defies industrial metals rut

30-Sep-19 WisdomTree Why we’re bullish on Cloud Computing

23-Sep-19 Kevin Flanagan What is the highest yielding treasury security?

17-Sep-19 Nitesh Shah Platinum surfs on gold’s rising tide

17-Sep-19 Nitesh Shah Oil price shock could be followed by large geopolitical tremors

10-Sep-19 Christopher Gannatti The cloud computing megatrend for growth amidst uncertainty

03-Sep-19 Nitesh Shah Faster than a speeding (silver) bullet

21-Aug-19 Nitesh Shah Gold could rise to over US$1800/oz if geopolitical risks remain elevated

12-Aug-19 Aneeka Gupta The gold market reigns supreme

02-Aug-19 Kevin Flanagan Like a good neighbour the Fed is there

25-Jul-19 Aneeka Gupta June ETP Flows: Buy the rumour, sell the fact

WisdomTree - Past Issues of Commodity Monthly Monitor

Aug - Sep 2019 Research Team Jitters in the oil market and beyond

Jul - Aug 2019 Research Team Trump and Xi's Midas touch

Jun - Jul 2019 Research Team Pre-committed Fed drives a rally across cyclicals & defensives

May - Jun 2019 Research Team All Eyes on the G-20 Summit

Apr - May 2019 Research Team Trade reprices commodity risk

The research notes are for qualified investors only.

Key Reports

Current Next release

10-Oct-19 08-Nov-19 USDA World Agricultural Supply and Demand Estimates

08-Oct-19 13-Nov-19 EIA Short-Term Energy Outlook

11-Oct-19 14-Nov-19 OPEC OPEC Oil Market Report

10-Oct-19 15-Nov-19 IEA IEA Oil Market Report

DISCLAIMER

Important Information

Communications issued in the European Economic Area (“EEA”): This document has been issued and approved by WisdomTree Ireland Limited, which is authorised and regulated by the Central Bank of Ireland.

Communications issued in jurisdictions outside of the EEA: This document has been issued and approved by WisdomTree UK Limited, which is authorised and regulated by the United Kingdom Financial Conduct Authority.

WisdomTree Ireland Limited and WisdomTree UK Limited are each referred to as “WisdomTree” (as applicable). Our Conflicts of Interest Policy and Inventory are available on request.

For professional clients only. The information contained in this document is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities or shares. This document should not

be used as the basis for any investment decision. Investments may go up or down in value and you may lose some or all of the amount invested. Past performance is not necessarily a guide to future performance. Any

decision to invest should be based on the information contained in the appropriate prospectus and after seeking independent investment, tax and legal advice.

This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof.

Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.

This document may contain independent market commentary prepared by WisdomTree based on publicly available information. Although WisdomTree endeavours to ensure the accuracy of the content in this

document, WisdomTree does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this document make no warranties or representation of any kind relating

to such data. Where WisdomTree has expressed its own opinions related to product or market activity, these views may change. Neither WisdomTree, nor any affiliate, nor any of their respective officers, directors, partners,

or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents.

This document may contain forward looking statements including statements regarding current expectations or beliefs with regards to the performance of certain assets classes and/or sectors. Forward looking statements

are subject to certain risks, uncertainties and assumptions. There can be no assurance that such statements will be accurate and actual results could differ materially from those anticipated in such statements.

WisdomTree strongly recommends that you do not place undue reliance on these forward-looking statements.

Any historical performance included in this document may be based on back testing. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of

such strategy would have been. However, back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and

should not be interpreted as an indication of actual or future performance.

Score based on unweighted sum of four fundamental/technical measures detailed below with each measure awarded a possible score of -1, 0, or 1

depending on whether variable is viewed as fundamentally negative, neutral or positive. Score ranging from -4 to +4. For commodities where data is not

available or not relevant, scores are calculated on remaining variables and adjusted to the -4 to +4 scale. The score matrix is designed to highlight

significant changes in key variables but should not be viewed as predictor of performance.

The four fundamental/technical measures are as follow:

- price vs. 200 days moving average: 1 when price is above 200dma and return is positive, -1 when price is below 200dma and return is negative, 0

otherwise

- % change in net positioning over the past month: 1 when % change is positive, -1 when % change is negative, 0 when no change

- % change in inventory level over the past 3 months: 1 when % is negative, -1 when % is positive, 0 when no change

- roll yield between the front and second month futures contracts: 1 when in backwardation, -1 when in contango, 0 when no change

https://www.wisdomtree.eu/en-gb/blog/2019-10-25/japan-fiscal-boost-coming

https://www.wisdomtree.eu/en-gb/blog/2019-10-21/markets-to-the-fed-go-fund-me

https://www.wisdomtree.eu/en-gb/blog/2019-10-10/nickel-rally-defies-industrial-metals-rut

https://www.wisdomtree.eu/en-gb/blog/2019-09-30/why-were-bullish-on-cloud-computing

https://www.wisdomtree.eu/en-gb/blog/2019-09-23/what-is-the-highest-yielding-treasury-security

https://www.wisdomtree.eu/en-gb/blog/2019-09-17/platinum-surfs-on-golds-rising-tide

https://www.wisdomtree.eu/en-gb/blog/2019-09-17/oil-price-shock-could-be-followed-by-large-geopolitical-tremors

https://www.wisdomtree.eu/en-gb/blog/2019-09-10/the-cloud-computing-megatrend-for-growth-amidst-uncertainty

https://www.wisdomtree.eu/en-gb/blog/2019-09-03/faster-than-a-speeding-bullet

https://www.wisdomtree.eu/en-gb/blog/2019-08-21/gold-could-rise-to-over-us-1800oz-if-geopolitical-risks-remain-elevated

https://www.wisdomtree.eu/en-gb/blog/2019-08-12/the-gold-market-reigns-supreme

https://www.wisdomtree.eu/en-gb/blog/2019-08-02/like-a-good-neighbour-the-fed-is-there

https://www.wisdomtree.eu/en-gb/blog/2019-07-25/june-etp-flows-buy-the-rumour-sell-the-fact

https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2019,-d-,09_commodity-monthly-monitor.pdf



https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2019,-d-,06_commodity-monthly-monitor_final.pdf

https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2019,-d-,05_commodity-monthly-monitor-final.pdf

https://www.usda.gov/oce/commodity/wasde/wasde0919.pdf

http://www.eia.gov/forecasts/steo/pdf/steo_full.pdf

http://www.opec.org/opec_web/en/publications/338.htm

http://www.opec.org/opec_web/static_files_project/media/downloads/publications/MOMR_september_2015.pdf

http://omrpublic.iea.org/

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