Q3 2015 Market Commentary 02 Commodity Performance BCOM 06 Roll Select 07 Historical 08 Contribution to Return & Weights 09 Commodity Volatility Realized 10 Implied 11 Historical Realized 12 Commodity Correlation Composites 13 Singles 14 US CPI Indices 15 Country CPI 16 Country GDP 17 Commitment of Traders Report Monthly Notional Change & Correlation 18 Historical Net Positions 19 Commodity Inventories & Sales Monthly Change & Correlation 21 Historical Levels 22 Commodity ETP Flows 24 Term Structures 25 BI Dashboards 27 Bloomberg Cheat Sheet 28 Contact us: <Help> <Help> on the Bloomberg Professional Service 1-212-617-5020 [email protected]TABLES & CHARTS (BCOM) BLOOMBERG COMMODITY INDEX
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BLOOMBERG COMMODITY INDEX (BCOM) TABLES & CHARTS · • The Bloomberg Commodity Index (BCOM) lost 14.5% in Q3 amid forecasts for the slowest economic growth since 1990 in China, the
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Q3 2015Market Commentary 02Commodity Performance BCOM 06 Roll Select 07 Historical 08Contribution to Return & Weights 09Commodity Volatility Realized 10 Implied 11 Historical Realized 12Commodity Correlation Composites 13 Singles 14 US CPI Indices 15 Country CPI 16 Country GDP 17Commitment of Traders Report Monthly Notional Change & Correlation 18 Historical Net Positions 19Commodity Inventories & Sales Monthly Change & Correlation 21 Historical Levels 22Commodity ETP Flows 24Term Structures 25BI Dashboards 27Bloomberg Cheat Sheet 28
Contact us:<Help> <Help> on the Bloomberg Professional [email protected]
TABLES & CHARTS(BCOM)BLOOMBERG COMMODITY INDEX
Commodities Post Worst Quarter Since 2008 Financial Crisis
• The Bloomberg Commodity Index (BCOM) lost 14.5% in Q3 amid forecasts for the slowest economic growth since 1990 in China,the biggest user of energy, metals and grains. • Oil led the Q3 collapse as OPEC producers pumped near record levels while everything from corn to copper was down more than10% on speculation that supplies are outpacing demand. • Money flowed out of commodity funds in September. U.S.-listed Exchange Traded Products (ETPs) lost $522 million inSeptember. • Money managers’ notional exposure to commodity futures and options fell $800 million in September. Energy positions were up$4.2 billion mostly from crude oil, grains were down $3.9 billion, industrial metals were up $2 billion, and precious metals were down $1.7 billion. • Realized volatility for the BCOM index in September (15.54%) is substantially lower than the S&P 500 index (21.98%). Realizedvolatility for the BCOM Petroleum index remained elevated at 44.81%.
ENERGY (32.6% weight in BCOM)
Oil slipped, capping the lowest quarterly average price since the start of 2009 as U.S. crude inventories climbed. The Bloomberg WTI Crude Oil index fell 27% in Q3. Oil has plunged more than a quarter from this year’s closing peak in June on speculation a global glut will be prolonged amid a weakening Chinese economy and the return of Iranian barrels to market. U.S. crude stockpiles remain more than 100 million barrels above the five-year seasonal average, while OPEC pumped more than its 30 million-barrel daily quota for the 16th consecutive month in September. As the glut pushes prices down, the U.S. has started to curb its output. U.S. crude output declined 40,000 barrels a day to 9.1 million last week. Production has slipped in seven of the last eight weeks.
Nationwide crude stockpiles rose 3.96 million barrels to 457.9 million in the week ended Sept. 25, the EIA said. Supplies at Cushing, Oklahoma, which is the biggest hub in the country, fell by 1.07 million barrels to 53 million, the least since March. Traders are keeping an eye on hurricane Joaquin via Bloomberg commodity maps (BMAP <GO>) to gauge the threat to refineries.
Hurricane Joaquin as of 8am ET on Oct. 2 (BMAP <GO>)
The U.S. is now a net oil exporter to Mexico for first time in two decades. Net exports were 48,000 barrels a day in July, EIA data show. A decade ago, the U.S. bought a net 1.3 million barrels of oil from its southern neighbor. The emergence of the U.S. as a net supplier to Mexico underscores how the growth of the shale industry is redrawing the global energy map. Output from shale rocks pushed U.S. oil production to a three-decade high earlier this year, driving down prices, boosting margins for refiners and fueling a debate over whether the country should lift restrictions on exports of crude. Refineries in the U.S. Midwest earned $24.50 a barrel in the third quarter to Sept. 23, compared with $20.80 in the preceding quarter and $17.60 a year earlier, according to BP Plc data. The U.S. imports oil from various countries including Saudi Arabia and Iraq. Net oil imports into the U.S. dropped to 4.5 million barrels a day in July, 64% less than a decade earlier. Purchases from OPEC nations sank to 2.6 million barrels a day from 6.1 million in July 2005.
The Bloomberg Natural Gas index was down 23% year-to-date and 9% in September, capping a third straight monthly drop. Natural gas futures fell to a five-month low as mild U.S. weather forecasts for the first half of October dashed hopes of early heating demand. Temperatures may be mostly normal in the eastern half of the U.S. from Oct. 5 through Oct. 14, according to MDA Weather Services. Gas stockpiles totaled 3.44 trillion cubic feet as of Sept. 18, 5% above the five-year average and 16% above the year-ago level.
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Natural gas's share of U.S. power generation rose to a record 35% in July. Gas surpassed coal as the primary fuel source for the second time, following April. Generators are building gas plants to replace retired coal generation because of EPA clean-power rules and cheaper gas. Coal capacity will fall slowly, with the EIA projecting that it will remain the main fuel through 2016. The EIA expects additions of 6.3 gigawatts of gas capacity in 2015 vs. reductions of 13 GW for coal (BI EGENN <GO>).
GRAINS (23.1% weight in BCOM)
Members of a trade delegation from China, the world’s top soybean importer, signed memorandums to buy a record 13.18 million metric tons of the oilseed worth around $5.3 billion from U.S. shippers after annual negotiations. China will import a record 79 million tons from around the world in the year that began Oct. 1, the USDA said in September. The country’s total demand has soared 35-fold since 1997 as the economy boomed. As of Sept. 17, U.S. sales to the Asian nation in the 12 months ending Aug. 31 were 55% behind the pace a year earlier, agency data showed.
As the world’s livestock herds and ethanol plants prepare to consume more corn than farmers can grow over the next year, there’s still more than enough of the grain to go around. Global corn inventories before this season were at a 27-year high after two straight seasons of record harvests. Exports by the U.S., the biggest producer, are running 28% behind last year’s pace as a stronger dollar entices buyers to go elsewhere for cheaper supply. While global reserves are forecast to shrink for the first time in five years with smaller crops in the U.S. and Europe, a measure of inventories relative to usage still remains near the highest in 13 years. Corn rallied in September after the USDA cut its world production forecast for a fourth month. Fund managers have cut their bullish bets on Chicago corn futures by 71% since late July, amid signs that demand may be slower than forecast. The dollar has climbed 7.3% this year against a basket of 10 currencies, including a 52% gain against the Brazilian real, reducing global competitiveness for agricultural goods priced in U.S. dollars.
The USDA is forecasting a corn harvest of 13,686 million bushels for the 2015-16 marketing year, which represents a 101 million cut from its previous estimate in August. The USDA cut its estimated corn crop yield to 167.5 bushels an acre from 168.8 in August, which makes it more aligned with historic estimated corn crop conditions. The crop was rated 68%, making it "excellent" or "good" compared with the median 61% since 2006 for this time of year.
The U.S. corn harvest was 10% complete in the week ending Sept. 20, 5% below its five-year average for this time of year. Yet it may catch up in coming weeks with weather in the Corn Belt and key producing areas expected to be favorable and warmer than usual. Warmer conditions help crops mature and allow farmers to work the fields uninterrupted. The sooner farmers are ready to harvest the corn, the main feedstock for U.S. ethanol producers, the less likely the harvest will be damaged by frost.
The U.S. and Brazil are the world's leading ethanol producers and are expected to maintain a combined market share of 88% of global fuel ethanol supplies in the marketing year ending September, according to F.O. Licht. The two countries are also the largest markets for consumption, using most of the ethanol they produce, with government policy in both stimulating demand. The U.S. produces almost all its ethanol from corn, with Brazil using higher-yield sugar cane.
INDUSTRIAL METALS (15.5% weight in BCOM)
Copper is down 18% this year. The 10% drop in prices in Q3 was the biggest since the three months ended September 2011. Copper inventories in China's bonded warehouses dropped 22%, to 420,000 tons in September from August as arbitrage profits widened, according to a Bloomberg Intelligence survey (BI COPP <GO>). It was the third consecutive monthly decline. Traders and producers bought the metal on the LME and imported supplies to China for higher prices, fueling shipments from bonded warehouses to domestic markets.
China imported 262,691 tons of refined copper in August, 1% more than July, as arbitrage profits widened. Imports this year through August fell 7%, weighed by weak demand and rising domestic output. China's announced plans to accelerate investments in infrastructure projects have yet to translate into more demand for metals, according to BI channel checks with producers. China's refined copper output in August was little changed from the previous month at 663,000 tons, and dropped 4% from this-year's high of 693,000 tons in June, mainly due to production halts and lower operating rates at plants reeling from falling prices. China will probably add 800,000 tons of net capacity for refined copper this year, according to Bloomberg Intelligence estimates, while slower domestic demand growth may trigger production halts and delays in capacity expansion.
China's copper-concentrate imports are up 12% in the first eight months this year to 8.12 million tons, indicating higher overseas supply as new copper mines expand production. Chinese refineries could add about 800,000 tons of capacity this year because of higher treatment and refining charges (TC/RC), according to Bloomberg Intelligence analysis. August imports increased 19% from
July to 1.15 million tons, the second highest level this year, and up 28% from the same period last year. China's imports of unwrought copper and products held steady sequentially at 350,000 tons in August, as slower economic growth hurt demand. Imports this year through August declined 8% to 2.94 million tons as China's economic slowdown reduces copper demand from downstream segments such as construction and transportation. April imports were the highest this year on orders placed before the Lunar New Year holidays in February, on expectations for a demand recovery that hasn't materialized.
Anxiety over an overall economic slowdown in China and concerns about the strong U.S. dollar have caused nickel prices to dive along with other global commodities (BI BMET <GO>). Average nickel prices slumped to $10,632 a metric ton during 3Q, down 43% from a year earlier and 18.7% sequentially. Prices slid to the lowest since April 2009 after peaking at $21,000 a ton in May 2014 due to Indonesia's ban on ore exports. LME nickel stockpiles remain high after they swelled to a record 470,376 tons in June.
Dragged down by a 19.7% decline in output in the Philippines, the nation that filled the gap left by Indonesia's 2014 export ban, global mined nickel production contracted 4.6% to 1.522 million metric tons in the first seven months of 2015. Global output plummeted 19% in 2014 amid an 82% cut in shipments of nickel ore from Indonesia, formerly the biggest supplier.
PRECIOUS METALS (16.6% weight in BCOM)
Gold had a fifth quarterly drop, the longest losing streak since 1997. Bullion is set for a third annual loss, the longest stretch since 1998. Global gold prices have slumped about 40% from a record in 2011 to the lowest levels in more than five years, spurring an increase in demand from China to India, the world’s top consumers. Physical demand from India and China remain high as investors purchase gold in the wake of depreciation of India's rupee and a slump in Chinese stock markets. Swiss gold exports in August rose to a five-month high of 173,913 kilograms, more than double from a year earlier. Outflows to Asia, 70% of total shipments, increased. Shipments to India (66,893 kg) rose 126% and China (17,000 kg) 466% from the previous year.
Imports from Switzerland, Europe's gold hub, were up 29.1% from July to 22,137 kilograms in August. More than 70% of Switzerland's imported gold is re-melted in the country's refineries and shipped to Asia. Exports advanced sequentially to 173,913 kilograms, causing net imports to rebound from a nine-month low.
Precious Metal Mining Dashboard (BI PMETG)
Hong Kong net gold exports to China rebounded 84.3% in July to 40.7 metric tons, from June's 22.1 tons, the lowest in a year. In-bound shipments almost doubled from a year earlier. Imports were still down 16.1% in the year-to-date.
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While traders are pricing in a 43% chance that the Fed will move in December and an even smaller chance of 16% in October, money managers have reduced their notional exposure to gold futures and options by $2.6 billion in September.
SOFTS (7.4% weight in BCOM)
The Bloomberg Sugar index gained 11.5% in September. Sugar prices rose to a 20-week high as adverse weather disrupted the harvest in Brazil, the world’s top producer and exporter, while an increase in gasoline costs in the South American nation boosted prospects for cane-based ethanol demand.
Sugar stockpiles in India have surged to almost 10 million tons after four straight years of decline in global prices and high cane costs deterred exports. The government last month ordered mills to compulsorily ship sugar to cut inventories and boost local prices.
China rejected claims that its domestic cotton subsidies are distorting international markets and blamed developed nations for decreasing the global price of cotton through their various domestic subsidies. China, which made the statements in a Sept. 22 World Trade Organization filing, also downplayed the scale of its cotton industry. Although China is among the world's largest cotton producers, it described its industry as limited to “small-scale and subsistence farming.” A report by the International Cotton Advisory Committee found that China's 11.6 million-metric-ton cotton inventory represents 57% of the global stockpile of cotton. China attributed its “huge” stockpile to recent “difficulties” in its textile sector and to price distortion caused by developed members.
Bloomberg US Treasury Bond Index BUSY 4.72% 4.79% 4.63% 3.82% 4.20%Bloomberg USD IG Corporate Bond Index BUSC 4.12% 4.63% 4.63% 4.02% 4.51%Bloomberg USD HY Corporate Bond Index BUHY 4.28% 3.45% 3.63% 2.88% 2.95%
Bloomberg U.S. Dollar Spot Index BBDXY 5.56% 6.51% 7.50% 5.78% 6.44% 7.06%
BloombergCommodity Index TRS&P 500 Total ReturnIndexBloomberg USTreasury Bond IndexBloomberg USD IGCorporate Bond IndexBloomberg USD HYCorporate Bond IndexBloomberg U.S. DollarSpot Index
GLD US SPDR Gold Shares 189.47 24,892.30 0.8%UGAZ US VelocityShares 3x Long Natural Gas 99.49 572.05 17.4%DWTI US VelocityShares 3x Inverse Crude 52.67 164.32 32.1%DGL US PowerShares DB Gold Fund 29.41 133.92 22.0%GSG US iShares S&P GSCI Commodity Index 24.29 744.60 3.3%SCO US ProShares UltraShort Bloomberg Commodity 11.28 138.65 8.1%FTGC US First Trust Global Tactical Commodity 11.14 185.91 6.0%UGLD US VelocityShares 3x Long Gold ETF 10.73 42.46 25.3%DNO US United States Short Oil Fund LP 5.74 19.43 29.5%
OUNZ US Merk Gold Trust 5.08 73.53 6.9%
All Commodities Sector: Top 10 Redemptions
Ticker Name Net Flows ($ mill)
Beginning Fund Market Cap
($ mill)
% of Funds Market Cap
USO US United States Oil Fund LP -392.81 2,906.06 -13.5%SLV US iShares Silver Trust -106.92 4,751.59 -2.3%UCO US ProShares Ultra Bloomberg Crude -70.26 914.57 -7.7%DJP US iPath Bloomberg Commodity Index -54.01 1,132.43 -4.8%
DGAZ US VelocityShares 3x Inverse Natural Gas -52.66 79.85 -65.9%UWTI US VelocityShares 3x Long Crude ETF -51.98 975.91 -5.3%IAU US iShares Gold Trust -48.98 5,904.79 -0.8%DBC US PowerShares DB Commodity Index -43.26 2,561.50 -1.7%PPLT US ETFS Physical Platinum Shares -32.73 512.93 -6.4%PALL US ETFS Physical Palladium Shares -24.75 224.44 -11.0%
Sector
LivestockIndustrial MetalsPrecious Metals
Total
Broad BasedEnergy
Agriculture
24
COMMODITY FUTURES TERM STRUCTUREENERGY GROUP
GRAINS GROUP
2.53
3.54
4.55
5.5
OCT
15
JUL
16AP
R 17
JAN
18
OCT
18
JUL
19AP
R 20
JAN
21
OCT
21
JUL
22AP
R 23
JAN
24
OCT
24
JUL
25AP
R 26
JAN
27
OCT
27
Natural Gas
31-Aug-2015
30-Sep-2015
40455055606570
OCT
15
FEB
16JU
N 1
6O
CT 1
6FE
B 17
JUN
17
OCT
17
FEB
18JU
N 1
8O
CT 1
8FE
B 19
JUN
19
OCT
19
FEB
20JU
N 2
0O
CT 2
0DE
C 21
WTI Crude
31-Aug-2015
30-Sep-2015
4550556065707580
OCT
15
MAR
16
AUG
16JA
N 1
7JU
N 1
7N
OV
17AP
R 18
SEP
18FE
B 19
JUL
19DE
C 19
MAY
20
OCT
20
MAR
21
AUG
21JA
N 2
2JU
N 2
2
Brent Crude
31-Aug-2015
30-Sep-2015140
160
180
200
220
SEP
15
DEC
15
MAR
16
JUN
16
SEP
16
DEC
16
MAR
17
JUN
17
SEP
17
DEC
17
MAR
18
JUN
18
SEP
18
DEC
18
ULS Diesel
31-Aug-2015
30-Sep-2015
100
120
140
160
180
200
SEP
15N
OV
15JA
N 1
6M
AR 1
6M
AY 1
6JU
L 16
SEP
16N
OV
16JA
N 1
7M
AR 1
7M
AY 1
7JU
L 17
SEP
17N
OV
17JA
N 1
8M
AR 1
8M
AY 1
8JU
L 18
Unleaded Gasoline
31-Aug-2015
30-Sep-2015
280
290
300
310
320
330
SEP
15
DEC
15
MAR
16
JUL
16
SEP
16
DEC
16
MAR
17
JUL
17
SEP
17
DEC
17
OCT
18
Soybean Meal
31-Aug-2015
30-Sep-2015450470490510530550570590
SEP
15
DEC
15
MAR
16
MAY
16
JUL
16
SEP
16
DEC
16
MAR
17
MAY
17
JUL
17
SEP
17
HRW Wheat
31-Aug-2015
30-Sep-2015
350
370
390
410
430
450
SEP
15
DEC
15
MAR
16
MAY
16
JUL
16
SEP
16
DEC
16
MAR
17
MAY
17
JUL
17
SEP
17
DEC
17
JUL
18
Corn
31-Aug-2015
30-Sep-2015850
900
950
1000
SEP
15N
OV
15JA
N 1
6M
AR 1
6M
AY 1
6JU
L 16
AUG
16SE
P 16
NO
V 16
JAN
17
MAR
17
MAY
17
JUL
17AU
G 17
SEP
17N
OV
17JU
L 18
Soybeans
31-Aug-2015
30-Sep-2015
450
500
550
600
SEP
15
DEC
15
MAR
16
MAY
16
JUL
16
SEP
16
DEC
16
MAR
17
MAY
17
JUL
17
SEP
17
Wheat
31-Aug-2015
30-Sep-201525262728293031
SEP
15
DEC
15
MAR
16
JUL
16
SEP
16
DEC
16
MAR
17
JUL
17
SEP
17
DEC
17
OCT
18
Soybean Oil
31-Aug-2015
30-Sep-2015
25
COMMODITY FUTURES TERM STRUCTUREINDUSTRIAL METALS GROUP
PRECIOUS METALS GROUP
SOFTS GROUP
LIVESTOCK GROUP
231232233234235236237238
SEP
15
DEC
15
MAR
16
JUN
16
SEP
16
DEC
16
MAR
17
JUN
17
SEP
17
MAY
18
DEC
18
JUL
19
MAR
20
Copper
31-Aug-2015
30-Sep-201515001600170018001900200021002200
SEP
15AP
R 16
NO
V 16
JUN
17
JAN
18
AUG
18M
AR 1
9O
CT 1
9M
AY 2
0DE
C 20
JUL
21FE
B 22
SEP
22AP
R 23
NO
V 23
JUN
24
JAN
25
AUG
25
Aluminum
28-Aug-2015
30-Sep-2015
1050
1100
1150
1200
1250
SEP
15
NO
V 15
FEB
16
JUN
16
OCT
16
FEB
17
JUN
17
JUN
18
JUN
19
JUN
20
JUN
21
Gold
31-Aug-2015
30-Sep-201513.5
14
14.5
15
15.5
16
SEP
15
NO
V 15
JAN
16
MAY
16
SEP
16
JAN
17
MAY
17
DEC
17
DEC
18
DEC
19
Silver
31-Aug-2015
30-Sep-2015
10
11
12
13
14
15
OCT
15
MAR
16
MAY
16
JUL
16
OCT
16
MAR
17
MAY
17
JUL
17
OCT
17
MAR
18
MAY
18
Sugar
31-Aug-2015
30-Sep-2015110
120
130
140
150
160
SEP
15DE
C 15
MAR
16
MAY
16
JUL
16SE
P 16
DEC
16M
AR 1
7M
AY 1
7JU
L 17
SEP
17DE
C 17
MAR
18
MAY
18
JUL
18
Coffee
31-Aug-2015
30-Sep-2015
5055606570758085
OCT
15
DEC
15
FEB
16
APR
16
MAY
16
JUN
16
JUL
16
AUG
16
OCT
16
DEC
16
FEB
17
Lean Hogs
31-Aug-2015
30-Sep-2015
110
120
130
140
150
AUG
15
OCT
15
DEC
15
FEB
16
APR
16
JUN
16
AUG
16
OCT
16
DEC
16
Live Cattle
31-Aug-2015
30-Sep-2015
15501600165017001750180018501900
SEP
15JA
N 1
6M
AY 1
6SE
P 16
JAN
17
MAY
17
SEP
17JA
N 1
8M
AY 1
8SE
P 18
JAN
19
MAY
19
SEP
19JA
N 2
0M
AY 2
0SE
P 20
Zinc
28-Aug-2015
30-Sep-20159800
10000
10200
10400
10600
SEP
15JA
N 1
6M
AY 1
6SE
P 16
JAN
17
MAY
17
SEP
17JA
N 1
8M
AY 1
8SE
P 18
JAN
19
MAY
19
SEP
19JA
N 2
0M
AY 2
0SE
P 20
Nickel
28-Aug-2015
30-Sep-2015
56
58
60
62
64
66
OCT
15
DEC
15
MAR
16
MAY
16
JUL
16
OCT
16
DEC
16
MAR
17
MAY
17
JUL
17
OCT
17
DEC
17
MAR
18
MAY
18
Cotton
31-Aug-2015
30-Sep-2015
26
BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS BI <GO>
Crude Oil Production: BI OILS <GO> Natural Gas Production: BI NGAS <GO>
Precious Metal Mining: BI PMET <GO> Agricultural Chemicals: BI AGCH <GO>
Copper: BI COPP <GO> Aluminum: BI ALUM <GO>
BI provides analysis on several key drivers of BCOM performance; industrial and precious metals mining, oil and natural gas production, and agricultural chemicals. The dashboards include key macro data libraries and interactive charting and commentary from analysts with an average of seventeen years of experience.
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COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE
Broad Commodities EnergyTop commodity news CTOP Top energy news ETOPCommodity markets menu <COMDTY> F9 Top oil news OTOP Global commodity prices GLCO Crude Oil Production Dashboard BI OILSCommodity playbook CPLY First Word oil NI BFWOIL Commitments of traders report COT News on oil inventories TNI OIL INV Calendar of commodity events ECO17 Oil Buyer's Guide newsletter NI OBGBRIEFCommodity arbitrage calculator CARC Pipes & Wires newsletter NI PAWSBRIEFCommodity fundamental data explorer FDM Oil market analysis BOILCommodity futures overview CMBQ Nat gas spot prices BGASSecurity finder SECF Forward European utility markets EUMCommodity data contributors & broker CDAT News on oil markets NI OILMARKET Contract table menu CTM News on OPEC NI OPEC Seasonality chart SEAG OPEC production and prices OPECCommodity curve analysis CCRV Oil markets menu OIL Commodity fair values CFVL Crude stored in tankers NOONCommodity price forecasts CPFC Refinery outages REFOCommitments of Traders Report COT Oil’s decline EXT5 Commodity maps BMAP Oil versus inflation expectations SWIFCommodity options monitor OMON Commodities charts COSY MetalsCommodity Investors menu CMNV Top metal news METT US exchange traded product fund flows ETF Precious metal dashboard BI PMETG
Base metals dashboard BI BMETCommodity Indices Metals prices and data MINE Index description BCOM Index DES Precious metals prices and rates MTL Index constituent weights BCOM Index MEMB Metals Bulletin MB Listed index futures BCOM Index CT COMEX inventories COMX Option volatility surface BCOM Index OVDV LME monitor LME Seasonality chart BCOMNG Index SEAG LME implied volatilities LMIV Commodity index futures movers FMV LME warehouse inventories LMEI Commodity index ranked returns CRR
AgricultureWeather Top agriculture news YTOP Global weather database WETR Agriculture calendar AGRI US snow monitor SNOW Agriculture spot prices AGGPEU weather & utility models EUMM Agriculture supply & demand AGSD
Crop calendar CCAL
BLOOMBERG COMMODITY INDEX (BCOM) QUICK FACTS
Weighting Bias 2/3 market liquidity and 1/3 world production No. of Commodities 20 Re-balancing Frequency Annual Roll Schedule Monthly (5 day roll) Caps/Limits Single commodity: max 15%
Single commodity and its derivatives: max 25%Related commodity groups: max 33%
First Value Date 30 December 1990
The data provided in this report can be easily accessed on the Bloomberg Professional® service along with numerous news and analytical tools to help you stay on top of the commodity markets.
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