Weekly Market Recap – October 29, 2021
Heads of state converged on Rome for the annual G-20 meeting. Prior to the start of the summit, President Biden paid a visit to the Vatican to meet with Pope Francis. The FDA authorized Pfizer’s COVID-10 vaccine for children 5-11.
Monthly economic statistics released during the week, compared with the prior reports, were as follows: The consumer confidence index 113.8 vs. 109.8, new home sales 800,000 vs. 702,000, durable goods orders -0.4% vs. 1.3%, pending home sales index -2.3% vs. 8.1%, nominal personal income -1.0% vs. 0.2%, real disposable income -1.6% vs. -0.2%, nominal consumer spending 0.6% vs. 1.0%, real consumer spending 0.3% vs. 0.6%, and core inflation 0.2% vs. 0.3%. The S&P/Case-Schiller home price index for August (year over year) rose 19.8%, unchanged from the rise reported for July. The weekly initial jobless claims were 281,000 vs. 291,000. Quarterly reporting of gross domestic product for Q3 was 2.0% vs. 6.7%.
October’s stock market moves ended with the major indices closing at record highs on Friday: Dow Jones Industrial Average at 35,819.56 (+0.4%), S&P 500 at 4,605.38 (+1.3%), and the NASDAQ Composite at 15,498.39 (+2.7%). The CBOE VIX indicated an increase of volatility, closing at 16.26 (+5.4%). The U.S. Dollar Index crept higher to 94.13 (+0.6%), and the S&P GSCI eased to 588.20 (-0.3%).
All of the seven metal futures we track here ended in the minus column. The final prices were: gold at $1,783.90 (-0.7%), silver at $23.949 (-2.0%), platinum at $1,020.70 (-3.0%), palladium at $1,980.30 (-2.7%), and copper at $4.3680 (-2.9%). Aluminum dropped 5.3%, with the LME Friday settlement at $2,716.50 per metric ton, its lowest end-of-week closing price since late August.
The energy products on the slate we monitor here also had losses across the board. Their settlements and percentage changes were as follows: WTI crude at $83.57 per barrel (-0.2%), Brent crude at $83.72 (-1.1%), ultra-low sulfur diesel fuel at $2.4787 per gallon (-1.7%), and RBOB gasoline at $2.3697 (-1.9%) and natural gas at $5.426 per mmBtu (-0.6%).
Of the nine agricultural contract prices we report, eight advanced, and one retreated. The one in the red was cocoa, finishing at $2,544 per metric ton (-1.5%). The gainers were: soybeans at $12.35¾ (+1.2%), corn at $5.68¼ (+5.6%), wheat at $7.72¾ (+2.2%), coffee at $2.0395 (+2.1%), sugar at 19.27¢ (+1.0%), cotton at 114.85¢ (+6.1%), live cattle went out at 129.275 (+0.7%), and lean hogs closed at 76.075 (+3.8%).
Futures Referenced in Market Recap
| Exchange | Commodity | Contract Month |
|---|---|---|
| CME | Live Cattle | December |
| CME | Lean Hogs | December |
| CBT | Soybeans | November |
| CBT | Corn | December |
| CBT | Wheat | December |
| ICE | Coffee | December |
| ICE | Cocoa | December |
| ICE | Sugar | March |
| ICE | Cotton | December |
| ICE | Brent Crude | January |
| NYMEX | WTI Crude | December |
| NYMEX | ULSD (Heating Oil) | December |
| NYMEX | RBOB (Gasoline) | December |
| NYMEX | Natural Gas | December |
| NYMEX | Platinum | January |
| NYMEX | Palladium | December |
| COMEX | Gold | December |
| COMEX | Silver | December |
| COMEX | Copper | December |
| LME | Aluminum | 3 Mo. Forward |
Current Standings
2021 World Cup Championship of Futures Trading®
| RANK | NAME | NET RETURN | LOCATION |
|---|---|---|---|
| 1 | Kevin S McCormick | 212.9% | United States |
| 2 | Nikolai Dmitriev | 204.1% | Russia |
| 3 | Jürg Diemand | 195.2% | Switzerland |
| 4 | Marek Chrastina | 118% | Slovakia |
| 5 | Graeme Adams | 114.1% | New Zealand |
January 1, 2021 – October 29, 2021
2021 World Cup Championship of Forex Trading®
| RANK | NAME | NET RETURN | LOCATION |
|---|---|---|---|
| 1 | Raul Glavan | 292.8% | Germany |
| 2 | Lorenzo Misino | 291.3% | Italy |
| 3 | Patrick Nill | 256.8% | Germany |
| 4 | Cristian Franchi | 146.5% | Italy |
| 5 | Sergey Shirko | 145.6% | Latvia |
January 1, 2021 – October 29, 2021
2020-2021 Global Cup Trading Championship
| RANK | NAME | NET RETURN | LOCATION | DIVISION |
|---|---|---|---|---|
| 1 | Jan Smolen | 247.6% | Slovakia | Futures |
| 2 | Stefan Seibert | 222.7% | Germany | Futures |
| 3 | Marek Chrastina | 182.4% | Slovakia | Futures |
| 4 | Patrick Nill | 125.7% | Germany | Futures |
| 5 | Maxim Schulz | 78.8% | Germany | Futures |
June 1, 2020 – May 28, 2021 – Final
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Trading futures and forex involves significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results. World Cup Championship (WCC ) accounts do not necessarily represent all the trading accounts controlled by a given competitor. WCC competitors may control accounts that produce results substantially different than the results achieved in their WCC accounts. WCC entrants may trade more than one account in the competition. CME Group is the trademark of CME Group, Inc. The Globe logo is a trademark of Chicago Mercantile Exchange, Inc.
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