Released January, 2017
The first month of 2017 was mostly flat for the broad commodity market as strength in the metals and softs was offset by weakness in energy. A pullback in the U.S. Dollar was a prime support factor for gold and silver, but industrial metals outperformed, indicating economic optimism and inflation. The mild North American winter pressured natural gas and energy, on the back of the extended rally and more extended futures positions. Led by coffee, cotton and soybeans, agriculture had a rare strong performance for January, as production reduction risks increased. New U.S. administration uncertainty increased by month end as long dormant stock market volatility resurfaced, potentially putting at risk extended positions in the reflation trade, long commodities and short bonds.
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