November 2016

Released December, 2016

Led by copper and the best month for the industrial metals since September 2012 – coincident with the worst month for bonds – the commodity market bucked the strong dollar in November amid optimism for economic growth in a Trump administration. The Bloomberg Commodity Index (BCOM) gained 1.3% in November for a 2016 total return of 9.8%, on a spot increase of 20.4%. Strength in the U.S. dollar, bond yields and stock market after President-elect Donald Trump's win accelerated a shift from safe havens to industrial metals. The extreme divergence of industrial metals' strength vs. precious metals' weakness should have positive macroeconomic implications.

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