Commodity Monthly Monitor - Allnews · Nitesh Shah. Director. Aneeka Gupta. Associate Director. Mobeen Tahir. Associate Director . Current Price. 2. Returns (-1 Mth) Positioning

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 -1.7% -3.1% -10.7%

Energy -12.4% -10.0% -15.6%WTI Oil 53 -15.0% -10.9% 8.1% -23% -0.5% (4) 0 Industrial Metals -3.3% -2.8% -19.8%Brent Oil 62 -13.0% -8.7% 5.0% -52% 1.6% (2) 2 Precious Metals 2.7% 6.3% -2.1%Natural Gas 2.4 -10.2% -22.3% 75.5% -80% 0.3% (2) (2) Agriculture 11.2% -0.4% -7.4%Gasoline 1.7 -12.4% -0.2% -4.5% -21% 1.5% 0 4 MSCI World 1.6% 10.4% 0.4%

Heating Oil 1.8 -11.1% -9.4% -6.4% -42% -0.3% (2) 4 US Aggregate Bond 1.7% 6.2% 7.4%

Carbon 25.0 -3.2% 11.2% - - -0.2% (2) 0

Wheat 5.4 22.6% 9.5% 8.3% 121% -0.6% 0 (4)

Corn 4.5 25.7% 21.6% 2.0% 187% -1.1% 0 (4)

Soybeans 9 9.7% 2.1% 5.5% 49% -0.7% 0 (2)

Sugar 0.1 6.8% 2.2% -6.0% 13% -1.3% 2 (1)

Cotton 0.7 -1.2% -11.8% -0.5% -88% -1.0% (2) (2)

Coffee 1.0 7.2% -4.7% - 60% -2.1% 0 (1)

Soybean Oil 0.3 3.3% -3.0% -6.2% 62% -0.6% 1 (2)

Cocoa 2,502 8.3% 10.3% - 1753% 0.2% 4 4 CFTC Net Speculative PositioningAluminium 1,734 -5.1% -8.5% -21.4% -1% -0.7% (2) (2) (in '000 contracts)

Copper (COMEX) 2.6 -3.8% -5.3% -39.5% -57% -0.1% (2) (1)

Copper (LME) 5,799 -3.6% -6.1% 74.5% -34% -0.2% (4) (1)

Zinc 2,561 -3.1% -4.0% -1.2% -14% 2.3% 0 (1)

Nickel 11,793 -1.2% -2.3% -15.4% 12% -0.1% 0 (1)

Lead 1,873 4.4% -5.1% -11.8% 2% 0.3% 3 (2)

Tin 19,350 -2.6% -2.9% 22.5% 3% 0.3% 0 0

Gold 1,340 3.4% 5.7% - 60% - 4 (2)

Silver 15 0.3% -0.7% - 108% - 2 (4)

Platinum 805 -6.3% -3.1% - -73% - (4) 4

Palladium 1,453 9.0% 14.3% - 25% - 4 0

Live Cattle 1.1 -0.7% -9.0% - -36% 4.3% (1) 3

Lean Hogs 0.8 -5.0% 18.7% - -19% -2.4% (3) 1

Feeder Cattle 1.4 -0.3% -7.1% - -867% -0.2% (4) (1)Source: WisdomTree, Commodity Futures Trading Commission (CFTC), Bloomberg

1

Commodity Monthly Monitor

All Eyes on the G-20 Summit Published 21 June 2019

Summary

Between ‘trade wars’ and ‘currency wars’, gold is proving its haven status, as it has done historically. There

has been little visible progress in resolving the trade dispute between the US and China in the past month

and doubts still remain as to whether the Presidents of both countries can unjam the stalemate when they

meet at the G20 meeting in Osaka on 28th/29th June. Meanwhile with the US Federal Reserve (Fed), People’s Bank of China and European Central Bank adopting a dovish tone, accusations of currency

manipulation are resurfacing. In this environment, both central banks and investors are flocking towards

gold as a safe haven asset and an alternative currency.

Speaking of wars, the risk of military confrontation in the Middle East is rising as Iran is on the brink of

breaching the terms under the Joint Comprehensive Plan of Action (JCPOA). The US has increased its

military presence in the area adding an extra 1000 troops in the area last week following the addition of

1500 last month. With multiple attacks on vessels around the Strait of Hormuz—a narrow channel of water

next to Iran and Oman, that is the route to more than 30% of all seaborne traded oil—the risk of some form

of retaliation is high. Although the Iranian government has not claimed responsibility, the US has accused

the regime. While the price of gold may in part be reflecting these risks, oil prices are failing to show a

geopolitical premium. In the past month the oil market appeared more concerned about demand

declining amid escalating trade tension. But we note that the Organization of the Petroleum Exporting

Countries (OPEC) has moved its policy meeting from June 25th/26th to July 1st in order to gain further

clarity on the trade front (which could come at the aforementioned G20 meeting on June 28th). As a

result, OPEC is likely to be successful in maintaining supply deficits. We believe that oil prices are due an

upside correction to reflect the geopolitical risk as well as OPEC supply tightness.

After being in the doldrums for most of the past year, the agricultural complex has reversed its losses since

February 2019 in the past month. With speculative shorts having been stretched the prior month, poor

weather and yield deterioration has ignited a short-covering-rally across several agricultural commodities.

With little improvement in weather expected, the rally could continue.

Nitesh Shah

Director

Aneeka Gupta

Associate Director

Mobeen Tahir

Associate Director

Current

Price2

Returns

(-1 Mth)

Positioning4

(- 1 Mth)

Potential supply woes fuel the agricultural rally. Agricultural commodities had a strong price rally last

month in sharp contrast to most other commodities which have been reeling due to the ongoing trade

dispute between US and China and rising economic growth concerns.

US-China trade dispute integral to industrial metal prices. The metals complex has had a difficult

couple of months with the escalation of the trade dispute between US and China. With talks expected

to resume ahead of the G20 summit at the end of the month and an increasing Fed policy

accommodation, industrial metals may be due a price recovery.

Trade tensions place pressure on demand outlook for oil. The energy complex suffered sharp declines

over the prior month due to concerns over falling demand sparked by the escalation of the trade

dispute coupled with higher oil supply in the US. However, we expect the upcoming G-20 meeting,

OPEC+ (OPEC and its non-OPEC partners) meeting coupled with rising geopolitical tensions in the

Middle East to bid up oil prices.

Gold surges on the back of an accommodative Fed. Gold started to shine as the prospect of a weaker

US dollar and build-up of speculative positioning supported the precious metal. Slowing auto industry

underpins the weakness in platinum however the upcoming wage negotiations among South African

platinum producers could raise the risk of a strike.

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14 June

Score

20 May

Score

Inventories3

(- 3 Mths)

Price vs 200

days MARoll Yield

5

Bloomberg TR Indexes for basket returns, data to Friday 14 June 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

-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

- 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 14 Jun 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 Friday 14 Jun 19. June 11, 2019 and June 14, 2019 respectively, % change from previous month. 5 Calculated as %

difference between front month and second month futures prices on report date. LME is the London Metal Exchange.

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

Agriculture Agriculture - June Returns*

Source: Bloomberg

Industrial Metals Industrial Metals - June Returns*

Source: Bloomberg

Energy Energy - June Returns*

Source: Bloomberg

Precious Metals Precious Metals - June Returns*

2

Source: Bloomberg

*Note: all returns are based on front month futures prices in the month to Friday 14 June 2019.


Industrial metals had another weak month as the ongoing trade dispute between the US and China

weighed on investor sentiment. Macroeconomic data released by China for May remained lacklustre

offering little support to prices. Nevertheless, there may be a silver lining for the metals complex as US

and China have announced a resumption in talks ahead of the G20 summit at the end of June where

leaders from both countries are expected to have an extended meeting. Also, China’s announcement

to allow local governments to finance infrastructure projects with special bonds may provide some

much-needed support to industrial metals.

Copper has had a challenging couple of months despite the International Copper Study Group (ICSG)

forecast of an increasing supply deficit going into 2020. As trade tensions ease, fundamentals are

therefore likely to pull copper prices up. Some short-term price support is expected from the strike in

Chile’s Chuquicamata copper mine where operations have been halved as of 19 June. Lead was

slightly up last month following a recovery in June led by a dovish Fed. Accommodative monetary

policy by the Fed and positive news on the trade front will both support industrial metal prices.

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Agricultural commodities rallied last month defying the downward pressure commodities have faced

more broadly since the escalation of trade wars between the US and China in May. This has

fundamentally been driven by supply concerns as wet weather has affected crop plantation in the US.

Corn’s rally, which initiated in the latter half of April, gathered significant pace last month as plantation

woes continued to torment US farmers. Corn prices reached 5-year highs at $4.5 per bushel with

prolonged wet weather in the US Midwest growing regions further lowering the expected crop yield.

According to the US Department of Agriculture’s crop progress report released on 17 June, only 59% of

corn is classified as being in good to excellent condition compared to 78% last year. If the weather

does not improve meaningfully, expected crop yields are likely to decline with each passing week.

Concurrently, prices may rally further in the coming weeks to equilibrate demand as supply estimates

for the harvesting season are revised down further. Despite the recent rally, corn prices are still well

below their summer 2012 levels when drought caused prices to reach $8.2 per bushel.

Wet weather has also disrupted soybeans plantation but gains were somewhat capped as soybeans

can be planted later than corn and farmers have a small window to decide if they want to make the

switch away from corn. Having said that, the window is also closing fast on farmers driving soybeans

prices which may also see further support in the coming weeks. Soybean prices are still well below their

5-year and 10-year highs. Wheat prices, though generally steady for other major producers around the

world, rose sharply for the US last month based also due to rising concerns of crop quality caused by

plantation delays.

Sector Overview

The energy complex was the worst performer across all commodities. The energy complex suffered

sharp declines over the prior month due to concerns over falling demand sparked by the escalation of

the trade dispute between US and China. In addition, the sharp rise in non-OPEC supply primarily from

the US has also been weighing on oil prices. Despite the latest escalation in the Middle East on the two

gulf tankers, oil prices had a subdued response as a combination of demand concerns and rising US

supply weighed on oil prices. The Energy Information Agency (EIA) along with OPEC warned of further

downward revisions to their demand forecasts if the trade wars escalated further. We believe the

upward trajectory of oil prices hangs in the balance of the upcoming G-20 summit in June and the

OPEC+ meeting on 1 July. In our opinion, the risks now look skewed to the upside as there is a greater

chance of an OPEC decision to slightly scale back or extend the production cuts for the rest of 2019.

Geopolitical tensions in Iran and the Strait of Hormuz are showing no signs of abating. US President

Trumps recent tweet on 19th June confirming plans to have an extended meeting with President Xi set

a positive tone for negotiations on the cusp of the G-20 summit.

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Until last month, gold’s performance this year had been lacklustre despite elevated levels of

geopolitical tensions, macroeconomic uncertainty and market volatility. We believe the rally in gold

last month amounts to price beginning to catch up with fundamentals. An important turning point has

been the growing expectation of a US interest rate cut before the end of the year as per the Fed funds

futures. This will be supportive of gold as it would reduce US dollar strength- something that has been

holding gold back. Another important catalyst has been the accumulation in speculative positioning in

gold last month indicating the market’s favourable sentiment towards the historical safe-haven asset.

With the recent rally in gold prices, our updated base case forecast for gold price is $1480/oz at the

end of Q2 2020 with risks skewed to the upside, based on WisdomTree's proprietary gold forecast model. Given sluggish economic growth, we believe central banks have little headroom to provide

further policy support making the outlook more uncertain. Higher uncertainty will be supportive of gold.

Platinum, a large proportion of which is demanded by car manufacturers in Europe and China, has

faced headwinds in recent months as car sales in both those regions have been on the decline. New

car registrations in the EU showed a modest increase in May after eight consecutive months of decline.

While it is early to say if car sales have started to pick up again in Europe, tighter emission standards in

China and potential part-substitution of palladium by platinum by car manufacturers, especially given

its attractive price relative to palladium, is likely to keep interest in platinum alive. Some near-term price

volatility may also come if wage negotiations by South African platinum producers result in a strike

causing supply disruption. Palladium on the other hand had a strong month possibly due to speculative

buyers seeing the price decline in recent months as a buying opportunity.

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-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

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as

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Ga

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WTI

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10%

15%

20%

25%

30%

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-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Pa

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Go

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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 Jun 14, 2019. 4 Percent difference between the front month futures price and its 200 day moving average on Jun 14, 2019. * Contango happens when futures contract is sold at the spot price and bought again at a higher price. A loss is therefore incurred on rolling the contract. Backwardation happens when futures contract is sold at the spot price and bought again at a lower price. A profit is therefore made on rolling the contract

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Technical Overview (as of Jun 14, 2019)

Cocoa’s net positioning turned positive concurrently with its price rising by more

than 8% over the month as Ghana and Ivory Coast, who together account for over

60% of the world’s cocoa production, have pushed stakeholders to agree in

principle a $2,600 price floor for a tonne of cocoa. This move, which aims to provide

farmers a fair share of the chocolate industry value-chain profits, could lift cocoa

prices further which currently stand below the floor at $2,500.

Net positioning for copper turned more negative during the month as investor

sentiment for global growth remained gloomy. Positioning may improve if there is

positive news from US-China trade talks leading up to the G20 summit at the end of

June.

Net speculative positioning on natural gas futures declined 80% falling below the 5-

year long term average owing to a 26% rise in short positions as investors turned

bearish on the outlook of natural gas.

Increase in speculative positioning drove palladium and gold prices last month

while sentiment in platinum remained negative given weak demand from European

and Chinese car manufacturers.

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Despite the recent spot price rally, a number of agricultural commodities still remain

in contango* potentially indicating further price upside potential as supply tightens,

particularly for grains. Live cattle however is in backwardation** at the very front

end of the curve.

While most industrial metals have almost flat or slightly contangoed futures curves,

zinc is the exception. The International Lead and Zinc Study Group (ILZSG) expects

zinc to remain in a supply deficit this year which is keeping the zinc futures curve in

backwardation offering a positive roll yield of 2.3%.

Backwardation in the Brent futures curve is providing a positive roll yield of 1.6% at

the front-end providing signs of further near-term tightness on the oil market.

Copper inventory trends remain bifurcated across the 2 exchanges. Copper

inventories have been rising on the LME (up 75% over 3 months) and falling on the

Comex Futures Exchange (down 40% over 3 months).

Tin inventories have also seen a meaningful increase of 22% over 3 months driven

primarily by a build-up in warehouses in Singapore. This is indicative of high levels of

Indonesian exports which are typically shipped overseas via Singapore and

Malaysia.

Natural Gas inventories have risen 75% over the prior 3 months led by a surge of

115Bn cubit foot net injection into US natural gas storage for the week ending June

14, 2019 reported by the US Department of Energy, exceeding the 84Bn cubic foot 5-

year average.

Source: Bloomberg

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With supply difficulties causing prices to rally recently, corn now stands at 21.6%

above its 200-day moving average (dma) with further upside potential if wet

conditions persist.

Natural gas prices are trading 22.3% below its 200-dma and we expect the

downtrend to continue as the US market becomes better supplied on a seasonally

adjusted basis amidst the mild summer temperature forecast.

The price of palladium recovered last month following weakness earlier this year

and now stands at 14.3% above its 200-dma. The palladium market is expected to

remain in a supply deficit which will continue to support prices.


-60% -40% -20% 0% 20% 40% 60% 80% 100%

Natural Gas

Copper - LME

Tin

Wheat

WTI Oil

Heating Oil

Lead

Nickel

Aluminium

Copper - Comex

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

Corn

Lean Hogs

Palladium

Carbon

Cocoa

Live Cattle

Heating Oil

WTI Oil

Cotton

Natural Gas

% < 200 dma % > 200 dma

-4% -2% 0% 2% 4% 6%

Live Cattle

Zinc

Brent Oil

Gasoline

Lead

Cotton

Corn

Sugar

Coffee

Lean Hogs

Contango Backwardation

-1000% -500% 0% 500% 1000% 1500% 2000%

Cocoa

Corn

Wheat

Silver

Soybean Oil

Copper (COMEX)

Platinum

Natural Gas

Cotton

Feeder Cattle

4 23 42 61 4 3

Unit ROLL

YIELDS2 Unit Exchange 14-Jun 1 Week 1 Month 3 Month

Energy EnergyWTI Oil 53 USD/bbl. -15.0% -10.4% 2.6% -21.5% WTI Oil USD/bbl. NYMEX -0.5% -0.3% -0.3% -0.5%

Brent Oil 62 USD/bbl. -13.0% -7.8% 2.9% -18.3% Brent Oil USD/bbl. ICE 1.6% 1.8% 1.3% 0.1%

Natural Gas 2.4 USD/MMBtu -10.2% -16.4% -37.6% -19.5% Natural Gas USD/MMBtu NYMEX 0.3% 0.3% -1.1% -0.2%

Gasoline 1.7 USd/gal. -12.4% -6.3% 20.8% -17.1% Gasoline USd/gal. NYMEX 1.5% 1.6% 1.4% 0.5%

Heating Oil 1.8 USd/gal. -11.1% -7.8% -0.9% -15.3% Heating Oil USd/gal. NYMEX -0.3% -0.4% -0.2% -0.1%

Carbon 25.0 EUR/MT -3.2% 10.4% 6.9% 67.9% Carbon EUR/MT ICE -0.2% -0.2% -0.2% -0.2%

Agriculture

Wheat 5.4 USd/bu. 22.6% 20.1% 2.0% 7.4% Wheat USd/bu. CBOT -0.6% -1.0% -2.1% -1.0%

Corn 4.5 USd/bu. 25.7% 25.3% 20.2% 24.8% Corn USd/bu. CBOT -1.1% -2.0% -2.2% -2.4%

Soybeans 9.0 USd/bu. 9.7% 0.8% -0.4% -3.3% Soybeans USd/bu. CBOT -0.7% -0.8% -1.7% -1.0%

Sugar 0.1 USd/lb. 6.8% 2.7% 0.8% 4.3% Sugar USd/lb. NYBOT -1.3% -2.2% -2.6% -1.3%

Cotton 0.7 USd/lb. -1.2% -11.3% -17.2% -29.4% Cotton USd/lb. NYBOT -1.0% -0.4% -1.0% -1.5%

Coffee 1.0 USd/lb. 7.2% 2.2% -1.0% -17.0% Coffee USd/lb. NYBOT -2.1% -2.6% -1.5% -3.3%

Soybean Oil 0.3 USd/lb. 3.3% -6.1% -2.7% -8.4% Soybean Oil USd/lb. CBOT -0.6% -0.5% -1.0% -0.6%

Cocoa 2,502 USD/MT 8.3% 13.7% 11.8% 2.1% Cocoa USD/MT NYBOT 0.2% 0.5% 0.7% -0.6%

Industrial Metals Industrial Metals

Aluminum 1,734 USD/MT -5.1% -7.7% -9.2% -23.4% Aluminum USD/MT LME -0.7% -0.6% -0.5% -0.7%

Copper 2.6 USd/lb. -3.8% -9.0% -4.7% -18.4% Copper USd/lb. COMEX -0.1% 0.0% 0.3% -0.1%

Copper (LME) 5,799 USD/MT -3.6% -9.6% -5.4% -19.2% Copper (LME)USD/MT LME -0.2% -0.1% -0.1% 0.2%

Zinc 2,561 USD/MT -3.1% -11.0% -0.1% -20.5% Zinc USD/MT LME 2.3% 2.1% 1.4% 0.7%

Nickel 11,793 USD/MT -1.2% -7.9% 7.1% -22.5% Nickel USD/MT LME -0.1% -0.2% 0.2% -0.3%

Lead 1,873 USD/MT 4.4% -10.8% -3.6% -23.2% Lead USD/MT LME 0.3% 0.5% -0.3% -0.4%

Tin 19,350 USD/MT -2.6% -8.8% -0.1% -7.7% Tin USD/MT LME 0.3% 0.2% 0.2% 0.1%

Precious Metals Precious Metals

Gold 1,340 USD/t oz. 3.4% 3.5% 8.3% 2.8% Gold USD/t oz. COMEX -0.3% -0.4% -0.4% -0.5%

Silver 14.8 USD/t oz. 0.3% -2.0% 2.0% -14.2% Silver USD/t oz. COMEX -0.5% -0.5% -0.4% -0.5%

Platinum 805 USD/t oz. -6.3% -2.7% 2.5% -11.7% Platinum USD/t oz. NYMEX -0.7% -0.7% -0.6% -0.6%

Palladium 1,453 USD/t oz. 9.0% -5.2% 21.2% 42.6% Palladium USD/t oz. NYMEX -0.6% -0.5% 0.1% 1.1%

Livestock Livestock

Live Cattle 1.1 USd/lb. -0.7% -14.6% -9.0% 2.4% Live Cattle USd/lb. CME 4.3% 3.5% 2.6% 5.9%

Lean Hogs 0.8 USd/lb. -5.0% 20.6% 44.4% -2.2% Lean Hogs USd/lb. CME -2.4% -5.6% -6.3% -12.1%

Feeder Cattle 1.4 USd/lb. -0.3% -4.0% -8.2% -5.7% Feeder CattleUSd/lb. CME -0.2% -0.1% -4.6% -2.5%

EnergyE

nEnergy

WTI Oil 411,123 431,693 535,326 375,270 635,594 Oil - US 485,470 8.4% 3% 8% 10%

Brent Oil** 82,634 171,011 173,266 10,778 367,386 Oil - OECD Europe** 339 -1% 0% 5% 4%

Natural Gas -133,282 -114,296 -74,033 18,522 -62,887 Natural Gas - DOE 2,088 -10% 26% 75% -25%

Gasoline 73,997 70,702 93,085 77,269 87,119 Gasoline - DOE 234,913 2% 4% -5% 2%

Heating Oil -25,442 11,788 -17,880 -2,242 33,063 Heating Oil - DOE 10,192 -9% -3% -6% -3%

Agriculture Industrial Metals

Wheat 11,786 -46,433 -56,357 -11,794 23,162 Aluminum 1,515,675 -46% -18% -21% -18%

Corn 199,993 64,232 -231,090 157,184 167,221 Aluminum - LME 1,064,625 -55% -15% -10% -7%

Soybeans -75,406 36,119 -148,817 7,245 40,368 Aluminium - SHFE 451,050 1% -25% -39% -35%

Sugar -93,771 58,871 -108,097 15,908 18,630 Copper 422,185 -20% -1% -8% 16%

Cotton -22,633 55,731 -12,021 48,652 123,757 Copper - LME 252,425 3% 27% 75% 108%

Coffee -24,992 -9,044 -62,624 -44,193 -41,640 Copper - SHFE 139,556 -22% -28% -47% 14%

Soybean Oil -18,824 33,913 -49,861 -6,425 -23,571 Copper - COMEX 30,204 -70% -7% -39% -75%

Cocoa 38,467 23,619 2,076 -1,841 42,671 Nickel - LME 163,122 -54% -3% -15% -22%

Industrial Metals5 Zinc 180,570 -65% 3% -1% 26%

Copper (COMEX) -31,214 3,388 -19,913 6,799 67,602 Zinc - LME 100,625 -73% -4% 71% -15%

Copper (LME) 16,420 38,093 24,768 40,883 64,573 Zinc - SHFE 79,945 -40% 15% -36% 221%

Aluminum 137,472 156,296 138,708 165,591 190,292 Lead 98,163 -51% -7% -12% -21%

Nickel 16,531 13,850 14,799 6,227 22,931 Lead - LME 67,950 -58% -8% -13% -36%

Zinc 42,752 46,428 49,742 42,809 66,314 Lead - SHFE 30,213 -15% -6% -10% 79%

Lead 48,919 50,700 48,076 44,836 62,526 Tin 11,741 24% 25% 22% 4%

Tin 8,456 7,846 8,183 8,285 7,992 Tin - LME 3,615 -27% 306% 201% 21%

Precious Metals Tin - SHFE 8,126 80% -4% -3% -2%

Gold 205,940 134,535 128,449 68,701 115,460A

gAgriculture

Silver 421 35,811 -5,296 9,843 48,851 Wheat - USDA 293,010 49.5% - 8.3% 9.3%

Platinum 7,009 24,614 26,255 11,170 4,138 Corn - USDA 314,710 116% - 2.0% 1.9%

Palladium 9,552 14,406 7,621 14,320 13,446 Soybeans - USDA 113,090 79% - 5.5% -2%

Livestock Sugar - USDA 47,836 33% - -6.0% -6%

Live Cattle 74,821 86,972 117,743 100,606 27,824 Cotton - USDA 75,690 6% - -0.5% 3.4%

Lean Hogs 74,603 43,349 92,079 42,856 -3,330 Coffee - USDA 37,056 3% - - -

Feeder Cattle -1,542 7,404 201 -1,548 494 Soybean Oil - USDA 3,480 -16% - -6% -7%

1Performance of front month futures from 14 Jun 18 (1 Year), 14 Dec 18 (6 Month), 14 Mar 19 (3 Month) and 14 May 19 (1 Month) to 14 Jun 19.

2Roll return non-annualised from front month futures into second " month on 14 Mar 19 (3 Month), 14 May 19 (1 Month), 07 Jun 19 (1 Week), 14 Jun 19.

4

Summary Tables

INVENTORY LEVELS4

Current 1 Year

5 Yr

Average

PRICES1 3 Month

1 Month

6 Month1 Month

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 = Feb 2019.


Agriculture

1 YearCFTC NET POSITIONING3 6 MonthCurrent 3 Month

5 Yr

Average1 MonthCurrent

T

Agriculture

Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree



·Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree

5

CFTC Speculative Net Long Futures Positions

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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-18

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-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

0.41

0.43

-100

-50

0

50

100

150

200

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Sugar


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

8

9

10

11

12

13

14

15

16

-200

-150

-100

-50

0

50

100

150

200

250

300

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-18

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-18

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

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

-40

-20

0

20

40

60

80

100

120

140

160

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Cotton


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

Note: 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. CFTC futures and LME COTR net positioning as at June 11, 2019 and June 14, 2019 respectively. Historical performance is not an indication of future performance and any investments may go down in value.

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

1.4

1.9

2.4

2.9

3.4

-60

-40

-20

0

20

40

60

80

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-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

105

115

125

-200

-100

0

100

200

300

400

500

600

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-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

105

115

100

200

300

400

500

600

700

800

900

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-18

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-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.


5,600

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-18

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-1

9

Ma

y-1

9

Copper (LME)

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

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-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-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-19

Ap

r-1

9

Ma

y-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-18

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-1

9

Ma

y-1

9

Lead


9,800

10,800

11,800

12,800

13,800

14,800

15,800

16,800

-14

-9

-4

1

6

11

16

21

26

31

36

41

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-18

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

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-1

8

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-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-19

Ap

r-1

9

Ma

y-1

9

Aluminum


1.7

2.2

2.7

3.2

3.7

4.2

-60

-40

-20

0

20

40

60

80

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Copper (COMEX)


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

18,000

18,500

19,000

19,500

20,000

20,500

21,000

21,500

22,000

22,500

0

5

10

15

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-18

Ma

y-1

8

Ju

n-1

8

Ju

l-18

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-19

Ap

r-1

9

Ma

y-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

1.3

1.4

-20

0

20

40

60

80

100

120

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Jun

-19

Silver

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

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

900

950

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400

-100

-50

0

50

100

150

200

250

300

350

400

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-18

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-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

0

5

10

15

20

25

30

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

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

Ju

n-1

4

Se

p-1

4

De

c-1

4

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-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 = 1.0%

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 = -3.0%

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 = 3.5%

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 = 5.9

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 = -0.4

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 = 6.2




Source: International Cocoa Organisation, Bloomberg, WisdomTree

10Note: 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

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 = 5.8%

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 = -8%

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 = -8.2%

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 = 22.5

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 = -0.2

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 2017/2018 estimates. Historical performance is not an indication of future performance and any investments may go down in value.

0

2

4

6

8

10

12

14

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-1

9

Ma

y-1

9

Ju

n-1

9

Tin Inventory

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

Daily data in '000 MT, from 14 Jun 18 to 14 Jun 19

60

70

80

90

100

110

120

130

140

150

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

Lead Inventory

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

Daily data, from 14 Jun 18 to 14 Jun 19

0

50

100

150

200

250

300

Ju

n-1

8

Ju

l-18

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-19

Ap

r-19

Ma

y-1

9

Ju

n-1

9

Nickel InventoryDaily data in '000 MT, from 14 Jun 18 to 14 Jun 19

40

90

140

190

240

290

340

390

Ju

n 1

8

Ju

l 18

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 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Zinc Inventory



0

500

1,000

1,500

2,000

2,500

Jun

18

Jul 18

Au

g 1

8

Se

p 1

8

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

Aluminum Inventory



80

180

280

380

480

580

680

780

880

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

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

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

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 Jun 14 to Jun 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 Jun 14 to Jun 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

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

OECD Europe Oil Industry Inventory


Monthly data in mln barrels, from Mar 14 to Dec 18

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

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

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

Cocoa Front Month Futures Price

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

Daily data in USD/MT, from 14 Jun 18 to 14 Jun 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

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

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

Corn Front Month Futures Price


Daily data in USd/bu., from 14 Jun 18 to 14 Jun 19

$0.22

$0.24

$0.26

$0.28

$0.30

$0.32

$0.34

$0.36

$0.38

-500

500

1,500

2,500

3,500

4,500

5,500

Jun

18

Jul 18

Au

g 1

8

Se

p 1

8

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

Soybean Oil Front Month Futures Price


Daily data in USd/lb., from 14 Jun 18 to 14 Jun 19

$0.05

$0.06

$0.07

$0.08

$0.09

$0.10

$0.11

$0.12

$0.13

$0.14

$0.15

0

1,000

2,000

3,000

4,000

5,000

6,000

Ju

n 1

8

Jul 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

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

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

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

Coffee Front Month Futures Price



$0.60

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

-150

350

850

1,350

1,850

2,350

2,850

3,350

Jun

18

Ju

l 18

Au

g 1

8

Se

p 1

8

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

Cotton Front Month Futures Price



$7.0

$7.5

$8.0

$8.5

$9.0

$9.5

$10.0

$10.5

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Jun

18

Ju

l 18

Au

g 1

8

Se

p 1

8

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

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

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

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

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

Jun

18

Jul 18

Au

g 1

8

Se

p 1

8

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

Brent Oil Front Month Futures Price


Daily data in USD/bbl., from 14 Jun 18 to 14 Jun 19

$2.2

$2.7

$3.2

$3.7

$4.2

$4.7

$5.2

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

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

Natural Gas Front Month Futures Price


Daily data in USD/MMBtu, from 14 Jun 18 to 14 Jun 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

Ju

n 1

8

Jul 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

Heating Oil Front Month Futures Price


Daily data in USd/gal., from 14 Jun 18 to 14 Jun 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

Jun

18

Jul 18

Au

g 1

8

Se

p 1

8

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

Carbon Front Month Futures Price


Daily data in EUR/MT, from 14 Jun 18 to 14 Jun 19

$40

$45

$50

$55

$60

$65

$70

$75

$80

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

Ju

n 1

8

Jul 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

WTI Oil Front Month Futures Price


Daily data in USD/bbl., from 14 Jun 18 to 14 Jun 19

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

$2.4

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000Ju

n 1

8

Jul 18

Au

g 1

8

Se

p 1

8

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

Gasoline Front Month Futures Price


Daily data in USd/gal., from 14 Jun 18 to 14 Jun 19

Industrial Metals







$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

-$4,000

$1,000

$6,000

$11,000

$16,000

$21,000

$26,000

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

Aluminum Front Month Futures Price



$1,900

$2,100

$2,300

$2,500

$2,700

$2,900

$3,100

$3,300

$3,500

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

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

Zinc Front Month Futures Price



$8,000

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Ju

n 1

8

Jul 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

Nickel Front Month Futures Price



$1.8

$2.0

$2.2

$2.4

$2.6

$2.8

$3.0

$3.2

$3.4

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

Oc

t 1

8

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

Copper (COMEX) Front Month Futures Price



$17,000

$18,000

$19,000

$20,000

$21,000

$22,000

$23,000

$0

$100

$200

$300

$400

$500

$600

$700

$800

Jun

18

Jul 18

Au

g 1

8

Se

p 1

8

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

Tin Front Month Futures Price



$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

$2,500

$2,600

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

Jun

18

Ju

l 18

Au

g 1

8

Se

p 1

8

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

Lead Front Month Futures Price



$4,200

$4,700

$5,200

$5,700

$6,200

$6,700

$7,200

$7,700

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000Ju

n 1

8

Jul 1

8

Au

g 1

8

Se

p 1

8

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

Copper (LME) Front Month Futures Price

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


Precious Metals



Livestock





$1.10

$1.20

$1.30

$1.40

$1.50

$1.60

$1.70

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

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

Feeder Cattle Front Month Futures Price



$0.32

$0.42

$0.52

$0.62

$0.72

$0.82

$0.92

$1.02

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

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

Lean Hogs Front Month Futures Price



$750

$800

$850

$900

$950

$1,000

$0

$500

$1,000

$1,500

$2,000

$2,500

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

Platinum Front Month Futures Price


Daily data in USD/t oz., from 14 Jun 18 to 14 Jun 19

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Jun

18

Jul 1

8

Au

g 1

8

Se

p 1

8

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

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

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

Live Cattle Front Month Futures Price



$500

$700

$900

$1,100

$1,300

$1,500

$1,700

$0

$500

$1,000

$1,500

$2,000

$2,500

Jun

18

Ju

l 18

Au

g 1

8

Se

p 1

8

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

Palladium Front Month Futures Price



$13

$14

$15

$16

$17

$18

$19

$20

$21

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

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

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.


$2,200

$2,250

$2,300

$2,350

$2,400

$2,450

$2,500

$2,550

$2,600

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

Cocoa Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/MT

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Coffee Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/lb.

$3.3

$3.5

$3.7

$3.9

$4.1

$4.3

$4.5

$4.7

$4.9

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Corn Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/bu.

$0.60

$0.62

$0.64

$0.66

$0.68

$0.70

$0.72

$0.74

$0.76

$0.78

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Cotton Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/lb.

$0.250

$0.260

$0.270

$0.280

$0.290

$0.300

$0.310

$0.320

$0.330

$0.340

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

Maturity (Month)

Soybean Oil Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/lb.

$7.8

$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

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/bu.

$0.100

$0.110

$0.120

$0.130

$0.140

$0.150

$0.160

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

Maturity (Month)

Sugar Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/lb.

$3.5

$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

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/bu.

Energy




Carbon


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


$55

$60

$65

$70

$75

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Brent Oil Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/bbl.

$45

$50

$55

$60

$65

$70

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

WTI Oil Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/bbl.

$2.3

$2.4

$2.5

$2.6

$2.7

$2.8

$2.9

$3.0

$3.1

$3.2

$3.3

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Natural Gas Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/MMBtu

$1.30

$1.40

$1.50

$1.60

$1.70

$1.80

$1.90

$2.00

$2.10

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

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/gal.

$1.70

$1.75

$1.80

$1.85

$1.90

$1.95

$2.00

$2.05

$2.10

$2.15

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Heating Oil Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/gal.

17.0 €

19.0 €

21.0 €

23.0 €

25.0 €

27.0 €

29.0 €

31.0 €

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

14 Jun 19 07 Jun 19 14 May 19 14 Mar 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

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/MT

$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Lead Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/MT

$2.60

$2.65

$2.70

$2.75

$2.80

$2.85

$2.90

$2.95

$3.00

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

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/lb.

$5,800

$5,900

$6,000

$6,100

$6,200

$6,300

$6,400

$6,500

$6,600

$6,700

$6,800M

1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Copper (LME) Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/MT

$18,500

$19,000

$19,500

$20,000

$20,500

$21,000

$21,500

$22,000

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Tin Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/MT

$10,000$10,400$10,800$11,200$11,600$12,000$12,400$12,800$13,200$13,600$14,000$14,400

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Nickel Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/MT

$2,200

$2,300

$2,400

$2,500

$2,600

$2,700

$2,800

$2,900

$3,000

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Zinc Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/MT

Precious Metals



Livestock





$13.5

$14.0

$14.5

$15.0

$15.5

$16.0

$16.5

$17.0

$17.5

$18.0

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

Maturity (Month)

Silver Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/t oz.

$1,180

$1,230

$1,280

$1,330

$1,380

$1,430

$1,480

$1,530

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

Maturity (Month)

Gold Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/t oz.

$760

$780

$800

$820

$840

$860

$880

$900

M1 M2 M3 M4 M5Maturity (Month)

Platinum Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USD/t oz.

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

$1,500

$1,550

$1,600

M1 M2 M3 M4 M5Maturity (Month)

Palladium Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 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

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/lb.

$1.01

$1.06

$1.11

$1.16

$1.21

$1.26

$1.31

M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)

Live Cattle Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/lb.

$1.30

$1.35

$1.40

$1.45

$1.50

$1.55

M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)

Feeder Cattle Futures

14 Jun 19 07 Jun 19 14 May 19 14 Mar 19

USd/lb.

C

CALENDAR

WisdomTree - Recent Blogs

17-Jun-19 WisdomTree UK Equity Income: an alternative approach

14-Jun-19 WisdomTree ECB opens door for more QE

10-Jun-19 Kevin Flanagan Don't fixate on your short duration

03-Jun-19 Christopher Gannatti Using Broad Commodities strategies in portfolio allocations

21-May-19 Christopher Gannatti Late in the economic cycle? Look at Commodities!

20-May-19 Christopher Gannatti Artificial Intelligence poised to catalyse economic growth for the next decade

15-May-19 Kevin Flanagan Higher rates? Don’t rush to judgement

14-May-19 Lidia Treiber How can AT1 CoCos sit within an investment portfolio?

13-May-19 WisdomTree Accessing the Electric Vehicle growth story via commodity ETPs

09-May-19 Christopher Gannatti US-China-Trade: When vs. What

08-May-19 Nitesh Shah Gold: WisdomTree's price forecasts to Q1 2020

03-May-19 Aneeka Gupta Hogging the limelight

01-May-19 Aneeka Gupta Gearing up for the next leg of the Chinese Rally

WisdomTree - Past Issues of Commodity Monthly Monitor

Apr - May 2019 Research Team Trade reprices commodity risk

Mar - Apr 2019 Research Team Commodities hanging on the balance of a trade deal

Feb - Mar 2019 Research Team Dovish Fed counters a delayed trade deal

Nov - Feb 2019 Research Team Commodities ― a phoenix rising from the ashes

Oct - Nov 2018 Research Team G-20 sets tone for further upside

The research notes are for qualified investors only.

Key Reports

Current Next release

11-Jun-19 11-Jul-19 USDA World Agricultural Supply and Demand Estimates

11-Jun-19 09-Jul-19 EIA Short-Term Energy Outlook

OPEC OPEC Oil Market Report13-Jun-19

14-Jun-19

11-Jul-19

12-Jul-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.

Commodity Monthly Matrix Explained

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/2019-06-17/uk-equity-income-an-alternative-approach

https://www.wisdomtree.eu/en-gb/blog/2019-06-14/ecb-opens-door-for-more-qe

https://www.wisdomtree.eu/en-gb/blog/2019-06-10/dont-fixate-on-your-short-duration

https://www.wisdomtree.eu/en-gb/blog/2019-06-03/using-broad-commodities-strategies-in-portfolio-allocations

https://www.wisdomtree.eu/en-gb/blog/2019-05-21/late-in-the-economic-cycle

https://www.wisdomtree.eu/en-gb/blog/2019-05-20/artificial-intelligence-poised-to-catalyse

https://www.wisdomtree.eu/en-gb/blog/2019-05-15/higher-rates-dont-rush-to-judgement

https://www.wisdomtree.eu/en-gb/blog/2019-05-14/how-can-at1-cocos-sit-within-an-investment-portfolio

https://www.wisdomtree.eu/en-gb/blog/2019-05-13/accessing-the-electric-vehicle-growth-story-via-commodity-etps

https://www.wisdomtree.eu/en-gb/blog/2019-05-09/us-china-trade

https://www.wisdomtree.eu/en-gb/blog/2019-05-08/gold-wisdomtrees-price-forecasts-to-q1-2020

https://www.wisdomtree.eu/en-gb/blog/2019-05-03/hogging-the-limelight

https://www.wisdomtree.eu/en-gb/blog/2019-05-01/gearing-up-for-the-next-leg-of-the-chinese-rally

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.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2019,-d-,04_commodity-monthly-monitor-final.pdf

https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2019,-d-,03_commodity-monthly-monitor.pdf

https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2019,-d-,02_commodity-monthly-monitor.pdf

https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2018.11_commodity monthly monitor final.pdf

http://www.usda.gov/oce/commodity/wasde/latest.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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Documents

Commodity Monthly Monitor - Allnews · Nitesh Shah. Director. Aneeka Gupta. Associate Director. Mobeen Tahir. Associate Director . Current Price. 2. Returns (-1 Mth) Positioning