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The commodity complex was a mix of activity overnight, not a big surprise given the lack of clear guidance from manufactured headlines for algorithms.
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That being said, the last day of the noncommercial Tuesday-to-Tuesady positioning week should be interesting…
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all while the Varsity Meeting between the US president and China's Xi draws near.
Morning Summary: “Do you remember, the 21st night of September?” This was the question asked by Earth, Wind, and Fire back in 1978. A look at the quote screen early Tuesday morning and we can see that Monday’s explosive rally may have been led by some pretenders, it wasn’t necessarily “love” that changed their minds while “chasin’ the clouds away”. Though not perfectly clear pre-dawn, there was some initial Turnaround activity, particularly in the Indices (US stock index futures), Softs, and Grains (more on this in a bit). Meanwhile, the Energies and Metals were in the red again this morning, mostly, extending Monday’s selloffs. Early morning headlines don’t provide algorithms much guidance heading into this last day of the noncommercial positioning week. Of course, there is talk of the upcoming varsity meeting between the US president and China’s Xi, along with the obligatory “U.S. Treasury yields ease as investors await fresh jobs data, Fed comments” nonsense. Then there’s this head scratcher, “(The US president) to press Zelensky for energy truce, says Russia has ‘lost control’ of oil due to Ukraine war”. What about his own war on Iran that has done nothing but drive diesel fuel and fertilizer prices higher? As the Traveling Wilburys sang, “Last night. Talking about last night.”
