COMMODITIES - VALEXXIA

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COMMODITIES

CRB Index (Commodity Research Bureau Index)
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GSCI Index
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Baltic Dry Index
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Commodities: Trends
Commodities: News
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S&P GSCI
The S&P GSCI is a composite index of commodities that measures the performance of the commodities market. The index often serves as a benchmark for commodities investments. Investing in a GSCI fund provides a broadly diversified, unleveraged long-only position in commodity futures. The S&P GSCI was simply called the Goldman Sachs Commodity Index (GSCI) before it was purchased by Standard & Poor’s in 2007. Although owned by S&P Dow Jones Indices, the GSCI should not be confused with the similar Dow Jones Commodity Index (DJCI).
  • The S&P GSCI is a benchmark commodities index that tracks the performance of the global commodities market.
  • It is made up of 24 exchange-traded futures contracts that cover physical commodities spanning five sectors.
  • The S&P GSCI is designed to be investable, and there are ETF products designed to track its performance.
  • The S&P GSCI automatically rolls futures contracts, which may not be an optimal investment strategy.
The index's components qualify for inclusion in the index based on liquidity measures and are weighted in relation to their global production levels. That makes the GSCI valuable as both an economic indicator and a commodities market benchmark. Below is a table of the 2021 reference percentage dollar weights (RPDW) for the S&P GSCI.
GSCI Components (Commodity Type): Energy (Crude oil, Refined oil products, Natural gas); Grains (Wheat, Corn, Soybeans); Livestock (Hogs, Cattle); "Soft" Agriculture (Coffee, Sugar, Cocoa, Cotton); Industrial Metals (Aluminum, Copper, Zinc, Nickel, Lead); Precious Metals (Gold, Silver, Platinum).

CRB Index
The Commodity Research Bureau Index (CRBI) acts as a representative indicator of today's global commodity markets. It measures the aggregated price direction of various commodity sectors. This commodity index comprises a basket of 19 commodities, with 39% allocated to energy contracts, 41% to agriculture, 7% to precious metals, and 13% to industrial metals. The CRB is designed to isolate and reveal the directional movement of prices in overall commodity trades. The basket is made of these 19 commodities: Aluminum; Cocoa; Coffee; Copper; Corn; Cotton; Crude Oil; Gold; Heating Oil; Lean Hogs; Live Cattle; Natural Gas; Nickel; Orange Juice; RBOB Gasoline; Silver; Soybeans; Sugar; and Wheat.
  • The Commodity Research Bureau Index (CRB) acts as a representative indicator of today's global commodity markets.
  • The CRBI measures the aggregated price direction of various commodity sectors, and is designed to isolate and reveal the directional movement of prices in overall commodity trades.
  • In 1986, the CRBI became the most-watched contract on the exchange; today, several brokers still support commodity indices that track commodity price movements.
The name of this index changed from the original Commodity Research Bureau Index in Thomson Reuters/Jefferies CRB Index (2005) and recently in Refinitiv/CoreCommodity CRB Index.

LME Index
London Metal Exchange Index is the Index referring to the prices of contracts negotiated at The London Metal Exchange (LME).
This exchange is the largest for options and futures contracts for base metals, which include aluminum, zinc, lead, copper, and nickel. The exchange also facilitates trading of precious metals like gold and silver. The LME is located in London, England, but has been owned by Hong Kong Exchanges and Clearing since 2012. The prices discovered on the LME are considered the standard global prices for base metals.
The LME Index consists of 6 metals with the following weights: aluminim (42.8%), copper (31.2%), zinc (14.8%), lead (8.2%), nickel (2%) and tin (1%). Weightings of the six metals are derived from global production volume and trade liquidity averaged over the preceding five-year period. The index value is calculated as the sum of the prices for the three qualifying months multiplied by the corresponding weights, multiplied by a constant.

Baltic Dry Index
The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange. It measures changes in the cost of transporting various raw materials, such as coal and steel. Members of the exchange directly contact shipping brokers to assess price levels for given shipping paths, a product to transport, and time to delivery or speed. The Baltic Dry Index is a composite of four sub-indices that measure different sizes of dry bulk carriers or merchant ships: Capesize, Panamax, Supramax, and Handysize.
  • The Baltic Dry Index (BDI) is an index of average prices paid for the transport of dry bulk materials across more than 20 routes.
  • The BDI is often viewed as a leading indicator of economic activity because changes in the index reflect supply and demand for important materials used in manufacturing.
  • The index can experience high levels of volatility because the supply of large carriers tends to be small with long lead times and high production costs.

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