Here's my look at the futures curve as it stands today:
Here's my animated look at how it has morphed over time. Here's how I look at this:
- Wait until there are no dotted lines. This is the baseline case.
- Pick a commodity (color), e.g. pick crude oil (CL, black).
- Watch as the black line (Crude oil futures curve) moves over time.
- Repeat for whatever other commodities are of interest.
Here's my observations:
- Gold - has continued its rise, despite the correction that started a couple of weeks ago. I'm still long and strong with almost all my portfolio in Jr gold and silver mining stocks.
- Copper - has moved up nicely. I'm bullish on copper based on inventory levels and some news about the fundamentals (see the base metals inventory post from earlier today).
- Crude - crude oil has continued its dramatic rise, particularly further out the curve. Woulda, coulda, shoulda bought some future contracts when oil went down into the 80s a few weeks ago.
- Nickel - has advanced nicely over the last month.
- Zinc - has continued to languish at a low level.
- Lead (Pb) - is more volatile than most of the others and goes up and down.