The S&P GSCI increased 0.44 per cent in July on the heels of a strong monthly performance by the industrial metals sector, according to Standard & Poor’s.
The S&P GSCI increased 0.44 per cent in July on the heels of a strong monthly performance by the industrial metals sector, according to Standard & Poor’s.
The S&P GSCI Industrial Metals Index gained 15.8 per cent in July, and has now returned 49.51 per cent for the year.
The S&P GSCI is up 7.03 per cent year-to-date.
‘Most of the commodity trends that have prevailed so far in 2009 continued in July,’ says Michael McGlone, director of commodity indexing at Standard & Poor’s and author of the monthly S&P GSCI Commodity Perspective. ‘Continued recovery in the financial markets, coupled with extremely low interest rates, has certainly benefited the S&P GSCI so far this year.’
According to McGlone, with the exception of continued weakness in natural gas, the energy sector was mostly stable in July, as the S&P GSCI Energy Index declined only 0.83 per cent, reducing the year-to-date gain for the index to 7.16 per cent.
Good growing conditions in the US grain belt have contributed to an S&P GSCI Agriculture Index year-to-date loss of 5.05 per cent.
Livestock remained the weakest sector in the S&P GSCI, as the S&P GSCI Livestock Index posted a decline of 1.29 per cent in July, for a YTD loss of 12.63 per cent.
The S&P GSCI is a closely followed benchmark for investment performance in the commodity markets.
