S&P GSCI recovers 5.56 per cent in February
The S&P GSCI, a commodities index, increased 5.56 per cent in February after falling 7.89 per cent in January.
The index was led higher during the month by energy: the S&P GSCI Energy Index gained 6.92 per cent in February.
“Despite a 1.13 per cent increase in the US Dollar Index, the S&P GSCI experienced broad based strength in February as the energy sector, in particular crude oil, propped up the index’s return during the month,” says Michael McGlone, director of commodity indexing at S&P Indices. “Crude oil was the leading energy commodity in February increasing 8.71 per cent, as determined by the GSCI Crude Oil Index.”
The S&P GSCI Industrial Metals Index was the second best performing sector index in February with a 5.64 per cent gain, led by a 14.31 per cent monthly increase in the S&P GSCI Nickel Index.
The S&P GSCI Precious Metals Index increased 3.1 per cent in February for a year-to-date gain of 1.51 per cent.
Strong overseas demand boosted lean hogs, leading the S&P GSCI Livestock Index to register a February gain of 3.91 per cent. Year-to-date, the index is up 3.06 per cent.
A sharp decline in sugar prices pressured the S&P GSCI Softs Index to post a February decline of 8.42 per cent, resulting in a modest monthly gain of only 0.13 per cent in the S&P GSCI Agriculture Index despite strength in the grains.
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