Below we provide a table and chart of the recent performance of ten major commodities. As shown, copper is up the most year to date at 23.66%. Copper is followed by silver, platinum, and oil on the upside. At the start of the year, we pointed out that gold had been significanlty outperforming silver, and that a long silver/short gold strategy may be a good play. That trade has worked out well so far this year. A similar trend has been happening with oil and natural gas lately, where oil has been rallying and natural gas has continued its decline. From their peaks last year, gold is still the commodity that has held up the best.
Below we highlight our trading range charts of the ten commodities shown above. The green shading represents two standard deviations above and below the commodity's 50-day moving average. As shown, oil has moved to the top of its trading range in recent days, while natural gas remains oversold. Precious metals have pulled back from overbought levels over the last week, while copper remains at the top end of its range.