(Bloomberg) — Following Donald Trump's victory in the U.S. presidential election, holdings in gold-backed exchange traded funds (ETFs) have slumped. Global demand for more chicken meat is giving poultry producers a boost. And as the UN's COP29 climate summit enters its second week, European data shows we are losing the battle to limit global warming.
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Here are five notable charts to consider in global commodity markets as the week begins.
gold
After President Trump's election victory, gold prices fell as the result removed political uncertainty in the United States and reduced haven demand for gold. This triggered a rotation from bullion to Bitcoin, fueled by speculation that the incoming administration would support crypto-friendly policies. SPDR Gold Shares, the world's largest gold-backed ETF, saw its largest weekly outflow in more than two years during election week. BlackRock's iShares Bitcoin Trust ETF posted record daily net inflows on November 7th. Bloomberg Intelligence predicts that U.S. spot Bitcoin ETF assets could triple that of gold ETFs in three to five years. Spot gold rose on Monday.
poultry
The world is eating more chicken, which is boosting profits for chicken producers. The latest quarterly results from companies such as Tyson Foods Inc. and Brazilian giants BRF SA and JBS SA showed profit margins at significantly higher levels than a year ago. Producers used the benefits to pay down debt and return capital to shareholders. JBS, which controls BRF and poultry suppliers Pilgrim's Pride Corporation and Ceara SA, has also signaled increased capital spending for next year.
oil
A fire has hit a refinery on the U.S. Gulf Coast. Throughput in the region, home to one of the world's largest refineries, rose for the sixth straight week to 9.31 million barrels per day, according to the latest weekly report from the U.S. Energy Information Administration. This is the first seasonal record of EIA data dating back to 1992. Meanwhile, overall U.S. oil throughput on a seasonal basis is at its highest since 2018. The surge comes as fuel manufacturing margins remain healthy amid low inventories for both gasoline and diesel.
renewable energy
Companies are signing deals to secure electricity supplies at a record pace as electricity demand soars, according to BloombergNEF. Global contract capacity reached 33.9 gigawatts in the first 10 months of this year, on track to surpass last year's record high. The United States is the world's largest market for corporate power purchase agreements, accounting for 116 gigawatts since 2015. One gigawatt is enough to power more than 850,000 average American homes.
