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Commodities market overview
25 commodities measured · updated 02 November 2026, 11:58 UTC
What the segment is doing
Across the 25 commodities covered, 76% are in a measured downtrend (19 of 25). Weakness is broad rather than isolated.
Only 16% of the segment trades above its 200-period moving average: the longer-term structure remains the weaker side of the picture.
The average 14-period RSI stands at 32.0, with 13 at or below 30. Depressed readings can persist for as long as the trend does.
The widest session gap runs from Crude Oil Futures at +0.95% to KC Wheat Futures at -0.5%, a spread of 1.45 percentage points between the strongest and weakest instrument.
9 instruments show a Bollinger-inside-Keltner squeeze, including Cocoa Futures, Soybean Futures, Oats Futures. A squeeze precedes an expansion in range without indicating its direction.
Relative volume is running above 1.5× its usual level on Palladium Futures (2.6×), Silver Futures (2.5×), Gold Futures (2.3×), so the move there is backed by more participation than a normal session.
Energy, metals and agricultural markets react to physical supply and demand as well as to the dollar, which is why they frequently diverge from equities.
Measured aggregates
- Instruments covered
- 25
- In an uptrend
- 6 (24%)
- In a downtrend
- 19 (76%)
- Average RSI (14)
- 32.0
- Above the 200-period MA
- 4 of 25 (16%)
- Above the 50-period MA
- 4 of 25 (16%)
- Volatility squeezes
- 9
- Overbought / oversold
- 2 / 13
Session leaders and laggards
Strongest on the session
- Crude Oil Futures CL=F +0.95%
- Gasoline Futures RB=F +0.89%
- Brent Crude Futures BZ=F +0.78%
- Palladium Futures PA=F +0.68%
- Orange Juice Futures OJ=F +0.45%
- Natural Gas Futures NG=F +0.42%
- Aluminum Futures ALI=F +0.24%
- Heating Oil Futures HO=F +0.21%
Weakest on the session
- KC Wheat Futures KE=F -0.5%
- Coffee Futures KC=F -0.43%
- Platinum Futures PL=F -0.31%
- Wheat Futures ZW=F -0.29%
- Soybean Futures ZS=F -0.28%
- Cotton Futures CT=F -0.24%
- Silver Futures SI=F -0.23%
- Soybean Meal Futures ZM=F -0.22%
Momentum extremes
RSI at or above 70
- Crude Oil Futures74.8
- Brent Crude Futures72.4
RSI at or below 30
- Sugar Futures29.2
- Cotton Futures29.4
- Soybean Meal Futures4.6
- Soybean Oil Futures26.8
- Soybean Futures13.8
- Oats Futures7.0
- Wheat Futures11.2
- KC Wheat Futures5.8
Compression and participation
Volatility squeeze in place
- Cocoa Futures CC=F downtrend
- Soybean Futures ZS=F downtrend
- Oats Futures ZO=F downtrend
- Coffee Futures KC=F downtrend
- Crude Oil Futures CL=F uptrend
- Natural Gas Futures NG=F downtrend
- KC Wheat Futures KE=F downtrend
- Corn Futures ZC=F downtrend
Relative volume above 1.5×
- Palladium Futures PA=F 2.6×
- Silver Futures SI=F 2.5×
- Gold Futures GC=F 2.3×
- Feeder Cattle Futures GF=F 2.3×
- Oats Futures ZO=F 2.2×
- Live Cattle Futures LE=F 2.2×
- Platinum Futures PL=F 1.9×
- Copper Futures HG=F 1.9×
Scheduled events in view
- FOMC Member Logan Speaks — Cocoa Futures
A scheduled release can override any measured signal. The macro event radar tracks what is due and when.