BLOOMBERG COMMODITY INDEX (BCOM)The Bloomberg Sugar Index (BCOMSB) gained 11.3% in April after losing 13.4% in March. April was the biggest monthly gain since February 2014. April

April 2015

BCOM <GO>[email protected] www.bloombergindexes.com

Commodity market highlights 02Commodity performance table 04

Commodity benchmark performance 05Commodity sector performance 06

Single commodity index performance 07Term strutures 10

Commitment of Traders Report (COT) 13Inventory & sales data 14

BCOM constituent weights 15Commodity price forecasts 16

Top ranked commodity forecasters 17Commodity ETP fund flows 18

Bloomberg commodity event calendar 19Bloomberg Intelligence 20

Historical performance, volatility & correlation charts 21Bloomberg Professional commodity cheatsheet 28

TABLES & CHARTSCOMMODITY INDEX (BCOM)BLOOMBERG

BCOM: TABLES & CHARTS - APRIL 2015//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

Bloomberg Commodity Index (BCOM) gained 5.7% in April, biggest monthly gain since February 2014

• Commodities outperformed equities, bonds and the U.S. dollar in April.• Money managers increased long positions of commodities held in BCOM by $11.8 billion.• Oil capped biggest monthly gain since 2009 as glut seen easing.• Copper capped biggest weekly advance in 40 months on China outlook.• Good Northern Hemisphere weather saw grains trend lower.• U.S. dollar softened in April, capping a run of 9 monthly gains.

The Bloomberg Commodity Index (BCOM) increased 5.7% in April, with 14 out of 22 index constituents trading higher. Energy was the best performing sector, up 13.8%, led by WTI Crude (20.8%). Grains dropped 4%, led lower by Hard Red Wheat (-11.5%). Industrial Metals increased 7.8%, led higher by Zinc (12.9%) and Nickel (12.5%). Precious Metals moved 0.8% lower in April. Softs returned 7.8%, led by Sugar (11.3%). Livestock increased by 1.7%, led by Lean Hogs (7.4%). Commodity-linked ETPs saw relatively quiet outflows, losing less than 1% of market cap.

Grains (20.1% weight in BCOM)

Grains trended lower in April during a time when nearly all other commodities traded higher. The Bloomberg Grains Index (BCOMGR) dropped 4.1% in April. With planting conditions improving across the U.S. Midwest, money managers are betting that harvests this year will compound a global crop surplus and worsen losses for corn, soybean and wheat prices. Bountiful harvests mean that investors are holding net-short positions in the three crops for eight straight weeks, according to CFTC data. That's the longest stretch since 2013. The gluts have driven global food costs to the lowest since 2010. Concerns of food price inflation globally remain tempered.

Corn seeding is already ahead of last year's pace, and recent rains that hampered sowing in some areas will give way to drier conditions in the coming weeks. In the Great Plains, winter wheat conditions are better than they were in 2014. Record crops in Argentina and Brazil are adding to soybean supplies as U.S. farmers are forecast to plant the most acres ever next month. Wheat growers in Canada, the top exporter after the U.S., plan to increase seeding by about 4% this season, the government said.

Energy (36.2% weight in BCOM)

Oil capped the biggest monthly advance since May 2009 as U.S. crude production growth slowed and inventories declined at the nation’s largest storage hub. The Bloomberg Petroleum Index (WTI, Brent, Gasoline, and Diesel) gained 17.9% in April. The term structure curves for WTI, Brent and Diesel rotated to a milder contango in April.

Crude stockpiles at Cushing, Oklahoma, shrank in the last week of April. This was the first drop since November, while production was near a six-week low, the Energy Information Administration (EIA) reported on April 29. WTI Crude has rebounded from a six-year low in March after drillers in the U.S. reduced the number of active rigs to the fewest since October 2010. While the rally may still falter, with crude inventories nationwide at the highest level in 85 years, speculators have abandoned hedges on an exchange-traded fund at a record pace.

Oil explorers idled rigs in U.S. fields for the 21st straight week in April, extending an unprecedented retreat in drilling that has curbed domestic output and helped crude prices rally. U.S. energy producers have sidelined more than half of the country’s oil rigs since October, suspending production growth from the nation’s shale formations and helping end the rout in WTI Crude oil prices that began last year. Crude output has fallen three out of the last five weeks.

The U.S. oil boom has been driven by a combination of horizontal drilling and hydraulic fracturing, which has unlocked supplies from shale plays including the Permian and Eagle Ford in Texas and the Bakken in North Dakota. Output from those formations will decline 57,000 barrels a day next month, the EIA said in a drilling productivity report on April 13, the first time it’s forecast a drop.

The Bloomberg Natural Gas Index (BCOMNG) finished up 1.9% in April. According to Bloomberg Intelligence, U.S. benchmark natural gas prices may stay pressured as resilient production growth continues, especially in the Northeast. Prices may be further constrained as injections into storage rise during the shoulder season demand lull, though potentially higher gas demand for cooling in July and August may temporarily support domestic prices. Additions of 81 billion cubic feet were slightly lower than expectations for the week ended April 24. Storage levels, at 1.71 trillion cubic feet, are 74% higher than the prior year. Injections will continue to boost storage although the potential of rising demand in key months of July and August may aid domestic prices. Storage will start next winter at almost a five-year high, assuming injections through October are close to 2.2 trillion cubic feet added in the previous five years. Storage would top 3.6 trillion when the heating season begins November 1.


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Industrial Metals (16.9% weight in BCOM)

The Bloomberg Industrial Metals Index (BCOMIM) gained 7.8% in April capping the biggest monthly rally since September 2012. The Bloomberg Copper Index (BCOMHG) finished the month strong, capping the biggest weekly rally since December 2011 after gains for manufacturing spurred optimism that the economy is stabilizing in China, the world’s top consumer of industrial metals. In April, copper jumped 5.3% to post the third straight advance on speculation that China’s stimulus measures would help stem an economic slowdown. Copper stockpiles monitored by the Shanghai Futures Exchange fell for the fourth straight week, the longest slump since September.

Bloomberg Intelligence recently returned from China and reported evidence that metal demand is dropping as a construction slowdown is killing metals demand. China industry groups, traders, analysts and corporate leaders said demand is rapidly deteriorating as the government slows its infrastructure building and transforms to a consumer economy. A major slowdown in construction was seen in idle cranes, empty construction sites and half-finished, abandoned buildings in tours of several cities. New construction starts fell by 10.7% in 2014 and that weakness is continuing, with starts down 17.7% this year.

Nickel capped the biggest monthly gain in a year after talks to end a Colombian mine strike failed. Nickel, which is used in stainless steel, jumped 12.5% in April. A union attorney said negotiations on ending a two-week strike over working hours stopped without a resolution at BHP Billiton Ltd.’s Cerro Matoso mine, the world’s second-biggest ferro-nickel mine. The Philippines will fail to satisfy China’s nickel ore demand and that may push up refined metal prices more than 15%, according to the largest nickel miner in the world, Nickel Asia Corp.

Precious Metals (15.3% weight in BCOM)

The Price of gold finished little changed in April, and options trading showed that investors are pulling out of bets on a rally. Three of the top four options contracts in New York with the most volume on April 30 were calls that slumped at least 60%. The Bloomberg Gold Index fell 0.1% while Silver dropped 2.9% in April. The Fed said on April 29 that U.S. growth will rebound to a “moderate pace,” damping speculation that rate increases may be delayed until 2016. It released its policy statement after data showed the economy sputtered to a near-halt in the first quarter.

Livestock (4.8% weight in BCOM)

The Bloomberg Livestock Index (BCOMLI) was up 1.7% for the month. The Lean Hogs Index (BCOMLH) was the best performing component of the livestock index in April, posting a 7.4% return. The Bloomberg Live Cattle Index (BCOMLC) was down 1.7% in April.

Softs (6.8% weight in BCOM)

The Bloomberg Sugar Index (BCOMSB) gained 11.3% in April after losing 13.4% in March. April was the biggest monthly gain since February 2014. In the first half of April, 70% of Brazil's cane was crushed to make ethanol, compared with 66% a year earlier, cutting sugar output. Sugar is being supported by the resurgence in oil prices and ideas about better ethanol demand. Despite the sugarcane crop being big, it is being refined for ethanol as much as possible.


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BCOM Composite Indices

Apr Mar Feb YTD 1-Year 3-Year 5-Year 10-Year 20-YearBloomberg Commodity Index BCOM 5.73% -5.14% 2.57% -0.56% -24.71% -26.57% -22.98% -31.88% 6.37%

Bloomberg Roll Select BCOMRS 4.83% -4.86% 2.40% -0.89% -22.90% -24.41% -15.87% 10.71% 135.83%1 Month Forward BCOMF1 5.54% -4.97% 2.62% -0.34% -23.08% -23.50% -17.73% -12.01% 93.54% 2 Month Forward BCOMF2 5.17% -5.00% 2.62% -0.77% -22.82% -25.22% -19.07% -1.98% 116.51% 3 Month Forward BCOMF3 4.93% -4.87% 2.52% -0.76% -21.98% -23.94% -17.08% 7.08% 125.24% 4 Month Forward BCOMF4 4.85% -4.70% 2.52% -0.60% -21.27% -22.78% -13.80% 19.66% 5 Month Forward BCOMF5 4.73% -4.63% 2.36% -0.49% -21.32% -23.85% -14.33% 23.34% 6 Month Forward BCOMF6 4.54% -4.58% 2.35% -0.61% -20.89% -23.45% -13.78% 27.23%

Energy BCOMEN 13.84% -9.22% 8.43% 4.50% -40.94% -35.69% -51.79% -82.14% -27.37%Petroleum BCOMPE 17.87% -10.65% 11.23% 7.89% -39.25% -40.60% -35.18% -52.51% 120.43%Agriculture BCOMAG -0.53% -5.37% 2.21% -9.31% -31.73% -28.75% -2.77% -11.40% -44.65%

Softs BCOMSO 7.79% -8.97% -5.79% -6.98% -33.45% -40.74% -13.08% -42.33% -61.27%Grains BCOMGR -4.07% -3.56% 4.31% -11.92% -33.36% -27.51% -2.16% -10.59% -50.50%

Industrial Metals BCOMIN 7.80% -1.07% 1.13% 2.07% -3.32% -22.22% -29.36% 22.79% 28.36%Precious Metals BCOMPR -0.84% -1.82% -4.87% 0.44% -11.05% -35.65% -5.57% 114.88% 80.45%

Livestock BCOMLI 1.73% 1.31% -2.66% -8.22% -10.62% 3.39% -6.46% -54.48% -64.41%Ex-Energy BCOMXE 1.64% -2.98% -0.22% -4.23% -19.34% -26.08% -10.39% 12.55% -7.69%

Ex-Petroleum BCOMXPE 1.69% -3.17% -0.14% -4.86% -23.25% -25.33% -23.12% -32.20%Ex-Agriculture BCOMXAG 8.23% -5.04% 2.72% 2.95% -21.95% -26.63% -32.08% -42.47%

Ex-Softs BCOMXSO 5.58% -4.85% 3.27% -0.20% -24.04% -25.55% -24.18% -31.81%Ex-Grains BCOMXGR 7.69% -5.45% 2.24% 1.79% -22.93% -27.24% -28.44% -39.43%

Ex-Industrial Metals BCOMXIM 5.32% -5.91% 2.86% -1.00% -28.45% -27.48% -21.66% -44.40%Ex-Precious Metals BCOMXPM 7.01% -5.77% 4.14% -0.91% -27.18% -25.49% -26.24% -41.55%

Ex-Livestock BCOMXLI 5.94% -5.46% 2.85% -0.09% -25.60% -28.17% -23.96% -29.80%Ex-Agriculture & Livestock BCOMXAL 8.72% -5.49% 3.12% 3.90% -23.20% -29.11% -34.26% -41.34%

BCOM Single Commodity Indices

Apr Mar Feb YTD 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas BCOMNG 1.93% -4.73% 0.52% -9.30% -48.80% -27.78% -79.17% -98.63% -98.70%WTI Crude BCOMCL 20.82% -8.71% 3.81% 2.86% -42.16% -45.87% -47.27% -65.28% 70.72%

Brent Crude BCOMCO 18.17% -12.28% 14.82% 7.20% -43.00% -42.69% -23.19% -26.89% 396.40%ULS Diesel BCOMHO 15.17% -11.69% 15.68% 10.12% -30.95% -35.71% -20.55% -36.37% 134.92%

Unleaded Gasoline BCOMRB 14.94% -10.17% 14.37% 16.10% -35.46% -28.18% 0.09% -12.28% 309.62%Corn BCOMCN -4.61% -4.32% 4.09% -11.46% -36.03% -35.60% -1.35% -32.90% -81.48%

Soybeans BCOMSY -0.18% -5.67% 6.83% -5.55% -25.41% -1.16% 47.22% 84.47% 169.56%Wheat BCOMWH -7.06% -0.24% 2.06% -19.34% -38.05% -40.60% -46.95% -65.27% -92.75%

Soybean Oil BCOMBO 3.51% -7.77% 9.12% -2.76% -27.34% -47.91% -34.44% -26.28% -62.24%Soybean Meal BCOMSM -3.29% -4.56% 5.99% -7.15% -17.65% 34.91% 114.32% 261.61% 836.74%HRW Wheat BCOMKW -11.46% 3.66% -0.52% -21.26% -41.15% -35.15% -30.38% -35.99% -68.02%

Copper BCOMHG 5.27% 1.80% 7.91% 2.09% -4.91% -26.61% -19.63% 95.18% 148.17%Alumnium BCOMAL 7.62% -1.92% -2.78% 3.12% 2.81% -25.82% -36.94% -40.97% -58.75%

Zinc BCOMZS 12.88% 0.74% -3.12% 7.41% 12.63% 1.04% -15.74% 30.11% -12.10%Nickel BCOMNI 12.48% -12.23% -7.20% -8.38% -25.25% -25.93% -50.51% -9.88% 98.52%Gold BCOMGC -0.07% -2.55% -5.17% -0.30% -9.09% -30.10% -3.00% 118.00% 76.51%Silver BCOMSI -2.94% 0.24% -4.03% 3.01% -16.92% -49.82% -17.89% 83.72% 55.27%Sugar BCOMSB 11.32% -13.36% -6.65% -8.29% -38.05% -54.43% -15.54% -31.68% -25.47%Coffee BCOMKC 1.47% -5.41% -14.69% -20.43% -39.44% -42.69% -32.19% -62.58% -83.45%Cotton BCOMCT 7.36% -2.82% 8.92% 11.93% -19.44% -14.59% 20.77% -38.02% -85.03%

Lean Hogs BCOMLH 7.42% -6.51% -6.61% -18.07% -38.33% -18.03% -35.89% -79.18% -89.93%Live Cattle BCOMLC -1.72% 6.14% -0.38% -2.40% 11.39% 17.02% 15.59% -28.76% -29.74%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

2015

2015


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Commodities vs. Equities vs. Bond vs. USD

PERFORMANCE: Bloomberg Commodity IndicesFigure 1: Return

Figure 3: Return

Figure 5: Correlation

Figure 2: Volatility (Realized, 60 days)


BCOM was positively correlated with U.S. large cap stocks and negatively correlated with the U.S. dollar throughout April. The correlation between BCOM and US Treasuries has changed from slightly negative to slightly positive during April.

April was a standout month for all BCOM commodity indices. The 60-day moving volatilities for the main BCOM family have come down.

Commodities outperformed equities, bonds and the U.S. dollar in April. The 60-day moving volatility for commodities remained higher than equities, bonds and the dollar throughout the quarter.

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Bloomberg Commodityex-Ags & LivestockIndex

Figure 11: Commodity Inter-group Correlation

PERFORMANCE: BCOM SubgroupsFigure 6: Return Figure 7: Volatility (Realized, 60 days)

Figure 12: Commodity Subgroup Correlation with Equity, Bond, USD

Figure 8: Return vs. Previous Quarters Figure 9: Volatility vs. Previous Quarters

Figure 10: Correlation Between Energy and GroupsEnergy was positively correlated with Grains, Industrial Metals, Precious Metals and Softs during April.

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PERFORMANCE: BCOM Single Commodity IndicesFigure 13: Return

Figure 14: Volatility

Figure 15: Inter-Commodity Correlation

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Natural Gas 100%WTI Crude 1% 100%Brent Crude -4% 94% 100%ULS Diesel -4% 91% 99% 100%Unleaded Gasoline -5% 92% 98% 97% 100%Corn 30% 31% 20% 10% 19% 100%Soybeans -10% 18% 8% 3% 10% 46% 100%Wheat 1% 6% -7% -14% -7% 62% 51% 100%Soybean Oil 9% 42% 36% 34% 32% 37% 41% 29% 100%Soybean Meal -18% 3% -4% -8% -1% 31% 90% 38% 2% 100%HRW Wheat 3% 2% -9% -16% -7% 63% 50% 95% 29% 35% 100%Copper 40% 25% 27% 27% 27% -9% -22% -20% -17% -18% -17% 100%Alumnium 56% 4% 7% 8% 9% -8% -15% -33% -25% -6% -26% 48% 100%Zinc 43% -8% -7% -5% -5% -15% -44% -17% -7% -51% -11% 48% 27% 100%Nickel 17% 0% 3% -1% 6% 4% 8% 3% 23% 0% 5% 27% 43% 30% 100%Gold -37% 31% 25% 23% 26% 15% 46% 18% 35% 31% 28% -18% -22% 3% -12% 100%Silver -26% 37% 36% 36% 37% 3% 39% 1% 24% 31% 11% -2% -2% 18% 1% 92% 100%Sugar 20% -3% -8% -11% -7% 15% 14% 5% 11% 9% 6% 34% -16% 36% 21% -1% 2% 100%Coffee 30% 29% 25% 20% 21% 47% -4% 25% 20% -10% 25% -11% 14% -7% 17% 2% 3% -7% 100%Cotton 2% 22% 16% 16% 10% -22% -11% -9% 21% -19% -4% 21% -8% -9% 9% -15% -14% 25% 3% 100%Lean Hogs -20% -12% -15% -10% -18% -34% 5% 13% 3% 11% 13% 17% -14% 1% -4% 17% 19% 13% -9% 25% 100%Live Cattle 25% 8% 9% 9% 5% -9% 5% -13% 17% -2% -9% 24% 18% 7% 6% -8% -3% 48% 15% 46% 14% 100%

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PERFORMANCE: Single Commodity IndiciesENERGY GROUP

GRAINS GROUPFigure 19: Volatility (Realized, 60 days)

INDUSTRIAL METALS GROUPFigure 21: Volatility (Realized, 60 days)

PRECIOUS METALS GROUP

Figure 16: Return

Figure 22: Return

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Figure 18: Return

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SOFTS GROUPFigure 25: Volatility (Realized, 60 days)

LIVESTOCK GROUPFigure 27: Volatility (Realized, 60 days)

Figure 24: Return

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COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUPFutures curves for grains mostly rotated counterclockwise during April as prices dropped, except for Soybean Oil whose prices were driven up by the oil prices.

The whole term structure curve of Natural Gas is identical between the beginning and the end of April. The WTI, Brent and ULS Diesel curves have rotated clockwise to a milder contango, and the Unleaded Gasoline curve stayed in backwardation.

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18

JAN

19

MAY

19

SEP

19

JAN

20

MAY

20

SEP

20

JAN

21

MAY

21

SEP

21

JAN

22

Brent Crude

31-Mar-2015 30-Apr-2015

150170190210230

APR

15

JUN

15

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

DEC

16

FEB

17

APR

17

JUN

17

AUG

17

OCT

17

DEC

17

FEB

18

APR

18

JUN

18

ULS Diesel

31-Mar-2015 30-Apr-2015

140

160

180

200

APR

15

JUN

15

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

DEC

16

FEB

17

APR

17

JUN

17

AUG

17

OCT

17

DEC

17

FEB

18

Unleaded Gasoline

31-Mar-2015 30-Apr-2015

450

500

550

600

MAY

15

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

#N/A

Inva

lidSe

curit

y

Wheat

31-Mar-2015 30-Apr-2015

28

29

30

31

32

33

34

MAY

15

JUL

15

AUG

15

SEP

15

OCT

15

DEC

15

JAN

16

MAR

16

MAY

16

JUL

16

AUG

16

SEP

16

OCT

16

DEC

16

JAN

17

MAR

17

MAY

17

JUL

17

AUG

17

SEP

17

OCT

17

Soybean Oil

31-Mar-2015 30-Apr-2015

350370390410430450

MAY

15

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

Corn

31-Mar-2015 30-Apr-2015

920

970

1020

MAY

15

JUL

15

AUG

15

SEP

15

NO

V 15

JAN

16

MAR

16

MAY

16

JUL

16

AUG

16

SEP

16

NO

V 16

JAN

17

MAR

17

MAY

17

JUL

17

AUG

17

Soybeans

31-Mar-2015 30-Apr-2015


10

COMMODITY FUTURES TERM STRUCTURE

INDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

Term structures for industrial metals were relatively persistent from the previous month.

Term structure for gold and silver remained relatively unchanged from the previous month.

300305310315320325330

MAY

15

JUL

15AU

G 15

SEP

15O

CT 1

5DE

C 15

JAN

16

MAR

16

MAY

16

JUL

16AU

G 16

SEP

16O

CT 1

6DE

C 16

JAN

17

MAR

17

MAY

17

JUL

17AU

G 17

SEP

17O

CT 1

7

Soybean Meal

31-Mar-2015 30-Apr-2015

460

510

560

610

660

MAY

15

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

HRW Wheat

31-Mar-2015 30-Apr-2015

245250255260265270275280285290295

APR

15

JUN

15

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

DEC

16

FEB

17

MAY

17

SEP

17

MAR

18

JUL

18

DEC

18

MAY

19

SEP

19

MAR

20

Copper

31-Mar-2015 30-Apr-2015

175018501950205021502250235024502550

APR

15SE

P 15

FEB

16JU

L 16

DEC

16M

AY 1

7O

CT 1

7M

AR 1

8AU

G 18

JAN

19

JUN

19

NO

V 19

APR

20SE

P 20

FEB

21JU

L 21

DEC

21M

AY 2

2O

CT 2

2M

AR 2

3AU

G 23

JAN

24

JUN

24

NO

V 24

APR

25

Aluminum

31-Mar-2015 30-Apr-2015

11501170119012101230125012701290

APR

15M

AY 1

5JU

N 1

5AU

G 15

OCT

15

DEC

15FE

B 16

APR

16JU

N 1

6AU

G 16

OCT

16

DEC

16FE

B 17

JUN

17

DEC

17JU

N 1

8DE

C 18

JUN

19

DEC

19JU

N 2

0DE

C 20

Gold

31-Mar-2015 30-Apr-2015

15

15.5

16

16.5

17

17.5

18

APR

15

MAY

15

JUN

15

JUL

15

SEP

15

DEC

15

JAN

16

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

JAN

17

JUL

17

DEC

17

JUL

18

DEC

18

JUL

19

DEC

19

Silver

31-Mar-2015 30-Apr-2015

19001950200020502100215022002250230023502400

APR

15JU

L 15

OCT

15

JAN

16

APR

16JU

L 16

OCT

16

JAN

17

APR

17JU

L 17

OCT

17

JAN

18

APR

18JU

L 18

OCT

18

JAN

19

APR

19JU

L 19

OCT

19

JAN

20

APR

20

Zinc

31-Mar-2015 30-Apr-2015

1100011500120001250013000135001400014500

APR

15JU

L 15

OCT

15

JAN

16

APR

16JU

L 16

OCT

16

JAN

17

APR

17JU

L 17

OCT

17

JAN

18

APR

18JU

L 18

OCT

18

JAN

19

APR

19JU

L 19

OCT

19

JAN

20

APR

20JU

L 20

Nickel

31-Mar-2015 30-Apr-2015


11

COMMODITY FUTURES TERM STRUCTURESOFTS GROUP

LIVESTOCK GROUPLean Hogs futures curve rotated clockwise to a milder contango at the front end, while the live cattle curve was little changed from previous month.

All softs curves rotated clockwise as prices rose. Cotton led the group and turned from contango to backwardation.

10111213141516

MAY

15

JUL

15

OCT

15

MAR

16

MAY

16

JUL

16

OCT

16

MAR

17

MAY

17

JUL

17

OCT

17

#N/A

Inva

lidSe

curit

y

Sugar

31-Mar-2015 30-Apr-2015

120125130135140145150155160165

MAY

15

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

Coffee

31-Mar-2015 30-Apr-2015

60616263646566676869

MAY

15

JUL

15

OCT

15

DEC

15

MAR

16

MAY

16

JUL

16

OCT

16

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17Cotton

31-Mar-2015 30-Apr-2015

5055606570758085

APR

15

MAY

15

JUN

15

JUL

15

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

MAY

16

JUN

16

Lean Hogs

31-Mar-2015 30-Apr-2015

130135140145150155160165

APR

15

JUN

15

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

Live Cattle

31-Mar-2015 30-Apr-2015


12

COMMITMENT OF TRADERS REPORT: COMMODITY FUTURES & OPTIONS, MONEY MANAGERS COT <GO>

Group CommodityEnd of Apr 2015

Net Position (Lots)

End of Mar 2015 Net

Position (Lots)

Notional Change ($ mill, using end of Apr 2015 price)

End of Apr 2015 Notional ($ mill)

Natural Gas -129,313 -71,879 -1,479 -3,330 WTI Crude 267,614 134,957 7,331 14,788 Brent Crude 271,929 193,196 4,888 16,881 ULS Diesel -19,441 -26,898 580 -1,513 Gasoline 23,493 27,627 -328 1,863 Total 10,992 28,690 Corn -65,298 751 -1,232 -1,218 Soybeans -47,505 -38,842 -422 -2,316 Wheat -96,624 -65,965 -768 -2,419 Soybean Oil 21,649 4,148 334 413 Soybean Meal -11,990 6,097 -571 -379 HRW Wheat -11,418 6,443 -459 -293 Total -3,118 -6,212 Copper 13,596 15,036 -97 918 Aluminum 75,753 87,300 -521 3,421 Zinc 81,516 44,310 2,051 4,493 Nickel 4,933 19,858 -1,132 374 Total 300 9,206 Gold 58,466 31,653 3,225 7,033 Silver 9,061 19,248 -815 725 Total 2,410 7,758 Sugar -73,716 -116,984 601 -1,025 Coffee -4,030 -8,399 230 -212 Cotton 35,345 26,880 265 1,107 Total 1,096 -130 Live Cattle 68,704 64,429 267 4,295 Lean Hogs 12,645 14,986 -67 362 Total 200 4,658

Total 11,881 43,970

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs


13

GLOBAL COMMODITIES INVENTORIES AND SALES DATAECO17 <GO>

Group Inventory/SalesRelated

CommoditiesUnit

End of Apr 2015

End of Mar 2014

Change (%)

DOE Natural Gas Total Inventory Natural Gas bcf 1,710 1,479 16%DOE Crude Oil Total Inventory WTI, Brent mm barrels 491 467 5%DOE Cushing Oklahoma Crude Oil Total Stocks WTI, Brent mm barrels 62 56 10%DOE Distillate Fuel Oil Total Inventory ULS Diesel mm barrels 129 126 3%DOE Motor Gasoline Total Inventory Gasoline mm barrels 227 233 -3%USDA Corn Total Export Sales Corn thousand MT 946 464 104%USDA Soybeans Total Export Sales Soybeans thousand MT 315 726 -57%USDA All Wheat Total Export Sales Wheat, HRW Wheat thousand MT 404 182 122%USDA Soybean Oil Total Export Sales Soybean Oil thousand MT 32 22 42%USDA Soybean Cake Meal Total Export Sales Soybean Meal thousand MT 137 228 -40%Comex Copper Total Inventory Copper thousand short ton 24 27 -10%LME Copper Total Inventory Copper mm MT 7 7 2%LME Primary Aluminum Total Inventory Aluminum mm MT 77 79 -2%LME Zinc Total Inventory Zinc mm MT 10 10 -6%LME Nickel Total Inventory Nickel mm MT 9 9 0%Comex Gold Total Inventory Gold mm ounces 8 8 -3%Comex Silver Total Inventory Silver mm ounces 175 177 -1%

Softs USDA All Upland Cotton Total Export Sales Cotton thousand bales 167 199 -16%USDA Cattle Slaughter Estimates Daily Live Cattle thousand heads 105 109 -4%USDA Hogs Slaughter Estimates Daily Lean Hogs thousand heads 417 426 -2%

Livestock

Energy

Grains

Industrial Metals

Precious Metals


14

BCOM CONSTITUENT WEIGHTSBCOM Index MEMB <GO>

Group Commodity30 April 2015

Actual Weight

31 March 2015 Actual Weight

Q1 2015 Weight Change

2015 Target Weight

Natural Gas 8.27% 8.33% -0.06% 8.74% WTI Crude 9.39% 7.87% 1.52% 7.84% Brent Crude 8.95% 8.10% 0.85% 7.16% ULS Diesel 4.31% 3.96% 0.35% 3.76% Gasoline 5.27% 4.91% 0.36% 3.69% Total 36.19% 33.17% 3.02% 31.19% Corn 6.48% 7.11% -0.63% 7.25% Soybeans 5.08% 5.41% -0.33% 5.68% Wheat 2.63% 3.04% -0.41% 3.33% Soybean Oil 2.60% 2.67% -0.07% 2.81% Soybean Meal 2.37% 2.62% -0.25% 2.75% HRW Wheat 0.91% 1.09% -0.18% 1.17% Total 20.07% 21.94% -1.87% 22.98% Copper 7.63% 7.74% -0.11% 7.54% Aluminum 4.81% 4.74% 0.07% 4.59% Zinc 2.57% 2.43% 0.14% 2.40% Nickel 1.84% 1.74% 0.10% 2.12% Total 16.85% 16.65% 0.20% 16.65% Gold 11.25% 12.03% -0.78% 11.90% Silver 4.04% 4.44% -0.40% 4.28% Total 15.29% 16.47% -1.18% 16.18% Sugar 3.45% 3.33% 0.12% 4.00% Coffee 1.68% 1.74% -0.06% 2.21% Cotton 1.64% 1.63% 0.01% 1.51% Total 6.77% 6.70% 0.07% 7.72% Live Cattle 2.90% 3.16% -0.26% 3.33% Lean Hogs 1.93% 1.92% 0.01% 1.94% Total 4.83% 5.08% -0.25% 5.27%

Energy

Livestock

Softs

Precious Metals

Industrial Metals

Grains


15

COMMODITY PRICE FORECASTSCPFC <GO>

Group Commodity Q2 15 Q3 15 Q4 15 Q1 16

Forward 2.72 2.84 3.12 3.12Forecast 2.72 2.98 3.44 3.68Forward 58.52 61.91 63.13 63.79Forecast 52.25 58.00 64.50 68.00Forward 65.37 68.65 69.80 70.57Forecast 59.00 63.00 69.00 71.00Forward 193.58 200.67 204.80 207.41Forecast 176.00 181.00 198.80 206.50Forward 199.07 193.96 178.33 186.80Forecast 176.00 185.00 180.00 190.00Forward 368.23 373.85 385.61 396.27Forecast 384.00 390.00 402.50 410.00Forward 974.86 964.36 955.25 961.79Forecast 956.50 939.00 962.50 980.00Forward 482.14 485.85 505.58 522.16Forecast 529.50 541.00 553.50 550.00Forward 6,246.09 6,335.45 6,333.67 6,333.75Forecast 6,063.00 6,400.00 6,500.00 6,475.00Forward 1,883.50 1,932.53 1,945.32 1,953.72Forecast 1,870.00 1,900.00 1,940.00 1,950.00Forward 2,307.86 2,348.05 2,351.51 2,353.96Forecast 2,202.30 2,276.10 2,337.50 2,400.00Forward 13,574.50 13,970.70 14,013.50 14,050.80Forecast 15,466.00 16,767.50 17,943.40 19,000.00Forward 1,188.24 1,183.69 1,184.85 1,186.49Forecast 1,190.00 1,200.00 1,225.00 1,275.00Forward 16.20 16.18 16.24 16.28Forecast 16.50 17.00 17.70 18.14Forward 13.10 13.60 14.71 14.72Forecast 14.10 15.20 15.50 15.15Forward 137.60 140.05 144.49 147.90Forecast 145.00 156.00 155.00 170.00Forward 66.94 66.93 66.53 66.09Forecast 63.00 63.00 64.70 66.00

Softs

Bloomberg survey of commodity analysts

Energy

Grains

Industrial Metals

Precious Metals

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

Corn

Soybeans

Wheat

Copper

Aluminum

Coffee

Cotton

Zinc

Nickel

Gold

Silver

Sugar


16

TOP COMMODITIES FORECASTERSRANX <GO>

Group Commoditity Rank Forecaster FirmAverage

Margin of Error

1 Daniel Hynes Australia & New Zealand Banking Group 4.51%2 Jason Schenker Prestige Economics 9.08%3 Francisco Blanch Bank of America Merrill Lynch 11.88%4 Jan Stuart Credit Suisse Group 12.87%5 Daniela Corsini Intesa Sanpaolo 15.65%1 Daniel Hynes Australia & New Zealand Banking Group 4.56%2 Marshall Adkins Raymond James & Associates 14.73%3 Soozhana Choi Deutsche Bank 16.06%4 Jason Schenker Prestige Economics 16.24%5 Jan Stuart Credit Suisse Group 16.59%1 Daniel Hynes Australia & New Zealand Banking Group 4.74%2 Marshall Adkins Raymond James & Associates 13.67%3 Francisco Blanch Bank of America Merrill Lynch 13.68%4 Greg Pardy RBC Capital Markets 15.40%5 Jason Schenker Prestige Economics 16.25%1 Michael Lewis Deutsche Bank 6.71%2 James Glenn National Australia Bank 7.86%3 Ilan Goldfajn Itau Unibanco Holding 8.26%4 Daniela Corsini Intesa Sanpaolo 9.07%5 Caroline Bain Capital Economics 9.73%1 Caroline Bain Capital Economics 3.16%2 Ilan Goldfajn Itau Unibanco Holding 4.23%3 Michael Lewis Deutsche Bank 5.55%1 Michael Lewis Deutsche Bank 4.36%2 Daniela Corsini Intesa Sanpaolo 4.88%3 Jason Schenker Prestige Economics 5.88%1 Ilan Goldfajn Itau Unibanco Holding 5.48%2 Michael Lewis Deutsche Bank 5.98%3 Jason Schenker Prestige Economics 6.15%1 Michael Lewis Deutsche Bank 11.57%2 James Glenn National Australia Bank 14.33%3 Caroline Bain Capital Economics 16.08%1 Barnabas Gan Oversea-Chinese Banking 9.24%2 Cailey Barker Numis Securities 9.63%3 Georgette Boele ABN Amro Bank 9.64%4 Caroline Bain Capital Economics 10.15%5 Paul Horsnell Standard Chartered Bank 10.66%1 Jens Pedersen Danske Bank 3.85%2 Cailey Barker Numis Securities 4.07%3 Ilan Goldfajn Itau Unibanco Holding 4.13%1 Georgette Boele ABN Amro Bank 8.94%2 Justin Smirk Westpac Banking 9.78%3 Paul Horsnell Standard Chartered Bank 10.92%

Methodology

Silver

Bloomberg ranked forecasters based on the accuracy of their forecasts for the most recent eight quarters ending on March 31, 2015. Accuracy, gauged by average margin of error, was calculated by subtracting the forecast from the actual spot rate and dividing the result by the actual spot rate. Bloomberg's Commodity Forecasting (CPFC) function was used to find forecasts from the second quarter of 2013 through the first quarter of 2015. Each of the eight forecasts was weighted equally. Only the top three forecasters are displayed.

To qualify for each category, an individual had to submit four or more forecasts, at least two of them for the past four quarters.

As of: April 1, 2015

Energy

Industrial Metals

Precious Metals

Natural Gas

WTI Crude

Brent Crude

Overall

Copper

Aluminum

Zinc

Nickel

Overall

Gold


17

COMMODITY FUND FLOWS FOR US-LISTED ETPsXLTP FLOW <GO>

Report Period: 3/31/2015 - 4/30/2015

Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

-34.84 7,426.60 -0.47%-710.32 8,475.01 -8.38%

7.93 1,511.86 0.52%-0.02 30.00 -0.05%

-11.39 322.23 -3.53%183.82 43,632.60 0.42%-564.82 61,398.30 -0.92%

All Commodities Sector: Top 10 Creations

Ticker Name Net Flows ($ mill)


($ mill)


DWTI US VelocityShares 3x Inverse Crude ETN 128.86 190.52 67.63%UNG US United States Natural Gas Fund 106.75 600.69 17.77%GLD US SPDR Gold Shares 89.83 28,084.90 0.32%UGAZ US VelocityShares 3x Long Natural 81.97 410.08 19.99%SLV US iShares Silver Trust 61.59 5,409.23 1.14%SCO US ProShares UltraShort Bloomberg Crude Oil 54.52 364.72 14.95%IAU US iShares Gold Trust 34.82 6,273.78 0.55%DJP US iPath Bloomberg Commodity Index 25.18 1,233.06 2.04%USLV US VelocityShares 3x Long Silver 18.95 121.64 15.58%DBO US PowerShares DB Oil Fund 17.52 611.07 2.87%

All Commodities Sector: Top 10 Redemptions

Ticker Name Net Flows ($ mill)


($ mill)


USO US United States Oil Fund LP -557.88 2,817.11 -19.80%UWTI US VelocityShares 3x Long Crude ETN -294.72 730.20 -40.36%UCO US ProShares Ultra Bloomberg Crude Oil -284.59 1,029.55 -27.64%DBC US PowerShares DB Commodity Index -45.96 3,025.70 -1.52%PPLT US ETFS Platinum Trust -10.97 564.93 -1.94%DBB US PowerShares DB Base Metals Fund -9.38 206.09 -4.55%GLTR US ETFS Physical Precious Metal Basket Shares -9.19 152.73 -6.02%USCI US United States Commodity Index Fund -9.01 521.53 -1.73%DBA US PowerShares DB Agriculture Fund -8.96 871.26 -1.03%DBP US PowerShares DB Precious Metals Fund -7.47 133.24 -5.60%

Sector

LivestockIndustrial MetalsPrecious Metals

Total

Broad BasedEnergy

Agriculture


18

BLOOMBERG COMMODITY EVENT CALENDAR

Bloomberg frequently hosts and presents at commodity seminars and conferences.

Event Date Time Event Name Location Description Event Link

14 May 9am-6pm EDT

THE COMMODITY DEBATE:#relaunchingcommodities New York City

A world class collection of commodity market experts have been assembled to help relaunch commodities, with a day full of discussion on the hottest topics right now.

http://www.relaunchingcommodities.com/

22 May 8:00-16:00 BST

Bloomberg Intelligence & CME Precious Metals Forum London

Join Bloomberg Intelligence in partnership with the CME Group for a conference featuring expert speakers and panel discussions addressing drivers and themes in the precious metal markets. Discussion topics will include the outlook for global precious metals markets, chinese demand and supply/demand for PGMs.

http://connect.bloomberg.com/microsite/201505-CMEPreciousMetals/reg-sales/0.ashx

28 May 2pm-2:30pm PDT

Commodity Forecasts & Commodity Maps: Bloomberg

WebinarDigital

Learn how you can effectively forecast commodity prices using analyst predictions, fair values, and futures curves on Bloomberg. We will also review how to spatially map and analyze a variety of commodities and physical assets on BMAP<GO>.

BU SEMR 802936 <GO>

2 June 8.30am-12pm

Commodities Past, Present and Future

Zurich, Bloomberg

Office

While economy is moving forward and growth is gaining momentum in the US, other industrialized countries are still struggling with the recovery and key emerging markets continue to slow down. The event will review the outlook for the global economy in 2015, and its likely impact on commodities markets. Conference speakers will review the dynamics the commodity spaces, the developments in individual commodity sectors, new ways to invest into commodities in light of market regulation and changing term structure of commodities.

3 June 8.30am-12pm

Commodities Past, Present and Future

Paris, Bloomberg

Office

While economy is moving forward and growth is gaining momentum in the US, other industrialized countries are still struggling with the recovery and key emerging markets continue to slow down. The event will review the outlook for the global economy in 2015, and its likely impact on commodities markets. Conference speakers will review the dynamics the commodity spaces, the developments in individual commodity sectors, new ways to invest into commodities in light of market regulation and changing term structure of commodities.

15 June 3pm-4:30pm EDT

2015 Agriculture Outlook: Planting

Bloomberg ConferenceChicago

Please join Bloomberg and Futures International, LLC in a discussion on the Planting Outlook for 2015. This will be centered around planting efforts and expectations. Futures International analyst Terry Reilly will provide his fundamental outlook for 2015. Bloomberg Agricultural Specialist, Sterling Smith, will go over what lies ahead in 2015 including acreage, South American harvest progress, weather and panting prospects. Sterling will showcase terminal functions that you can leverage in order to make your own 2015 Planting Outlook prediction.

16 June 3:30pm - 4:30pm EDT

2015 Agriculture Outlook: Crops

Bloomberg WebinarDigital

Please join Bloomberg Intelligence Global Chemicals Analyst, Jason Miner and Bloomberg Agriculture Market Specialist, Sterling Smith in a discussion on the Planting Outlook for 2015.

17 June 3pm - 4:30pm EDT

2015 Agriculture Outlook: Crops

Bloomberg ConferenceChicago

Please join Bloomberg in a discussion on the Crop Outlook for 2015. This will be centered around crop development and expectations.

8 Sept 8am - 1pm GMT

Commodity Investment 2015 Review:

Bloomberg ConferenceLondon The second part of our commodities in review will look at all

current trends and analysis in commodities so far this year.


19

BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS BI <GO>

Crude Oil Production: BI OILS <GO> Natural Gas Production: BI NGAS <GO>

Precious Metal Mining: BI PMET <GO> Agricultural Chemicals: BI AGCH <GO>

Copper: BI COPP <GO> Aluminum: BI ALUM <GO>

BI provides analysis on several key drivers of BCOM performance; industrial and precious metals mining, oil and natural gas production, and agricultural chemicals. The dashboards include key macro data libraries and interactive charting and commentary from analysts with an average of seventeen years of experience.


20

Return

Realized Vol (252 days)

HISTORICAL PERFORMANCE: Bloomberg Commodity Indices

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Bloomberg Commodity Index Bloomberg Roll Select Commodity Index Bloomberg Commodity Index 3 Month Forward

0%

5%

10%

15%

20%

25%

30%

35%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Bloomberg Commodity Index Bloomberg Roll Select Commodity Index Bloomberg Commodity Index 3 Month Forward


21

HISTORICAL PERFORMANCE: Commodities vs. Equities vs. Bond vs. USDReturn


Realized Correlation (252 days)

-40%

-20%

0%

20%

40%

60%

80%

100%

2010 2011 2012 2013 2014 2015

Bloomberg Commodity Index S&P 500 Index Bloomberg US Treasury Bond Index Bloomberg Dollar Spot Index

0%

5%

10%

15%

20%

25%

2011 2012 2013 2014 2015

Bloomberg Commodity Index S&P 500 Index Bloomberg US Treasury Bond Index Bloomberg Dollar Spot Index

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

2011 2012 2013 2014 2015

BCOM - S&P 500 Index BCOM - Bloomberg US Treasury Bond Index BCOM - Bloomberg Dollar Spot Index


22

HISTORICAL PERFORMANCE: BCOM SubgroupsReturn


Realized Correlation (252 days)

-100%

0%

100%

200%

300%

400%

500%

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Energy Grains Industrial Metals Precious Metals Softs Livestock

0%

10%

20%

30%

40%

50%

60%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Energy Grains Industrial Metals Precious Metals Softs Livestock

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Energy - Grains Energy - Industrial Metals Energy - Precious Metals Energy - Softs Energy - Livestock


23

HISTORICAL PERFORMANCE: BCOM Single Commodity IndicesReturn - Energy

Realized Vol (252 days) - Energy

Return - Grains

-200%

0%

200%

400%

600%

800%

1000%

1200%

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Natural Gas WTI Crude Brent Crude ULS Diesel Unleaded Gasoline

0%

10%

20%

30%

40%

50%

60%

70%

80%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Natural Gas WTI Crude Brent Crude ULS Diesel Unleaded Gasoline

-200%

-100%

0%

100%

200%

300%

400%

500%

600%

700%

800%

900%

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Corn Soybeans Wheat Soybean Oil Soybean Meal HRW Wheat


24

HISTORICAL PERFORMANCE: BCOM Single Commodity IndicesRealized Vol (252 days) - Grains

Return - Industrial Metals

Realized Vol (252 days) - Industrial Metals

0%

10%

20%

30%

40%

50%

60%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Corn Soybeans Wheat Soybean Oil Soybean Meal HRW Wheat

-100%

0%

100%

200%

300%

400%

500%

600%

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


0%

10%

20%

30%

40%

50%

60%

70%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015



25

HISTORICAL PERFORMANCE: BCOM Single Commodity IndicesReturn - Precious Metals

Realized Vol (252 days) - Precious Metals

Return - Softs

-100%

0%

100%

200%

300%

400%

500%

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Gold Silver

0%

10%

20%

30%

40%

50%

60%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Gold Silver

-150%

-100%

-50%

0%

50%

100%

150%

200%

250%

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Sugar Coffee Cotton


26

HISTORICAL PERFORMANCE: BCOM Single Commodity IndicesRealized Vol (252 days) - Softs

Return - Livestock

Realized Vol (252 days) - Livestock

0%

10%

20%

30%

40%

50%

60%

70%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Sugar Coffee Cotton

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015



27

COMMODITY CHEATSHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE

Broad Commodities EnergyTop commodity news CTOP Top energy news ETOPCommodity markets menu <COMDTY> F9 Top oil news OTOP Global commodity prices GLCO Crude Oil Production Dashboard BI OILSCommodity playbook CPLY First Word oil NI BFWOIL Commitments of traders report COT News on oil inventories TNI OIL INV Calendar of commodity events ECO17 Oil Buyer's Guide newsletter NI OBGBRIEFCommodity arbitrage calculator CARC Pipes & Wires newsletter NI PAWSBRIEFCommodity fundamental data explorer FDM Oil market analysis BOILCommodity futures overview CMBQ Nat gas spot prices BGASSecurity finder SECF Forward European utility markets EUMCommodity data contributors & broker CDAT News on oil markets NI OILMARKET Contract table menu CTM News on OPEC NI OPEC Seasonality chart SEAG OPEC production and prices OPECCommodity curve analysis CCRV Oil markets menu OIL Commodity fair values CFVL Crude stored in tankers NOONCommodity price forecasts CPFC Refinery outages REFOCommitments of Traders Report COT Oil’s decline EXT5 Commodity maps BMAP Oil versus inflation expectations SWIFCommodity options monitor OMON Commodities charts COSY MetalsCommodity Investors menu CMNV Top metal news METT US exchange traded product fund flows ETF Precious metal dashboard BI PMETG

Base metals dashboard BI BMETCommodity Indices Metals prices and data MINE Index description BCOM Index DES Precious metals prices and rates MTL Index constituent weights BCOM Index MEMB Metals Bulletin MB Listed index futures BCOM Index CT COMEX inventories COMX Option volatility surface BCOM Index OVDV LME monitor LME Seasonality chart BCOMNG Index SEAG LME implied volatilities LMIV Commodity index futures movers FMV LME warehouse inventories LMEI Commodity index ranked returns CRR

AgricultureWeather Top agriculture news YTOP Global weather database WETR Agriculture calendar AGRI US snow monitor SNOW Agriculture spot prices AGGPEU weather & utility models EUMM Agriculture supply & demand AGSD

Crop calendar CCAL

BCOM QUICK FACTS

Weighting Bias 2/3 market liquidity and 1/3 world production No. of Commodities 20 Re-balancing Frequency Annual Roll Schedule Monthly (5 day roll) Caps/Limits Single commodity: max 15%

Single commodity and its derivatives: max 25%Related commodity groups: max 33%

First Value Date 30 December 1990

The data provided in this report can be easily accessed on the Bloomberg Professional® service along with numerous news and analytical tools to help you stay on top of the commodity markets.


28

Documents

BLOOMBERG COMMODITY INDEX (BCOM)The Bloomberg Sugar Index (BCOMSB) gained 11.3% in April after losing 13.4% in March. April was the biggest monthly gain since February 2014. April