Saxo Bank (Saxo Bank)
Commodities  |  December 28, 2012 11:58:23

Commodity indices rebalance for 2013


When investing in commodities through indexes, such as the two major S & P GSCI and DJ-UBS is to be expected that each year in a period of aggravating. This leads to adjusting weights of the individual components of the index. The aim of this process is to adjust and align existing positions according to their individual performance during the previous year. It generally involves buying / increase exposure to commodities over the past year have suffered losses at the expense of sales / reducing exposure to commodities that were profitable. At the same time you can adjust the total target weight of a particular commodity or sector and vice versa old contracts can delete or add new ones in their place. Both major indexes rebalance is in January, during the five-day trading period from 8 to 14 January.

DJ-UBS Index next year will include newly soy flour and wheat from Kansas Exchange KCBT. This will lead to the sale of the Chicago CBOT wheat and soybeans to make room for a newly introduced commodity. At the same time, however, remains unchanged retained exposure in cereals and oilseeds sector. But the biggest change is in the S & P GSCI further increase exposure at the expense of Brent WTI, because the second named on the world energy scene gradually loses its significance. And while the WTI oil is still the most weight, and thus end up being in the index reduction of 6.25 percent to 24.71 percent. Conversely Brent crude will increase its weight by 3.99 percent to 22.34 index.


It is estimated that the value of the products linked to the S & P GSCI reaches 80 to 100 billion U.S. dollars. Changing the weights of the two types of oil and, according to ETF Securities may result in an outflow of $ 4.5 billion from the WTI and the influx of five billion dollars in Brent crude oil. Even though in both cases it is a fairly high amount, these values ??represent less than two percent of the average daily traded volumes. That is why the market is apparently simply absorbed.Another reason why you can not expect any significant changes is the fact that everything was announced ahead of time. This may be rather short-term fluctuations of time spreads. However, the effect on long-term spot price can not be expected, because these changes do not create any new physical supply / demand.

Ole Hansen, commodity strategist at Saxo Bank

 Globální online investiční banka

Saxo Bank je globální investiční banka specializující se na online obchodování a investice na mezinárodních finančních trzích. Saxo Bank umožňuje soukromým investorům a institucionálním klientům obchodovat s FX, CFD, cennými papíry, futures, opcemi a dalšími deriváty a poskytuje i profesionální správu portfolia a fondů díky svým online obchodním platformám oceněným řadou různých ocenění.

Více informací na: www.saxobank.cz

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Rebalance komoditních indexů pro rok 2013

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