BLOOMBERG

COMMODITY INDEX (BCOM)

TABLES & CHARTS
Q2 2015

commodities@bloombergindexes.com
www.bloombergindices.com

Market Commentary 02
Performance Tables 07
Performance Charts 09
Commitment of Traders Report (COT) 14
Inventory & Sales 15
BCOM Constituent Weights 16
Commodity Price Forecasts 17
Commodity ETP Flows 18
Term Structures 19
Event Calendar 22
Bloomberg Intelligence: Commodity Dashboards 23
Historical Performance, Volatility & Correlations 24
Bloomberg Professional Cheatsheet for Commodities 31
 Bloomberg Commodity Index (BCOM) Gained 1.7% in June and 4.7% in Q2

• Agriculture prices drove broad commodity benchmarks higher in June on the back of USDA reports that
stockpiles were smaller than expected.
• Grains (Corn, Soybean, Wheat) and Softs (Sugar, Coffee, Cotton) were the best performing BCOM
groups in June, up 18.5% and 2.4% respectively.
• BCOM returned 4.7% in Q2, capping three quarters of losses, and outperformed US equities, US
treasuries and the US dollar in June, with 11 out of 22 BCOM constituents trading higher.
• Broad based commodity ETPs saw inflows of $2.7 billion in Q2, about 4.6% of market cap.

ENERGY (35.7% weight in BCOM)

The Bloomberg WTI Crude Oil Index (BCOMCL) jumped 17.5% in 2Q15, outperforming a 10.7% gain for Brent
(BCOMCO). The quarterly gain for WTI was the most since 4Q11. The WTI and Brent Index fell 2.1% and 3.7%
in June respectively.

The EIA cut its 2016 forecast for Brent crude by $3 to $67 a barrel. It's the second revision this year from the
US forecaster that in January was estimating crude at $75. Despite faster than anticipated demand growth
because of lower prices, the EIA has raised its 2016 forecast for non-OPEC output. The lifting of sanctions
against Iran would lead to an additional drop of $5-$15 a barrel, the EIA said. Brent is up 14% this year on
supply disruptions and expectations of rebounding demand and lower US output.

Output by OPEC climbed 744,000 barrels to 32.134 million a day in June, according to a Bloomberg survey of
oil companies, producers and analysts. May’s total was revised 189,000 barrels lower to 31.39 million a day,
because of changes to the Saudi, Iraqi, Algerian and Nigerian estimates. OPEC has been boosting supply as it
seeks to force higher-cost producers to cut output. The 12-member group agreed on June 5 to retain its
collective output target of 30 million barrels a day, a level that it’s exceeded for 13 months, according to data
compiled by Bloomberg.

Iraqi production (OPCRIRAQ) rose 567,000 barrels a day to a record 4.388 million this month, according to the
survey. Iraq, OPEC’s second-biggest producer, was responsible for more than half of the total gain this month.
Saudi Arabia (OPCRSAUD), OPEC’s top producer, increased output by 150,000 barrels a day to 10.45 million in
June, the most in monthly Bloomberg data going back to 1989. The kingdom exported more crude because of
higher Asian demand. Iranian production (OPCRIRAN) rose 50,000 barrels a day to 2.85 million this month,
leaving output at the highest level since March 2014. The nation pumped more than 3.1 million barrels a day
from 1991 until July 2012, when additional sanctions were imposed on the Islamic republic to curb its nuclear
program. Iran has estimated it could double exports from about 1 million barrels a day within six months of
sanctions being lifted. Libyan output (OPCRLIBY) slipped 15,000 barrels a day to 400,000, the second-biggest
decline this month. The country’s current output is about a third of what it was before the 2011 rebellion that
ended Muammar Qaddafi’s 42-year rule.

China is becoming a less oil-intensive economy as it shifts away from heavy industry to services and higher-
margin manufacturing segments. The ratio of China's growth in oil consumption and GDP expansion dropped
to only 0.5x last year, compared with an average ratio of 0.67x over the past 30 years. The lower demand
growth for crude may continue as China focuses on higher-value manufacturing. Demand growth for gasoline
will top diesel and fuel oil thanks to steady increases in passenger-car sales. Gasoline growth is likely to
weaken in coming years because of a slowdown in new car sales, a leading indicator. The trend may continue
as China caps vehicle registrations. The government is tightening efficiency standards to fight pollution, which
may also slow fuel demand.

The US oil rig count may be close to a bottom after falling by three to 628 in the week ended June 26,
according to Baker Hughes. The count has slid 61% since October. While oil-targeted rigs from the biggest US
shale plays fell by 13, they rose by 10 from plays outside the "core" areas after leading declines in prior weeks.
The natural-gas rig count rose by five to 228. These rigs have been in the 220 range since early April, a level
that appears to be a floor. Rig counts in top US oil-focused basins are close to a bottom yet will likely not
materially rise anytime soon. Contrarily, less-prominent US shale plays showed strength. The Permian and
Bakken both lost rigs in the week as areas outside of the major oil and gas basins gained. The Permian count
has been little changed for more than a month. At 231, it has two fewer rigs than five weeks ago. As drilling
costs near a trough, well-capitalized operators may begin to lock in long-term contracts at attractive rates.

The larger-than-normal backlog of unfracked wells (“fracklog”) may be another factor that mutes the US rig-
count recovery. Untapped wells will likely attract capital before E&Ps allocate funds to put new rigs back to
work. Only one E&P, Pioneer Natural Resources, has explicitly said that it will increase rig count through year-
end, by two a month. While the count may bottom in 3Q, crude oil prices may need to be sustained above $65
a barrel to spur a meaningful rebound heading into 2016.

GRAINS (22.9% weight in BCOM)

Grains is the second largest group after energy in the Bloomberg Commodity Index (BCOM) and delivered a
return of 18.5% in June, bringing YTD performance of the Bloomberg Grains Index (BCOMGR) into positive
territory for the first time this year. Grains surged on the final day of the quarter as the USDA signaled that the
corn glut is finally starting to ease, driving prices to the biggest rally since 2010. Soybeans and wheat also
jumped. The USDA data was a bullish surprise for markets that were already on a rally and needed additional
news to keep running.

The Bloomberg Agriculture Index (BCOMAG) of eight farm products surged 12.8% in June, the biggest monthly
gain since July 2012. American farmers planted fewer acres with corn than estimated three months ago, and
domestic stockpiles as of June 1 were smaller than analysts were forecasting, a report from the USDA showed
June 30. Corn, soybeans and wheat erased their earlier 2015 losses.

Domestic corn stockpiles were 4.447 billion bushels as of June 1, the USDA said. Analysts had forecast 4.557
billion. Usage from March through May was 3.3 billion bushels compared with 3.16 billion during the same
period a year earlier. Corn was sown on 88.9 million acres, compared with a March 31 projection of 89.2
million and the smallest in five years, the USDA said. Warm, wet weather affected plantings throughout much
of the growing areas in the US, the biggest producer of corn and soybeans.

Soybeans, soybean meal and corn are in the period when seasonal peaks in prices occur. Soybeans tend to
peak in price from mid-June to mid-July; soybean meal from late-June through early-August and corn from
late-June to mid-July.

INDUSTRIAL METALS (15% weight in BCOM)

Industrial metals capped the longest run of quarterly losses since 2001 on concern that a sputtering economy
will erode demand in China, the world’s top consumer. The Bloomberg Industrial Metals Index (BCOMIN) fell
5.3% in Q2, the fourth straight decline and the longest slump since September 2001. The index is down 10.4%
YTD.
China's share of global demand growth for metals during the past 15 years has ranged from 83% to 133%. In
the cases of copper, nickel and zinc, China accounted for all of the gains in global demand during the period,
while the rest of the world's consumption of the metals declined. China's slowing construction sector is
dragging down a range of metals. Construction of new homes has fallen 16% YTD, and offices are down 11.8%.
New business construction is down 7.2%. The two-year construction decline has affected each metal
differently, but all are lower. Nickel was hit the worst given it had the highest inventories. The movement of
metals from bonded warehouse stocks where financing deals proliferated, to the LME, has also helped send
nickel to financial-crisis lows.

The Bloomberg Nickel Index (BCOMNI) indicates the nickel industry is in a depression, falling for the fourth
consecutive quarter and down 3.7% in Q2. The nickel market provides some insight into the complex Chinese
metal markets. Rather than declining after Indonesia's ban on exports of unprocessed ores, nickel inventories
are close to the all-time high of 459,000 metric tons. This is due to Chinese companies stocking up on
inventory before the ban. At the same time, domestic demand has declined as construction has fallen sharply,
and the use of inventory as a medium to finance loans has sharply dropped. Additionally, LME inventories are
up sharply after bonded warehouse fell when metal was transferred after the Qingdao financing scandal.

Chinese companies stockpiled a massive amount of nickel in not only primary metal form, but also stainless
steels and fabricated products. Analysts are now going back in time to recalibrate what Chinese nickel demand
really was, given that the prior estimates were too high, with inventory building part of the assumed demand.
Other base metals may also have seen this demand distortion.

China imported 28.7% more nickel and alloys in May than in April. Imports surged 130% from a year earlier to
23,476 metric tons, the highest level since October 2011. Ore imports from the Philippines rose 5.4% as lighter
rains allowed for more shipments. China is seeking alternatives, such as nickel pig iron, to maintain refined
nickel production that accounts for 34% of the global total.

China's imports of nickel pig iron more than tripled to 61,551 metric tons in May from a year earlier. Nickel pig
iron, a cheaper and lower-grade alternative to refined metal, has become a major source of primary nickel. Its
adoption was fueled by a surge in nickel prices that peaked in 2007 and the decline in ore supplies that
followed Indonesia's export ban. Chinese laterite ore stocks, used to produce nickel pig iron, have dwindled
32% this year to the lowest level since October 2011.

China's nickel-ore imports jumped 38% in April to 3 million metric tons, the highest level since October.
Shipments from January to April still contracted 55% from a year earlier due to Indonesia's January 2014 ban
on ore exports. The Philippines has been the biggest supplier since March 2014, with its share of China's nickel
ore imports rising to 97% from 57%. China's refined-nickel production expanded 9.4% to meet demand from
stainless-steel producers.

Nickel-based stainless-steel output in China, the largest producer of the alloy, rose to 4 million metric tons in
the first quarter, up 2.9% from the previous year. China's refined-nickel output expanded 9.4% in the period to
meet demand from stainless-steel producers. About 60% of nickel is used in stainless steel globally. China is
importing more nickel pig iron and refined nickel to offset a shortage of raw ore due to Indonesia's 2014
export ban.

2Q15 saw the Bloomberg Copper Index (BCOMHG) down for the fourth consecutive quarter. Japan is the
largest refined copper exporter in Asia. Japanese copper demand is low, dragged down by autos, and
telecom demand slipped as efforts to restart the economy stall. Copper wire and cable shipments reached
57,500 metric tons in April, or 129,019 mt YTD, down 2.7% from 2014. Shipments for automobiles, which
account for about 10% of the copper wire and cable total, fell 6% after Japan vehicle production dropped
7.5%. Construction and wholesalers' copper demand rose 2.7%, but was more than offset by weaker
automobile and telecommunications.

US homebuilding accounts for half of total copper consumption. Housing starts expanded 33.7% in the first
five months of 2015 from a year earlier. The average house contains about 450 pounds of copper, which
translates to annual demand of 5.5 billion pounds (2.5 million metric tons). Vehicle sales in the US reached
17.7 million units in May, the highest level since August 2005, which also aided copper demand growth.

Copper demand may also be buoyed in Europe, where new passenger-car registrations surged 33.7% in the
first five months of this year, to 6 million units. An average midsize car contains about 50 pounds of copper,
according to the International Copper Study Group, implying EU copper demand for vehicles, which is about
6% of the region's demand, may top 720 million pounds (326,586 metric tons) in 2015. Europe copper
demand, 20% of the global total, rose 3.3% to 1.1 million mt in 1Q after a 6% increase in 2014.

The Bloomberg Zinc Index (BCOMZS) erased its double-digit gains in April by dropping in May (7.2%) and
dropping in June (8.8%). However, infrastructure needs in China, including road, railway and airport projects,
along with a solid vehicle market may lead to further increases in zinc consumption. Apparent Chinese zinc
demand rose 11.3% in May from a year earlier to 577,275 metric tons, the highest level since November 2013.
Consumption was supported by strong demand for galvanized steel used in products such as automobiles.
Galvanized steel production expanded by 8.1% in the first five months of 2015 from the previous year.

China's refined zinc demand may rise 4.8% in 2015, driven by the nation's galvanized steel output and
infrastructure expansion projects. This could help global refined zinc demand increase 3.7% to 14.14 million
metric tons this year, according to the International Lead and Zinc Study Group. China remains crucial to global
refined zinc consumption, accounting for about half of the world's total in 2014. Refined zinc production is
expected to reach 13.84 million metric tons in 2015, leaving the market in a deficit.

China's refined zinc imports plunged 55% from a year earlier to 17,294 metric tons in February, the lowest
since July 2011. Unwrought zinc and alloys imports slipped 47% to a five-year low. Total zinc imports declined
51%, probably because domestic refined output rose 31% in January from the previous year after reaching a
record high in November. Refined imports may remain under pressure as plentiful domestic supplies bolster
treatment charges, helping smelter profits.

PRECIOUS METALS (15.1% weight in BCOM)

Large quantities of physical gold are flowing from west to east through Switzerland, Europe's gold hub. Swiss
gold exports declined on a seasonal Asia demand slowdown. Exports from Switzerland fell 26% sequentially in
May to 106.8 metric tons, though still up 10.4% from a year earlier. Demand in Asia, which accounts for 74%
of total shipments, tends to slow after 2Q as holidays end. Shipments to India slumped 52.7% from April after
Akshaya Tritiya but may pick up in 4Q when the traditional wedding season begins. Exports to Hong Kong
declined 16.9% to 36.1 tons, while shipments to China rose 24.5% to 18.8 tons.

Switzerland imported 171.2 metric tons of gold in May, the lowest since August, though up 28% from a year
earlier. About 25% of the imports came from the UK. Of total imports, about 75% are re-melted in Swiss
refineries and shipped to Asia. Swiss exports declined sequentially in May to 106.8 tons, leaving Switzerland a
gold net importer since December 2013.
Hong Kong net gold exports to China declined 21.3% sequentially in April to an eight-month low of 46.6 metric
tons. The inbound shipments declined 22.1% from a year earlier, ending the YTD imports down 26% as
Chinese buyers have been attracted by robust equity markets. Shanghai Composite Index has surged 37.3% in
the same time, reaching its highest level since 2007.

SOFTS (6.6% weight in BCOM)

Helping Europe's economies to recover, world food prices are 15% lower in 2015, according to the Food and
Agriculture Organization. Even so, the risk of food price inflation, linked to an El Nino, is rising. The last El Nino
in 2006-7 caused sharp increases in soft commodity costs in 2007, with some food ingredients more than
doubling over an eighteen month period. Corn and soybean prices rose nearly 100%, wheat gained almost
300%, and rice and palm oil both increased more than 50%.

The risk of food-price inflation linked to an El Nino is increasing across most regions. Average temperatures on
both land and sea reached their fourth-highest April since records began in 1880. Satellite Arctic Sea images
show the second-smallest ice level since 1979. Drought conditions are worsening in the US, and Argentina is
the warmest in 50 years. Temperatures are rising as far north as Finland. Australia has had higher rainfall and
the Antarctic is showing the largest ice cover on record.

The National Oceanic and Atmospheric Administration highlights an El Nino Southern Oscillation which could
lead to droughts, or light monsoons in Asia and the southern hemisphere, blizzards in the US, heat waves in
Brazil and extreme flooding in Mexico. As seen in previous El Nino's in 2006 and 2008, grain and oil seed
production fell by 2% to 4%, while consumption grew 2%.

World sugar inventories will climb to a record in the season that ends in September, USDA data show. The
trend is down for sugar and money managers expanded their net-short position in sugar to the most in 11
weeks, near the lowest price level in six years. Global harvests will exceed demand for the fifth straight year in
2015, according to Sucres et Denrees SA. While heavy rains threaten yields in Brazil, the top supplier,
shipments from others should cover any shortfall. Exports from India, the biggest grower after Brazil, could
double in the season that starts in October, a Bloomberg survey shows. Raw sugar dropped 17% on futures in
New York this year. Declining sugar prices have contributed to the lowest global food costs since 2009,
according to the United Nations’ Food & Agriculture Organization. Farmers have reaped record grain and
oilseed crops in the past several years, in turn lowering feed expenses for dairy and meat producers.

LIVESTOCK (4.7% weight in BCOM)

Americans may spend less this year firing up the grill for Fourth of July barbecues, thanks to rising dairy and
pork production. The Bloomberg Lean Hogs Index (BCOMLH) dropped 10.3% in June. Pork spare ribs will be
3.4% cheaper this year, the American Farm Bureau Federation survey showed. Wholesale-pork prices have
tumbled 28% in the past 12 months amid rising supplies, according to the US Department of Agriculture. As of
June 1, the domestic hog herd was 8.7% larger than a year earlier, the USDA said on 26 June. Hedge funds and
money managers boosted short positions in lean hogs 24% in the week ended June 23, the most since
October, CFTC data show (CFCDDMMS).

Not everything is cheaper. Ground beef will be 2.1% higher than this time last year, the survey showed. In
2014, the US cattle herd shrunk to the lowest since 1952 as drought parched pastures in Texas, spurring higher
prices.
PERFORMANCE: Bloomberg Commodity Indices
BCOM Composite Indices

2015
Index Name Ticker
Jun May Apr YTD 1-Year 3-Year 5-Year 10-Year 20-Year
Bloomberg Commodity Index BCOM 1.73% -2.70% 5.73% -1.57% -23.72% -24.17% -18.34% -32.83% 8.14%
Bloomberg Commodity TR Index BCOMTR 1.73% -2.70% 5.73% -1.56% -23.71% -24.05% -18.07% -23.34% 79.74%
Bloomberg Commodity Spot Index BCOMSP 1.98% -2.59% 6.87% 1.89% -19.81% -18.20% -1.08% 58.56% 222.50%
Bloomberg Roll Select BCOMRS 1.76% -3.04% 4.83% -2.22% -22.58% -21.51% -11.18% 6.55% 138.04%
1 Month Forward BCOMF1 1.91% -2.88% 5.54% -1.36% -22.55% -20.97% -12.62% -14.06% 96.76%
2 Month Forward BCOMF2 1.73% -2.91% 5.17% -1.99% -22.56% -22.48% -14.20% -4.87% 119.48%
3 Month Forward BCOMF3 1.76% -2.89% 4.93% -1.93% -21.70% -21.32% -11.70% 3.76% 128.50%
4 Month Forward BCOMF4 1.75% -2.89% 4.85% -1.78% -21.07% -20.12% -8.51% 15.33%
5 Month Forward BCOMF5 1.69% -2.88% 4.73% -1.72% -21.02% -21.29% -8.82% 18.43%
6 Month Forward BCOMF6 1.58% -2.89% 4.54% -1.96% -20.85% -21.03% -8.53% 21.99%
Energy BCOMEN -0.44% -2.13% 13.84% 1.82% -43.21% -31.23% -48.73% -83.65% -20.57%
Petroleum BCOMPE -2.24% -1.08% 17.87% 4.33% -44.37% -30.62% -25.63% -57.45% 138.28%
Agriculture BCOMAG 12.81% -3.51% -0.53% -1.27% -14.57% -24.40% 9.39% -2.25% -40.96%
Grains BCOMGR 18.51% -3.07% -4.07% 1.18% -8.96% -22.09% 19.86% 1.18% -46.58%
Industrial Metals BCOMIN -4.85% -7.70% 7.80% -10.36% -19.40% -24.67% -25.80% 10.12% 7.36%
Precious Metals BCOMPR -2.98% 1.29% -0.84% -1.29% -15.85% -33.12% -10.78% 111.06% 87.36%
Softs BCOMSO 2.39% -7.94% 7.79% -12.32% -30.23% -41.09% -23.63% -40.80% -60.53%
Livestock BCOMLI -5.41% 2.34% 1.73% -11.16% -17.78% -5.83% -4.68% -50.53% -66.93%
Ex-Energy BCOMXE 2.97% -3.02% 1.64% -4.36% -16.18% -24.62% -5.00% 15.57% -9.04%
Ex-Petroleum BCOMXPE 3.30% -3.33% 1.69% -4.99% -19.83% -25.18% -20.16% -31.12%
Ex-Agriculture BCOMXAG -2.29% -2.40% 8.23% -1.83% -27.85% -24.67% -29.62% -45.77%
Ex-Grains BCOMXGR -1.24% -2.63% 7.69% -2.12% -26.52% -24.87% -26.22% -41.84%
Ex-Industrial Metals BCOMXIM 2.98% -1.69% 5.32% 0.23% -24.80% -24.40% -17.16% -44.21%
Ex-Precious Metals BCOMXPM 2.62% -3.42% 7.01% -1.80% -25.31% -23.11% -20.31% -42.31%
Ex-Softs BCOMXSO 1.68% -2.32% 5.58% -0.87% -23.40% -22.91% -18.49% -33.16%
Ex-Livestock BCOMXLI 2.10% -2.95% 5.94% -1.00% -24.20% -25.26% -19.18% -31.52%
Ex-Agriculture & Livestock BCOMXAL -2.06% -2.74% 8.72% -1.03% -28.95% -26.36% -31.71% -45.81%

BCOM Single Commodity Indices

2015
Index Name Ticker Jun May Apr YTD 1-Year 3-Year 5-Year 10-Year 20-Year
Natural Gas BCOMNG 5.92% -5.70% 1.93% -9.41% -44.51% -36.45% -81.49% -98.68% -98.52%
WTI Crude BCOMCL -2.09% -0.68% 20.82% 0.03% -47.65% -34.64% -38.69% -68.71% 89.73%
Brent Crude BCOMCO -3.71% -2.74% 18.17% 0.40% -49.37% -35.18% -13.59% -36.49% 417.55%
ULS Diesel BCOMHO -3.51% -1.83% 15.17% 4.31% -35.67% -28.14% -11.95% -46.76% 144.72%
Unleaded Gasoline BCOMRB 1.00% 1.65% 14.94% 19.18% -37.09% -15.11% 19.90% -12.78% 350.83%
Corn BCOMCN 17.74% -4.03% -4.61% 0.04% -11.13% -33.71% 18.39% -23.88% -80.29%
Soybeans BCOMSY 14.28% -4.30% -0.18% 3.29% -9.98% 6.61% 70.77% 92.89% 196.65%
Wheat BCOMWH 27.51% 0.63% -7.06% 3.51% 1.29% -32.26% -25.95% -54.71% -92.54%
Soybean Oil BCOMBO 1.51% 5.31% 3.51% 3.95% -15.94% -41.08% -24.46% -24.43% -59.91%
Soybean Meal BCOMSM 19.16% -3.29% -3.29% 7.00% 5.70% 48.56% 149.41% 292.72% 967.50%
HRW Wheat BCOMKW 19.92% -0.05% -11.46% -5.63% -17.68% -30.25% -11.17% -21.99% -71.48%
Copper BCOMHG -4.31% -5.49% 5.27% -7.67% -18.82% -27.12% -16.82% 65.63% 104.56%
Alumnium BCOMAL -3.46% -10.73% 7.62% -11.13% -15.06% -28.26% -37.35% -45.83% -64.72%
Zinc BCOMZS -8.78% -7.15% 12.88% -9.02% -11.72% -5.73% -7.81% 17.46% -18.28%
Nickel BCOMNI -5.16% -9.70% 12.48% -21.54% -38.17% -32.00% -43.40% -17.17% 49.97%
Gold BCOMGC -1.51% 0.54% -0.07% -1.28% -11.74% -28.09% -8.85% 116.69% 77.58%
Silver BCOMSI -6.96% 3.39% -2.94% -0.91% -27.07% -45.65% -21.11% 74.41% 72.33%
Sugar BCOMSB 1.00% -9.10% 11.32% -15.80% -41.39% -58.36% -25.92% -41.07% -36.44%
Coffee BCOMKC 3.24% -8.22% 1.47% -24.61% -31.48% -42.29% -47.02% -56.81% -78.74%
Cotton BCOMCT 4.35% -5.20% 7.36% 10.72% -7.19% -0.77% 27.32% -32.47% -85.74%
Lean Hogs BCOMLH -10.32% 2.78% 7.42% -24.48% -43.45% -32.09% -35.97% -77.31% -91.46%
Live Cattle BCOMLC -2.12% 2.05% -1.72% -2.51% 1.85% 13.23% 19.18% -23.04% -30.37%
PERFORMANCE: Bloomberg Commodity Roll Select Indices
BCOM Composite Roll Select Indices

2015
Index Name Ticker
Jun May Apr YTD 1-Year 3-Year 5-Year 10-Year 20-Year
BCOM Roll Select BCOMRS 1.76% -3.04% 4.83% -2.22% -22.58% -21.51% -11.18% 6.55% 138.04%
Roll Select Agriculture BCOMRAG 12.98% -3.89% -0.91% -2.16% -14.58% -21.56% 17.44% 39.85% 6.84%
Roll Select Ex-Ags & Livestock BBURXAL -2.10% -3.02% 7.62% -1.67% -27.61% -24.26% -25.46% -14.55%
Roll Select Grains BCOMRGR 18.62% -3.45% -4.15% 1.22% -9.78% -20.85% 25.65% 48.21% -1.84%
Roll Select Softs BCOMRSO 2.66% -8.10% 6.53% -14.88% -29.38% -35.86% -13.01% -14.00% -27.59%
Roll Select Livestock BCOMRLI -4.70% 1.67% 0.29% -9.42% -12.43% 2.38% 13.90% 8.54%
Roll Select Energy BCOMREN -0.59% -2.86% 11.64% 0.72% -40.73% -27.62% -39.26% -62.73%
Roll Select Ex-Energy BCOMRXE 3.14% -3.15% 1.32% -4.54% -15.55% -22.42% 0.37% 58.51%
Roll Select Petroleum BCOMRPE -2.13% -2.10% 15.08% 1.92% -42.63% -28.01% -17.10% -17.29% 610.90%
Roll Select Industrial Metals BCOMRIN -4.74% -7.28% 7.60% -10.08% -18.63% -23.00% -23.07% 42.17% 67.80%
Roll Select Precious Metals BCOMRPR -2.97% 1.29% -0.83% -1.22% -15.75% -32.99% -10.33% 113.91% 92.84%

BCOM Single Commodity Roll Select Indices

2015
Index Name Ticker Jun May Apr YTD 1-Year 3-Year 5-Year 10-Year 20-Year
Natural Gas RS BCOMRNG 4.61% -5.41% 1.51% -5.71% -38.83% -28.20% -71.70% -94.78% -71.43%
WTI Crude RS BCOMRCL -1.31% -2.52% 15.04% -2.44% -47.06% -33.41% -27.25% -24.05% 721.31%
Brent Crude RS BCOMRCO -2.79% -2.69% 14.32% 0.09% -43.69% -29.08% -10.23% -5.52% 763.73%
ULS Diesel RS BCOMRHO -3.50% -1.83% 15.17% 4.32% -36.57% -28.63% -14.80% -24.37% 348.17%
Unleaded Gasoline RS BCOMRRB -1.31% -0.30% 16.61% 11.74% -36.73% -10.99% 15.58% 5.14% 549.28%
Corn RS BCOMRCN 17.74% -4.44% -4.62% 0.97% -11.02% -35.06% 18.30% 10.24% -64.93%
Soybeans RS BCOMRSY 14.52% -4.88% -0.31% 2.67% -10.72% 12.58% 82.55% 140.25% 246.05%
Wheat RS BCOMRWH 27.52% 0.63% -7.06% 2.55% -2.28% -31.50% -17.08% -9.31% -63.47%
Soybean Oil RS BCOMRBO 2.04% 4.47% 3.87% 4.03% -15.96% -39.11% -18.24% -4.91% -31.75%
Soybean Meal RS BCOMRSM 19.16% -3.84% -4.21% 5.38% 3.65% 61.25% 169.79% 361.49% 1161.61%
HRW Wheat RS BCOMRKW 19.92% -0.05% -11.46% -5.85% -17.90% -28.92% -5.98% 31.45% -32.41%
Copper RS BCOMRHG -4.31% -5.59% 5.28% -7.75% -18.74% -27.08% -15.61% 101.12% 203.28%
Alumnium RS BCOMRAL -3.11% -9.12% 7.04% -9.87% -12.85% -24.47% -32.62% -27.63% -42.70%
Zinc RS BCOMRZS -8.80% -7.15% 12.57% -9.47% -11.54% -2.94% -5.72% 56.06% 31.60%
Nickel RS BCOMRNI -5.07% -9.68% 12.32% -21.40% -37.67% -30.86% -41.17% 12.36% 159.58%
Gold RS BCOMRGC -1.50% 0.54% -0.07% -1.26% -11.72% -28.11% -8.76% 116.03% 78.40%
Silver RS BCOMRSI -6.94% 3.37% -2.88% -0.70% -26.76% -45.13% -19.66% 85.42% 91.06%
Sugar RS BCOMRSB 1.55% -9.24% 9.29% -20.64% -39.04% -51.11% -18.67% 3.70% 21.65%
Coffee RS BCOMRKC 3.43% -8.39% 0.74% -23.34% -29.68% -40.53% -40.45% -46.73% -64.90%
Cotton RS BCOMRCT 4.35% -5.20% 7.36% 9.95% -11.00% 2.34% 44.38% -9.77% -74.56%
Lean Hogs RS BCOMRLH -9.12% 1.04% 3.94% -18.55% -33.17% -9.17% -7.37% -6.05% -6.09%
Live Cattle RS BCOMRLC -2.12% 2.05% -1.72% -3.46% 2.21% 8.42% 25.86% 11.26% 50.79%
PERFORMANCE: Bloomberg Commodity Indices
Figure 1: Return Figure 2: Volatility (Realized, 60 days)
The Bloomberg Commodity Indices produced positive returns in both June and The 60-day moving volatilities for the main BCOM family have continued to
Q2. come down.

Bloomberg Commodity Bloomberg

10% 24%
Index Commodity Index
9%
8% Bloomberg Roll Select 22%
Bloomberg Roll
7% Commodity Index Select Commodity
6% 20%
Bloomberg Commodity Index
5%
4% Index 3 Month Forward 18% Bloomberg
3% Commodity Index 3
Bloomberg Commodity Month Forward
2% 16%
ex-Ags & Livestock Bloomberg
1%
Index Commodity ex-Ags &
0% 14%
-1% Livestock Index
-2% 12%
Apr-2015 May-2015 Jun-2015 Apr-2015 May-2015 Jun-2015

Commodities vs. Equities vs. Bond vs. USD

Figure 3: Return Figure 4: Volatility (Realized, 60 days)
Commodities outperformed U.S. large cap equities, bonds and the U.S. dollar The 60-day moving volatility for commodities remained higher than equities,
in Q2. bonds and the dollar throughout the quarter.

8% 20%
6% Bloomberg 18% Bloomberg
Commodity Index 16% Commodity Index
4% 14%
S&P 500 Index S&P 500 Index
2% 12%
10%
0%
Bloomberg US 8% Bloomberg US
-2% Treasury Bond Index 6% Treasury Bond Index
4%
-4% Bloomberg Dollar Bloomberg Dollar
2%
-6% Spot Index Spot Index
0%
Apr-2015 May-2015 Jun-2015 Apr-2015 May-2015 Jun-2015

Figure 5: Correlation (Realized, 60 days)

BCOM was positively correlated with U.S. large cap stocks and negatively
correlated with the U.S. dollar throughout Q2. The correlation between BCOM
and US Treasury bonds ended slightly negative for the quarter.

40%
30% BCOM - S&P 500
20% Index
10%
0%
-10% BCOM - Bloomberg
-20% US Treasury Bond
Index
-30%
-40%
-50% BCOM - Bloomberg
Dollar Spot Index
-60%
-70%
Apr-2015 May-2015 Jun-2015
PERFORMANCE: BCOM Subgroups
Figure 6: Return Figure 7: Volatility (Realized, 60 days)

15% 45%
Energy Energy
10% 40%

Grains 35% Grains

5%
Industrial Metals 30% Industrial Metals
0%
25%
Precious Metals Precious Metals
-5%
20%
Softs Softs
-10% 15%
Livestock Livestock
-15% 10%
Apr-2015 May-2015 Jun-2015 Apr-2015 May-2015 Jun-2015

Figure 8: Return vs. Previous Quarters Figure 9: Volatility vs. Previous Quarters
June '15 May '15 2Q15 1Q15 4Q14 June '15 May '15 2Q15 1Q15 4Q14

30% 45%

20% 40%
35%
10%
30%
0% 25%

-10% 20%
15%
-20%
10%
-30% 5%
0%
-40%
Energy Grains Industrial Precious Softs Livestock BCOM
Energy Grains Industrial Precious Softs Livestock BCOM
Metals Metals
Metals Metals

Figure 10: Correlation Between Energy and Groups Figure 11: Correlation (1-year Daily Returns)
Energy was positively correlated with Grains, Industrial Metals, Precious
Metals and Livestock during June. Industrial Precious
Jul 2014 - Jun 2015 Energy Grains Softs Livestock
Metals Metals

June '15 May '15 2Q15 1Q15 4Q14 Energy 100%

60%
Grains 15% 100%
50%
Industrial Metals 21% 18% 100%
40%
Precious Metals 17% 11% 23% 100%
30%

20% Softs 8% 23% 23% 15% 100%

10% Livestock 15% 7% 19% 11% 20% 100%

0%
S&P 500 Index 14% 11% 16% -11% -2% 4%
-10% Bloomberg US
Energy-Grains Energy- Energy-Precious Energy-Softs Energy- -12% -7% -16% 22% -2% -2%
Treasury Bond Index
Industrial Metals Livestock
Bloomberg Dollar
Metals -29% -21% -8% -35% -28% -13%
Spot Index
PERFORMANCE: BCOM Single Commodity Indices
Figure 13: Return
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%

2Q15 Jun'15

Figure 14: Volatility

45%
40%
35%
30%
25%
20%
15%
10%
5%
0%

2Q15 Jun'15

Figure 15: Correlation

Energy Grains Industrial Metals Precious Softs Livestock
Soybean Meal

HRW Wheat
Brent Crude

Soybean Oil
Natural Gas

Jul '14 to Jun '15 daily

WTI Crude

Alumnium

Live Cattle
ULS Diesel

Lean Hogs
Unleaded

Soybeans
Gasoline

returns
Copper

Cotton
Coffee
Wheat

Nickel

Sugar
Silver
Corn

Gold
Zinc

Natural Gas 100%

WTI Crude 20% 100%
Brent Crude 19% 94% 100%
ULS Diesel 20% 89% 97% 100%
Unleaded Gasoline 20% 88% 94% 93% 100%
Corn 4% 15% 14% 16% 12% 100%
Soybeans 6% 20% 19% 20% 19% 63% 100%
Wheat 5% 4% 5% 6% 2% 61% 34% 100%
Soybean Oil 15% 37% 36% 35% 37% 34% 53% 15% 100%
Soybean Meal 1% 9% 9% 10% 9% 57% 88% 30% 20% 100%
HRW Wheat 6% 5% 6% 7% 4% 57% 29% 94% 12% 26% 100%
Copper -6% 27% 25% 24% 21% 21% 16% 11% 15% 9% 8% 100%
Alumnium 7% 24% 22% 22% 21% 15% 11% 3% 16% 7% 0% 53% 100%
Zinc -7% 20% 19% 19% 17% 16% 13% 0% 18% 6% -2% 65% 65% 100%
Nickel -3% 14% 13% 12% 16% 10% 9% 1% 14% 0% 1% 45% 48% 50% 100%
Gold -7% 18% 15% 19% 19% 11% 8% 5% 15% 1% 4% 20% 11% 14% 9% 100%
Silver 5% 25% 23% 27% 26% 13% 15% 6% 24% 8% 4% 33% 18% 23% 15% 82% 100%
Sugar 0% 9% 6% 7% 4% 17% 20% 18% 15% 15% 15% 21% 20% 23% 22% 7% 11% 100%
Coffee 3% 9% 4% 5% 6% 7% 14% 7% 17% 10% 6% 4% 6% 10% 11% 11% 18% 24% 100%
Cotton -1% 16% 19% 20% 16% 14% 25% 10% 22% 19% 6% 21% 12% 12% 17% 6% 10% 18% 9% 100%
Lean Hogs 3% 14% 12% 11% 12% -3% 0% -5% 2% -1% -5% 15% 11% 17% 10% 2% 9% 8% 13% 9% 100%
Live Cattle 7% 14% 12% 10% 11% 13% 6% 13% 12% 2% 12% 13% 11% 14% 9% 10% 17% 14% 10% 13% 25% 100%

S&P 500 Index 0% 16% 18% 16% 14% 9% 11% 8% 7% 9% 6% 16% 15% 9% 9% -15% -3% 2% -9% 19% 6% 1%

Bloomberg US
-2% -15% -15% -11% -12% -4% -8% -7% -11% -8% -3% -14% -16% -12% -7% 27% 10% -2% -3% 3% -6% 1%
Treasury Bond Index
Bloomberg Dollar
-11% -32% -29% -31% -25% -20% -21% -12% -16% -15% -14% -10% -4% -2% -5% -37% -27% -20% -18% -28% -11% -10%
Spot Index
PERFORMANCE: Single Commodity Indicies
ENERGY GROUP
Figure 16: Return Figure 17: Volatility (Realized, 60 days)
Jun '15 May '15 2Q15 1Q15 4Q14 Jun '15 May '15 2Q15 1Q15 4Q14

30% 60%

20%
50%
10%
40%
0%

-10% 30%

-20%
20%
-30%
10%
-40%

-50% 0%
Natural Gas WTI Crude Brent Crude ULS Diesel Unleaded Natural Gas WTI Crude Brent Crude ULS Diesel Unleaded
Gasoline Gasoline

GRAINS GROUP
Figure 18: Return Figure 19: Volatility (Realized, 60 days)
Jun '15 May '15 2Q15 1Q15 4Q14 Jun '15 May '15 1Q15 4Q14 2Q15

30% 45%
25% 40%
20% 35%
15%
30%
10%
25%
5%
20%
0%
15%
-5%
-10% 10%
-15% 5%
-20% 0%
Corn Soybeans Wheat Soybean Oil Soybean HRW Wheat Corn Soybeans Wheat Soybean Oil Soybean HRW Wheat
Meal Meal

INDUSTRIAL METALS GROUP

Figure 20: Return Figure 21: Volatility (Realized, 60 days)
Jun '15 May '15 2Q15 1Q15 4Q14 Jun '15 May '15 2Q15 1Q15 4Q14

0% 35%
30%
-5% 25%
20%
-10%
15%

-15% 10%
5%
-20% 0%
Copper Alumnium Zinc Nickel Copper Alumnium Zinc Nickel

PRECIOUS METALS GROUP

Figure 22: Return Figure 23: Volatility (Realized, 60 days)
Jun '15 May '15 2Q15 1Q15 4Q14 Jun '15 May '15 2Q15 1Q15 4Q14

8% 40%
6% 35%
4% 30%
2%
25%
0%
20%
-2%
15%
-4%
-6% 10%

-8% 5%
-10% 0%
Gold Silver Gold Silver
SOFTS GROUP
Figure 24: Return Figure 25: Volatility (Realized, 60 days)
Jun '15 May '15 2Q15 1Q15 4Q14 Jun '15 May '15 2Q15 1Q15 4Q14

10% 45%

5% 40%
35%
0%
30%
-5% 25%
-10% 20%
15%
-15%
10%
-20% 5%
-25% 0%
Sugar Coffee Cotton Sugar Coffee Cotton

LIVESTOCK GROUP
Figure 26: Return Figure 27: Volatility (Realized, 60 days)

Jun '15 May '15 2Q15 1Q15 4Q14 Jun '15 May '15 2Q15 1Q15 4Q14

5% 35%

0% 30%

-5% 25%

-10% 20%

-15% 15%

-20% 10%

-25% 5%

-30% 0%
Lean Hogs Live Cattle Lean Hogs Live Cattle
COMMITMENT OF TRADERS REPORT: COMMODITY FUTURES & OPTIONS, MONEY MANAGERS
COT <GO>

End of June End of March Notional Change ($

End of June 2015
Group Commodity 2015 Net 2015 Net mill, using end of
Notional ($ mill)
Position (Lots) Position (Lots) June 2015 price)

Natural Gas -135,533 -110,325 -687 -3,695

WTI Crude 234,273 163,367 4,326 14,293
Brent Crude 191,804 218,930 -1,748 12,362
Energy
ULS Diesel -1,644 -25,983 1,954 -132
Gasoline 19,760 24,185 -386 1,723
Total 3,458 24,552
Corn -94,522 8,553 -1,894 -1,737
Soybeans 1,829 -46,201 2,371 90
Wheat -52,716 -70,491 463 -1,375
Grains Soybean Oil 18,591 -1,948 404 366
Soybean Meal 26,405 14,303 402 876
HRW Wheat -2,842 5,398 -218 -75
Total 1,529 -1,854
Copper -18,484 17,087 -2,324 -1,207
Aluminum 60,914 77,671 -710 2,582
Industrial Metals Zinc 49,691 50,689 -51 2,540
Nickel 5,216 7,639 -186 401
Total -3,272 4,317
Gold 47,671 45,676 235 5,607
Precious Metals Silver -5,094 29,865 -2,751 -401
Total -2,516 5,206
Sugar -97,815 -115,737 226 -1,232
Coffee -12,427 -9,915 -120 -595
Softs
Cotton 28,786 31,891 -99 915
Total 7 -912
Live Cattle 85,753 67,049 1,137 5,214
Livestock Lean Hogs 15,602 10,783 143 464
Total 1,281 5,678
Total 487 36,986
GLOBAL COMMODITIES INVENTORIES AND SALES DATA
ECO17 <GO>

Related End of Jun End of Mar Change

Group Inventory/Sales Unit
Commodities 2015 2014 (%)

DOE Natural Gas Total Inventory Natural Gas bcf 2,508 1,461 72%
DOE Crude Oil Total Inventory WTI, Brent mm barrels 465 471 -1%
Energy DOE Cushing Oklahoma Crude Oil Total Stocks WTI, Brent mm barrels 56 59 -4%
DOE Distillate Fuel Oil Total Inventory ULS Diesel mm barrels 136 127 7%
DOE Motor Gasoline Total Inventory Gasoline mm barrels 217 229 -5%
USDA Corn Total Export Sales Corn thousand MT 794 432 84%
USDA Soybeans Total Export Sales Soybeans thousand MT 321 596 -46%
Grains USDA All Wheat Total Export Sales Wheat, HRW Wheat thousand MT 436 293 49%
USDA Soybean Oil Total Export Sales Soybean Oil thousand MT 14 21 -32%
USDA Soybean Cake Meal Total Export Sales Soybean Meal thousand MT 317 398 -20%
Comex Copper Total Inventory Copper thousand short ton 30 25 21%
LME Copper Total Inventory Copper thousand MT 324 337 -4%
Industrial
LME Primary Aluminum Total Inventory Aluminum thousand MT 3,583 3,959 -10%
Metals
LME Zinc Total Inventory Zinc thousand MT 464 518 -10%
LME Nickel Total Inventory Nickel thousand MT 456 433 5%
Precious Comex Gold Total Inventory Gold mm ounces 8 8 1%
Metals Comex Silver Total Inventory Silver mm ounces 182 176 3%
Softs USDA All Upland Cotton Total Export Sales Cotton thousand bales 113 64 78%
USDA Cattle Slaughter Estimates Daily Live Cattle thousand heads 114 98 16%
Livestock
USDA Hogs Slaughter Estimates Daily Lean Hogs thousand heads 425 422 1%
BCOM CONSTITUENT WEIGHTS
BCOM Index MEMB <GO>

30 June 2015 31 March 2015 Q2 2015

Group Commodity 2015 Target Weight
Actual Weight Actual Weight Weight Change

Natural Gas 8.44% 8.33% 0.11% 8.74%

WTI Crude 9.31% 7.87% 1.44% 7.84%
Brent Crude 8.57% 8.10% 0.47% 7.16%
Energy
ULS Diesel 4.16% 3.96% 0.20% 3.76%
Gasoline 5.22% 4.91% 0.31% 3.69%
35.70% 33.17% 2.53% 31.19%
Corn 7.52% 7.11% 0.41% 7.25%
Soybeans 5.43% 5.41% 0.02% 5.68%
Wheat 3.44% 3.04% 0.40% 3.33%
Grains Soybean Oil 2.81% 2.67% 0.14% 2.81%
Soybean Meal 2.61% 2.62% -0.01% 2.75%
HRW Wheat 1.12% 1.09% 0.03% 1.17%
22.93% 21.94% 0.99% 22.98%
Copper 6.96% 7.74% -0.78% 7.54%
Aluminum 4.23% 4.74% -0.51% 4.59%
Industrial
Zinc 2.20% 2.43% -0.23% 2.40%
Metals
Nickel 1.59% 1.74% -0.15% 2.12%
14.98% 16.65% -1.67% 16.65%
Gold 11.22% 12.03% -0.81% 11.90%
Precious
Silver 3.92% 4.44% -0.52% 4.28%
Metals
15.14% 16.47% -1.33% 16.18%
Sugar 3.28% 3.33% -0.05% 4.00%
Coffee 1.63% 1.74% -0.11% 2.21%
Softs
Cotton 1.66% 1.63% 0.03% 1.51%
6.57% 6.70% -0.13% 7.72%
Live Cattle 2.89% 3.16% -0.27% 3.33%
Livestock Lean Hogs 1.77% 1.92% -0.15% 1.94%
4.66% 5.08% -0.42% 5.27%
COMMODITY PRICE FORECASTS
CPFC <GO>
Bloomberg survey of commodity analysts

Group Commodity Q3 15 Q4 15 Q1 16 Q2 16

Forward 2.83 3.11 3.15 3.09

Natural Gas
Forecast 2.91 3.30 3.50 3.50
Forward 58.76 59.76 60.50 61.00
WTI Crude
Forecast 60.00 63.75 65.50 68.50
Forward 62.88 64.59 65.89 66.82
Energy Brent Crude
Forecast 65.00 68.90 70.50 70.00
Forward 186.01 191.53 195.33 195.33
ULS Diesel
Forecast 186.00 205.00 211.00 211.00
Forward 191.64 171.19 177.93 190.51
Gasoline
Forecast 185.00 195.00 200.00 200.00
Forward 392.69 404.17 413.68 421.21
Corn
Forecast 385.50 402.50 419.50 415.00
Forward 989.78 982.50 982.33 978.41
Grains Soybeans
Forecast 926.50 950.00 969.00 971.00
Forward 584.44 591.59 595.94 599.01
Wheat
Forecast 518.00 516.00 545.00 547.50
Forward 5,789 5,799 5,810 5,820
Copper
Forecast 6,250 6,470 6,488 6,614
Forward 1,690 1,718 1,726 1,736
Aluminum
Forecast 1,845 1,874 1,874 1,903
Industrial Metals
Forward 2,017 2,024 2,032 2,039
Zinc
Forecast 2,250 2,295 2,363 2,350
Forward 11,819 11,865 11,913 11,958
Nickel
Forecast 15,466 17,578 17,969 18,500
Forward 1,179 1,181 1,183 1,185
Gold
Forecast 1,185 1,213 1,250 1,250
Precious Metals
Forward 15.69 15.75 15.79 15.83
Silver
Forecast 17.00 17.30 18.00 18.00
Forward 12.07 13.41 13.45 13.53
Sugar
Forecast 13.10 13.70 14.05 14.20
Forward 132.50 136.46 139.92 142.52
Softs Coffee
Forecast 156.00 155.00 160.00 172.50
Forward 68.24 67.23 66.76 66.47
Cotton
Forecast 63.00 65.00 66.00 66.80
COMMODITY FUND FLOWS FOR US-LISTED ETPs
XLTP FLOW <GO>

Report Period:3/31/2015 - 6/30/2015

Beginning Fund
Net Flows % of Funds
Sector Market Cap
($ mill) Market Cap
($ mill)
Broad Based -752.46 8,953.96 -8.40%
Energy 3,313.10 4,412.79 75.08%
Agriculture -2.18 1,815.72 -0.12%
Livestock -8.65 43.34 -19.95%
Industrial Metals 11.36 345.06 3.29%
Precious Metals 114.57 42,236.52 0.27%
Total 2,675.74 57,807.40 4.63%

All Commodities Sector: Top 10 Creations

Beginning Fund
Net Flows % of Funds
Ticker Name Market Cap
($ mill) Market Cap
($ mill)
USO US United States Oil Fund LP 722.81 1,288.79 56.08%
OIL US iPath Goldman Sachs Crude Oil 576.12 387.30 148.75%
UWTI US VelocityShares 3x Long Crude Oil 468.08 104.40 448.34%
DWTI US VelocityShares 3x Inverse Crude Oil 316.39 42.24 749.09%
DBO US PowerShares DB Oil Fund 310.14 282.60 109.74%
COMT US iShares Commodities Select Strategy 308.03 16.52 1864.48%
UCO US ProShares Ultra Bloomberg Crude Oil 307.60 455.75 67.49%
IAU US iShares Gold Trust 247.20 6,124.98 4.04%
UGAZ US VelocityShares 3x Long Natural Gas 225.85 437.20 51.66%
SCO US ProShares UltraShort Bloomberg Crude Oil 202.56 166.04 121.99%

All Commodities Sector: Top 10 Redemptions

Beginning Fund
Net Flows % of Funds
Ticker Name Market Cap
($ mill) Market Cap
($ mill)
DBC US PowerShares DB Commodity Index -744.19 4,047.93 -18.38%
DJP US iPath Bloomberg Commodity Index -342.72 1,735.40 -19.75%
USCI US United States Commodity Index -130.33 709.86 -18.36%
GLTR US ETFS Physical Precious Metal Basket Shares -90.76 234.39 -38.72%
GLD US SPDR Gold Shares -52.37 26,941.20 -0.19%
JJG US iPath Bloomberg Grains Subindex -39.47 171.36 -23.03%
BCM US iPath Pure Beta Broad Commodities -38.24 71.56 -53.44%
SLV US iShares Silver Trust -37.26 5,180.64 -0.72%
PALL US ETFS Physical Palladium Shares -34.17 399.07 -8.56%
DBA US PowerShares DB Agriculture Fund -29.35 1,040.40 -2.82%
 50
60
70
80
90
2.5
3.5
4.5
5.5

450
500
550
600
650
700
300
350
400
450
500
140
160
180
200
MAY 15 MAY 15
APR 15
MAY 15 MAY 15 SEP 15 NOV 15
JUN 15 MAY 16
JAN 16
JUL 15 AUG 15 NOV 16
JUL 15 MAY 16
MAY 17

GRAINS GROUP
ENERGY GROUP

SEP 15 OCT 15 SEP 16

NOV 17
SEP 15
DEC 15 JAN 17 MAY 18
DEC 15
FEB 16 MAY 17 NOV 18
DEC 15
MAR 16 SEP 17 MAY 19
APR 16
JAN 18 NOV 19
MAR 16 JUN 16
MAY 16 MAY 20

31-Mar-2015
MAY 18

31-Mar-2015
31-Mar-2015
31-Mar-2015

AUG 16 NOV 20

31-Mar-2015
Corn
MAY 16 JUL 16 SEP 18 MAY 21
OCT 16

Wheat
JAN 19
Natural Gas

Brent Crude
NOV 21
JUL 16 SEP 16 DEC 16 MAY 19 MAY 22

Unleaded Gasoline
FEB 17 SEP 19 NOV 22
DEC 16
SEP 16 MAY 23
APR 17 JAN 20
NOV 23

30-Jun-2015
MAR 17

30-Jun-2015
30-Jun-2015
30-Jun-2015

JUN 17 MAY 20
DEC 16 MAY 24

30-Jun-2015
MAY 17 SEP 20 NOV 24
AUG 17
MAR 17 JAN 21 MAY 25
COMMODITY FUTURES TERM STRUCTURE

JUL 17 OCT 17
MAY 21 NOV 25
DEC 17 MAY 26
MAY 17 SEP 17 SEP 21
FEB 18 NOV 26
JAN 22
MAY 27
JUL 17

28
29
30
31
32
33
34
35
40
50
60
70

1000
1050
1100

850
900
950
150
170
190
210
230

MAY 15
MAY 15 APR 15
MAY 15 AUG 15
JUL 15 JUN 15
JUL 15 NOV 15
AUG 15 AUG 15
AUG 15 FEB 16
SEP 15 OCT 15 MAY 16
OCT 15 SEP 15
DEC 15 AUG 16
DEC 15 NOV 15 FEB 16 NOV 16
JAN 16 JAN 16 FEB 17
APR 16
MAR 16 MAY 17
MAR 16 JUN 16
MAY 16 AUG 17

31-Mar-2015
MAY 16 AUG 16

31-Mar-2015
31-Mar-2015
31-Mar-2015

JUL 16 NOV 17
JUL 16 OCT 16

Soybeans
AUG 16 FEB 18
DEC 16
ULS Diesel
WTI Crude

MAY 18

Soybean Oil
SEP 16 AUG 16
FEB 17 AUG 18
OCT 16 SEP 16
APR 17 NOV 18
DEC 16 NOV 16
JUN 17 FEB 19
JAN 17

30-Jun-2015
JAN 17 AUG 17 MAY 19

30-Jun-2015
30-Jun-2015
30-Jun-2015

MAR 17
MAR 17 OCT 17 AUG 19
MAY 17
MAY 17 DEC 17 NOV 19
JUL 17
FEB 20
AUG 17 JUL 17 FEB 18
MAY 20
SEP 17 AUG 17 APR 18
AUG 20
OCT 17 JUN 18 NOV 20
 240
245
250
255
260
265
270
275
280
280
300
320
340
360
380

1150
1170
1190
1210
1230
1250
1270
1290
1900
1950
2000
2050
2100
2150
APR 15 APR 15 MAY 15
APR 15
JUL 15 JUN 15 JUL 15
MAY 15
OCT 15 AUG 15 AUG 15
JUN 15
JAN 16 OCT 15 SEP 15
AUG 15
APR 16 DEC 15 OCT 15
OCT 15
JUL 16 DEC 15
DEC 15 FEB 16
OCT 16 JAN 16
FEB 16 APR 16
JAN 17 MAR 16
APR 16 JUN 16

PRECIOUS METALS GROUP

APR 17 MAY 16

INDUSTRIAL METALS GROUP

31-Mar-2015

JUN 16 AUG 16 JUL 16

31-Mar-2015
31-Mar-2015
JUL 17

31-Mar-2015
AUG 16 OCT 16 AUG 16

Zinc

Gold
OCT 17

Copper
OCT 16 SEP 16
Soybean Meal

JAN 18 DEC 16
DEC 16 FEB 17 OCT 16
APR 18
FEB 17 DEC 16
JUL 18 MAY 17
JUN 17 JAN 17
OCT 18 SEP 17
30-Jun-2015

DEC 17 MAR 17

30-Jun-2015
30-Jun-2015
JAN 19 MAR 18

30-Jun-2015
JUN 18 MAY 17
APR 19 JUL 18
DEC 18 JUL 17
JUL 19 DEC 18
JUN 19 AUG 17
COMMODITY FUTURES TERM STRUCTURE

OCT 19 SEP 17
DEC 19 MAY 19
JAN 20 OCT 17
JUN 20 SEP 19
APR 20
DEC 20 MAR 20
460
510
560
610
660
710

15
16
17
18

15.5
16.5
17.5
1600
1700
1800
1900
2000
2100
2200
2300
2400

11400
11600
11800
12000
12200
12400
12600
12800
APR 15 APR 15
APR 15 MAY 15
SEP 15
MAY 15 JUL 15 FEB 16
OCT 15 JUL 15
JUN 15 JUL 16
JAN 16 DEC 16
JUL 15 SEP 15
APR 16 MAY 17
SEP 15 OCT 17
JUL 16 DEC 15
DEC 15 OCT 16 MAR 18
JAN 16 AUG 18
JAN 17 MAR 16
JAN 19
MAR 16 APR 17
31-Mar-2015

JUN 19 MAY 16
31-Mar-2015
31-Mar-2015

31-Mar-2015
MAY 16 JUL 17 NOV 19
Nickel

OCT 17

Silver
APR 20
HRW Wheat

JUL 16 JUL 16
Aluminum

JAN 18 SEP 20
SEP 16 FEB 21
APR 18 SEP 16
DEC 16 JUL 18 JUL 21
JAN 17 OCT 18 DEC 21 DEC 16
MAY 22
30-Jun-2015

JAN 19
30-Jun-2015
30-Jun-2015

JUL 17

30-Jun-2015
OCT 22 MAR 17
DEC 17 APR 19 MAR 23
JUL 19 AUG 23
JUL 18 MAY 17
OCT 19 JAN 24
DEC 18 JUN 24
JAN 20 JUL 17
JUL 19 APR 20 NOV 24
DEC 19 JUL 20 APR 25
 50
55
60
65
70
75
80
85
60
62
64
66
68
70
10
11
12
13
14
15
16
APR 15 MAY 15 MAY 15

JUL 15
MAY 15 JUL 15
SOFTS GROUP

OCT 15
JUN 15 OCT 15

LIVESTOCK GROUP
DEC 15

JUL 15 MAR 16 MAR 16

MAY 16
AUG 15 MAY 16
31-Mar-2015

31-Mar-2015
31-Mar-2015
JUL 16
Sugar

OCT 15 JUL 16

Cotton

Lean Hogs
OCT 16
DEC 15 OCT 16
DEC 16

FEB 16 MAR 17 MAR 17

30-Jun-2015

30-Jun-2015
30-Jun-2015
MAY 17
APR 16 MAY 17
JUL 17
COMMODITY FUTURES TERM STRUCTURE

MAY 16 JUL 17
OCT 17

JUN 16 DEC 17 OCT 17

130
135
140
145
150
155
160
165
120
125
130
135
140
145
150
155
160
165

MAY 15
APR 15
JUL 15

JUN 15 SEP 15

DEC 15
AUG 15
MAR 16

MAY 16
OCT 15
JUL 16

31-Mar-2015
31-Mar-2015
Coffee

DEC 15 Live Cattle SEP 16

DEC 16
FEB 16
MAR 17

MAY 17
30-Jun-2015
30-Jun-2015

APR 16
JUL 17

JUN 16 SEP 17

DEC 17
AUG 16
MAR 18
BLOOMBERG COMMODITY EVENT CALENDAR
Event Date Time Event Name Location Description

En los últimos 20 años Bloomberg ha sido reconocido como

uno de los líderes en información de commodities. En esta
sesión aprenderás a encontrar empresas del sector de
16:30-18:00
14 July Básico II- Commodities Mexico City commodities, así como los commodities mismos. Revisaras las
(Mexico City)
mesas de contratos de futuros y cómo analizar su
estacionalidad, encontrarás los pronósticos de los analistas y
aprenderás a usar el mapa de commodities.

Join Bloomberg for a webinar presentation where you will learn

how to analyze the commodity markets, develop trade ideas to
hedge your exposure, and track mark-to-market and risk
reports using tools available on Bloomberg.
- Fundamentals analysis - identifying the drivers behind major
11:00-12:00 Corporate Hedging in market moves
16 July New York City
(New York) Commodities - Forming an outlook for future price moves
- Trade idea generation - finding the best derivative structures
that align with your outlook
- Portfolio valuation and risk analysis - scenario analysis and
assessing Value at Risk (VaR)
Sign up: www.bloomberglp.com/corphedge

8:00 - Breakfast
8:30 - Benchmarks
8.45 - Macro outlook
8:00-12:30 Bloomberg Commodity
8 Sept London 9.30 - Commodity fundamentals (energy, metals, agriculture)
(London) Forum 10.40 - Regulatory impact on commodities
11.30 - Commodity investor panel
12.15 - Lunch

15:30-16:30 Agriculture Webinar:

15 Sept Webinar Discussion about the crop outlook.
(New York) Harvest Outlook
BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS
BI <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.

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>

HISTORICAL PERFORMANCE: Bloomberg Commodity Indices
Return

400%

350%

300%

250%

200%

150%

100%

50%

0%

-50%
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

Realized Vol (252 days)

35%

30%

25%

20%

15%

10%

5%

0%
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
HISTORICAL PERFORMANCE: Commodities vs. Equities vs. Bond vs. USD
Return
100%

80%

60%

40%

20%

0%

-20%

-40%
2010 2011 2012 2013 2014 2015

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

Realized Vol (252 days)

25%

20%

15%

10%

5%

0%
2011 2012 2013 2014 2015

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

Realized Correlation (252 days)

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
HISTORICAL PERFORMANCE: BCOM Subgroups
Return
500%

400%

300%

200%

100%

0%

-100%
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

Realized Vol (252 days)

60%

50%

40%

30%

20%

10%

0%
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

Realized Correlation (252 days)

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%
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
HISTORICAL PERFORMANCE: BCOM Single Commodity Indices
Return - Energy
1200%

1000%

800%

600%

400%

200%

0%

-200%
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

Realized Vol (252 days) - Energy

80%

70%

60%

50%

40%

30%

20%

10%

0%
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

Return - Grains
900%
800%
700%
600%
500%
400%
300%
200%
100%
0%
-100%
-200%
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

HISTORICAL PERFORMANCE: BCOM Single Commodity Indices
Realized Vol (252 days) - Grains
60%

50%

40%

30%

20%

10%

0%
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

Return - Industrial Metals

600%

500%

400%

300%

200%

100%

0%

-100%
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

Copper Alumnium Zinc Nickel

Realized Vol (252 days) - Industrial Metals

70%

60%

50%

40%

30%

20%

10%

0%
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Copper Alumnium Zinc Nickel

HISTORICAL PERFORMANCE: BCOM Single Commodity Indices
Return - Precious Metals
500%

400%

300%

200%

100%

0%

-100%
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

Realized Vol (252 days) - Precious Metals

60%

50%

40%

30%

20%

10%

0%
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

Return - Softs
250%

200%

150%

100%

50%

0%

-50%

-100%

-150%
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

HISTORICAL PERFORMANCE: BCOM Single Commodity Indices
Realized Vol (252 days) - Softs
70%

60%

50%

40%

30%

20%

10%

0%
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

Return - Livestock
60%

40%

20%

0%

-20%

-40%

-60%

-80%

-100%
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

Lean Hogs Live Cattle

Realized Vol (252 days) - Livestock

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Lean Hogs Live Cattle

COMMODITY CHEATSHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE
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.

Broad Commodities Energy

Top commodity news CTOP Top energy news ETOP
Commodity markets menu <COMDTY> F9 Top oil news OTOP
Global commodity prices GLCO Crude Oil Production Dashboard BI OILS
Commodity 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 OBGBRIEF
Commodity arbitrage calculator CARC Pipes & Wires newsletter NI PAWSBRIEF
Commodity fundamental data explorer FDM Oil market analysis BOIL
Commodity futures overview CMBQ Nat gas spot prices BGAS
Security finder SECF Forward European utility markets EUM
Commodity 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 OPEC
Commodity curve analysis CCRV Oil markets menu OIL
Commodity fair values CFVL Crude stored in tankers NOON
Commodity price forecasts CPFC Refinery outages REFO
Commitments of Traders Report COT Oil’s decline EXT5
Commodity maps BMAP Oil versus inflation expectations SWIF
Commodity options monitor OMON
Commodities charts COSY Metals
Commodity Investors menu CMNV Top metal news METT
US exchange traded product fund flows ETF Precious metal dashboard BI PMETG
Base metals dashboard BI BMET
Commodity 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
Agriculture
Weather Top agriculture news YTOP
Global weather database WETR Agriculture calendar AGRI
US snow monitor SNOW Agriculture spot prices AGGP
EU 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