NEW YORK --(BUSINESS WIRE)-- Bank of America Merrill Lynch today announced the 2014 composition and weights for the Merrill Lynch Commodity index eXtra SM (MLCX). The MLCX is designed to provide a liquid, consistent, representative and cost-efficient benchmark for commodity market performance and for investment in commodities as an asset class. The MLCX contains the following six market sectors: Energy, Base Metals, Precious Metals, Grains & Oil Seeds, Livestock, and Soft Commodities & Others . Bank of America Merrill Lynch constructs the MLCX based on the liquidity of the constituent futures contracts and the value of the global production of each underlying commodity. The MLCX also seeks to avoid redundant contracts, and includes only the most liquid contract per commodity which is determined by volume and price. Based on these rules, the MLCX will include Soybean Meal and remove Soybean Oil for 2014. Brent crude oil and WTI crude oil are also no longer considered redundant contracts. This will result in adding WTI crude oil to the MLCX for 2014 and raising the maximum number of components for the energy sector to five. The commodity weights, which are determined by the Bank of America Merrill Lynch Commodities group pursuant to the MLCX Handbook, are listed below: Commodity 2013 2014 Change Brent 34.19 % 29.01 % (5.19 )% Gasoil 12.38 % 12.28 % (0.09 )% Gasoline (RBOB) 11.83 % 12.11 % 0.28 % Corn 6.15 % 7.27 % 1.13 % Wheat 5.37 % 6.65 % 1.27 % Copper 5.10 % 4.95 % (0.16 )% Crude Oil (WTI) 0.00 % 4.73 % 4.73 % Gold 4.39 % 4.49 % 0.10 % Aluminium 2.87 % 2.70 % (0.17 )% Soybean Meal 0.00 % 2.37 % 2.37 % Sugar 2.81 % 2.31 % (0.50 )% Live Cattle 1.99 % 2.04 % 0.05 % Natural Gas 1.60 % 1.87 % 0.26 % Soybean 3.34 % 1.53 % (1.80 )% Cotton 1.65 % 1.47 % (0.18 )% Lean Hogs 1.01 % 0.96 % (0.05 )% Coffee 1.29 % 0.92 % (0.37 )% Zinc 0.81 % 0.81 % 0.00 % Nickel 0.92 % 0.81 % (0.11 )% Silver 0.79 % 0.73 % (0.07 )% Soybean Oil 1.51 % 0.00 % (1.51 )% Sector 2013 2014 Target Change Energy 60.00 % 60.00 % 0.00 % Grains & Oil Seeds 16.37 % 17.83 % 1.46 % Base Metals 9.70 % 9.26 % (0.44 )% Soft Commodities & Others 5.74 % 4.69 % (1.05 )% Precious Metals 5.18 % 5.21 % 0.03 % Livestock 3.00 % 3.00 % 0.00 % Due to rounding, the change may not be equal to the difference between the figures shown. Bank of America Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 51 million consumer and small business relationships with approximately 5,200 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange . “Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation . Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation , including Bank of America, N.A ., member FDIC . Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States , Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. , all of which are registered broker-dealers and members of FINRA and SIPC , and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Copyright 2013 Bank of America Corporation. All rights reserved. Bank of America , Merrill Lynch, Broadcort and their logos are trademarks of Bank of America Corporation and/or its affiliates. Visit the Bank of America newsroom for more Bank of America news . www.bankofamerica.com Reporters May Contact: Zia R. Ahmed , Bank of America Merrill Lynch , 1.646.855.3299 firstname.lastname@example.org Source: Bank of America Merrill Lynch
Most Popular Stories
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Some California Cities Seeking Water Independence
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Will Missing Malaysian Jet Prompt Aviation System Change?