Close: London Session | Forex, Metals, Oil, Agriculture August 07, 2020



Industry sources said despite two months long lock down in April – May the consumption and exports of sugar in current season year showed good achievement. Corn fritters | First, poor weather left France with a paltry wheat harvest. Back in North Dakota, wheat farmer Troy Bratcher had to pass on growing grain on an extra 500 acres this year because of the labor issues. Bin buster | Canadian farmers are poised add to a global glut of wheat with a bin-busting harvest.
Sugar prices at upper naka and mill level rule steady on Friday on routine volumes. Now the nation s driest July in six decades is threatening its corn fields. Coca-Cola recently expanded its presence in the hot-beverage market through its acquisition of Costa, a leading coffee company in the United Kingdom. Bombay Sugar Merchants Association’s spot rates (Rs./Quintal): S-grade ₹3,306–3,382 (₹3,310- 3,400) and M-grade ₹3,410–3,600 (₹3,410-3,600).


Dollar Watch the dollar today, a strong job report, could send the dollar up sharply. I’ll also make the case that a continued weak dollar will assure that gold prices remain strong for the rest of this year. The U.S. dollar rebounded against other major currencies, while gold prices slipped. You may recall that that bear market for the dollar was also a great time to own precious metals and commodities. So much for buying and holding… As the US dollar continues to deteriorate, then commodities tend to rally, especially precious metals.
But this increased gold demand isn’t being driven by the fear of a collapsing economy; rather, it’s motivated by the need to hedge against a weakening dollar. As the US dollar continues to deteriorate, then commodities tend to rally, especially precious metals. The investment bank recently exited its dollar-bearish trade as it turned “tactically neutral” on the safe-haven currency while closing longs in euro and Australian dollar.
Consequently, the dollar will likely remain weak for months to come as productivity remains subdued while a monetary stimulus is ramped up – the classic ingredients for inflation. FOREX: The U.S. dollar rebounded whilst other major currencies weakened after President Donald Trump took steps to ban transactions with the Chinese owners of two popular mobile apps.


Especially given the fact that right now, the gold price is much higher than the Q2 average realized gold price. Gold at $100 billion might sound sensational but remember that the world has seen a lot higher gold in fiat money. In global markets, gold continued its record-breaking streak as the prospect of more stimulus and simmering US-China tensions boosted the safe-haven appeal of gold. 7, 2020 8:56 AM ET|| About: Teranga Gold Corporation (TGCDF)by: SA TranscriptsThe following slide deck was published by Teranga Gold Corporation in conjunction with their 2020 Q2 earnings call.
Source: Presentation AISC Table below Newmont (NYSE: NEM), Barrick Gold (NYSE: GOLD), Agnico Eagle (NYSE: AEM), and Kirkland Lake. Gold has reached another multi-year record high with $1,716 per ounce for the second quarter and is now trading above $2,000/ ounce. The market considered this acquisition too expensive, but looking at the gold price, which is now above $2,000 per ounce, this acquisition seems more and more a great asset.
In the previous session, gold had surged 1.3%, hitting an intraday high of Rs 56,079 per 10 grams, while silver had jumped 5.6% or Rs 4,100 per kg. The gold price realized this quarter was per ounce, and the sale of contributed to such results. In fact, while gold recently hit a new record high the CRB Index recently fell back to a level it first reached in 1973!


The oil and gas producer on Thursday reported a bigger-than-expected quarterly loss as the COVID-19 pandemic hammered crude prices and eroded demand for fuel. The concern for oil is that a renewed U.S./China trade war may hamper economic growth and slow oil demand that is still in a recovery mode. Rising cases remain the key uncertainty for fuel demand recovery and in turn oil prices, while the virus relief package remains the last hope to boost demand. The first thing to note is that oil prices have a significant effect on spot breakeven inflation via their effect on gasoline prices.
Oil prices plunged to historic lows earlier this year as travel and business restrictions sapped demand, while oversupply forced producers to slash output.
Oil prices have benefited from the nascent economic recovery, but are still likely to be capped given ongoing oversupply and a slow pick-up in demand. Therefore, makers or producers of thermal oil can suffer disproportionately more than other types of oil producers. Improved demand paves the way for increasing refining utilization and restored production incentivized by more stable oil prices – welcome developments for midstream.
My focus is in the financial markets, cyber-security, hacking, agriculture, natural gas, crude oil, geopolitics and alternative investments. In commodities, crude futures have been moving slightly lower through Europe, although by no means significant, with oil demand more sheltered from the US-China tech battle.

United States

President Trump said yesterday that he will sign executive orders extending enhanced unemployment benefits and imposing a payroll tax holiday if no agreement on a broader package is reached. Last night, Trump issued yet another executive order targeting both TikTok owner ByteDance and Tencent-owned WeChat, another popular Chinese social media company. Although the jobs report was better than expected by Wall Street, Cramer said he worries it could have implications for ongoing negotiations over coronavirus relief legislation in Washington.
It’s still unknown how far President Trump’s executive action will go, but U.S. Commerce Secretary Wilbur Ross is set to identify transactions covered by the order. U.S. President Donald Trump signed two executive orders against TikTok and We Chat claiming they are a national security threat. It’s unclear whether the two sides will resume negotiations today, meaning President Trump would likely rely on executive actions.
In the order, Trump essentially formalized threats made a week ago by setting a time limit for barring both companies from the US. The sanctions come as part of July’s executive order signed by president Donald Trump to punish China for suppressing protests and political dissent in the territory. We do not expect new broad lockdowns, as cases appear to be peaking in a number of southern states in the US, but mostly because hospitalization levels remain manageable. Markets overseas were a bit volatile in Asia overnight after President Trump signed an executive order against Tencent’s WeChat and TikTok.


Blocking WeChat, crucial to life and business in the People s Republic, would protect overseas Chinese from Beijing s spies, but cut them off from home. Rosalind Mathieson A customer uses WeChat to pay for some poultry at a market stall in Beijing on May 6, 2019.


Prime Minister Boris Johnson had been denying the need for such checks and this move is coming under criticism that adds to his woes as the coronavirus crisis continues. Boris Johnson is under pressure to explain whether Dominic Cummings has demanded access to top-secret military sites, sparking a turf war with defence chiefs. Sterling fell after a post-BOE advance on Thursday, as traders take stock of officials distancing themselves from negative rates and an optimistic view of the U.K’s economic recovery.