Close: London Session | Forex, Metals, Oil, Agriculture December 09, 2020



natural gas prices have tumbled since the start of November as persistent mild weather has caused inventories to remain high rather than drawing down in line with seasonal trends. Source: Bloomberg Nat gas prices have tumbled since the start of November as persistent mild weather has caused inventories to rise rather than draw down with seasonal trends. Now, there is some good news – mild weather will greatly help restaurants as many have resorted to outdoor dinning and the use of propane heaters.
The pandemic has been hard on Starbucks’ smaller rivals, with market research provider Euromonitor predicting the U.S. will lose at least 2,000 coffee shops this year. Fun fact: The event will feature a virtual coffee tasting, with samples of Starbucks’ holiday blend sent in advance to analysts.


Bets that Covid-19 vaccines will propel the global economic recovery next year have prompted investors to buy assets outside the U.S., pushing the dollar lower in recent weeks. less The decline of the US dollar this year has been a bullish force for American investors holding foreign bond funds. The dollar dropped and gold fell as traders opted for riskier assets. The U.S. dollar dropped and gold fell as traders opted for riskier assets. It is the first move by the Trump administration since Election Day, and comes a week after Democrat leaders in Congress dropped their demands for a multi-trillion dollar package.
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. HighPoint’s notes appear to be a bit undervalued currently, still trading in the low-40s cents on the dollar. The US Dollar Index is currently trading near its lowest level since April 2018.
He said the stimulus package would weaken the U.S. dollar and create more liquidity that will benefit the bullion. The new notes account for 16 cents on the dollar of that value.


While the stock moved higher with the stock market, rising steel and metallurgical coal demand have supported the buying in HCC shares. The recent rise in industrial commodities, like coal, oil, iron ore, and copper, may be helping mitigate the deflationary pressures at the producer level. Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored. As the global economy recovers, the steel demand is likely to continue to rise.
Unlike copper and aluminum, China has not reverted to becoming a net importer of refined metal, raising the question of just how strong demand really is. So, for the analysts who continue to harp on “Industrial Demand” as an important factor for the silver market to focus on in the future, I say… RUBBISH. HCC is a company that will rise and fall with the demand for steel in 2021. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions.
Rather than owning mines and wells, it focuses on physical trading of commodities, arbitraging prices for the likes of crude or copper in different parts of the globe. less Gold prices continued to rise for a second day, edging up to a two-week high.


While midstream’s oil correlation has been a frustration as oil prices fell, it is nice to see midstream benefit as oil prices gained. Oil also has a pop on reports that militants attacked two Iraqi oil wells producing about 2000 barrels of oil per day. With oil prices currently around $45 per barrel, the recovery remains in early stages with plenty of room for additional improvement in oil prices and energy equities, including midstream. West Texas Intermediate oil prices gained 26.7% in November as vaccine progress supported an improving outlook for an oil demand recovery in 2021.
BEFORE THE BELL Futures for Canada’s main stock index rose, supported by higher oil prices as news about COVID-19 vaccines lifted hopes for a recovery in fuel demand.
The API reported that crude oil inventories rose by 1.141 million barrels despite a 1.845 million barrel draw in Cushing, Oklahoma. Demand for drilling services sank after oil prices collapsed earlier this year, pushing several oilfield services firms to file for bankruptcy, incur heavy losses and cut jobs. Wednesday’s positive performance leaves behind the API’s reported build in US crude oil supplies of more than 1.1 million barrels during last week.
Oil strip prices are several dollars higher now, so there is a possibility that the combined company will aim for modestly higher production. Meanwhile, the two leading fossil fuels, crude oil and natural gas, are in the crosshairs of those who favor greener alternative energy sources.

United States

Currently S&P futures are trading at 3,709, up 10 points, Nasdaq 100 futures are flat at 12,633 and Dow futures are up 85 points, trading at 30,255. Nasdaq Futures are trading up by 11 points (up 0.1%), while Dow Futures are trading up by 87 points (up 0.3%). The pandemic seems likely to get worse before it gets better, but expectations for fourth-quarter GDP in the US continue to reflect moderate growth. Hopes of a $900 bln+ fiscal stimulus package in the US helped stir animal spirits and lift US stocks to record highs yesterday.
If the Fed is expected to hike rates more frequently because growth is super strong, then there’s no particular reason to think that’s a bad condition for stocks. Nasdaq-100 futures were relatively flat, indicating that technology stocks may be subdued after the New York opening bell. US stock futures are trading marginally higher today indicating a positive opening for Wall Street indices. The stock market Bulls require being fed ever more positive news to keep charging higher and this Bull has been well fed.
While some worry about inflation from the sharp economic resurgence juiced by so much artificial stimulus, inflation remains far below the Fed’s target. On the U.S. stimulus package, Treasury Secretary Steven Mnuchin presented Democratic House Speaker Nancy Pelosi with a $916 billion economic rescue package.


Its maritime lane takes in ports across South Asia and beyond.Beijing has already done a lot of work binding other countries to its economic orbit. That’s why Beijing floated the idea of raising the retirement age in the outline of its next five-year economic plan released last month. This summer, Beijing tripled consumers’ duty-free allowance and opened domestic duty-free stores where the quota can be spent up to six months after a trip. State media there reported, giving credence to the quickly developed shot that Beijing intends to distribute around the developing world.
For Australia s government, though, it has become a matter of principle over trade.In contrast, Beijing is offering a lifeline to the cash-strapped Iraqi administration.


Peace meal | Boris Johnson travels to Brussels for dinner with European Commission President Ursula von der Leyen on Wednesday as both sides seek to save Brexit trade negotiations. PM Johnson and the EU’s von der Leyen will have dinner tonight to see if they can thrash out an agreement that call after call has failed to achieve. UK Prime Minister Boris Johnson is due to have dinner with European Commission President Ursula von der Leyen later on Wednesday.
If it goes badly, officials on both sides fear the chances of a deal being ready before the end of December when the Brexit transition period ends will fade.
Green Daily In climate news today… EU s climate chief is optimistic about setting a tougher climate goal. European shares were up as British and European leaders meet for talks on a Brexit trade deal. While this development excites traders, it undermines the ECB’s efforts to reach its sole target of 2% or close to 2% annual inflation per year. No resolution means no EU budget, and no Covid-19 relief spending for Poland or Hungary (who may or may not also have to sit on the naughty step).
Here s a quick summary laying out how Britain and the EU would trade under WTO rules. Elsewhere in Europe, Chancellor Angela Merkel urged Germans to make an “additional sacrifice” as the country’s COVID-19 outbreak worsens despite its “soft shutdown” measures.