Close: London Session | Forex, Metals, Oil, Agriculture February 01, 2021



Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


FOREX: The dollar sank as global stock markets rallied, while riskier currencies such as the British pound, the Australian dollar and New Zealand dollar rose. Dollar indexThe dollar index ended last week with a gain at 90.58 versus the previous close of 90.24. The largest decline against the US dollar was seen in the Australian dollar (-0.95%). Brent crude, the basis for pricing international oils, gained 57 cents to $55.61 per barrel in London.The dollar gained to 104.88 yen from 104.75 yen.
When everyone agrees, something else tends to happen, of course, and since January 8, while the dollar index has quietly strengthened, stocks, commodities, and cryptocurrencies have lost ground. The dollar is higher against most of the major currencies, though sterling’s resilience remains evident. Smaller losses were shown by the Japanese yen (-0.93%), the Swiss franc (-0.55%), the Canadian dollar (-0.34%) and the euro (-0.31%). The dollar edged higher on safe-haven appeal.
The U.S. dollar edged higher on safe-haven appeal. “Indian rupee depreciated amid strong Dollar.


“Silver Bullion Market is one of the most manipulated on earth,” user RocketBoomGo wrote Saturday on Reddit, encouraging individual investors to push the silver price up to $1,000. less (Video length 00:48:22) David is one of the world’s experts on investing in silver & he discusses the Reddit Wall Street Bets short squeeze on Silver. Posts began circulating on Reddit urging retail investors to buy silver mining stocks and ETFs backed by physical silver bars.
The Game Stop short squeeze exposed many to the precious metals market manipulation & the traders now seems to have their focus on the Silver market. Elsewhere, China Silver Group Ltd. rose as much as 63% in Hong Kong, while Australia’s Silver Mines Ltd. gained as much as 49%. Silver coins are flying off the shelf and silver futures soared above $30.00 a once. Wall Street futures rose as investors focused on another round of corporate earnings and a retail frenzy that has shifted its attention towards silver, which soared to 8-year peak.
The leap in silver prices is the latest in a series of big market moves sparked by day traders swapping tips and banter on online forums like Reddit. The surge put silver on track for one of its biggest one-day advances of the past decade and compounded the precious metal’s climb of more than 5% last week. less The Reddit day-trader frenzy has spilled over to the commodity market, with silver prices surging nearly 13% within three trading days.


Saudi seaborne crude exports for last week were seen at 37.8 million bbl (5.4 million bpd) compared to the revised 40.7 million bbl (5.8 million bpd) the week prior. MARKETS TODAY OIL: Oil prices rose buoyed by falling inventories and hopes of a swifter global economic recovery, although halting vaccine rollouts and renewed travel restrictions capped gains. VanEck Oil week The chief executive officers of Exxon Mobil Corp. and Chevron Corp. spoke about combining the two largest U.S. oil companies last year, Dow Jones reported.
The news kicks off what is going to be a very busy week for the oil market, with almost every oil major reporting results. Weekly Iraqi crude exports fell 3.9 million bbl to 18.0 million bbl (2.6 million bpd). We welcome this decision of the Government as it will help in containing import of palm oil and remove the undue advantage it had over soya and sun oil. I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects.
OPEC oil output climbed up for the 7th month in a row in January as per a Reuters survey despite an involuntary reduction in Nigerian production.
The second-largest crude oil refiner in the United States on Thursday said it and partner Darling Ingredients approved construction of a 470-million-gallon renewable diesel plant in Port Arthur, Texas. Darling, based in Norco, collects cooking grease and animal by-products that are the feedstocks for renewable diesel that can directly replace diesel made from crude oil.

United States

US stock futures are trading higher today indicating a positive opening for Wall Street indices with the Dow Futures trading up by 204 points (up 0.7%). US stock futures are trading higher today, indicating a positive opening for Wall Street. Given retail traders’ financial resources, the chances of them inflating a bubble that hurts Wall Street more than themselves seem even slimmer than with GameStop shares. The Dow and S&P also posted losses for January, the first negative month in four although the Nasdaq did manage to post a gain for the month.
However, this story is fraught with zombies and the path to “Japanification.” The Fed recognizes their ongoing monetary interventions have created financial risks in terms of asset bubbles. less We recently penned an article discussing the “moral hazard” fostered by the Fed’s ongoing monetary interventions. GameStop shares rose 400% last week, even as the Dow, S&P 500 and Nasdaq all declined more than 3%.
We previously discussed how the Fed’s interventions made the while bypassing the bottom 90% of income earners But the more insidious effect has been the rise of “zombie” companies. Refusing to be Wall Street’s doormats, retail investors are attacking Wall Street positions that are vulnerable and making them pay. The rupee is trading at 73.09 against the US$.


His administration put the so-called phase-one trade deal with China under review along with the rest of the U.S. posture toward Beijing.


Vaccine delivery | AstraZeneca will deliver 9 million more shots to the European Union this quarter as the bloc tries to get its chaotic inoculation drive on track. The additional Pfizer-BioNTech doses are part of a deal the EU announced on Jan. 8, and which would give the EU nearly half the firms’ global output for 2021. Talks start later this year, with a formal application set to be launched Monday.The benefits are unlikely to outweigh the cost of leaving the EU, though.
The EU competition enforcer can clear the deal with or without concessions during its preliminary review or it can open a full-scale investigation if it has serious concerns. Merkel s Prints All Over Germany s Shot Failings She s starting to crack under pressure of nation s faltering vaccine program. Bayer Steps In as Big Pharma Joins Vaccine Push Company will produce CureVac s shot as EU scrambles to secure supplies. Only seven countries and the European Union have submitted stronger targets to cut emissions, according to Climate Action Tracker, an independent scientific initiative.
Microsoft requested European Commission approval for the deal on Jan. 29, a filing on the EU executive’s website showed. After all, the DAX is considered to be the “blue-chip stock index” of the European Union, so it is the first place money goes looking towards. But the EU’s plan to cut emissions 60% by 2030 is still not compatible with the Paris Agreement.