Close: London Session | Forex, Metals, Oil, Agriculture February 19, 2021



For instance, cocoa processors are not expecting a revival in demand this year as the virus pandemic suppresses air travel and consumer spending around the world, according to Bloomberg. Cocoa Association of Asia said chocolate demand could increase in the second half of the year as travel restrictions are lifted if vaccine roll-outs are successful. Source: Bloomberg Cocoa-ICCO’s daily pricing in dollars per metric ton shows prices remain under 2019 levels and range bound since COVID lockdowns.
We’ve outlined before concerns about a demand collapse in cocoa markets due to the virus pandemic. The U.S. Department of Agriculture raised its estimate 17% from November, citing a surge in shipments and sales in the quarter from October through December, most notably in corn. On Thursday, the International Cocoa Organization (ICCO) released its monthly report that specified that runs through to the end-September. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


The global benchmark is already at around 1.30% and a move toward 1.50% would make the dollar more attractive and boost the greenback. The dollar slipped after disappointing U.S. jobs data, while gold prices were down. The U.S. dollar slipped after disappointing U.S. jobs data, while gold prices were down. Gold may be also vulnerable if risk aversion picks up pace and drives up demand for the US Dollar. If US data is rosy, it could cause to rise and boost the dollar.
European shares mostly rose as data showed euro zone factory activity in February jumped to its highest in three years, while Japan s Nikkei slipped on profit taking. The dollar is terrible at holding its value, and they’d rather that people not be aware of this once-common bit of knowledge. However, if the statistics are only cautiously optimistic, it would lift sentiment while allowing the safe-haven dollar to decline. This week, only the Swiss franc and the Japanese yen among the majors have softened against the dollar (~0.2% and 0.4%, respectively).
The uptrend in the key pair came as the dollar depreciated against a basket of major currencies.


He created DiamondWare, a technology company which he sold to Nortel Networks in 2008. less A discussion on gold and the gold market. Half-year net profit is likely to be between 5.7 billion rand and 5.9 billion rand, Harmony Gold said, with the company’s interim results due on Feb. 23. After all, many longtime crypto proponents are already looking well past bitcoin as digital gold toward other developments, such as the use of crypto in commerce, lending and payments.
As well he is publishing his bi-weekly comprehensive for his numerous international readers focusing on Gold, Silver, Mining, commodities and cryptocurrencies. He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market which is available for free. He writes a bi-weekly in-depth analysis for one of Germany´s largest gold and silver retailer the “pro aurum group”.
less Under the Biden administration, the economy could overheat, thereby increasing inflation and the price of gold. Anti-fiat gold prices also weakened, but the yellow metal has been falling persistently as of late. Gold is a non-yielding asset, so rising rates of return for cash make it a relatively less-appealing commodity.


In the fourth quarter production fell 11% to 1.713 million barrels of oil equivalent per day but the company said full-year production was in line with target. For markets, the restarting of the region’s oil production capacity is coming as a relief, with oil executives saying most of the lost output would be restored within days. less Crude oil prices have broken out to fresh one-year highs this week as the market continues to derive demand amidst the ongoing bullish sentiment across risk assets recently.
At 461.8 million barrels, U.S. crude oil inventories are just at the five-year average for this time of year.
The Energy Information Administration reported that US oil inventories fell by 7.3 million barrels from the previous week. Iranian oil exports were as high as 2.8 million barrels per day (bpd) in 2018 but fell to 300,000 bpd in 2020. Eni SpA: The Italian energy group fortunes improved in the final quarter of the year on firmer oil prices after “a year like no other” sent full-year profit tumbling. Oil prices dropped on worries that refineries would take more time to resume operations after the big freeze in the U.S. South.
Meanwhile, the global oil benchmark Brent crude was trading 1.24 per cent lower at USD 63.14 per barrel. Crude inventories fell by 7.3 million barrels in the week to Feb. 12, compared with analysts’ expectations for a decrease of 2.4 million barrels.

United States

He is frequently quoted in the financial media, including Investors Business Daily,USA Today, Business Week, The New York Times, NPR and The Wall Street Journal. The Biden administration said it would be willing to meet with Iran to find a way to return to the nuclear deal which was abandoned by President Donald Trump. UPS stock has gained 83.8% since hitting its 52-week low of $82 and closed yesterday’s trading session at $161.75. To begin with, the US Bureau of Labor Statistics reported yesterday that US import prices were up on annual basis for the first time in some time.
Since March the US stock market, fuelled by aggressive monetary and fiscal easing, has shot to new all-time highs. Further hindering energy prices was a report that the US would agree to meet with Iran to start talks about returning to the 2015 Nuclear Deal. Nasdaq Futures are trading up by 43 points (up 0.3%), while Dow Futures are trading up by 59 points (up 0.2%).
At the current pace, the Fed is on pace to owning $7.62 trillion in MBSs and treasury notes and bonds by year-end (box), up from the current $6.27 trillion. UBS economist Tanvee Gupta Jain suggested in research published this week that Asian investors are becoming cautious about the prospects for Indian equities based on valuations. Next week current data shows there are four MR tankers earmarked to load in the region bound for the US Atlantic Coast.


After Jack Ma criticized Chinese regulators, Beijing scuttled the initial public offering of his fintech giant Ant and he largely disappeared from public view.


As mentioned above, one would be a “services trade war” in future negotiations between the U.K. and EU, leading to more significant barriers to trade. Putting Brexit in context, however, there are much bigger questions around future productivity growth, which has been on a secular decline in the U.K. for many decades. Meanwhile, a U.K. plan for evaluating the economic impact of new trade deals was ready in time for the arrival of the post-Brexit agreement.
In the long term, Brexit certainly raises many questions, but most areas of the economy will likely be largely unaffected. Firms are generally well prepared and the government has already rolled over most non-EU trade deals. ECB is said to weigh disclosing climate risk in bond programs. Despite all the attention, controversy, and volatility that Brexit has brought, we don’t expect any meaningful effects on near-term economic activity. The impact of Brexit on productivity is likely marginal relative to these bigger questions.
While most of the Brexit risk premia is now largely gone, we still see a few pockets of opportunities.
While the U.K. will now control its own border, it is far from clear whether Brexit will lower net migration.