Close: London Session | Forex, Metals, Oil, Agriculture February 23, 2021



Sweet ride | Shipping delays currently plaguing soybean exports from Brazil are set to spill over to sugar. The U.S. has sanctioned some Chinese companies it says profit from exploited labor, and banned imports of cotton products and tomatoes from the region.Even so, governments are cautious. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


Dollar General has been looking within its ranks and will assess the performance of its top executives against those at rival companies, the sources said. It’s going to take a higher rate spread against other G10 currencies – particularly the dollar – and higher oil prices for EURNOK to continue down. Last week, the steepening of the US yield curve gave rise to a stronger dollar, while EM and commodity currencies such as NOK lost ground. The euro has been relatively stable compared to other major currencies such as the dollar, yen, and sterling.
The US DOLLAR index starts rebounding from the bottom of the 90 – 91 range and is expected to remain within the range for a much extended period. Dollar General Corp: The discount chain is taking steps to find a potential successor to Chief Executive Todd Vasos, people familiar with the matter said. While no decision has been made about Vasos stepping down, Dollar General has started conversations with headhunting firms and is considering candidates, the sources said.
The U.S 10 year bond yield is expected to stagnate for a while, as it represents, along with the dollar, a safe haven asset during volatile periods. This will provide another problem for the reserve bank, as their dollar has been progressively rising for almost a year now. At the time however, short US rates were at the top of the G10 universe and the dollar was “king”.


India could spend 30-35 per cent more on importing copper as demand for the metal could increase due to higher spending on infrastructure development, he said. Sterlite Copper’s Kumar said if the “contributing factors continue in the current state”, copper could be ruling on the higher side in the coming months. More copper per EVThis will result in higher demand for copper. Impact on IndiaAs regards how the copper price spike will impact India, Kumar said India is not in the best place right now, in terms of the copper market.
Rating agency Care said that strong demand, especially in China, is expected to hold copper prices on the higher prices. In the Budget presented on February 1, Finance Minister Nirmala Sitharaman pared import duty on import of copper scrap to 2.5 per cent from 5 per cent. Economic re-engagement in China is one of the key drivers behind the copper price rally; the country imports approximately 50% of global copper output.
Care said that copper production dropped 30 per cent during the October-December quarter last year as Hindalco Industries undertook maintenance shutdown. “Comprising 25-30 per cent of the global copper market, this (scrap) paucity is also impacting prices,” he told BusinessLine. According to the International Copper Study Group, global copper output is expected to rise 4.5% year-over-year to approximately 21.80 million tonnes in fiscal 2021.


Occidental Petroleum Corp: The company posted a larger-than-expected fourth-quarter loss despite higher oil and gas prices as an asset sale weighed on results. Daily Market Update identifies accurate price targets and turning points for indices, forex, cryptocurrencies, commodities, oil, gas, and stocks. Oil prices advanced, helped by the likely easing of COVID-19 lockdowns around the world and positive economic forecasts. Weekly Saudi Arabian Fuel oil exports have averaged 80,000 MT since the beginning of the month with one Aframax parcels getting loaded every week.
less It’s going to take a higher rate spread against G10 currencies (USD) and higher oil prices for EURNOK to continue down. At that time, we heard calls from analysts that oil could hit $200.00 per barrel, or something close to it. But given the outlook for both rates and oil prices longer out, we believe there is a good chance the cross could come below 10.00 before the summer. Crude oil prices climbed 5.5 percent over the past 24 hours.
The company extracts and processes minerals, oil, and gas from its production operations, which are located primarily in Australia and America.
Sectoral indices ended on a mixed note with stocks in the metal sector and oil & gas sector witnessing buying interest.

United States

Nasdaq Futures are trading down by 130 points, while Dow Futures are trading lower by 58 points. US stock futures are trading lower today indicating a negative opening for Wall Street indices. US stock futures are trading higher today, indicating a positive opening for Wall Street. The joke in the market is that sometimes “good news is bad news” if it means the Fed raises rates too fast. less Volatility has returned to Wall Street, and it appears that our absolutely epic stock market bubble may be in serious trouble.
The central bank often engages in “smoothing operations” in the foreign exchange market late in the local session and was put on the US Treasury’s watch list in December. Contracts for the Nasdaq-100 retreated 0.6%, suggesting technology stocks will continue to lead the market lower. Contracts for the Nasdaq-100 retreated 1.6%, suggesting technology stocks will continue to lead the market lower. On Monday, the NASDAQ 100 sagged 2.5% to a three-week low, as rising inflation heightened traders’ focus on big tech overvaluations.
Earlier bond selloffs were driven by expectations that the Fed would allow inflation to be higher in the future.


China’s first move may be to ban sales to a US defense contractor, such as Lockheed Martin, who incurs Beijing’s wrath for arms sales to Taiwan. The U.S. calls it genocide.Beijing insists Uighurs have just as many freedoms as anyone else in China. Foreign Minister Wang Yi says locals in Xinjiang lead safe and happy lives. In the meantime, Beijing continues to act as it sees fit on Xinjiang. Tensions over Xinjiang are bleeding into broader ties.


The rest of the trades are likely to perform even if US rates pull EUR rate rates higher with or without the consent of the ECB. Inflation markets are likely to continue its gradual re-anchoring to the ECB target over the course of the year, we think. Christine Lagarde, President of the European Central Bank, said on Monday that she is watching rising bond yields closely. Timing is interesting as the comment came the day after GDP-weighted 10y government bond yields reached zero, which is the level that was mentioned in President Lagarde’s Sintra speech.
Yesterday, ECB President Lagarde said that longer-term nominal bond yield are being monitored very closely. By now, I have built up excellent skills and experience in analyzing macroeconomic and political developments in Europe, the Eurozone and Germany, including ECB watching. Yesterday, UK Prime Minister Boris Johnson announced in detail a four-step reopening plan. Main focus: Europe, Eurozone, Germany and ECB.