Close: London Session | Forex, Metals, Oil, Agriculture June 07, 2021



These rains should be very beneficial for planting and initial growth of the Spring Wheat while the drier but still wet weather should help Winter Wheat crops. less General Comments: Winter Wheat markets were lower in all three markets as the weather forecasts turned wetter. Spring Wheat areas pf the US and Canada should be hot and dry for the next several days, but then some showers are possible in the region. Corn prices are high so demand for feed wheat could increase.
Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


The US Dollar is heading higher tracing yields higher as attention turns to US CPI data later in the week. Lower interest rates weigh on the dollar and yield, and boost gold’s appeal. In international markets, gold prices moved lower, hurt by a stronger US dollar. less We come into the new week with the US Dollar right back under pressure, this time from yet another discouraging payrolls print. Resurgent US dollar demand amid a rebound in the Treasury yields, courtesy of US Secretary Janet Yellen’s optimism over the economy, weighs on gold’s appeal.
The DXY US Dollar index also climbed modestly to 90.17, exerting downward pressure on gold. less Gold prices fell on Monday as the U.S. dollar recovered. The dollar gained, while gold prices slipped. The U.S. dollar gained, while gold prices slipped. Looking ahead, Euro area GDP data and the ECB interest rate decision dominate the economic docket this week.


Amid muted global cues, gold prices in India edged lower today On MCX, gold futures were down 0.1% to Rs 48,953 per 10 grams. less Gold is looking at the possible support as the price is turning lower. The US CPI report due on Thursday will be the main event to watch for fresh trading opportunities in gold price. The Technical Confluences Detector shows that gold price is approaching a dense cluster of support levels stacked up around $1880. Further, a tussle between the White House and Republicans over President Joe Biden’s $1.7 trillion infrastructure spending bill also adds to the downward pressure on the gold price.
less Gold price is falling from just below the $1900 area this Monday, kicking off the week on a bearish note. Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 48,865 per 10 grams. Gold prices are trading down by 0.3% at Rs 48,833 per 10 grams. Note that in India, gold rates turned volatile after they hit near a five-month high of Rs 49,800 last week.
He is an analyst at which is a website aimed at offering quality analysis of gold prices.


Brent crude closed above $70 a barrel last week for the first time in two years, as buyers demand more oil than producers are pumping. less As the price of WTI Crude Oil hits 2.5-year high prices near $70, what is behind this rise, and how much further can it go? Oil prices haven’t topped that milestone since 2014, when a gush of U.S. crude depressed energy markets. After trading around $40 through the second half of 2020, west Texas intermediate crude oil (WTI) now goes for $68 per barrel, and the uptrend will continue.
The price of crude oil drives energy sector stock prices. Ust-Luga loaded 2.18 mmbbl of oil, down from 3.63 mmbbl in the previous week. With the price of crude oil rising higher, the has gained 43% through the first five months of 2021. OPEC dominates the global oil market while the U.S. rig count failed to respond to higher prices. The Finnish port of Porvoo imported two cargoes of crude oil, one from Russia and one from Norway after skipping imports in May.
“It will take a long time for U.S. oil to come back” to production levels seen before the coronavirus outbreak, he said.

United States

Meanwhile, US inflation readings will also be closely monitored by traders for clues about rising price levels and their ramifications for Fed monetary policy. less Follow Futures on the Dow, S&P, NASDAQ and Russell 2000 as well as US Treasuries declined in pre-US open trading on Monday on continued inflation concerns. She also added that a “slightly higher” interest rate environment would be a “plus” for the US, reigniting fears about tapering Fed stimulus.
Futures on the Dow, S&P, NASDAQ and Russell 2000 as well as US Treasuries declined in pre-US open trading on Monday on continued inflation concerns. Nasdaq Futures are trading down by 30 points (down 0.2%) while Dow Futures are trading down by 33 points (down 0.1%). Yellen said that higher interest rates would be a ‘plus’ for the Fed. US stock futures are trading lower today, indicating a negative opening for Wall Street. The market mood is mixed following the US NFP miss on Friday and after China exports surged but also missed expectations.
Image Source: Pixabay In May, the non-farm payroll sector of the US economy added 559k new jobs, vs. the median consensus that called for 650k. Furthermore, the probability of the US economy re-entering recession territory as soon as the first half of 2022 is now extremely low.


As part of President Xi Jinping s drive to eliminate China s net emissions by 2060, the nation plans to start cutting coal consumption from 2026.


Since the UK left the EU, relations have deteriorated between the two sides with both accusing the other of acting in bad faith over the Northern Ireland protocol. Most seem to expect the ECB to affirm its current pace of bond buying at this week’s meeting. U.K. Prime Minister Boris Johnson risks his first parliamentary defeat with a backbench rebellion over a planned cut to overseas aid. 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.
GBP/USD trades lower on Monday, failing to extend Friday’s gains as COVID and Brexit concerns return (FXB,UUP). Underpinning the ECB s decision on Thursday will be new economic forecasts, which are likely to emphasize the volatility of incoming data. GBP/USD trades under pressure amid rising COVID cases & Brexit concerns. Main focus: Europe, Eurozone, Germany and ECB.