Close: London Session | Forex, Metals, Oil, Agriculture June 15, 2021

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Agriculture

Image Source: Unsplash On the Corn front, there are many pontificators throwing opinions on the U.S. crop that threw the market into a frenzy of selling activity. less A discussion about the recent Brazil drought and higher crude prices, which have helped sugar prices. In the overnight electronic session, the July corn is currently trading at 658 ¾ which is a ½ of a cent lower. From copper to corn, markets show peak inflation fear has passed. With the weather for corn challenging to say the least in the Plains, it also challenges the industry.
We will soon see how correct they are as hot and dry weather continues and moves to the Midwest. Corn and wheat are trading lower.

Currencies

The biggest gains against the US dollar are seen in the kiwi dollar and the euro. For insightful, up-to-date coverage get the Refinitiv EURO 2020 app, which provides you with coverage of the tournament by Reuters, match analysis and previews, live scores and video content. If the Fed has a more dovish point, it could provide some weakness for the dollar and support stocks. In case of a move below 90.35, the dollar will come under pressure across the board.
The dollar edged higher. The U.S. dollar edged higher. The US dollar is narrowly mixed against the majors. The dollar-bloc is nursing small losses, while most European currencies are posting small gains in quiet turnover. less The EURUSD pair rose 0.09% to 1.2119 on Monday, June 14, correcting higher after Friday’s pullback. The euro strengthened in sync with a rise in US bond yields.

Metals

More Bombay HC refuses to stay mandatory gold jewellery hallmarking Hallmarking of gold jewellery has been brought in to protect consumers’ interest. In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system. less Investing.com Follow For almost as long as the terms precious metals and safe-haven have been around, gold has ruled the roost for both, with silver playing second fiddle.
For almost as long as the terms precious metals and safe-haven have been around, gold has ruled the roost for both, with silver playing second fiddle. Indian shoppers will get the assurance of their gold jewellery purchases’ marked purity and credibility as these norms become mandatory. With the norms slated to come into effect from Wednesday, jewellers will sell gold jewellery of only 14, 18 and 22 carats. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
The real deal is where silver is trading today versus gold. The GoldSwitzerland Division was created to facilitate the buying and storage of physical gold and silver for private investors, companies, trusts and pension funds. Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools.

Oil

As oil prices reached the highest level since October 2018, The Energy Information Administration (EIA) reported that US shale oil production increased by 38,000 barrels a day in July. It produces oil and natural gas at a 60/40 ratio, and it is one of the most integrated oil majors, with significant contribution from its refining and chemicals segments. less Image: Bigstock Energy companies have come a long way since last year when the coronavirus pandemic had hit global oil demand massively.
So what can an oil company do to reduce the demand for oil? Enbridge Wins Minnesota Court Ruling on Oil Pipeline Permit A key permit for Enbridge Inc. s Line 3 oil pipeline was upheld by the Minnesota Court of Appeals. Oil companies that get into EV charging early could end up enjoying a larger share of the market than they did serving fuel to ICE cars. But this time might be different, with a growing number of people convinced that peak oil demand may be in sight.The business environment also is conducive for cutting emissions.
Increasing pressure on major oil companies has forced many to make promises to reduce the extraction of their main fossil fuel.
That puts US shale oil production back to 7.8 million barrels a day which is the highest we have seen since last November. Oil prices rose, amid optimism that demand will recover rapidly in the second half of this year.

United States

Currently futures are trading near yesterday’s closes, S&P futures are up 5 points, Dow futures are up 11 points and Nasdaq 100 futures are up 17 points. The Fed may also raise its inflation outlook for this year, but keep it stable for next year and the year after. Nasdaq Futures are trading up by 22 points (up 0.2%) while Dow Futures are trading up by 84 points (up 0.3%). Starting with New York Harbor (NYH) ULSD, we see front month ULSD as a differential (diff) to front month NYMEX ULSD at -0.36/cents per gallon (cpg).
The S&P 500 closed at 4,255, up nearly 8 points, the Dow closed at 34,394, down 85 points and the Nasdaq Composite closed at 14,174, up nearly 105 points. less The new record high in the S&P 500 and the NASDAQ’s sixth gain in seven sessions may have helped lift Asia Pacific markets today. In an effort to stimulate bank lending and thus the economy, the Fed launched amassive QE program that lowered interest rates and crammed money into banks.
less Investing.com Follow US futures on the Dow, S&P, NASDAQ and Russell 2000 were little changed in trading ahead of the US open on Tuesday. Such a reaction may have been due to expectations surrounding the upcoming FOMC rate decision and press conference by Fed Chair Jerome Powell, scheduled for June 16. US stock futures are trading higher today, indicating a positive opening for Wall Street.

China

Very illSpeaking of trade and China, the world s second-largest economy hit back at President Joe Biden s efforts to build a coalition to counter Beijing.

Europe

Southern California Edison What to Watch The EU is set to lift travel restrictions for U.S. residents as soon as this week. EU set to lift travel curbs for U.S. residents this week. The EU was set Tuesday to begin issuing bonds to fund its fiscal spending plans to support member states to recover from the pandemic. On Tuesday, the U.S. and the European Union agreed on a temporary end to the 17-year-old spat involving government subsidies given to plane makers Boeing and Airbus .
According to Norwegian health authorities, Pfizer now favors other markets than the EU but rejects that Pfizer has breached any agreements.

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