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



This has resulted in higher yarn production, but prices have increased primarily as cotton prices have gained. This resulted in higher yarn production, but prices have increased, primarily, as cotton prices gained. According to the Cotton Association of India (CAI) and Gujarat Cotton Trade Association, India’s benchmark Shankar-6 cotton is offered for exports at a little below ₹48,000 a candy. With prices dropping a tad during the weekend, cotton prices in New York quoted at 88.48 cents a pound (Rs 51,300 per candy of 356 kg approximately).
With prices dropping a tad during the weekend, cotton prices in New York quoted at 88.48 cents a pound ( ₹51,300 per candy of 356 kg approximately). According to the Trading Economics Website, cotton has gained over 13 per cent since the beginning of 2021, with prices rising nearly 10 per cent in February. According to Trading Economics Website, cotton has gained over 13 per cent since the beginning of 2021, with prices rising nearly 10 per cent in February.
Ratings agency Ind-Ra said that global cotton prices have also increased due to the curbs imposed on Xinjiang region (China) cotton by the US administration. “The percentage of increase in yarn prices is lower than the rise in cotton prices. The rise the has come despite the country carrying over record stocks of cotton from last season (October 2019-September 2020),” said Southern India Mills Association (SIMA) Chairman Ashwin Chandran.


FOREX: The Australian dollar and other riskier currencies rebounded against the U.S. dollar as U.S. Treasuries recovered from last week’s losses. Smaller losses were recorded by the Swiss franc (-1.42%), the Japanese yen (-1.04%), the Canadian dollar (-1.02%), the New Zealand dollar (-0.87%), sterling (-0.54 %) and euro (-0.37%). The dollar was sold across the board during the pandemic and at the start of the new trading year, but that came at an abrupt end last week.
What we can say at the start of the new trading month is that the higher yields led to a higher dollar. Therefore, the dollar’s recent move higher may be just the start of a new trend that goes against the main market’s narrative for the year. The dollar stormed higher last week as investors and/or cut back on its bond-buying scheme. Gold edged higher today, recovering from an eight-month low touched in the previous session, as a weaker dollar lifted bullion’s appeal. Axi’s chief global market strategist Stephen Innes noted that gold climbed up a bit because of the softer dollar and a slight reversal in yield trends.
less All major currencies closed the week lower against the US dollar. Apart from the technical confluence, the euro may find it hard to take advantage of the dollar’s decline.


The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. Gold prices for the latest contract on MCX are trading up by 0.6% at Rs 45,989 per 10 grams. The latest shortage is steel, where many US manufacturers are having difficulty procuring cold-rolled and hot-rolled steel from mills, reported Reuters. Gold prices are trading up 0.6% at Rs 46,010 per 10 grams. Launched in 2015, Sovereign Gold Bonds are government securities denominated in grams of gold.
“Unfilled orders for steel in the last quarter were at the highest level in five years, while inventories were near a 3-1/2-year low,” Reuters said. Gold prices recovered from a more than eight-month low hit in the previous trading session and jumped by 1% on Monday. Spot gold is currently trading at $1,753.17 per ounce as of 0616 GMT. On the technical aspect of trading, Innes said that the psychological price level of $1,700 is very significant for gold.
Spot prices for hot-rolled steel hit $1,176/ton this month, the highest in 13 years.


Saudi seaborne crude exports for last week were seen at 33.1 million bbl (4.7 million bpd) compared to the revised 39.9 million bbl (5.7 million bpd) the week prior. If last year’s value can be toppled, new highs can emerge which will bring WTI Crude Oil into the vicinity of prices not engaged since 2018. less Image Source: Pixabay Oil prices have come into March like a lion as the madness of the Biden administration continues to send prices skyrocketing. On the other side, changes in more people using electricity in their homes or all purposes, rather than using natural gas or oil, could also shift electricity demand higher.
Ahead of the OPEC+ meeting planned to be held this week, the oil prices extended further. If WTI Crude Oil does begin to struggle within its current price mode, the 60.00 USD level should be monitored. Oil prices advanced on demand recovery hopes. Shares of the oil and gas giant spiked Monday pre-market after CNBC’s David Faber reported that Jeff Ubben would be joining the company’s board.
The move came as onshore oil production fell in Texas and North Dakota, the top oil-producing states, outpacing a slight rise in offshore output in the Gulf of Mexico. Especially if the oil price holds its ground – important to watch will be the OPEC+ meeting this week.

United States

Nasdaq Futures are trading up 152 points (up 1.2%) while Dow Futures are trading up by 204 points (up 0.6%) The rupee is trading at 73.26 against the US$. Thus, FX market participants have drawn attention to the fact that the Fed underestimates growth in inflation and could move to tighten monetary policy earlier than expected. Nasdaq Futures are trading up by 183 points (up 1.4%), while Dow Futures are trading up by 323 points (up 1%). Rising prices dent the purchasing power of bonds’ fixed payments and could force the Fed to raise rates sooner than expected.
Since that time, the bond market has been in the position of an abused spouse, suffering endless humiliations at the hands of an inept Fed and Treasury Department. US stock futures are trading firm today indicating a positive opening for Wall Street indices. US stock futures are trading higher today, indicating a positive opening for Wall Street. Ostensibly, this would give it a freer hand to intervene in the foreign exchange market and not be accused of currency manipulation under the US Treasury rules.
On the other hand, with the Fed expected to let the GDP heat up without hiking rates, inflation may return. In the last couple of decades, per capita, demand for electricity has been fairly flat in the US, while per capita demand for energy has actually declined.


Beijing has stepped up requirements for entering the city ahead of the NPC meeting this week.


The national inflation measure accelerated further in February and did little to quieten the discussions around potential ECB reaction to higher yields. We expect the ECB to advance its planned asset purchases and send a clear message of its willingness to act at next week’s meeting. 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. Unless there are any second-round effects on wages in the making, the ECB will turn a blind eye to these developments.
Banks in Europe resisted passing negative rates on to customers when the ECB first introduced them in 2014, fearing backlash. The markets await the ECB report to confirm it stepped up its bond-buying efforts last week. Consequently, the ECB could still be forced into new action. Germany Steps Up Virus Checks at French Border It underscores pandemic s threat to maintaining open borders in the EU.
Higher yields will also push the hand of the European Central Bank (ECB) to do some more. The ECB’s deposit rate, which it charges banks, is minus 0.5%.