Close: London Session | Forex, Metals, Oil, Agriculture March 02, 2021



This is something excellent,” said Verma.“So far, 1.6 mt have been lifted from the sugar mills for onward shipping from ports,” said Vithlani. Exports hold key to the sugar industry’s health in India, particularly when the carryover stocks were a high 11 mt from last season. Sugar shipments, besides infusing liquidity in the industry, will also help mills pay the dues for cane supply to farmers. On top of this, containers are not available to export white sugar,” the ISMA Director-General said.
“Shipping problems continue to affect sugar exports and we see no improvement till now. Otherwise, chances of the market falling are slim,” said Rahil Shaikh, MEIR Commodities Managing Director and Vice-President of All India Sugar Traders Association (AISTA). The problems there are turning trades to India,” Shaikh said.Export prospectsIndia is now exporting sugar, both raw and white, to Indonesia, Dubai and Africa. “Even at the ports, sugar is not a priority for exports.
In Russia, consumers are paying for sugar than a year ago.


In early trading, euro crosses came under pressure from the Australian dollar, the New Zealand dollar, the Canadian dollar and sterling. The dollar rose to its highest level in a month as underlying concerns about rising bond yields drove investors back into safe-haven assets. In this case, , as rich multiples on earnings would seem less attractive, while the dollar would become more appealing with higher Treasury yields. “King Dollar has since edged lower as markets await another speech by Powell – his last public appearance before the Fed’s “blackout period” leading to its rate decision.
When the euro corrected against sterling to 0.8661, the euro stopped weakening against the dollar. The dollar is extended the recovery that began last week. less Turnaround Tuesday – the relief rally on Monday has proven short-lived as the gloom returns to markets, and that is boosting the safe-haven dollar. The dollar rose to its highest level in a month.
The U.S. dollar rose to its highest level in a month. The dollar is also firmer against most emerging market currencies.


Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 45,359 per 10 grams. Both gold and WTI crude oil prices started off the new week on a sour note, falling 0.47% and 2.17% respectively. S&P 500 futures pointed to a lower open, the 10-year Treasury yield was at 1.448%, oil slipped and gold was slightly higher. less The economy seems to be recovering, while bond yields are increasing again, sending gold prices down. This likely pressured anti-fiat gold prices, especially as better-than-expected ISM manufacturing data crossed the wires.
Gold prices gained as U.S. Treasury yields eased. Gold traded below $1710 for the first time since last June before recovering to almost $1735. Sponsored Offers (Video length 01:34:20) Can silver manipulation end, without banks collapsing? Arkadiusz is the author of the monthly Market Overview reports and Gold Monitor News at Sunshine Profits. Gold bulls can be truly upset.


Oil prices slipped on worries over top producers would agree to raise oil supply and slowing demand. Instead, Flynn attributed oil’s losses Monday to concerns that OPEC+ will raise production, as Chinese oil demand is just starting to recover. The warning shook oil prices that were already shaky based on concerns of slowing demand in China, as well as talk about another strain of the coronavirus. Any decline in crude oil will be good news for India whose dependence on imported crude is at an alarmingly high 80 per cent.
less There are unmistakable indications that the relentless rise in crude oil prices — especially seen in February — may be ending at least for the time-being.
Oil demand still has not fully recovered, with jet fuel demand not expected to recover until 2022 or even 2023. Crude oil prices are weakening ahead of this week’s OPEC+ Joint Ministerial Monitoring Committee meeting on March 3rd. This is placing crude oil prices under pressure as the commodity remains at risk ahead of the OPEC+ meeting. Sanctions on the Saudi prince would drive up oil prices, not down, as it would restrict U.S. supply, he said.
less Oil prices are rebounding this morning on the back of a reported , after tumbling yesterday on virus-variant fears and OPEC+ production plan anxiety.

United States

Wall Street futures fell as investors cautiously monitored the bond market as well as progress on the next round of fiscal stimulus. as markets await another speech by Powell – his last public appearance before the Fed’s “blackout period” leading to its rate decision. The world’s most powerful central banker will speak for the last time before the Fed enters its blackout period ahead of its mid-March rate decision. Meanwhile, Richmond Fed President Thomas Barkin expressed his calm about rising bond yields, reinforcing the notion that the central bank remains to be worried about them.
This would be a good time to remind that the 2008 global financial crash followed the US’s housing bubble. Bank of America has also put out a warning about Wall Street bullishness, saying its measure of sentiment is near a level that has historically been bearish for stocks. Some politicians and other party actors surely are trying to flatter Trump because they believe (perhaps correctly, perhaps not) that it will propel them to successful careers.
less The CNBC commentary, from a long-time NYSE trader, is “investors worried Fed has lost control of rates…markets” as rates rise. less Last month, Fed Chair Jerome Powell calculated the unemployment rate at 10%. less (Video length 00:02:19) Target’s (TGT) earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks.


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Other ECB officials have said in recent days that the central bank could boost monetary support to prevent financing conditions from tightening. The ECB has pumped money into the economy through bond purchases for a long time and it hasn’t stoked significant economic growth, she added. ECB Vice-President Luis de Guindos is the latest to say that the Frankfurt-based institution is ready to act if the sell-off hurts financial conditions. The ECB will publish its new staff projections next week.
The flood of cheap money from the ECB over the past 12 months has also suppressed yields on corporate bonds. 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. Few investors expect the ECB to raise interest rates any time soon. Novavax could be authorized for use in the UK and US in May, and the EU ‘close’ to closing a 200m doses deal.
less Denmark and Austria is seeking to curb supply bottlenecks and EU supply-dependency by partnering Israel. Currently, the EU holds no contract with Novavax, but has been reported as being ‘close’ to a deal since late December.