Close: London Session | Forex, Metals, Oil, Agriculture March 22, 2021



Coffee robots may or may not be in our future, but for now, gummy bears are a safer bet. The future of American manufacturing may not rely on ultra-flat-screen TVs, robotic coffee baristas or even electric vehicles. Then it announced a plan to produce futuristic coffee kiosks, only for that plan to fall apart, too. Global Business Seen Facing $53 Billion Hit From Deforestation Those sourcing commodities such as cattle, soybeans or rubber stand to lose without action.


The Turkish lira tumbled against the dollar after President Tayyip Erdogan shocked investors by replacing Turkey’s hawkish central bank governor with a critic of high interest rates. The Turkish lira tumbled against the U.S. dollar after President Tayyip Erdogan shocked investors by replacing Turkey’s hawkish central bank governor with a critic of high interest rates. The dollar index (DXY) Wave iv of (c) of iv) expecting the dollar to move higher placing pressure on gold.
Any support from dollar reserves won’t last long: They were being drained by an average of $4 billion a month before the Turkish central bank raised rates last year. The move lower was triggered by fears of a rising dollar fueled by higher yields in the United States, but it also reflects fundamentals on the oil market. In global markets, gold today edged lower amid a strong dollar and hardening US bond yields. Gold prices fell as investors opted for alternative safe-haven assets such as the dollar and Treasury bonds.
Gold prices fell as investors opted for alternative safe-haven assets such as the U.S. dollar and Treasury bonds. He has already said everything about the Central Bank’s monetary policy in his previous speeches, so his remarks are not likely to have a strong impact on the dollar. The strength of the dollar and rising bond yields have been anathema to gold.


This can make the price of gold appear differently, but does this make the price of gold different globally? This is what makes gold an arbitrage-free market, otherwise gold would be bought in other markets to take advantage of the price difference. For example, the gold price in the USA is roughly the same as the gold price in India. Measuring gold in other countries can be very different as well, which changes how each country prices gold bullion. Gold bulls should be aware of how important it is for Gold that this support holds.
Amid weak global cues, gold prices today slipped below the key Rs 45,000 level in Indian markets while silver rates tumbled. On MCX, gold futures dipped 0.1% to Rs 44981 per 10 grams while silver futures slumped 1.4% to Rs 66,562 per kg. Jerome Powell is due to testify with Treasury Secretary Janet Yellen over the response to the pandemic Gold (GLD) trades within its descending channel dating back to early January.
But when you look at the value of gold per ounce in any country, you may notice key differences. From a near-term technical perspective, gold is on the verge of confirming a rising wedge breakdown if the price closes the four-hour candlestick below the $1737 support.


There have been increases in the production of rapeseed/mustard oil and ricebran oil, and some increase in soya oil. MARKETS TODAY OIL: Oil prices resumed their decline, falling on renewed concerns that European coronavirus lockdowns could slow any recovery in demand for fuel products. Domestic productionPegging the domestic production at 8.02 mt for 2020-21 against 7.38 mt, Desai said domestic oil availability is increasing in line with rise in production of mustard oil.
Estimating the import demand of sunflower oil at 1.62 mt for 2020-21 against 2.51 mt in 2019-20, he said sunflower has become $300-500 more expensive than soya oil. Saudi seaborne crude exports for last week were seen at 44.0 million bbl (6.3 million bpd) compared to the revised 41.5 million bbl (5.9 million bpd) the week prior. The industry had not seen mustard refined oil be trading below imported soy refined oil. Most of Ecuador’s oil exports are committed to PTT and China’s PetroChina through 2024 after President Rafael Correa’s government obtained long-term credits backed by oil deliveries.
Aramco currently has around 4 million barrels per day in spare capacity, compared with last year’s 9.2 mbpd average oil output.
less A more hawkish Norges Bank did give support to NOK last week, but that support was short-lived as both oil prices and stock markets fell. The move higher reflects the confidence in the world’s economic recovery and the higher demand for oil as the world fights its way back out of the recessions.

United States

Nasdaq Futures are trading up 75 points (up 0.6%) while Dow Futures are trading down 85 points (down 0.3%) The rupee is trading at 72.38 against the US$. BEFORE THE BELL Futures tracking the S&P 500 and the Nasdaq rose as bond yields eased from 14-month highs, setting up tech-related stocks for further gains. Nasdaq Futures are trading up by 68 points, while Dow Futures are trading down by 89 points. Futures tracking the S&P 500 and the Nasdaq rose as U.S. bond yields eased, setting up tech-related stocks for further gains.
The story of coming weeks and months is the stimulus avalanche hitting while the Fed still merrily ignores the bond market pressures. The situation on the US debt market is stabilizing, as a result of which tension on the FX market is also easing. Futures on the NASDAQ 100 were the only contracts in green ahead of the US open, almost one percent higher, at the time of writing. Contracts for the technology-focused Nasdaq-100 rose 0.4%, suggesting the tech sector will edge higher at the opening bell in New York.
However, these calls have come despite the $1.5 trillion growth in Fed deposits, or reserves, and over $4 trillion in additional Treasury issuance. This news sent shares down sharply over the next two weeks, exacerbated by the broad pullback in Nasdaq and Biotech stocks.


U.S.-China meeting | Governments in Washington and Beijing must figure out what s next after talks clear air. The PBOC is not an independent central bank, and decisions by the MPC require approval by the State Council.


Brussels has threatened to block shipments and UK Prime Minister Boris Johnson will reportedly call leaders on the continent to calm things down. The Market Stability Reserve is set to play an important role as a market balancing tool under a higher climate ambition and a fit for 55 EU ETS framework. This is over fears that the UK could retaliate by blocking shipments of key ingredients to the EU which Pfizer use in the manufacturing process of its jab. Carbon border levy | France pledged to promote EU efforts to put a charge on emissions-intensive imports when it takes over the bloc s rotating presidency next year.
This week, however, Pfizer has warned the EU not to block shipments of the AZ-Oxford jab from entering the EU. That vaccine is at the center of a worsening standoff between the U.K. and the EU over supplies, with the EU threatening to block shipments to Britain. German Chancellor Angela Merkel is considering extending the lockdown in Germany for a fifth month owing to a third wave of covid.
The disclosure affects trillions of dollars in assets for fund companies that actively market funds in the EU. The European Commission announced the third wave of coronavirus, while German Chancellor Angela Merkel proposed to extend the country’s lockdown until April 18. The bloc is far behind the UK and is frustrated that AstraZeneca’s inoculations made on EU territory are exported to Britain.