Close: London Session | Forex, Metals, Oil, Agriculture May 21, 2021



The explanation was that beef prices are up as beef food, mostly corn and soy, are up big time in 2021. Meanwhile, heavy rain has primed America s bread basket for a record wheat yield, even as it raises concerns about crop quality.


Image Source: Pixabay The sentiment around gold price remains underpinned by the continued rise in gold exchange-traded funds inflows and a bearish consolidation in the US dollar alongside yields. The downturn in gold, however, remained capped by the persistent weakness in the US dollar and the Treasury yields, as markets overlooked the Fed’s tapering jitters amid risk recovery. The euro area s economic recovery is increasingly being supported by a rebound in services as factories confront a supply squeeze that s pushing up costs.
The dollar is generally softer against the major currencies, with the Australian dollar and Norwegian krone underperforming on the day. The dollar was slighter lower, while gold steadied. The U.S. dollar was slighter lower, while gold steadied. Data showing strong euro zone business growth and corporate results lifted European shares up. At the time of writing, EURUSD was trading at 1.2237 amid mixed performance across major currencies.
The franc, euro, pound and yen are trading in positive territory. Nowadays, of course, there’s unbelievable competition – worldwide – for the consumer’s entertainment dollar.


To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold? Sellers reclaimed ground and pushed gold price lower towards $1870 in the North American session, as the Wall Street stocks recovered from the crypto crash led broader market sell-off. So far this Friday, the risk sentiment remains tepid amid stabilizing crypto markets and renewed covid concerns, which helps gold price to recover towards $1880. On Wednesday, gold miners reversed in a classically bearish way, and yesterday’s low-volume session (also a reversal) looks like Wednesday’s reversal’s shadow.
Note that despite the recent fall, gold is near four-month highs amid rising inflation expectations and concerns over the resurgence of coronavirus cases in many countries. Gold price (XAU/USD) extended its choppy trend into the second straight session on Thursday, although remained within a familiar range below the three-month highs of $1890. Gold and silver acted like a store of value, while the cryptocurrency market showed investors how volatile they could be.
He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market. The extreme volatility in cryptocurrencies this week has also supported gold at lower levels. As well he is publishing his bi-weekly comprehensive for his numerous international readers focusing on Gold, Silver, Mining, commodities and cryptocurrencies.


Overall capacity utilisation during the month was 96.8 per cent.Indian Oil Corporation Ltd raised refinery throughput by over 96 per cent year-on-year to 6 million tonnes. There was depressed demand during the lockdown in April 2020.The amount of crude processed by Indian refiners during April rose 35 per cent year-on-year to 19.9 million tonnes. The production of Oil India Ltd similarly down by 2.2 per cent to 242,000 tonnes. The oil and gas industry has reduced investments over the past five years, as companies prioritized capital discipline and as investors grew more motivated by environmental concerns, he said.
Oil prices rose more than 1% on optimism that vaccination programmes in Europe and the U.S. would allow more people to travel and boost fuel demand. More European barrels have made their way to the region this month, as the lifting of coronavirus restrictions revives gasoline demand. Commodities had a mixed week, with oil losing or gaining about 3% in more than two days this week.
May loadings are now tracking just under 995,000 tons based on vessel tracking and fixtures data, down from April s 1.2 million tons.
Deliveries of NWE gasoline to the US are expected to decrease vis- -vis the previous weeks as the Colonial Pipeline resumes operations fully, thus easing supply concerns. The presumption of an Iran deal caused oil to have its worst week since March.

United States

less Michael Kramer Follow This article was written exclusively for Investing.comThe latest Fed minutes revealed that a taper of QE might be coming sooner than many had expected. However, the financial market participants typically trade in anticipation of policy turns, and this is the first time the Fed has hinted at one such turn. Therefore, many models that analysts use to project where currencies and markets could be going might be in for a shock later this year by the Fed.
The market extended early gains in the first half owing to strong global cues from the US and Asia-Pacific markets. This article was written exclusively for Investing.comThe latest Fed minutes revealed that a taper of QE might be coming sooner than many had expected. This follows the usual logic that the Fed will start to taper first, then look to potentially raise rates, maybe a year later. While the Fed remains assured that inflation is transitory, inflation expectations continue to rise.
less Source: Unsplash UBS analyst Myles Walton upgraded Virgin Galactic to Buy from Neutral with a price target of $36, down from $40. Presumably, the Fed isn’t saying inflation will go back to zero…maybe they mean it will go back to 2% on core? less Extraordinary circumstances require extraordinary measures, so the usual projections for what the Fed will do might not hold up.


When the crisis first erupted the PBoC cut its interest rate corridor by 0.3% and also drove down Chinese interbank rates by around 1.2% through its open market operations. The people said officials of at least two government agencies in Beijing and Shanghai have been instructed verbally by supervisors not to park their Tesla electric cars at work. It can be argued, however, that the plight of the Chinese bond market is a function of the monetary stance of the People’s Bank of China (PBoC).
Beijing’s heightened dominance is spurring the development of battery-grade manganese projects from Botswana to Australia, as it is with other battery metals.


We believe the EU cannabis market played a key role in the decision to merge and will monitor how this aspect of the story advances from here. The U.S. can now draw lessons from other countries, particularly the European Union, which is several years into developing and deploying a wide-ranging sustainable finance agenda. Vaccine, travelThe European Union moved forward with a plan for EU-wide vaccination certificates, after announcing the bloc will reopen for quarantine-free travel from countries deemed safe.
The EU taxonomy became the subject of fierce lobbying from industry and member states a fate that the U.S. could avoid. A few years ago, was considered to be a leading cannabis operator in the EU. The price action could pick up or slow down in the wake of European macro stats and Christine Lagarde’s speech. In March he told the Financial Times that the U.S. was unlikely to adopt this EU system, despite appeals from France. EU Backs Vaccine Certificates, Opening Beaches Negotiators agree on rules to ease travel for those who’ve been vaccinated.
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