Close: London Session | Forex, Metals, Oil, Agriculture November 05, 2020



The current MSP of sugar stands at ₹3,100 per quintal but sugar mills are selling sugar at a lower price. This year, it is priced at ₹2,650-2,750 per quintal.“Sugar mills can easily afford to export sugar at the current international market rate. High cane prices make Indian sugar uncompetitive, and always dependent on government subsidies on exports. “If India is a structural surplus sugar producer, it needs to export regularly. Brazil, Australia and Guatemala have complained against Indian sugar and sugarcane policies in WTO.
U.S. soybean exports to China soar in October, but may slow in November.


The US dollar is pinned near its recent lows against the Canadian dollar near CAD.1.3100. The dollar’s losses deepened as traders braced for the outcome of the Federal Reserve’s policy meeting that might hint at more stimulus, while gold prices were up. “U.S. interest rates should be expected to rise to attract investors, but rates can’t rise much, so the alternative is to have the dollar lower. The US dollar is consolidating in the lower end of yesterday’s range against the yen and is in a narrow JPY104.20-JPY104.55 range today.
That could put a bid into the US dollar, in which case it is likely that we will see silver markets pay the price. That is the only thing that people are paying attention to: whether or not we get enough stimulus to crush the US dollar. After all, running a true savings/investment-based economy featuring Larry Kudlow’s mythical “King Dollar” would crash the S&P 500, for one. In the US, a win for Joe Biden will weaken dollar and help metals through a large stimulus package.
The PBOC set the dollar’s reference rate at CNY6.6895, slightly higher than the market anticipated. Gold, silver, and cryptocurrencies will feast on US Dollar weakness like hungry lions on weak prey.


Also Barrick Gold’s (GOLD) Pueblo Viejo mine (Royal Gold owns a 7.5% gold stream and 75% silver stream) experienced some very positive developments. Source: Bloomberg Gold is spiking… Hubert is an independent gold and silver analyst who specializes in fractal analysis and the fundamentals of gold and silver . The gold price and also the broader stock market development will be important in the coming days to set the direction of Royal Gold’s share price.
Royal Gold’s inventories increased from 18,900 toz gold to 25,900 toz gold. Alamos Gold sold ounces of gold at an average realized price of per ounce this quarter. Source: Own processing, using data of Royal Gold The growth in gold equivalent sales and realized metals prices helped to also push higher the revenues. The gold equivalent sales partially recovered from the Q4 decline, which, together with stronger gold, silver, and copper prices, helped to give a nice boost to the revenues. However, as the gold price started consolidating, Royal Gold’s share price started to decline back to the $115-125 range.
Because of the gold price reaching a record and production back to normal this quarter, Alamos Gold is turning into a cash cow. … more Hubert is an independent gold and silver analyst who specializes in fractal analysis and the fundamentals of gold and silver .


The company connects major U.S. natural gas resource play and key demand centers, with 40% of U.S. natural gas consumption & exports moving through the company. At 484.4 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year. The oil and gas producer reported a lower-than-expected quarterly profit on Wednesday, as the COVID-19 pandemic muted fuel demand and hit crude prices. The company’s total net production fell to 370,000 barrels of oil equivalent per day, from 426,000 boepd a year earlier.
Apache forecast fourth-quarter production would fall 10% to 355,000 barrels of oil and gas per day, from 394,000 in the quarter ended Sept. 30.
The Canadian oil and gas producer said on Wednesday it has acquired Jupiter Resources in an all-stock deal valued at approximately C$626 million, inclusive of debt. Its quarterly refinery throughput, or the amount of crude processed, fell 17% to 421,100 barrels per day (bpd) from last year, but improved 11.5% from second quarter. U.S. commercial crude oil inventories plunged by 8.0 million barrels from the previous week.
The company’s businesses are heavily centered in NG and NGL, essential energy that are much more important than crude oil and much more reliable. The oil producer reported a smaller third-quarter loss on Wednesday that beat analysts’ estimates, and said capital spending this year would be at the low end of its plan.

United States

For Trump to win, he would need to pick up all of the remaining swing seats: Georgia (16 EC votes), PAY (20 EC votes), NC (15 EC votes). Vice President Biden had between 253 and 264 of 270 electoral votes need to win the US election and was making strong gains in Georgia and Pennsylvania. less Stock markets globally gained yesterday as Democratic nominee Joe Biden neared victory in the US presidential election. An anchor for One America News Network, a pro-Trump cable outlet, began a YouTube clip posted Wednesday morning saying: President Trump won four more years in office last night.
Twitter hid or labeled six separate tweets from the president starting early Wednesday morning.In the first instance, Trump claimed Democrats were trying to steal the election. Trump won Maine’s Second Congressional District and Biden won the first, plus the state’s two at-large electoral votes. Still, Trump Campaign manager Bill Stepien said the president would cite “irregularities” in several counties while requesting a recount in Wisconsin.
However, Trump has requested recounts in several states and threatens legal action yet the US stock market surged. That’s why, based on Biogen’s (NASDAQ: BIIB) announcement of likely approval of its new Alzheimer’s drug, the company’s share price increased by 44%, a $16 billion market capitalization increase. For months, The Fed and the market have been demanding, anticipating, and pressuring Congress for moar… moar loans, moar handouts, moar bailouts, and moar promises of moar.


By Tuesday, Xinjiang had recorded 64 cases in the latest outbreak, with 330 people testing positive who have yet to show any symptoms (Source: SCMP).


Virus latest The European Union cut its growth forecast for next year as a second round of pandemic restrictions in the region risk putting a halt to the recovery. Risks to the recovery are skewed to the downside – not that surprising when you consider that a no trade deal Brexit could be happening in lockdown. The EU’s executive arm expects next year’s real GDP in the EU to improve by 4.1% compared with its earlier prediction of 6.1% growth. What you should read Brexit in Lockdown: Worst of Both for U.K. Firms Company readiness is at greater risk because of new virus restrictions.
Additionally, BSX’s upcoming product launches, such as its POLARx single-shot cryoablation catheter, in the high growth electrophysiology space, is set for a full launch in the EU by year-end. As well as COVID-19, Britain faces the risk of a trade shock when its post-Brexit transition with the EU expires on Dec. 31. Britain could face widespread disruption to commerce with the European Union, its largest trading partner, in the difficult winter months.
After weeks of opposing new restrictions, Prime Minister Boris Johnson s U-turn has sparked distress among business leaders.
Meanwhile, two weeks of intensified trade talks with the EU have not resulted in a breakthrough. About half the decline in merchandise imports is accounted for by the ASEAN countries and the other half from the EU.