Close: London Session | Forex, Metals, Oil, Agriculture November 09, 2020



Downtrend scenario A downtrend will start as soon, as the cotton market drops below support level 67, which will be followed by moving down to support level 57. Uptrend scenario The uptrend may be expected to continue in case the sugar market rises above resistance level 15.10, which will be followed by reaching resistance level 16.50. less Uptrend scenario The uptrend may be expected to continue in case the cotton market rises above resistance level 71.80*, which will be followed by reaching resistance level 75.40.
Todd Becker, chief executive of biofuels maker Green Plains Inc., said a Biden EPA may be more favorable to corn-based fuel additives. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


The “reflation trade” is really just a bet on big fiscal expansion – expansion causes growth and inflation, inflation weakens the dollar, the weakening dollar strengthens stocks. less The new week has begun with robust risk appetites, driving stocks and stocks higher and sending the dollar broadly lower. The dollar weakened more broadly, with the WSJ Dollar Index dropping 0.17% to 87.04, also reaching levels last hit in 2018. less There’s been a whole lot of optimism around the result of the US election, with stocks higher and the US Dollar lower as a consequence.
With the fiscal response uncertain, it also means the Fed will have to do more to bolster the world’s largest economy, which has weakened the dollar in recent days. Globally, gold prices edged higher supported by a weak dollar and hopes of more US stimulus amid optimism about the outlook under a Joe Biden presidency. The dollar was weaker against nearly all the world’s currencies, but the gains against the European complex and the yen have been unwound.
As inflation works its way throughout the system, the dollar in your pocket buys less and less of just about anything given a set amount of supply. While stocks continue higher and the safe-haven dollar is falling, there is room for a “” response. less Major currencies traded higher against the US dollar heading into the weekend.


Investment demand for silver has been the result of retail investors, who tend to prefer silver over gold due to the higher beta of gold. (Source: Company Presentation) Currently, Sabina’s Back River Project is home to 7.18 million ounces of gold resources at an average grade of 6.26 grams per tonne gold. It’s worth noting that while gold recovery rates remained strong at 93%, they did fall 100 basis points year over year due to the lower gold grades processed.
Galiano Gold owns a 45% interest in the Asanko Gold Mine Joint Venture (JV), but all figures are reported on a 100% basis unless otherwise noted. This is due to non-recurring COVID-19 related costs, higher royalties paid due to higher gold (GLD) prices, and design changes to the tailings storage facility. Gold prices in domestic markets moved higher today as the precious metal extended recent gains in the global market. However, Harmony Gold Mining Company (HMY) is also available at a similar price with similar costs and a much more diverse portfolio with multiple assets.
These are incredible grades that are well above the average resource grade of 6.26 grams per tonne gold. Therefore, I would be shocked if gold production came in above ~63,000 ounces for the quarter, the current trailing twelve-month average. This is because the higher gold price is starting to make higher-capex projects more attractive, given their much faster payback.


Oil is up even as Libyan oil production exceeds 1.0 million barrels of oil per day. Image: Author Helmerich & Payne was already struggling with weak levels of earnings before oil prices crashed this year, thanks to the persistent weakness in oil prices. Many oil companies are moving towards renewable energy products and away from oil. J.P. Morgan thinks oil might hit $190 in 2025 during an oil “supercycle”. A – Upstream segment Combining oil and gas production, Exxon Mobil produced this second quarter, down year over year and up slightly sequentially (please see graph history above).
The company designs, fabricates, and runs its drilling rigs and also provides a host of ancillary services to the oil and gas producers.
Oil and gas prices recovered during the third quarter from a steep decline in the second quarter. It forecast oil demand to fall by 8.9 million barrels per day (bpd) in 2020, but rise by over 7 million bpd in 2021. I expect to see some level of increase in drilling activity as several oil producers opt to maintain production and will work on stemming the natural field decline.
Still, Helmerich & Payne shares will likely remain subdued on the back of weak oil prices and low levels of drilling activity.

United States

Wall Street futures pointed to a sharply higher open and world stocks hit a record high after President-elect Joe Biden was declared the winner in a highly contentious election. They will now diversify across market capitalisation with the outcome of the US election getting clear, he said. less Stock markets in the US and around the world soared last week, delivering their best week since April. President Trump and his team is indicating they will challenging some of the ballots counted in swing states so this could lead to some market uncertainty near term.
European trade officials are certain that Trump’s trade disputes will ease when president-elect Joe Biden takes office in 72 days (Jan. 20, 2021). That being said, the oilfield services industry in general and the US fracking market, in particular, is not a great position to be in right now. The Trump administration has stepped up pressure on China in the past two years over trade, technology and global influence.
Low interest rates and Fed stimulus have helped buoy financial markets to the point where equity values may have been divorced from earnings prospects. Provides investment operations outsourcing platforms to mutual fund companies, banking institutions, traditional and non-traditional investment managers worldwide and family offices in the US. The Trump presidency saw a surge in stocks, an all-time low yield in US debt and record levels of employment, rising real wages and strong growth before the pandemic.


Beijing announced new draft regulations for fintech firms, earlier this month, which would force Ant to significantly change its business model. Share By Carol Ryan Close Nov. 9, 2020 7:42 am ET Beijing is using the Covid-19 crisis to encourage China’s globe-trotting consumers to spend more back at home. Beijing has tripled passengers’ duty-free allowance.


While the FTSE may be pressing ahead on positive international drivers, the UK domestic outlook remains cloudy with little progress made on Brexit trade talks. However, the carbon market s focus might shift later in the week to worsening COVID-19 pandemic situation in Europe and ongoing Brexit negotiations. The best way to interpret Brexit and the possible trade deal is to look at the EURGBP exchange rate. Later today, the European Union will impose tariffs on $4 billion worth of Boeing commercial airplanes and other American goods over illegal Boeing aid, reported A.P.
EU governments are considering a coordinated crackdown on Islamist radicalization, according to a draft statement that has been prepared for a meeting Friday of home affairs ministers. Unable to move from the 0.90 level, it simply reacts to every single piece of news related to the Brexit negotiations. The IMB is one of the thorny issues left to resolve in EU-UK talks about future relations alongside fisheries and states.
European Union ministers last month backed a binding 2050 climate neutrality goal.
The United Kingdom, by threatening to break international law in order to get Brexit done, has attracted criticism that alarmed the new U.S. President. However, the ECB is next to move, and if it goes big, the EURGBP should break the 0.90 level decisively.