Close: London Session | Forex, Metals, Oil, Agriculture November 27, 2020



Soybean futures sold for around $11.84 per bushel on the Chicago Board of Trade on Wednesday, rejecting a breakout above $12 per bushel for the fourth consecutive session. India, the second sugar grower after Brazil, was also due to have a large crop this year, said Scoville. Higher oil prices help sugar because one of the crop’s most important commercial by-products is ethanol—the biofuel that’s blended with gasoline, or petroleum. By comparison, CBoT soybean futures were trading around $9.40 per bushel when the U.S.-China Phase 1 trade deal was signed in mid-January.
This may suggest the recent rally in soybean prices could lose momentum to the upside and risk a reversal. He added: “The Indian government has not announced the subsidy for exporters of Sugar so no exports are coming out of India yet. Three trade sources told Reuters that Chinese soybean importers and processors are preparing to cancel deals signed with US firms for December and January shipments.
-Reuters US soybean exports have strongly correlated with the gains seen in futures markets. But for long-only investors in sugar, 2020 has been unlike any experienced in a decade-and-half. Wheat, cooking oil, and soybeans have followed.


The dollar steadied against a basket of major currencies and the euro showed little reaction because currency traders have largely priced in expectations for additional ECB easing next month. less Equities are finishing the week on a firm tone, while the US dollar remains heavy. The Geneva-based Libra Association that will issue and govern Libra plans to launch a single digital coin backed by the dollar, the FT said, citing one of the people. In the currencies, only the euro and sterling rose more than the dollar’s trade weighted index fell.
The dollar is softer against nearly all the majors today, and for the week, only the yen has been unable to rise against the offered greenback. But the fact is that with the exception of the dollar and the other fiat currencies listed in the table all prices have risen. This cannot happen without the dollar and these currencies losing purchasing power. Perhaps, the best indication of Slack’s growth was the 125% net dollar retention rate.
At current share prices just shy of $6, Viomi trades at a dollar-based market cap of just $399.6 million, putting the company firmly in small-cap territory. It did so because economic growth in the Euro area was anemic.


Until the New Britannia gold mine will enter production, I’m afraid Hudbay won’t capture much of the current high precious metals prices. Since then, the Philadelphia Gold and Silver Index has pulled back 19% while Van Eck Junior Gold Miners ETF is down 25%. Fortunately, the large copper mine in Peru has reopened after encountering COVID-19 restrictions earlier this year, and the copper is currently sold at multi-year highs. In commodity markets, oil prices were mixed ahead of an OPEC+ meeting and gold prices fell slightly.
Meanwhile, since the recent positive news about the vaccine, the media has repeatedly called for the end of the bull market for gold. Copper stormed to its highest in 7-1/2 years, while gold prices edged down. Our activist fund can and will short gold and silver stocks at key times indicated by our macro analysis, but such a time is not now. Gold, where the rally has stalled since the US election result and news of virus vaccines, was up marginally at $1,806, some way off its August peak above $2,000.
The setup for our long gold and silver positions in these two funds and in our Crescat Precious Metals fund and SMA is equally exciting today.
A Specie portfolio includes coverage for theft or loss of high-value portable property, including fine art, jewelry, gold bullion, and cash in transit.


MARKETS TODAY OIL: Oil prices were mixed but remained on course for a fourth straight week of gains ahead of an OPEC+ meeting early next week. Trading sources and an oil ministry official with direct knowledge of oil exports operations said the new deadline was Dec. 4 instead of Nov. 27. Among the key movers, the price of oil – which hit an 8 month high this week only to dip on supply concerns. Its non-regulated market-based businesses provide complimentary water and wastewater services for military bases, municipalities, oil and gas exploration and production companies, and other industrial customers.
Investors who are not ready to commit capital into a single oil or energy stock could also consider buying exchange-traded funds (ETFs). The government every year buys about $1 billion in financial contracts, the world’s largest oil hedge program, to protect revenues. It is not expecting either prices or oil production to recover significantly in the coming weeks.
It’s expected that the French sanctions would – all vital to Turkey’s oil and gas exploration initiatives. ET, bond markets will close an hour later, and metals and U.S. crude oil will settle at 12:30 p.m. and 1:30 p.m., respectively. The WTI Oil price went negative on 20 April due to delivery problems on Comex before recovering strongly to rise over 90% on balance from late-March.

United States

I’ve already mentioned his financial portfolio, which should help generate recurring income despite the stock market ups and downs, such as crashes or panic among institutional or individual investors. Trump fielded questions from reporters on Thursday for the first time since his election defeat even. less President Trump took questions from reporters on Thursday evening for the first time since Election Day. Biden is set to present his economic team next week, with former Fed Chair Janet Yellen designated as Treasury Secretary.
Since 23 March, when the Fed told the world it would inflate limitlessly, there were two important categories of actors who immediately understood the inflation message. This is likely due to the already overwhelming amount of support the Fed is providing through other tools and measures. As it is, UPS’s stock has received tremendous favor in 2020, going from ~$ 117 at the beginning of the year to over $170 now.
Legal experts propose that Yellen may be able to roll back Mnuchin’s move and restore these funds under the prior agreement. Many speed bumps have plagued the launch of Facebook’s (NASDAQ:FB) Libra, but the digital currency may soon see the light of day. The article also mentioned that during her tenure as Fed Chair, unemployment in the United States fell the most since World War II.


#1 Mattson in 2012 dropped out of the rankings in 2016 when it was acquired by Beijing’s E-Town Capital and never recovered.


EU competition chief Margrethe Vestager said the Teva case was more complex than others and the Commission had to learn from EU court rulings on the previous decisions. The U.K. s Brexit-fueled divisive influence on the EU is about to end on Dec. 31, with or without a trade deal. Yet, the fact that the ECB and other central banks (e.g., Bank of Japan) continued to ease in the last years did not affect their currencies’ strength. But one unnamed EU diplomat cited in Reuters underscored that “, so there’s no consensus in the Council (of EU governments).
Chancellor Angela Merkel and regional leaders agreed to extend the lockdown through December 20 and easing could have to wait for after Christmas.
But for now it s 25 against two: Poland and Hungary are increasingly isolated, and the EU surely feels emboldened to tough it out. ECB Members Signal Return to Bank Dividends Policy makers getting behind the idea of cautiously removing the ban. EU shipping pollution plan criticized by industry, Asian nations. For full EU coverage, try the Brussels Edition.Like getting the Brexit Bulletin?
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