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

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Agriculture

Say Bye to Your Local Cafe in America s Shakeup Coffee chains expand grip as independent cafes struggle with pandemic. (h/t Just The News, Redstate’s ‘Shipwreckedcrew’ and Ben Tallmadge) Barring the spot market, sugar prices at the Naka and mill level continued on a steady trend on Friday. In the overnight electronic session, the December corn is currently trading at 390 ¾ which is 3 ¾ cents higher. Now, sit down, grad a cup of coffee, and read about the dividend increases expected in October 2020.
Volumes in energy products, coffee, and equities were higher on a year-on-year basis. On the Corn front, we sold off after the position of strength ahead of today’s reports.

Currencies

As reflected in rising equities and rising commodity prices, robust risk appetites, especially oil’s 10%+ gains this week, have underpinned the Canadian dollar. Gold jumped, as the dollar weakened and renewed negotiations for U.S. stimulus prompted investors to buy bullion as a hedge against inflation. Gold jumped, as the U.S. dollar weakened and renewed negotiations for U.S. stimulus prompted investors to buy bullion as a hedge against inflation. gained about boosted by the weakened dollar against the majors in today’s European trading session.
The White House’s new approach comes is boosting stocks and weighing on the dollar, helping the common currency. With today’s losses to CAD1.3160, the US dollar has retracement (61.8%) of the gains since September 1. The dollar is on its back foot, falling against nearly all the world’s currencies today. That was the biggest one-day change in the CNY since July 2005, when China broke the yuan-peg to the dollar and revalued its currency.
The USD/ZAR ratio is actually looking tired from a long-term and short-term view, and this is consistent with the outlook for the US Dollar index. The more-loosely regulated offshore renminbi, which traded throughout the holiday, climbed 0.8% to 6.6818 against the dollar.

Metals

… more Hubert is an independent gold and silver analyst who specializes in fractal analysis and the fundamentals of gold and silver . For such investors the issue price of Gold Bond will be ₹5,001 per gram of gold, the release added. In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system. Distribution meaning it is speculated that most of Silver is to be found much closer to the ground versus Gold being found much deeper.
This lets us assume that after thousands of years extracting the precious metals, much more Silver than Gold has been brought out of the earth. The GoldSwitzerland Division was created to facilitate the buying and storage of physical gold and silver for private investors, companies, trusts and pension funds. Even though assuming statistics being accurate that there is about 17 times more Silver in the earth’s crust versus Gold, its distribution might skew this ratio.
So, whatever your short-term view on gold and silver is, make sure that view is aligned with correlating markets, like equities. The list goes on but suffice to say, investors looking for dividend growth may do well to look at some of these gold stocks as viable income stocks. In fact, gold and silver have been trending positively with equities for a while now and that relationship seems to have become stronger since markets bottomed out in March.

Oil

A strike by oil workers in Norway could cut output from western Europe’s biggest oil and gas producer by almost a quarter by Oct 14. According to the Norwegian Oil and Gas Association, six offshore oil and gas fields were shut on Oct 5. Oil prices are also getting support because Saudi Arabia and Russia may be having second thoughts about raising oil output again next year. HVO can be produced from any vegetable oil, animal fat or used cooking oil but crucially it can be fully substituted for petroleum products such as kerosene or diesel.
The pandemic is likely to subside next year thanks to a vaccine and thus the global demand for oil products is likely to recover.
The hurricane Delta has forced to shut down nearly 1.5 million barrels per day (bpd) of oil output in the Gulf of Mexico. This came on the back of an increasing market focus on renewables, while the market continued to punish oil & gas at the same time. My focus is in the financial markets, cyber-security, hacking, agriculture, natural gas, crude oil, geopolitics and alternative investments. The biggest outage would be at Equinor’s Johan Sverdrup oilfield, the North Sea’s largest oilfield with an output capacity of up to 470,000 barrels of oil per day.
This has reduced output capacity by 8% or around 330,000 barrels of oil equivalent per day (boepd).

United States

Investors have welcomed renewed efforts by Congressional leaders and Trump administration officials to bridge differences this week over a fresh round of economic stimulus. This week, Jerome Powell, the Fed Chair, called on the Federal Government during congressional testimony, to step up and take more responsibility in providing stimulus to the lagging economy. During the Vice Presidential debate on Wednesday night, Senator Kamala Harris said she wouldn’t take a COVID-19 vaccine if it had been endorsed by Donald Trump.
Advanced Micro Devices (NASDAQ:AMD) is in advanced talks to buy rival chip maker Xilinx (NASDAQ:XLNX) in a deal that could be valued at more than $30B, WSJ reports. A deal for Xilinx would raise AMD to a more even competitive footing with Intel (NASDAQ:INTC) and give it a bigger position in the growing telecom and defense markets. Also see AOC “New Green Deal” Stunningly Absurd: Far More Ridiculous Than Expected Former Fed Chair Ben Bernanke chimes in today with more of his typical silliness.
In any case, the Fed is on record to buy and buy Treasury securities and to keep short-term interest around current levels for two, maybe three years. Nasdaq Futures are trading up by 33 points (up 0.3%), while Dow Futures are trading up by 109 points (up 0.4%). President Donald Trump has changed his mind and now wants to negotiate a stimulus deal with Democrats. Four years ago, he was convinced by the polling data that Trump would lose.

China

Beijing SuperMap Software Company Limited 300036 SZ US$1,442m Beijing SuperMap Software Company Limited engages in the research and development of geographic information system (GIS) software. Shanghai led the Asia Pacific bourses higher with a 1.7% gain, and the onshore yuan rose 1.1%, a bit more than expected after a favorable fix by the PBOC. There appears to be a regime change under which, as we have suggested, Beijing sees it in its interest to accept an appreciating currency.
The firm doesn’t think the current tensions between Washington and Beijing will prevent U.S. operators from staying in Macau.

Europe

The drug candidate is already approved in the European Union for patients with HR+ breast cancer who initiated treatment within one year of completing an adjuvant trastuzumab-containing regimen. Additionally, the company mentioned that its preparations for the Brexit transition period ending at the end of 2020 include stockpiling and extra warehousing. The EU has still not kicked the habits of the Juncker investment plan: a castle in the air combining hype and leveraged aspirations.
In addition to the U.S. food program and a dairy bailout, the European Union and Australia also earmarked funds for the industry.
Sterling will hope that a Brexit deal does not hit any further hurdles if it wants to break through the 1.30 handle. In a separate matter, Qualcomm is currently being investigated by an EU antitrust probe for its 5G chipset business. The EU is clearly overselling the green deal. He writes that the EU has picked all the low-hanging fruit, but has De-carbonisation will be very expensive.

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