Close: London Session | Forex, Metals, Oil, Agriculture October 15, 2020



Downtrend scenario A downtrend will start as soon, as the corn market drops below support level 390, which will be followed by moving down to support level 375 355. less Uptrend scenario An uptrend will start as soon, as the corn market rises above resistance level 399, which will be followed by moving up to resistance level 412. Similarly, groundnut, palm and cotton oils were also quoted higher with demand outstripping availability. Coffee may revisit its September high while cocoa its July low.
Cotton oil (Gujarat) was also quoted higher at ₹ 903.


That move will also weaken the US dollar, which can only help gold to reach new highs. The U.S. dollar rose 0.1% against a basket of rival currencies supported by the lack of progress on the stimulus measures and the rising number of COVID-19 infections. In March, we saw a shift in paradigm with gold going from being a commodity to being a currency, while the US dollar became a commodity. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.34 per cent to 93.69.
There is unprecedented pressure on the dollar coming with more fiscal stimulus set to come out of Washington. FOREX: The Australian dollar dropped to a one-week low after the head of the central bank hinted of a possible rate cut or bond purchases. After falling to 1.1720, the price jumped to 1.1771 amid a rally in the British pound and weakness across the board in the US dollar. As the government keeps printing more money, the value of each dollar decreases, and gold is bound to rise.
A stronger dollar hurt gold prices. A stronger U.S. dollar hurt gold prices.


Henceforth, one could hardly handle gold anymore (except for a few coins) but banknotes, which one could formally exchange for gold if one wished. 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. However, gold prices were also up nicely to $1,708 per ounce versus $1,312 per ounce a year ago. We also talked about gold investing and how small-cap mining stocks are now jumping thanks to higher gold prices.
The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. Last year, India recycled 25 million tonnes of steel which accounted for 28 per cent of 90 mt of crude steel produced last year. The Ministry of Steel envisages that use of scrap in steel production to increase by 35-40 per cent to produce 300 mt of steel in 2030,” said Sharma. The recent high-grade discovery of the Ormaque zone at Lamaque included drill results of 16.3 meters of 25.5 g/t gold and 12.3 meters of 26.8 g/t gold.
(Video length 00:24:55) Gold Stocks, Precious Metals Prices, Stock Market Commentary, Stock Market News, Stock Trading Strategies, Technical Analysis Michael Swanson is the founder and head editor of With a lower silver and gold price compared to several years ago, the only way to survive was to lower costs.


Groundnut oil (Indore) today was quoted at ₹ 1,290-1,320, groundnut oil (Bombay) ₹ 1,300, while groundnut oil (Gujarat) ruled at ₹ 1,260. Oil demand and prices have tumbled this year as a glut of oil hit the market just before the COVID-19 pandemic swept the globe. Canada, the world’s fourth-largest oil producer, pumps out the highest emissions per barrel among major oil nations, according to Rystad Energy. Brent crude futures, the global oil benchmark, fell 1.27 per cent to $42.77 per barrel.
Shut crude oil production is 31% or, 568,505 barrels per day (bpd), as of midday Wednesday, BSEE said.
BEFORE THE BELL Canada s main stock index futures were dragged down by weakness in oil prices over future demand concerns. This stock is likely unsuitable for dividend investors in the near term unless there is an immediate rise in oil prices to $50/bbl. Crude Value Insights offers you an investing service and community focused on oil and natural gas. In addition to asset price appreciation, FPIs have also been active investors in the Oil & Gas sector. Movements to target tobacco producers and companies in Apartheid-era South Africa inspired the 2010 initiative to pressure investors to dump oil and gas stocks over climate change concerns.

United States

Alongside this, with comments from US Treasury Secretary Mnuchin that a stimulus package before the election is unlikely, upside may be hard to come by in the short-term. This was rather surprising since many market commenters were expecting elevated churn rates due to heightened economic uncertainty within the US. The concurrent hour long events start at 8 p.m. New York time with Trump on NBC and Biden on ABC.Campaign 2020There are 19 days until the election.
That’s a new global record, and the first since Sept. 24, when surging cases across Europe, the US, India, Brazil and Russia were driving daily cases higher. Both Apple (AAPL) and Google (GOOG) (NASDAQ:GOOGL) had already dominated the mobile operating system market at the time, and Microsoft found itself late to the game. The US is likely to have the largest deficit among the high-income countries next year as it did this year. Treasury Secretary Steven Mnuchin told CNBC on Thursday that it will be hard to get a deal before next month’s election.
NASDAQ 100 (QQQ) The Qs are indicated lower and based on pre-market indication should also open and likely hold the uptrend before makings its next move higher towards $300. )Here are the biggest calls on Wall Street on Thursday:KeyBanc said in its downgrade of the media streaming company that “positive fundamentals” were already priced in. Even so, buoyed by confidence in the Fed’s reaction, stocks rose to a new high of 3,587 for the E-mini S&P, right after making a low of 2,174.


Washington was quick to emphasize that it was a “routine transit” like others toward the purpose of peaceful ‘freedom of navigation’ operations, while Beijing once again denounced the . More advanced weapons are also under consideration, thus the threats out of Beijing are only expected to grow more fierce. Riling China | China lashed out at Canada after Justin Trudeau said the northern nation would stand up to Beijing s coercive diplomacy. While this is nothing new Chinese President Xi Jinping’s language has grown more threatening in referencing talk of war.
The PBOC injected liquidity into the banking system, more than is rolling off tomorrow.


Yesterday, Chancellor Merkel announced tougher restrictions in light of record daily increases in COVID cases. A lack of warmth is also felt in Brexit negotiations, as EU leaders are set to authorize further talks with the UK – yet without intensifying them. less Today marks the start of the EU Summit, one event designed to get the EU and the UK closer to a Brexit deal. The UK’s chief negotiator will inform Prime Minister Johnson that a trade deal with the EU is still possible.
Despite setting an October 15 deadline for reaching a trade “outline” with the EU, Prime Minister Boris Johnson is not walking away from negotiations. EU leaders are to meet today to seek concessions from the UK on a number of different issues with neither side seemingly wanting to budge at the moment. The monetary rules of the ECB mean it needs the EU to nod at breached debt guidelines to put stimulus in place. In the meantime, the Irish border, common fisheries or where the EUR will clear after Brexit, are still part of this Summit.
Prime Minister Boris Johnson retreated from his aim to abandon the negotiating table, but only after persuasion and without any breakthrough he can write home about.
These decisions come as BoJo mulls the final decision about whether Greater Manchester will be elevated to the “very high” Tier 3 status.