Close: London Session | Forex, Metals, Oil, Agriculture September 21, 2020



Amidst increased arrival of new soyabean with high moisture content, soybean plant rates were quoted higher at ₹4,000 on weak availability of best quality soyabean seeds with plants. The cash market is moving slow in corn with farmers reluctant to sell hoping to see higher prices. In the overnight electronic session, the December corn is currently trading at 376 ¾ which is 1 ¾ of a cent lower. Ideas are that most of the Cotton crops in the region escaped any major damage that the storm could have brought.
On the Corn front, the grains rallied moving into the weekend. Soybean mandi rates were ₹3,800-3,900 a quintal. Sugar prices extended a steady trend on Monday. The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,280 – 3,352 and M-grade 3,372 – 3,502. They are Soybeans (19.62%), Sugar #11 (15.01%), Corn (14.69%) and Live Cattle (7.80%).


The company has substantial storage facilities (10 million barrels worth ~$60 million / year due to the demand for storage versus the billion dollar market capitalization). Net Dollar Retention Rate, which includes churn and upsell, dipped to 92% in the 2nd quarter from a 99% rate last year. Also adding to the dollar’s momentum, Atlanta Fed R.Kaplan (voter, hawkish) hinted at the idea of higher rates once the unemployment rate reaches lower levels. After accounting for $72 million interest expense, net earnings came in at $79 million or less than half a dollar per share.
Theoretically, this should help to maintain the appetite for non-interest-bearing commodities, like gold and silver.Crucially for silver and other buck-denominated metals, the US dollar seems to have resumed lower. In early trading on Monday, the prices of gold (GLD) pushed lower as the dollar rebounded (UUP). In currency markets, the dollar fell against the Japanese yen on safe-haven bets.
In currency markets, the U.S. dollar fell against the Japanese yen on safe-haven bets. If D&A is excluded, I peg normalized funds from operations are around $165 million, just over a dollar per share, for an earnings yield just over 6%. The yellow metal draws bids from broad-based US dollar weakness and the downbeat market mood.


Also, the U.S. Commodities Futures Trading Commission reported that gold speculators increased their long positions in COMEX gold to 165,251 contracts for the week that ended on September 15. Wheaton has streaming deals with 17 mining companies including Vale, Glencore, and Barrick Gold, which supply metals including gold, silver and cobalt. Therefore, more gold investors may consider platinum as a proxy for gold, as the correlation mentioned at the start of the article would suggest.
The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. Meanwhile, as mentioned, some commodity prices have resumed higher this week, suggesting that gold and silver could follow suit. Despite higher global rates, domestic gold and silver prices edged lower today. Investors seek safety in gold, as they fear the fresh measures to contain the virus resurgence could temper the nascent global economic recovery.
less Whenever we think of commodities, the first thing that comes to mind is gold and, sometimes, silver. less Having closed the week just above the critical $1950 barrier on Friday, Gold (XAU/USD) buyers remain motivated in Monday’s trading so far. This year he has dumped stocks, airlines and other US stocks in favor of buying stakes in Japanese trading houses, and Barrick Gold.


Enable Midstream has crude oil gathering and transport assets, and transports and processes the associated natural gas and NGLs as a result of oil production. It’s to make landfall along Texas’ central or upper Gulf Coast late Monday night.” There also is the return of Libyan oil weighing on crude oil prices. Notice that not everyone in the oil sector agrees, and few others believe that “oil demand is poised for 10 years of growth before a steady decline.” Most oil supermajors think that the oil demand will crest sooner than expected.
US oil production, and thus associated gas and NGLs production, could continue to fall until the economy bounces back more strongly from the COVID-19-induced demand destruction.
less Since September, the crude oil futures market made a comeback and was trading at over $41 per barrel at the end of last week. However, since then, oil prices recovered to a more reasonable level within a range of per barrel after OPEC+ decided to cut production by 9.7 million barrels per day. Saudi’s oil minister went on to threaten that “those who gamble on the oil price will be hurt like hell”.
The agency expects natural gas demand growth to continue to outpace either oil or coal. Natural gas itself is likely to deliver much stronger growth than oil, so it is nice to see that the company recognizes this and is responding appropriately.

United States

According to terms revealed yesterday, Oracle and Wal-Mart would own a 20% stake in the new company, which is expected to create 25,000 new US jobs, according to Trump. less Last week equity markets failed again to excite as investors recovered from the tech sell-off the week before that hindered the Nasdaq. Trump said the business agreed to donate $5 billion to an educational fund, but ByteDance said it first heard about the education fund payment from news reports.
H&R Block’s stable cash flows and 7.5% yield, coupled with the Fed’s promise to keep interest rates near 0% through 2023, should have driven shares higher than last year. This implies that the US economic confidence index could start to dramatically weaken in the coming weeks, which could also be a risk of equities in the near term. The company will pay $7.1 billion in cash and stock to buy cancer test startup Grail, the Wall Street Journal reported, citing people familiar with the matter.
Cyber security company Proofpoint (Nasdaq: PFPT) that specializes in email security recently reported its second quarter results that surpassed market expectations. On Saturday, Trump said he supported a deal in principle that would allow TikTok to continue to operate in the United States. The market slipped again last week, closing at 3319; whilst the tech-heavy Nasdaq index is now down 12% from its peak. For example, consider this trading approach: Using this strategy on the Nasdaq 100 (NASDAQ:QQQ) over the past 20 years, for example, would have been very successful.


The Beijing-based firm said TikTok Global’s board of directors will include ByteDance founder Zhang Yiming as well as Walmart’s chief executive Doug McMillon and current directors of ByteDance. Radical activists say staying on would legitimize Beijing s decision, while moderates fear surrendering their biggest platform. Beijing has also engaged in “scenario-based” exercises that seemed to have mock attacks on Taiwan.


As well as taking stock of the Covid-19 pandemic, the agenda includes a discussion of the single market, industrial policy and digital transformation, along with the EU’s external relations. EU antitrust regulators will decide by Oct. 26 whether to clear French luxury goods giant LVMH’s $16 billion acquisition of U.S. jeweler Tiffany, according to a European Commission filing. The EU executive can either clear the deal with or without concessions or it can open a four-month long investigation if it has serious concerns.
The slight mitigation factor to a no-deal Brexit could be a likely further depreciation of the GBP which will make UK exports competitive around the world. Brexit may get a small mention as relationships between the EU and the U.K. are just about hanging by enough of a thread enough to merit it. The dominant talking point for companies in the UK will be the impact of a potential no-deal Brexit with c.40% of the country’s exports coming from the UK.
More chances exist of movements in the Pound or the Yen amid the vol around the EU-UK trade talks and stocks.
What seems evident is that a large chunk of the ECB stimulus is being saved up by the Europeans as a safety-net, rather than being spent. His feature articles have been published on:,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. Play Bloomberg s Brexit Trade Game.