Daily Close | Forex, Metals, Oil, Agriculture February 09, 2021



FAO lowered their estimates of China stocks while expectations are the USDA will not tweak the number, and FAO raised World corn demand 19mmt to 1.778 billion tons. Dry weather is stressing crops in Argentina and rains in Brazil are slowing corn re-plantings as we head into today’s USDA and WASDE numbers. The USDA will provide corn for ethanol use in today’s report. The March corn settled at 563 ¾ which was up 15 ¼ cents in yesterday’s trading session.


Prices stalled slightly despite the dollar reaching a one-week low as US Treasury yields also dipped with investors closely tracking the progress of a proposed $1.9 trillion stimulus plan. less Gold can thank a weaker dollar for its most recent jump, but have the yellow metal’s fundamentals changed or is it simply counter trending? It‘s my view that we‘re on the way to making another dollar top, after which much lower greenback values would follow. Well, gold is getting a slight boost from its friend, the U.S. dollar.
It is the videogame publisher’s second billion-dollar deal in as many months, following its surprise $1.25 billion takeout of U.K.-based racing-game maker Codemasters in December.


For the current month of February, the Benchmark Component Futures Contracts are: Copper Mar 21, Copper May 21 and Copper Jul 21. Gold should be thinking “what will happen when the USD stands up and walks out on me?” Gold moved higher yesterday (Feb. 8), and so did silver and miners. Having been at the financial markets when the Great Recession arrived, she experienced many bull and bear markets – be it in stocks, bonds, gold and silver. less My main metals premise for 2021 is that gold looks good, silver looks better, and platinum looks best.
Gold closed below this line for the second day yesterday and given today’s decline, it seems that it’s going to close below it for the third consecutive day. As a result of increased reliance on copper, many analysts still see a potential long-term increase in price. Infrastructure development in major countries such as China and India and the global trend towards cleaner energy will continue to support copper demand.”
He covers a wide range of markets, including major and minor FX pair, key commodities including oil and gold and stock indices. Those readers who want to invest in copper miners might regard a decline toward $30 or even below as a good entry point. Investing.com Follow In March 2020, the cash price of copper hit a multi-year low of $4,617 per tonne on the LME. In March 2020, the cash price of copper hit a multi-year low of $4,617 per tonne on the LME. At the heart of the electric vehicle, copper is used throughout because of its high electrical conductivity, durability and malleability.
In other words, the returns depend on the price of copper, which is influenced by a supply and demand factors. Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. It’s positive to see gold now rise above resistance at $1830.The next positive event would be a push through the resistance at $1875. $33.04 $9.62 – $34.46 1.23% 0.65% The (NYSE:COPX) provides exposure to a broad range of copper mining companies worldwide.
Metrics from Statista show that global copper consumption is currently at 25 million metric tonnes and steadily increasing. Remember though: the outcome does not change their medium-term trends and the above confirmations signal that the USDX is heading north and gold is heading south. India-based natural resources company (NYSE:VEDL), Canadian diversified mining company (OTC:FQVLF), Arizona-headquartered miner (NYSE:FCX), Anglo-Swiss mining and commodity trading group (OTC:GLNCY) and China-based (OTC:ZIJMF) lead the roster.
Global research firm Wood Mackenzie highlights: “Copper is a cornerstone of the EV revolution.


After EIA’s report for last week’s build of 4.467 million barrels, we expect total gasoline stocks to build by 1.8 million barrels for the week of February 5th. Finally, US crude oil and gasoline stockpiles likely rose last week, while distillate stocks were seen down, an extended Reuters poll showed on Tuesday. However, stocks were drawn by more than 1.6 million barrels in the East Coast drawing more gasoline imports from Canada and Europe as arbitrage opportunity stays open.
Gasoline demand in US continues to remain below 8 MMB/D although RBOB prices have been supported with rallying crude prices. In the overnight electronic session, the March crude oil is currently trading at 5895 which is 8 tics higher. Meanwhile, Marathon Oil and Occidental Petroleum stocks soar leading the energy sector to broad gains. The drop hit the US, Canadian, and South American sales, blamed on COVID-19, oil industry consolidation, and a drop in shale extraction. Prices have been supported by commitments made by OPEC+ members to curtail supply in the face of prolonged economic recovery and reduced fuel demand.
The Gasoline Import Forecast of US West Coast stands at 45,000 bpd aboard Medium tanker loaded at India for the week ending February 5th. For more details visit the page US East & West Coast Gasoline Import Forecast or copy and paste link in EIKON search box: amers1.apps.cp.extranet.thomsonreuters.biz/cms/?navid=942731478 Your comments are always welcome.
The February East-West 380 fuel oil differential gained $0.75 to $16.50/mt, while the March contract gained $0.75 to $16.25/mt. The biggest build in gasoline inventory in the week of Jan 29th was in Gulf Coast.

United States

The most important interest rate for the stock market is the US Fed’s benchmark rate, the federal funds rate. Small caps are often viewed as cyclical stocks, making them an attractive play for many Wall Street strategists as economists predict a strong economic recovery later this year. The February 21 ULSD CIF NWE cargoes differential was flat from the previous close at $3.00/mt, while the March 21 differential was up $0.25 at $3.75/mt. The February 21 ULSD CIF Med cargoes differential was up $0.75 from the previous close at $5.25/mt, while the March 21 differential was up $0.75 at $5.50/mt.
Some on Wall Street are predicting a correction for the markets, as investors begin to take profits on February’s impressive rally. This means that investors are banking on an increase in inflation soon, and also the Fed being forced to raise rates. The US is still the second in the race among large countries to get their population inoculated against covid.
We have to remember that so far the Fed and the Federal Government have already provided $9.7T in different forms of stimulus relief. On the other hand, those countries have not done stimulus spending for consumers on such a massive scale as the US has. Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
The top performing stock on the Nasdaq today is .


The European Union (EU) is progressing with the European Green Deal, while many of U.S. President Joseph Biden’s policies are likely to be aligned with his climate strategy.