Daily Close | Forex, Metals, Oil, Agriculture March 01, 2021



However, dollar weakness, against a subdued economic backdrop, might easily complicate this “inverse” relationship. less The British Pound has so far enjoyed a very strong start to the year, even as the country continues to grapple with lockdown-driven economic pressure. Against the US Dollar, the British Pound blew through a key price last week when launching above the 1.4000 psychological level. Therefore, potential investors may want to keep an eye on the US dollar index, too.
But, the pace of vaccine rollout has been encouraging, especially if compared to mainland Europe, and this has helped to drive some optimism through the British Pound.


Derivatives marketplace, CME (NASDAQ:CME) defines base metals as “non-ferrous industrial metals including copper, aluminum, lead, nickel, tin and zinc”Ferrous metals have high iron content. Those investors who would like to have copper exposure without using a commodity futures account might want to keep the fund on their radar screen. less After gold came down hard last week, it might be in for a short pause and corrective upswing. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought.
DBB makes it possible for market participants to invest in commodity futures of aluminum, zinc and copper (in almost equal amounts). We might get a bounce in the gold bugs index, but I think that horizontal line will be the limit. The Invesco Deutsche Bank Commodity Index is up 14% this year, with increases in critical engines of economic growth like oil, copper and steel.
In other words, the returns depend on the price of copper, which is influenced by supply and demand factors. To explain, if gold can bounce off of the $1,670 to $1,700 range, the GDX ETF will likely follow suit. Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. How high can they go if gold rallies from here? 21, Copper May 21 and Copper Jul. For February, the Benchmark Component Futures Contracts were: Copper Mar.
Iron ore, a market where Australia dominates, is important for steel-making.


OPEC+ have previously slowed the pace of their output production when in January they adjusted output increases to match weaker-than-expected demand from continued lockdowns. OPEC+ meet on Thursday and could discuss allowing as much as 1.5 million barrels per day of crude back into the market. “There’s some talk that their strategic reserves are filled up, and so some people are betting against the Chinese continuing to drive oil prices.” The March East-West 380 fuel oil differential gained $0.75 to $11.75/mt, while the April contract gained $0.25 to $13.25/mt.
ING analysts said OPEC+ needs to avoid surprising traders by releasing too much supply. Futures prices were pressured by speculation that OPEC+ will ease production cuts in this week s meeting. WTI has suddenly crashed from a strong overnight open up to $63, down to below $60 this morning.

United States

The March 21 ULSD CIF Med cargoes differential was flat from the previous close at $3.50/mt, while the April 21 differential was flat at $4.25/mt. Asian and Mercosur markets were mixed to form last week but this has not yet affected the US world price that much. The March 21 ULSD CIF NWE cargoes differential was flat from the previous close at $2.25/mt, while the April 21 differential was down $0.50 at $2.75/mt. Tooze assumes the rate increase was caused by the Fed, presumably a contractionary monetary policy by the Fed.
The markets and especially commodities aren‘t buying Fed‘s nonchalant attitude towards inflation.
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. The Covid-19 flare-ups in northern China that prompted new lockdowns now also appear to be mostly under control. Executives who helped Goldman Sachs build its Marcus consumer-banking platform are joining Walmart’s nascent financial-technology venture, The Wall Street Journal reported.
Meanwhile, the S&P 500 logged in a monthly gain of about 3.5% and the tech-heavy Nasdaq Composite Index underperformed with just 1.8% gains. Conversely, falling lower on the Nasdaq today is . The Fed surely doesn’t think so. It too was triggered by the Fed.