Daily Close | Forex, Metals, Oil, Agriculture March 02, 2021



The weekly export sales report on Thursday showed solid demand for US Cotton and the demand has been strong even with the Coronavirus around and getting worse. The US stock market has been generally firm to help support ideas of a better economy here and potentially increased demand for Cotton products. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. Trends in Cotton are down with objectives of 8510 May.


Sponsored Offers The disappointing price action in gold (against the dollar) is mainly related to the perceived rise in real interest rates. The overall weaker US Dollar has helped demand ideas as well although the Dollar has started to firm recently. More intervention is expected in the coming months.In February the Danish central bank sold DKK 0.4bn in the currency market to counter strengthening of the krone against the euro. The BOC meets for the second time this year next week, and in the interim period, the Canadian Dollar has been mostly rangebound.


If money managers used “common man” inflation gauges, they would now be buying gold maniacally rather than selling it somewhat aggressively. While most of the ETFs shown are in overbought territory or at least still above their 50-DMAs, the gold and precious metals ETFs are all at ‘extreme’ oversold levels. The gold ETFs, meanwhile, are all down close to 10% while the Precious Metals ETF (DBP) has dropped almost 8% and the Silver Trust (SLV) is barely up (0.12%).
Market rallies in gold rarely begin before most analysts and investors are 100% sure the price is going lower. less Investing.com Follow Recently we discussed the (NYSE:DBB), a futures-based commodity fund, focusing on aluminum, copper and zinc. Recently we discussed the (NYSE:DBB), a futures-based commodity fund, focusing on aluminum, copper and zinc. It is cheaper than copper and weight for weight is almost twice as good a conductor. Aluminium is a good electrical conductor and is often used in electrical transmission lines.
What happened to all the gold bugs? For instance, those readers who have flown (NYSE:BA) 747 might be interested to know that “147,000 pounds (66,150 kg) of high-strength aluminium is used in its construction.”


Vessel Movements US DIESEL EXPORTS: Last week saw 733,828 bpd depart, with at least 393,410 bpd headed to Latin America. US JET FUEL IMPORTS: Jet fuel imports last week reached 94,884 bpd aboard 3 vessel(s). US DIESEL IMPORTS: Last week there were 375,319 bpd aboard 10 vessel(s). Vessel Movements BRAZIL DIESEL IMPORTS: last week there were 214,576 bpd imported into Brazil. This week will see 86,294 bpd of imports on 2 vessel(s): ELANDRA SEA (9635779) and BRITISH CADET (9724714).
This week 127,518 bpd is set to depart on 5 vessel(s): CELSIUS MUMBAI (9304332), PUMA (9420758), HAKATA PRINCESS (9788564), NISEKO GALAXY (9804930), and NAVIG8 GRACE (9833656). Recent memory recalls the 2018 Brazil truck driver s strike, which paralyzed the nation for over a week leading to shortages in food, medicine, oil, and other goods.

United States

In the US, stocks rose again to start the week as the bond market calmed down as investors asked themselves whether the bond selloff last week was overdone. Market forces overwhelmed those assurances last week and there is a risk of a credibility gap widening as Fed officials keep protesting. The permanent ban on Trump tweets, the platform’s most followed personality, triggered predictions of massive losses in users among the 74 million Americans who voted for him.
Richmond Fed President Thomas Barkin picked up Powell’s refrain on Monday, saying the rise in yields reflects an improved economic outlook and anything else would be a disappointment. Wall Street is fickle, and yesterday’s huge rally in the Dow Jones, the best showing since June, was followed by another day of mostly red in markets. It’s unfortunate that the US government and the Fed use indexes of inflation that the average citizen can’t relate to at all. Finally, of the 292,023 bpd import volume, the US is responsible for 196,874 bpd.
In historic terms, the Fed policymakers could be right. During that period, Facebook (NASDAQ:FB) shares have increased 35%. In the US, JJU is currently the only exchange-traded product (ETP) tracking aluminum futures. Of the total 214,576 bpd imported, all emanated from the US. 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.
An appearance by Federal Reserve Chairman Jerome Powell on Thursday will be closely watched for clues about Fed intentions. Meanwhile, dropping lower on the Nasdaq is .


Yields on Germany’s benchmark 10-year bond fell to minus 0.35% on Monday after hitting nearly minus 0.2% on Thursday, marking a recovery of EU government bond prices.