Daily Close | Forex, Metals, Oil, Agriculture March 16, 2021



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. The weekly export sales report showed solid Cotton demand.


However, these numbers did not hurt the dollar because January retail sales figures were revised higher and on a seasonally adjusted basis, spending was strong despite winter storms. This is because the loosening of the European monetary policy could weaken both the euro and gold against the U.S. dollar. The passage of the Covid 19 stimulus package by Congress weakened the UDS Dollar and helped promote better demand ideas. Photographer: Nicole Tung/Bloomberg Photographer: Nicole Tung/Bloomberg The audience that Turkey’s central bank most needs to break the dollar’s hold on the economy isn’t tuning in.
The US Dollar has started to firm recently and could be hurting demand. By continuing to do so, he’s basically giving a greenlight or endorsing further gains, which would be positive for the U.S. dollar.


Of the 15 mt tonnes India shipped out, six mt were in semi-finished steel to Beijing.JSW Steel’s Rao said that China will continue to depend on iron ore highly. ‘PMO monitoring steel prices daily’With the economy returning to normal slowly, steel consumption topped 10 mt in December and January. “Paperwork of these mines were affected during Covid-19, when prices too were low,” said Rawat.With the mines resuming operations, domestic iron ore supplies are increasing.
This will take the total capacity to 150 mt soon,” Rao said.While steel companies are adding capacity, they are trying to resume operations of their mines they own. The $150 billion macro hedge fund last year shifted part of its All Weather portfolio from nominal government debt to inflation-linked notes and gold. China has not barred iron ore from Australia despite tensions in trade between both the countries. What does this all mean for gold prices? If it’s about to reverse right now, and the next big move is going to be to the downside, it means that gold practically had to rally beforehand.
less The ECB accelerated its asset purchases, but unless the Fed follows suit, gold may continue its bearish trend. At the moment of writing these words, I see that gold futures formed a small top just about $2 below the previous March high ($1,738). less Gold, silver, and mining stocks moved higher yesterday (Mar. Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools.
Is this strength an indication that a bigger rally in gold is on the horizon? Arkadiusz is the author of the monthly Market Overview reports and Gold Monitor News at Sunshine Profits.


As the independent oil traders, Shell told investors last year it had made significant gains thanks to contango storage plays. Meanwhile, a full global oil demand recovery is not expected this year, according to a survey by energy investors and industry participants by Bloomberg Intelligence. U.S. drillers are pumping again following last month’s freeze and nationwide stockpiles of crude have been expanding, while refineries have been slower to come back. Photographer: Andrey Rudakov/Bloomberg Photographer: Andrey Rudakov/Bloomberg Oil clung to losses as investors assessed the state of the demand recovery in different parts of the world.
Analysts expect another weekly gain in crude stockpiles when an industry group issues their report later on Tuesday ahead of the Energy Information Administration figures on Wednesday. In the United States, crude inventories are rising as refineries are slowly coming back online after the mid-February deep freeze in Texas that halted many operations.
Oil inventories are currently at their highest since December, U.S. government data show.
The April East-West 380 fuel oil differential lost $0.25 to $14.00/mt, while the May contract flat $0.00 to $14.00/mt. This week, West Texas Intermediate’s nearest timespread deepened into its largest contango structure in two months, signaling short-term oversupply. That dynamic has helped the refining margin for gasoline surge to its highest seasonally since 2015.U.S.

United States

The April 21 ULSD CIF Med cargoes differential was flat from the previous close at $3.50/mt, while the May 21 differential was flat at $4.00/mt. The April 21 ULSD CIF NWE cargoes differential was flat from the previous close at $2.00/mt, while the May 21 differential was flat at $3.00/mt. The growth rate and profitability of services has been a key element driving Wall Street to rerate Apple’s stock over the past year. The median forecast called for a 0.2% rise.Excluding the effects of inclement weather, factory production would have fallen about 0.5% in February, the Fed said in a statement.
President Donald Trump took care of that problem by simply no longer keeping track of all the drone attacks. If so, we’ll have an island reversal pattern, and we may well be setting ourselves up for a lower low, perhaps following the Fed announcement. Employees will be given at least 30 days’ notice.Firms across Wall Street have been struggling with how — and when — to get employees back at their desks.
less Apple remains a terribly important stock to watch since it is such a bellwether for the Nasdaq as a whole. Now President Joe Biden has a chance to lift Trump s veil of secrecy and return transparency and accountability to this practice, writes Bloomberg s editorial board. Further, the Fed has pledged to maintain its accommodative stance and will continue to buy $120 billion in Treasury and mortgage-backed securities per month.
The Fed is set to update its economic projections and their outlook for interest rates. For a while there it seemed so simple: Just tell Saudi Arabia to get out, something Trump never wanted to do.


Now they re turning to the Tencent conglomerate, which Tim and Shuli Ren write could suffer if Beijing destroys its ability to behave like a venture capitalist.


Christine Lagarde, the ECB President, was afraid that increasing borrowing costs could hamper the economic recovery, so she decided to talk down the bond yields. Indeed, the growth forecasts for the EU have deteriorated recently amid the persistence of the pandemic and painfully slow rollout of the vaccines. According to the ECB, the real GDP of the bloc is likely to contract again in the first quarter of the year.