Daily Close | Forex, Metals, Oil, Agriculture March 24, 2021



Kaveri generates nearly 50 per cent of its revenues from cotton seeds and, therefore, it is likely to be a major beneficiary of cotton price rise. We remain positive on Kaveri, given the success of its non-cotton seeds and market share gains in cotton seeds in Gujarat and Haryana, among other states. This is likely to de-risk Kaveri’s current business model centred around cotton seeds in South India. Higher revenues of cotton seeds is also margin accretive.
Higher cotton prices will boost sowing. We note cotton prices (WPI) have rose to 114 in February 2021 from 92 in October 2020.


He began his professional career at Bear, Stearns & Co. and later co-founded a multi-billion-dollar hedge fund firm headquartered in Santa Monica, California. The pair had since edged slightly higher as volatility in oil prices translated into some weakness in the Canadian Dollar. A tightening of monetary policy should translate into further Canadian Dollar strength in the future, putting downward pressure on EUR/CAD. Gold prices joined the party too, gaining despite a rising dollar and bubbling 10-year Treasury yields.
The Euro strengthened sharply in March of 2020 as risk assets sold off and investors fled to cash and safe-haven currencies. Since this spike, the Euro has mostly headed lower against a number of pairs.


Inflows into gold ETFs have turned to outflows and it is becoming common to question gold’s utility in an overall asset allocation model. First, gold has a very tight relationship with real rates (interest rates adjusted for inflation). However, there is good reason to believe that this trend could soon shift and become a strong tailwind for the gold price again. If so, real rates will fall and gold will likely resume its uptrend. Another huge problem is that, unlike gold or other assets, the more expensive Bitcoin gets, the more resources it consumes, in electricity and computer chips, writes Noah Smith.
When real rates rise, gold does poorly. So it probably feels natural to ask if the gold trade is over and if it’s time to throw in the towel. Since then, gold has fallen about $250 (13%) and sentiment has shifted significantly once again. But when they fall, gold really shines. April-dated gold tacked on $8.10, or 0.5%, to settle at $1,733.20 an ounce.


The April East-West 380 fuel oil differential gained $0.50 to $14.00/mt, while the May contract gained $0.75 to $13.75/mt. Further moves in the pair may by driven by further movements in the price of oil and by the Bank of Canada. Oil-and-gas giant Chevron (CVX) topped the list of Dow components with a 2.7% rise, while Nike (NKE) fell 2.9% to pace the 15 laggards. In response, May-dated crude added $3.42, or 5.9%, to settle at $61.18 per barrel.

United States

Wall Street’s “fear gauge,” the Cboe Volatility Index (VIX), logged back-to-back wins for the first time since March 4, as the global tally of coronavirus cases crosses 124 million. Now, with the labor market still significantly disrupted by the pandemic, a demand for higher wages in the US or elsewhere would seem unlikely. The Fed’s research and its ongoing work in community development show that there is no quick fix for the disparities in household financial stability.
The April 21 ULSD CIF NWE cargoes differential was flat from the previous close at $2.50/mt, while the May 21 differential was down $0.25 at $3.00/mt. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. The April 21 ULSD CIF Med cargoes differential was up $0.50 from the previous close at $4.25/mt, while the May 21 differential was up $0.25 at $4.75/mt.
Indeed, manufacturing employment in the US has collapsed over the past several decades, though the same is not the case with manufacturing production or output. Earlier this week, Dr. Fauci warned that the third wave in Europe could spark another wave in the US. But before the financial startup collapsed this month, it relied on the apparatus of Wall Street to fuel its expansion. Elsewhere, the Nasdaq also logged a day in the red, as Big Tech names like Apple (AAPL) and Microsoft (MSFT) underperformed.
The Census Bureau’s mid-month population estimates show a 76% increase in the US population since 1963. 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.
Greensill’s closest Wall Street relationship was with Credit Suisse Group AG , which provided it financing through $10 billion of investment funds. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. The data since January 1963 is available in the St. Louis Fed’s FRED repository here.
Unheard of in the days when all Wall Street could say was “Buy”. One line, the Carnival-owned Princess Cruises, was involved in outbreaks from Japan to Australia to the US, and beyond. Nearly 1,800 factories have disappeared during the Trump administration between 2016 and 2018 (BLS 2020; U.S. Census Bureau 2020a, 2020b).