Daily Close | Forex, Metals, Oil, Agriculture May 12, 2021



In the overnight electronic session, the July corn is currently trading at 728 ½ which is 6 ¼ cents higher. The USDA will also have the corn to ethanol rise today on the monthly report.


This follows a sharp move higher by Treasury bond yields and the US Dollar this morning in response to red-hot inflation data. Because used car prices have spiked as a result, it can charge customers more and it’s getting top dollar when selling superfluous vehicles. 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.


TV Narendran, Managing Director, Tata Steel, recently said the domestic economy and steel demand have been improving thanks to the accommodative policies, government spending and relaxation in mobility restrictions. A week after that earlier blog post on inflation, I wrote, “Recently, nominal interest rates have been rising faster than inflation creating a headwind for the gold price. “Even after the increase in price, domestic steel is at a discount to both the landed cost of Chinese imports and the export price.
Domestic steel consumption last fiscal was down 6 per cent at 88 mt due to Covid-19. India’s finished steel consumption in March was up 25 per cent at 8.81 mt. So far, investors don’t seem to read it this way and the gold price is giving back some of its recent gains this morning. Moreover, China has shut down small polluting steel plants as part of its de-carbonisation drive, cutting down supply. Gold is also down on the day (speaking of assets mis-sold as an inflation hedge).
LEARN MORE A couple of months ago, I wrote, “They call copper ‘doctor’ because he’s supposedly got a Ph.D. in economics. Of course, gold, highly speculative tech, and Bitcoin all have something in common, which is that they don’t generate cash flow in the here and now.


At an annualized pace, the price of a gallon of regular gasoline is up 281.24% in the past day and 143.9% over the past week. This attack, added to signs of inflation that are appearing in different parts of the economy, means there’s a good chance the price of oil keeps moving higher. On the Crude Oil front, it was a crazy choppy day in this market in yesterday’s trading session as the Dow Jones posted its biggest loss since February. As a result, the national average for a gallon of gasoline according to AAA crossed back above $3 this week for the first time since October 2014.
LEARN MORE Coming into last week, the price of a barrel of crude oil had increased by over 80% in the prior six months. Just as the gasoline hoarding we warned you not to do made gas shortages a self-fulfilling prophecy, inflation fears can fuel inflation. A combination of local oil refining and easy access to imported supplies helped mid-Atlantic cities cope. These include companies in the oil, gas, and consumable fuels industries.
It invests in companies that are in the oil and gas exploration and production industries. In the overnight session the June crude oil is currently trading at 6570 which is 42 points higher. Higher grades of gasoline and diesel have risen by a lesser amount but have likewise seen significant appreciation. They can buy ETFs that invest in companies in the oil industry. There’s a way that investors can profit from rising oil prices.
Oil was steady above $65 per barrel.

United States

This also likely means that the Fed will stay patiently dovish until ‘substantial further progress’ is made toward reaching its other mandate – full employment. This potential area of technical support is also underpinned by the 61.8% Fibonacci retracement of the Nasdaq’s year-to-date trading range. This is judging by the relative strength index nearing ‘oversold’ territory and Nasdaq price action trading outside its bottom two-standard deviation Bollinger Band.
New Fed data show Americans took a stimulus-enhanced surge in income and paid down credit-card debt, leaving them with massive spending power for when the economy normalizes.
In fact, the Fed welcomes your inflation fears, Karl Smith writes. House Democrats identified nearly $84 billion in potential fraud, and said in March that the U.S had only recouped 1% of that amount. That alleviated upward pressure on yields and helped Nasdaq price action erase some downside. Sign up here.Today s Agenda The Fed should worry about inflation. But what if the Fed doesn t mind all this inflation talk at all? It’s planning to open a wine bar in New York this summer, Wolfe Herd said in an interview with the Wall Street Journal Tuesday.
The tech-heavy Nasdaq 100 (NDX) and small-cap focused Russell 2000 (RTY) have been lower all month and are performing worst. Richly-valued technology shares have also declined — the Nasdaq 100 is more than 6% off its April peak. The tech-heavy Nasdaq fell around 2.1%, while the broad S&P 500 was lower by roughly 1.6%. less The Nasdaq and other major stock indices are trading deep in the red on Wednesday.
He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. Although, it is worth noting the Nasdaq is arguably looking a bit overextended here. He is regularly cited in the Wall Street Journal, on CNBC and in the Financial Times.


“It is absolutely clear what horrors are taking place in Xinjiang,” said Daniel Nadel, the senior official in the State Department’s Office of International Religious Freedom. Beijing says it is fighting terrorism while providing economic opportunities to adults and education to children in the western region.


After Russia demanded the 200,000 shots back, Slovakia’s leaders looked to salvage the deal with tests in Hungary, the only EU state already using Sputnik.