Open: London Session | Forex, Metals, Oil, Agriculture January 28, 2021



less Investors with a short-term view can sell the stock of Tata Coffee at current levels.


US crude futures slid $0.04 to $52.57 a barrel.Gold prices fell, pressured in part by the dollar strength.Spot gold dropped 0.5 per cent to $1,841.13 an ounce. Next up comes the downtrend from the index’s March slump, a move that cemented the “weak dollar” as the number one consensus call for global investors. The Bloomberg Dollar Spot Index climbed above its 50-day moving average for the first time since November this week, breaking the “first line” of technical resistance for the gauge.
The high level of dollar short positions in the market has been much discussed and often dismissed but just ask WallStreetBets what happens when a squeeze starts.


Silver fell 1.13 per cent to $25.16.Bitcoin last fell 3.91 per cent to $31,234.68.


US crude fell 24 cents to$52.61 a barrel, while Brent crude futures dropped 26cents to $55.55. Further back down the distillate chain, overall domestic crude stocks have likewise rebalanced but not quite in the same semi-satisfying way as gasoline. As of this week, the entire crude curve is once more contango-free; backwardation front to back. The major worry had been due to a precarious buildup of gasoline stocks, which, even as seasonal (winter) accumulation sets in, has been successfully surmounted.
In gasoline, the estimated balance of product “supplied” (a proxy for economic use, or demand) remains catastrophically below any recent yearly comparisons. less The post-Pfizer vaccine rush pushed most of the contango out of the WTI futures curve. Gasoline stocks remain elevated, though, if no longer egregiously so.

United States

Dow Jones Industrial Average down 2.05 per cent, the S&P500 lost 2.57 per cent and the Nasdaq Composite dropped 2.61 per cent. “I would say that the Fed having noted the recent moderation in the pace of the recovery is adding to concerns about the near-term outlook. The brand straddles categories such as apparel, accessories and jewellery and has a strong franchise in India, the US, the UK and West Asia. The risk-off move today has gained traction in the Fed’s more cautious outlook for growth.
Forecasts were calling for the Richmond Fed’s Manufacturing Composite to hold steady at the December reading of 19. The January Richmond Fed manufacturing index fell slightly from 19 to 14.


The EU accuses Astra of using European funding intended for the development of manufacturing capacity to ramp up production in its U.K. plants, and now prioritizing British deliveries. A top EU official characterized the situation after a call last night as not wanting war but not being satisfied either. A stock market insurrection goes global, the EU has a falling-out with AstraZeneca and U.S. tech titans disappoint. The company is suggesting the EU wants to jump the global queue.
The EU’s olive branch.