Open: London Session | Forex, Metals, Oil, Agriculture July 28, 2020


Islamabad was exporting sugar until earlier this year, but now has a shortage as sugar production has fallen below consumption levels for the 2019/20 marketing year ending Sept. 30. Ivory Coast is in the middle of its April-to-October rainy season, but the central cocoa-growing region of Bongouanou recorded below average rainfall. That would be 26% below the bumper crop which the European Union’s largest producer harvested in 2019, it said. Crop Watch corn and soybeans, but the fields in North Dakota are once again grappling with too much rain, while those in Nebraska and Ohio have not received enough.


Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. Also, the dollar is facing significant downward pressure, as indicated by the dollar index. Short dollar positions are at their highest in two years.That has led some to entertain the prospect of an imminent dollar rebound. This came amidst US dollar weakness and ongoing US-China tensions, though equity markets were steady overnight after the US Nasdaq 100 Index touched a three-week low on Friday. Dollar index The dollar index seems to be under bear grip as it continued to head south on Monday, extending the downtrend for six weeks in a row. Hedge funds and other large speculators have amassed the most significant net-short position on the dollar since May 2018, according to the latest Commodity Futures Trading Commission data. The precious metal has been buoyed by a gloomy global economic outlook, falling interest rates, rising U.S.-China tensions and a weakening of the dollar.


The Gold Springs project also had an NPV of nearly $300 million with current gold prices. Source: Gold Springs Resource Presentation The Gold Springs project looks like a good one so far. Follow Silver and gold prices have been trading at historic levels, with the yellow metal hitting a new record high, just over $1,933, earlier today. Source: Liberty Gold Presentation The NPV and IRR calculated in the image above are assuming an initial capital requirement of $113.2 million and a $1,300 per ounce gold price. Silver and gold prices have been trading at historic levels, with the yellow metal hitting a new record high, just over $1,933, earlier today. Today, Goldstrike’s resource estimate is placed at 925,000 ounces at .5 g/t of gold indicated and 296,000 ounces at .47 g/t of gold inferred. Unfortunately, the sensitivity analysis only goes up to $1,700 per ounce gold price, but it still demonstrates the favorable economics as gold prices rise.


Backed by Turkey, the GNA said on July 18 that it would recapture Sirte, a gateway to Libya’s main oil terminals, as well as an LNA airbase at Jufra. “The report comes as the conflict in oil-rich Libya has escalated into a regional proxy war fueled by foreign powers pouring weapons and mercenaries into the country.” Commodities West Texas Intermediate crude climbed 0.3% to $41.71 a barrel. West Texas Intermediate (WTI) crude futures gained 27 cents, or 0.7%, to $41.87 a barrel, building on a 0.75% rise on Monday.U.S. Malaysian palm oil futures fell for a second straight session, tracking cheaper rival oils on the Dalian Commodity Exchange and the Chicago Board of Trade, and as production recovered. The CME bought the NYMEX and its global oil complex but it sank the ROE and really didn’t do much for the exchange overall.

United States

The US military even brought Patriot surface-to-air missile systems to provide additional protection to its forces. Stocks climbed in Asia on expectations the Fed will reinforce its dovish message this week and as stimulus talks got underway. As the movement in real-time employment measures makes clear, there is too much medical uncertainty for the Fed to take any confident position. Treasuries were steady.Investors are betting setbacks in the global fight against coronavirus will push Fed Chairman Jerome Powell to signal Wednesday that rates will stay near zero for longer. Cyclically adjusted P/Es (or CAPE) show an even wider rift between the US and the rest of the world. Facebook is the first of the US mega-cap companies this week to report earnings – tomorrow after the close. Earlier in 2020, the US-led coalition withdrew its forces from several smaller military camps across the country.


The gains come even amid an increase in coronavirus infections from China to Germany, with Beijing reporting a fresh case and National Security Adviser Robert O’Brien testing positive. A Beijing-based think tank counted .


EU may delay reopening borders, while U.K. may cut quarantine. Of those who thought the pandemic was handled badly, 70 per cent blamed the government and 65 per cent blamed Boris Johnson. Likely, this plan will have to be overhauled during the following months, creating new tipping points for the EU. Meanwhile, the European Union appears set to keep its external borders shut to travellers from most countries, including the U.S., for at least two more weeks. Photo credit: Christine und Hagen Graf The EU has announced the deal for an economic recovery plan. The EU countries reached a deal for an economic recovery plan.