Open: New York Session | Forex, Metals, Oil, Agriculture August 05, 2020



Sources said mills are currently carrying over 150 lakh tonnes surplus inventory after factoring in projected exports of 60 lakh tonnes for the sugar year ending September 2020. The minister also told local media that Lebanon will import wheat and added that the country currently has enough wheat until they begin importing it. StoneX predicts Brazil will expand soybean plantings to a record 38 million hectares (94 million acres) in the 2020/2021 cycle, which starts around September.
In the previous season, Brazilian farmers harvested 122.8 million tonnes of soybeans, StoneX estimates. MARKET NEWS Chicago corn and soybean futures ticked higher as both the contracts recovered from sharp declines in the previous session, although expectations of bumper U.S. production curbed gains. Local offtake remains need-based The sugar market ruled flat at the mill and naka level on limited demand amid selling pressure among producers. Meanwhile, China is boosting wheat imports to secure domestic food needs.
Here Are Luxuries People Cling To in Pandemic Coffee, bubble tea and burritos among the things helping people cope. At the Bombay Sugar Merchants’ Association, the spot rates were (₹/quintal): S-grade ₹3,310 – ₹3,392 (₹3,296 – ₹3,382) and M-grade ₹3,420 – ₹3,590 (₹3,420 – ₹3,590). That’s because these are coffee can stocks.


The dollar slumped as a U.S. coronavirus relief package was stalled in Congress, while gold prices extended its rally above the key $2,000 an ounce level. If this trend continues, rupee will be able to stay above the support of 75 versus the greenback.Dollar indexThe dollar index declined yesterday after attempting to recover. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action.
The rupee (₹) closed slightly below the support of 75 for past two sessions against the dollar ($). The U.S. dollar slumped as a U.S. coronavirus relief package was stalled in Congress. The COVID-19 economic crisis began bullishly for the U.S. dollar, with investors fleeing to its “refuge” early on — spurring an exceptional 9% rally. The US dollar is losing strength, and that has people trying to protect their wealth by buying stocks or any other asset they can. The lack of statistical significance demonstrated for Treasury notes and the U.S. Dollar Index returns suggests that they are uncorrelated with changes in GPR.
Bitcoin has reacted positively to the massive selloff in the US dollar, just as the precious metals market has. The US dollar has been on the back foot alongside bond yields.


In Q2 2020, Endeavour Silver produced 596,545 toz silver and 5,817 toz gold, or 1,061,905 toz of silver equivalent. Macro 5 minutes to read Head of FX Strategy Gold prices rose to new record highs, with spot gold clearly 2,000 per ounce for the first time. To sum it up, Terronera should produce 3 million toz silver and 33,000 toz gold per year on average, at an AISC of $2.1/toz silver. Peter noted that even as gold builds support just above $2,000 most gold stocks have yet to make new highs for the year.
Despite gold having often been considered an important inflation hedge, there was no statistically significant relationship with the CPI for gold or any other asset. Even the staunchest gold bugs will be surprised by how high the price of gold rises, and how quickly it gets there. For extreme geopolitical risks, among the precious metals, only gold and silver display consistent safe haven properties. Moreover, the gold price just reached a new all-time high above $2,000/toz, and the silver price is approaching the $26/toz mark.
Today we’ll review new research on the hedging and safe-haven properties of precious metals (gold, silver, palladium and platinum).
less The buying pressure on precious metals has continued overnight with gold and silver futures extending yesterday’s impressive gains.


The company said it cut costs and expenses by more than a third as prices for its oil and gas tumbled 55.2% to $17.61 per barrel of oil equivalent. The company will manage oil trading in the territory controlled by US-backed Kurdish forces and modernize the oil fields that they and the US-led coalition currently control. The impact of the low oil prices has been seen across different independent and integrated international oil companies. An industry body forecasted crude oil inventories to have fallen by 8.6 million bbl compared to the 3.0 million bbl estimate in a Reuters poll.
Kurdish militias and US troops control a larger part of the Syrian oil resources, including al-Rmelan and al-Omar oil fields. BP Walks Away From the Oil Supermajor Model It Helped Create Bernard Looney s strategy shows the oil industry is splitting in two. It is also important to realize that natural gas demand was not nearly as disrupted as crude oil was by lockdowns.
The company has announced accelerated shift towards renewable energy investments and wishes to cut oil and gas output by 40% before 2030. Oil prices rose after data showed a big drop in U.S. crude inventories. Speaking about the total volumes, per every barrel of oil equivalent (including NGL and gas), KOS generated meager $20.84 in sales vs. $63.18 in 1Q19.

United States

All three major US stock indices finished higher on Tuesday, after reports that Democrats and Trump administration officials have had productive meetings on a new stimulus package. The company forecast current-quarter sales above Wall Street expectations after beating quarterly estimates, as demand for its online dating app Tinder rebounded during the coronavirus lockdowns. While a new EIS was guided to 2021, Trump recently relaxed recent NEPA rules, so it might not take a year given current data.
The pandemic issues will subside somewhat, revenue recovers and the mix shift will likely reverse (in favor of higher mix areas like the US, Europe and Africa). Adjusted earnings of 44 cents per share were ahead of the 38 cents analysts expected, while the sales figure was in line with Wall Street expectations. Gross Payment Volume (NASDAQ:GVP) from online channels was up more than 50% year over year during the quarter, and it accounted for more than 25% of total seller GPV.
The US technology sector measured by NASDAQ 100 is continuing its momentum overnight with futures hitting new all-time highs ahead of the European session. The U.S government has floated renewed stimulus, but for now, those programs are over and, if anything, will likely be smaller going forward. Here are three things to watch on a busy day: President Donald Trump said a “” is coming in Friday’s jobs report. Many investment banks and analysts are now calling for $3,000 with the uncertainty of the US Presidential elections and Brexit coming up in the second half of the year.


The visit is the latest signal of U.S. support for Taiwan in the face of an increasingly assertive leadership in Beijing. It s the latest show of U.S. support for Taipei against the leadership in Beijing, which views the democratically-governed island as a renegade province. While Xi Jinping and Vladimir Putin have a warm rapport, the overall relationship is opportunistic and held together by the ability to paper over differences. PBOC faces $500 billion test in bid to exit crisis mode.


As Big Tech companies face mounting antitrust scrutiny,the EU will investigate how buying the fitness company would bolster Google s data advantage. Separately, the U.K. plans to adopt its full no-deal Brexit border plan to avoid traffic chaos when it completes the split. like China/US tension, global trade null-entrophy, Brexit, and the issues likely to be triggered by Europe’s recovery fund. Thus, their study omits events such as the dissolution of the Soviet Union (December 1991) and the Brexit referendum (June 2016).
The EU is considering higher renewable targets. EU launches probe into Google’s (GOOG, GOOGL) Fitbit (NYSE:FIT) acquisition.