Open: New York Session | Forex, Metals, Oil, Agriculture August 12, 2020



For the first seven months of the year, Vietnam exported 1.05 million tonnes of coffee, down 1.1% from a year earlier, Vietnam Customs said in a statement. MARKET NEWS U.S. corn futures edged lower as traders squared position ahead of a widely watched U.S. Department of Agriculture (USDA) report later in the session. Actual coffee exports in April were lower than the government’s estimate of 120,000 tonnes. COLUMN-Will USDA s yields help CBOT corn, soy buck their bearish August streak?


(GLD) A stronger dollar makes gold more expensive for holders of other currencies whilst rising treasury yields increase the opportunity cost of holding non yielding gold. The dollar trades a tad softer while the risk-on sentiment and higher real yields have pushed gold back below the psychological important $2000 level. FOREX: The dollar struggled to hold recent gains as political wrangling over a stimulus package for the U.S. economy halted its recent rebound.
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. BlueBay Asset has taken profit on short dollar positions, AMP Capital pared bullish bets on emerging market currencies and K2 Asset Management is taking risks off the table. In recent months, firms have returned to tapping the public markets for capital, with insurance startup Lemonade taking part in a multi-billion dollar IPO last month.
The dollar index slipped, while spot gold rebounded in volatile trade. The U.S. dollar index slipped, while spot gold rebounded in volatile trade. Quite the contrary, the global economy was being pushed more and more by a hidden liquidity/dollar shortage that no one wanted to admit (even the rising dollar). GBP/USD has picked up from overnight lows and is attempting to push back into positive territory at the familiar level of US$1.3050, despite US Dollar strength.


The second is called the Back River Gold Project in Nunavut and 100% owned by Sabina Gold & Silver. At today’s gold prices, the Back River Gold Project likely has an NPV of nearly $1.5 billion. That said, Agnico Eagle Mines is a large company made up of many mines, and a recommendation could not be made based on its Nunavut gold mines. The mine currently has proven and probable reserves of 3.318 million ounces and produced 158,208 ounces of gold in 2019 at a cost of $1,143 per ounce.
Another rise in US bond yields ahead of three key bond auctions weighed on all markets with a correction in gold and silver turning decisively ugly. The mine is an underground and open-pit mine that produced 191,113 ounces of gold in 2019 with a cost of production of $750 per ounce. The Meliadine mine is expected to have a 12-year mine life with current proven and probable reserves of 4.067 million ounces of gold. The exchange, the world’s biggest gold futures trading venue, approved Al Etihad’s bars on July 7 and delisted the refiner on July 31, market notices issued by CME show.
They have multiple gold mines located throughout the world but have brought a focus to the Nunavut territory as they currently have two producing mines there. Investors should be more cautious: The close relationship between real U.S. interest rates and gold suggests that the yellow metal needs a new driver to reach dramatic new highs.


More than 50 oil and gas firms have filed for bankruptcy since oil prices crashed in March, led by exploration and production companies with 29 filings. While oil demand remains weak, oil supply is also suffering due to relatively low prices. According to a US oil and gas agency, commercial crude stocks in the country fell by 4.01 million bbl in the week ending the 7th of August. Oil continues to be range bound ahead of monthly oil market reports. BEFORE THE BELL Canadian main stock index’s futures gained, supported by oil prices that rose on a bigger-than-expected drop in U.S. crude inventories.
That asset base allows the company to operate as a toll operator extracting tolls for the movement of oil and natural gas around the world. The company has been struggling with debt taken on during its $38 billion acquisition of Anadarko Petroleum last year, an ill-timed bet on oil prices rising. Natural gas volumes aren’t expected to change much, however, it’s worth noting that natural gas volumes also took a much smaller impact from COVID-19.
If consummated, the all-stock merger will boost Chevron’s U.S. shale oil holdings and give it vast natural gas assets off the coast of Israel.
Malaysian palm oil futures fell for a fourth straight session to a two-week low on signs of higher output in August and tracking weakness in rival oils.

United States

Meanwhile, Amazon (NASDAQ:AMZN) showed how important online orders were during Covid-19 and posted an impressive 97.3% earnings growth rate, followed by Shutterstock Inc.’s (NYSE:SSTK) 87.9% actual earnings growth rate. Another problem is the one I talked about last week: Even if they re more or less successful, Trump s actions aren t likely to impress voters. Macro Head of Commodity Strategy The S&P 500 benchmark fell for the first time in eight days yesterday while the technology-heavy Nasdaq traded lower for a third day.
The US president had, hours earlier, called Kamala Harris “nasty” after she became the first Black and South Asian woman to appear on a mainstream party’s presidential ticket. On the other hand, WD-40 (NASDAQ:WDFC) is the only company with a negative earnings growth rate of -18.5% for the quarter. On the other hand, demand in the US is expected to recover by 1.57 million bpd next year according to the EIA. Within the Household Products sector, Central Garden & Pet Co. (NASDAQ:CENT) has the strongest result with a 65% earnings growth rate.
Late last year we noted that passive funds had surpassed active funds thanks to the Fed basically making active investing obsolete. Last year saw reports on the US Cyber Command (Cybercom) operation against the Internet Research Agency in St Petersburg, a company underwritten by an oligarch close to Mr Putin. Vaccine latest: Trump struck a deal with Moderna, worth up to $1.5 billion, to manufacture and distribute 100 million doses.


Beijing reiterated that the island nation is an indispensable part of China after sending a fighter jet closer to Taiwan earlier this week. Shake Shack (NYSE:SHAK) opens first restaurant in Beijing.


Boris Johnson denied that care homes, which have been badly hit by the coronavirus crisis, would struggle to recruit enough workers under the new system. The allocation of new funds will, however, be subject to an ‘emergency brake’ should any EU member object to the spending proposals of any other. One of the EU’s five freedoms, free movement of people, was being called into question. The new Multiannual Financial Framework (MFF), as the EU budget deal is known, will cover seven years between 2021 and 2027.
The deal has two parts, the regular EU budget, worth nearly Eur1.1trln and a Eur750bln Next Generation fund – or NGEU. The reform would mean EU criminals are treated the same as those from non-EU countries. This was followed by a further period of reflection about the strength of EU resolve. The scrutiny comes on top of other EU investigations.