Open: New York Session | Forex, Metals, Oil, Agriculture August 18, 2020



Uptrend scenario The uptrend may be expected to continue, while the sugar market is trading above support level 12.9, which will be followed by reaching resistance level 13.8. Downtrend The downtrend may be expected to continue, while the coffee market is trading below resistance level 119, which will be followed by reaching support level 95 – 89. An uptrend will start as soon, as the coffee market rises above resistance level 119, which will be followed by moving up to resistance level 132.
Soybean ratings declined to 72% good to excellent, down 2 points from the previous week and in line with trade expectations. The ministry and traders sign a memorandum each year to determine how much wheat can be exported in the marketing season. Arabica coffee prices closed up on Monday and raw sugar futures were mixed in a mild session.


Copper prices eased, struggling to break through a strong resistance level amid uncertainty around the U.S. stimulus bill, but losses were limited due to a weaker dollar. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. Gold prices surpassed the $2,000-mark, while the dollar weakened on concerns over a deadlock on further U.S. fiscal stimulus. The sell-off in gold prices is not driven by the dollar but long-term US real rates.
The weaker dollar made gold more affordable, pushing the yellow metal’s price up for a fourth day out of five, once again above $2,000. less After ending yesterday’s session on a flat note at 74.88, the rupee (INR) has opened higher today at 74.76 versus the dollar (USD). It was the weakest currency in the world yesterday, and the dollar settled above BRL5.50 for the first time since the end of June. Once the ten stocks are determined, an investor invests an equal dollar amount in each of the ten stocks and holds them for the entire next year.
Support is seen in the MXN21.85-21.95 area, as the broad dollar weakness and Mexico’s attractive rates blunt concerns about its domestic economy. The dollar is under modest pressure, falling against nearly all the currencies today.


IAMGOLD has underperformed the VanEck Vectors Gold Miners ETF (NYSEARCA: GDX) while more reputable gold miners like Barrick Gold (NYSE: GOLD) and Newmont Corp. (NYSE: NEM) have outperformed significantly. The price of a gold ETF that holds physical gold will track the gold price automatically. : We think that speculative demand for gold can push COMEX gold prices further higher by year-end, which will, therefore, boost SGOL. Lower real yields make gold, which pays no yield, that much more attractive, so a brief correction in real yields helps to explain a brief correction in gold.
The unwinding of net long speculative positions in COMEX gold makes gold’s spec positioning healthier. We discuss gold prices through the lenses of Aberdeen Standard Physical Gold Shares (SGOL). The balance sheet is good with no net debt and steady gold production with some growth potential with Cote Gold. A likely explanation is that large speculators are focusing more on gold ETFs than on gold futures.
In some ways, they remind me of gold – except gold, at least, is a real thing that has industrial uses and value as jewelry. Like gold, speculators slashed their net long speculative positions in COMEX silver as a result of the rebound in US real rates.


Middle East crude oil exports for last week are assessed at 98.6 million bbl (14.1 million bpd) compared to 114.9 million bbl (16.4 million bpd) for the week prior. MARKETS TODAY OIL: Oil prices steadied, hanging on to gains from the previous session thanks to high compliance with production cuts from members of the OPEC+ producer group. Latin American oil s newest player Guyana has put on hold the review of bids for lifting the Government s share of crude oil.
The energy industry and Alaska Governor Michael Dunleavy said opening ANWR to drilling would create jobs and boost the state’s economy, which is reliant on oil production.
My focus is in the financial markets, cyber-security, hacking, agriculture, natural gas, crude oil, geopolitics and alternative investments. The company’s quality assets mean that it actually has one of the lowest capital spending to market capitalization among the oil majors. Malaysian palm oil futures slipped on a gloomy outlook for August exports and worries over rising output as the world’s second-largest producer nears peak production season.
Refinitiv Oil Research were tracking around 334,000 tons discharging this week, up 82% from last week. We’d like to see the company use its financial strength to take stakes in troubled oil companies around the world. **Whilst the oil and gas industry to which they service has high economic sensitivity, given the more stable nature of the midstream sub-industry this was deemed to be average.

United States

The Fed may even opt for some form of average inflation targeting (AIT), where past undershooting translates into a temporarily higher future inflation target. A number of high-profile Republicans and president Trump also weighed in behind the couple, who claimed to have called the police before approaching the demonstrators with guns. The news after the President said he would start looking into pardoning the infamous leaker, Trump, however, specified it wasn’t him.
Earlier this year, Joe Biden said he would keep the US embassy in Israel should he be elected to the White House. Yesterday, the US reported roughly 40,000 new cases yesterday, the lowest number in weeks, even as deaths continued to climb at an aggressive pace after passing 170,000. Her comments came after the US president told a crowd in Minnesota that New Zealand was suffering a spike in the number of infections, which he called “terrible”. A pardon would be a way of settling scores, but Trump would be helping to destroy institutions his attorney general is trying to reform.
The former first lady addressed the opening night of the Democratic National Convention, where she described Trump as unfit for office. But even in the United States, a confidence trickster like Trump can be elected president and undermine democracy from within. If inflation can rise in the future without provoking an increase in rates from the Fed, then real yields will be lower.


On the other hand, overall traded prices in pilots increased – Beijing ETS saw record high trading price of CNY 93.7/t (~ 12.1 /t) on June 22. As a reminder: Global cases now top 21.8 million, with deaths passing 774,000.Markets mixedInvestors looked past fresh tensions between Washington D.C. and Beijing over Huawei. U.S. Health and Human Services Secretary Alex Azar visited Taiwan for high level meetings last week in a move that angered Beijing. The U.S. has effectively taken the “nuclear option” and could kill Huawei, Tim Culpan writes for Bloomberg Opinion, warning that Beijing will retaliate.
Treasury Wines plunged as much as a fifth as Beijing announced an anti-dumping probe into Australian wine.


Looking at inflation forwards – reflecting market expectations of future inflation prints – there is still some way to go before the ECB’s inflation targeting credibility has been restored. Conclusion: EUR inflation swap rates have moved quite a lot higher due to extraordinary monetary and fiscal support and recently also supported by the ECB’s inflation put. Brexit talks | U.K. and European Union officials have the next seven weeks to find something that has eluded them since March: an agreement over their future relationship.
He has stumbled in his bid to win the leadership of Merkel s Christian Democratic Union, a role that would make him the front-runner to replace her.
Succession politics | Chancellor Angela Merkel will attend a cabinet meeting today in North Rhine-Westphalia to give a boost to Armin Laschet, the premier of Germany s industrial heartland. European Union leaders hold what s likely to be a largely symbolic call tomorrow on the violent aftermath to the elections in Belarus. Asked three times on BBC Breakfast whether he had discussed stepping down from his position with Boris Johnson, Mr Williamson refused to directly address the question.
The top UK and EU negotiators (Frost and Barnier) have dinner tonight to kick off the week of staff negotiations. A) I became an enthusiastic supporter of the EU because I considered it an embodiment of the open society on a European scale. Q) Can’t Chancellor Merkel who is determined to make the German presidency a success do something about it?