Open: New York Session | Forex, Metals, Oil, Agriculture August 24, 2020



They increased their net long position in arabica coffee by 3,516 contracts for a total net long bet of 16,526 contracts, CFTC data showed. I was a scout this week on the Pro Farmer Midwest Crop Tour through the main U.S. corn and soybean states. Speculators increased their net long position in raw sugar by adding 19,246 contracts for a total long of 127,257 contracts. MARKET NEWS Chicago corn futures rose for a second consecutive session as forecast of lower U.S. production by a widely watched crop-tour underpinned prices.
It also covers the commodities market daily focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN & WHEAT. Sugar prices at the Vashi wholesale market ruled unchanged tracking weak sentiments at upper level. The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,282-3,362 and M-grade 3,400-3,512.


Despite the reduction, the reserves are at high levels.Dollar index The dollar index closed last week marginally higher at 93.25 versus preceding week’s close of 93.1. Last week we talked about a couple of strong trends in play, with stocks extending higher, while the US Dollar had been under pressure. Copper prices on the London Metal Exchange rose as inventories tracked by the bourse fell to a 13-year low, while a weaker U.S. dollar also boosted appetite.
Macro Head of FX Strategy US equities and the US dollar ended last week on a strong note and the Monday session in Asia continued the good cheer. Gold prices may likewise find near-term support as the risk-on backdrop weighs on the defensively-minded US Dollar and feeds demand for anti-fiat assets. On Friday, the oil markets lost territory after the markets received negative data about the state of the United States Labor Market, and after the US dollar posted gains. That document boosted the dollar last week but may have been dated.
Whenever the U.S. dollar begins to rebound from an important bottom it generally indicates that risk-off is likely to prevail for some unknown period of weeks. However, it would make sense to hedge against a short-term US$ recovery while maintaining core exposure in line with the dollar’s longer-term weakening trend. However, if we see more selling in the US dollar, then it is very likely that silver takes out to the upside.


During FY2020, attributable production from the Endeavor Silver Stream fell by over 70% to 98,000~ ounces, down from 383,300~ ounces in the prior year. On a side note, the service also foresaw this year’s explosive rally in silver prices, and took advantage of it. Metalla had a disappointing year in FY2020 with attributable silver production and revenues diving year-over-year. Precious Metals began a long anticipated correction a few weeks ago but it was somewhat interrupted by news of Warren Buffett buying a stake in Barrick Gold (NYSE:GOLD).
Using a $21.00/oz silver price, and my estimates for similar operating costs per ounce, we could see margins improve to $14.00/oz in FY2021 based on this very conservative estimate. This is because two mines which should have contributed to attributable yearly silver production had delayed start-ups due to COVID-19. Gold has strong support in the upper $1700s and Silver has strong support around $21. This significant increase was due to the much higher average realized silver price in the period, which jumped from $15.33/oz to $17.24/oz.
Gold already corrected $200 (10%) and Silver already corrected 20% before the bounce. This much lower silver production led to FY2020 revenue plunging by 54% year-over-year to C$3.6 million.


Storms bearing down on the Gulf of Mexico, shutting over half its oil production, lifted crude oil prices. The company is depending mainly on the price of oil it receives for its production of oil in Gabon. I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects. Saudi seaborne crude exports for last week were seen at 43.4 million bbl (6.2 million bpd) compared to the revised 46.1 million bbl (6.6 million bpd) the week prior.
“We plan to produce one million bpd of crude oil in Dhi Qar province,” Ihsan Abdul Jabbar added, saying Iraq ‘would not import gas in 2025’.
However, with a realized price for oil of $28.31 per barrel, all this impressive production generated average revenue of $20.78 million. Turkeys state-run oil company TPAO, however, has no experience in deep-sea gas production and would likely need to enlist a major firm to exploit a field. Marco, LauraThe double threat from Tropical Storm Marco and Tropical Storm Laura has already shut 58% of oil and 45% of natural gas production in the Gulf of Mexico.
Malaysian palm oil futures fell, weighed by weak export data and lower prices of rival oils, but expectations of slowing production limited losses. 1 million bbl of crude was seen heading to the USA while volumes to Mediterranean region went up by 1.8 million bbl to 3.9 million bbl.

United States

less – President Donald Trump’s talk of approving a coronavirus cure including plasma has boosted the market mood and weighed on the greenback. Ms Conway, who served as Mr Trump’s campaign manager during the 2016 election and has since been one of the president’s most loyal defenders, announced her decision on Sunday. One option could involve the US Food And Drug Administration (FDA) authorising it for emergency use in October – a month before Americans go to the polls.
Elsewhere over the weekend, the US Food and Drug Administration authorised the use of convalescent plasma taken from recovered Covid-19 patients to treat serious cases. Lawsuit TikTok could file a lawsuit against the Trump administration as soon as today over the executive order banning transactions with the app in the U.S. Doing so would be risky because these trades would make large additional gains if the US$ rebound were to be postponed for a month or two. The news comes after reports that TikTok is preparing to legally challenge President Trump’s executive order banning transactions between the popular short-form video app and parent ByteDance.
Five Things You Need to Know President Trump touted blood plasma as an effective treatment for Covid-19 as the FDA expanded access to more sick Americans. Currently, more than 60% of Americans disapprove of the President’s handling of the pandemic, and the successful introduction of a vaccine might allow Trump to boost his chances.
In a public feud last year, Mr Trump called him a “wack job” and a “husband from hell”, prompting Mr Conway to declare the president mentally unfit for office.


Delta said its resumed service would include daily flights from Seattle to Tokyo, Seoul, Beijing and Shanghai.


As I pointed out in last week’s article, carbon dioxide emissions in the Asia Pacific region are more than double the combined emissions of the U.S. and the EU. EU trade chief fights to keep his job after pandemic stumble.Rogue planets could outnumber the stars in the Milky Way. Read the view Ireland s Golfgate can reveal a more responsive EU The Irish public are outraged about an elite golf jolly that flouted Covid-19 restrictions. Even though BoJo’s system of localized COVID-19 measures seems to be working, the unrelenting hysteria peddled by the British press has left millions of Britons traumatized.
Prime Minister Boris Johnson has reportedly taken over education policy after a messy week around exam scores.
As in the 1950s, when people saw “reds under the bed”, some in the West detect a Russian hand in everything, including Brexit and American presidential elections. Amazon destruction could hurt an EU-Mercosur deal. Coronavirus and Brexit have hamstrung GBP/USD, despite .