Open: New York Session | Forex, Metals, Oil, Agriculture August 31, 2020

A member of the National Guard plays a trumpet during a flag rai


They increased their net long position in arabica coffee by 5,692 contracts for a total net long bet of 22,218 contracts, CFTC data showed. Speculators increased their net long position in raw sugar by adding 9,290 contracts for a total long of 136,546 contracts. Farm ministry data shows growers sowed 108.2 million hectares (267.4 million acres) with crops such as rice, corn, cotton, soybeans and sugarcane. Crop prospects in the United States have been clipped by dry weather, though export demand for U.S. corn and soybeans is booming.
Prices for rice, soybean and corn have risen recently in the domestic market.


Dollar indexThe dollar index lost nearly 1 per cent last week as it ended at 92.37 against prior week’s close of 93.25. The dollar is mostly higher, though the Norwegian krone and Canadian dollar are resisting the tug. Little noticed even by professional investors, Japan’s earnings-per-share growth has quietly beaten most global markets in dollar terms since Mr. Abe took office. Pound/dollar took full advantage of dollar weakness on Friday, soaring to the highest since December 2019 and exceeding the gains of peers such as the euro.
As the Release notes, most of the 2020Q1 changes in assets and liabilities is driven by stock price changes, and dollar valuation changes. Gold eased as the U.S. dollar recouped some of its losses and investors booked profits after a near-2% surge in the previous session. Weather concerns, a weaker dollar, strong Chinese buying as well as the emerging inflation theme have all helped improve prospects. Renewed weakness in real yields and a softer dollar helping to underpin the markets this Monday with the overall range for gold still between $1900/oz and $2015/oz.
After an initial choppy reaction to the announcement, the narrative of a weaker dollar took hold and is unlikely to change anytime soon. Gold prices reversed course to trade lower as the dollar recouped some losses.


Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored. Oil went higher, as did silver, which outperformed gold. Shanghai copper prices were set for their fifth straight monthly gain, the longest monthly winning streak in 11 years, on a strong rebound of the coronavirus-hit Chinese economy. In the video, I explain why trading today on the last day in August, may set a significant trend for silver heading into September.
Yet PIMCO s valuation model indicates gold remains attractively valued, even at these levels. Further supporting the Aussie, iron ore prices jumped higher again overnight after a recent period of weakness. COLUMN-China’s iron ore imports set for strong August, but where is all the steel going? Chinese demand for iron ore continues to support Australia’s resource-rich western areas, even as tensions rise between the two countries.
Gold prices are currently trading up by 0.5% at Rs 51,698. Gold prices are trading up by 0.5% at Rs 51,698 per 10 grams.


China has imported record volumes of crude oil in recent months, taking advantage of the lowest crude prices in two decades in April stock up on dirt-cheap oil. In OPEC’s latest “Monthly Oil Market Report,” it expects oil demand to reach 90.6 million barrels per day in 2020 and 97.6 million barrels per day in 2021. European shares advanced as heavyweight oil and gas players gained after oil prices jumped on a 30% cut in Abu Dhabi crude supplies and encouraging Chinese service sector data.
The crude oil futures also currently show oil averaging around mid-$40 a barrel prices in 2021. The Abraq al-Toloul oil field is reported to be flowing 3,189 bpd of Arab Light crude oil and 3.5 million cfd of gas.
The shuttered US Gulf oil and refinery capacity is offsetting news of two new oil and gas field finds in Saudi Arabia, and October WTI is firm near $43. As oil prices creep up, oil stocks should begin to show some signs of life. The oil prices, however, have improved substantially since the second quarter, with the US benchmark WTI crude largely trading within the $40-$43 per barrel range since early-June.
The record-high monthly imports of oil from America were instead the result of the bargain-hunting for cheap oil during the March-April price rout. I expect shares to rise further as oil prices strengthen and the company posts a recovery in production and earnings while delivering free cash flows.

United States

start the week near a two-week high after Fed Chair Powell said nothing last week to hurt the current bullish narrative. Cameron, who spoke in support of Trump at the Republican National Convention, said his office doesn’t plan to make an announcement this week as additional analysis is needed. It said it would buy corporate bonds, so investors front ran the Fed. The US rig count (RIG-OL-USA-BHI) after having its largest w-o-w increase since January the week prior, dropped by 3 units last week.
Following years of stagnation during the mobile-device boom, HP and Dell topped Wall Street estimates last week following a surge in personal computer sales amid the pandemic. He said the Trump administration was trying to quash questioning by lawmakers about Russian interference in the U.S. electoral process. U.S. equity futures are starting the week up 0.3% after the DJIA turned positive for 2020 and Wall Street posted its fifth consecutive week of gains.
Specifically, this “robust updating” of Fed policy involves “average inflation targeting” in which the Fed allows inflation to be “moderately” above its 2% target. The US Food and Drugs Administration (FDA) said it is ready to fast-track such immunization if benefits outweigh the risks. I continue to view MTS as a conservative dividend stock for investors who are not willing to join the hype train of the US stock market.


ByteDance needs Beijing’s approval to sell the U.S. operations of its short-video app under new curbs imposed on the export of artificial intelligence technologies, a person familiar said. Beijing is willing to sacrifice Tik-Tok’s US presence rather than capitulate to Washington’s demand. The change means Beijing has found itself a bargaining chip. India, China troops clash; Beijing’s ties with Canberra worsen.


Macron visited the country two days after the blast and called for a new political pact, a policy-oriented government and early parliamentary elections. Preliminary for August are due out throughout the European morning and are set to show that inflation is going nowhere fast i staying far from the ECB’s 2% target. Despite having a large majority in parliament, Prime Minister Boris Johnson depends on support from his backbenchers, especially after a poll showed opposition Labour catching up with his party.
American senators bluntly threaten to devastate the port of Macron commercially if it allows Russia’s pipelaying ships to enter. The Brexit transition period expires in exactly four months and if there is no accord, Britain reverts to unfavorable World Trade Organization rules. Bojo docilely bans Huawei’s Five G, which sets back Europe’s adoption of an important technology by years—for the sole benefit of America. Boris Johnson wriggled and squirmed like a trained seal hoping to be given a fish…and then obeyed.
, Brexit has returned from the beach and the backburner to center stage and sterling is suffering.
His feature articles have been published on:,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. The rest were citizens of other EU and non-EU countries.