Open: New York Session | Forex, Metals, Oil, Agriculture December 03, 2020

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


They also said discussions with Ivory Coast and Ghana to continue “the sustainability programs that are benefiting cocoa farmers today.” The $400-per-ton LID was announced last year as a way to lift cocoa farmers out of poverty. In addition to the major industry players, the letter calls out four other smaller cocoa traders. Many of the detainees are forced to work in internment camps or factories around XUAR region to help produce things like cotton, tea, cakes, and textiles, the report found.
Gerard Manley, head of cocoa trading at Olam, said Ivory Coast and Ghana were “important” to the company and the industry as a whole. The Trump administration banned cotton imports from a military-linked Chinese firm it accuses of relying on slave labor. Big Oil bets on retail networks in an electric era For Big Oil, coffee and chocolate could be the new black gold. Mish on Coffee and Sugar Exchange less Seeking AlphaREITsDec. The key brands are Nature’s Own, White wheat, Cobblestone Bread, Wonder, and Tastykake.
Think about it – Jams, Jelly, peanut butter (JIF), Coffee with Folgers & cafe bustelo, they are in many households, no doubt.


As I have explained previously, the risk rally needs further dollar weakness, and with the US Fed promising more QE and more fiscal stimulus soon, that could happen. Stablecoins aim to guarantee the value of cryptocurrencies in dollar terms, hedging volatility risk and making it easier to realise notional gains from cryptocurrency’s wild price rises. Traders can buy the rupee for intraday trades with tight stop-loss The Indian rupee (INR) ended the last session with 0.2 per cent loss against the US dollar (USD).
In fact, as the two stocks are traded in different currencies, they could close their valuation gap simply through the devaluation of the euro against the dollar. If the new administration successfully creates a multi-trillion dollar infrastructure bill as Biden has proposed, there could be a meteoric increase in domestic demand for steel and other metals. The arguments about whether Tether does or does not influence the price of Bitcoin seem to centre on whether or not USDT can credibly hold its dollar peg.
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. USDT, Tether’s “token,” is a representation of the US dollar that can be readily traded on cryptocurrency markets. The falling dollar index can be positive for the Indian currency.Trade strategy The rupee currently hovers at 73.80 and trades above the support of 73.85.
Stabilising Bitcoin’s price in dollar terms is the last thing Tether’s owners want to do.


Recent years have seen metal prices reach extreme lows due to a surge in supply and a recent decline in China’s demand for metals, particularly copper and steel. In fact, only about 9-10% of XME is invested in gold mining stocks, while over half is in steel producers like US Steel (X). “Liberty Steel will shortly begin a detailed due diligence and thus gain insight into key business data of Thyssenkrupp’s steel business,” Liberty said in a statement. Steel mills have been incentivized by high prices this year to boost output.
China’s structural overcapacity for steel output remains, albeit with increasingly more efficient and less-polluting plants, but all that new investment will demand payback for years to come.
The miner, which operates Egypt’s sole commercial gold mine, revamped its board and added a new chief executive eight months ago after a failed takeover by Endeavour Mining. XME is a metals & mining ETF, but its holdings are very different than a precious metals mining ETF like the popular gold miner fund (GDX). The month-on-month fall was put down to production restrictions implemented by steel mills to control air pollution, principally to sintering and blast furnace output.
Conversely, gold (GLD) is seen as a less risky play as investors look for safe places to store money throughout high inflationary periods or downward market trends. In fact, Asia currently makes up just over 70% of the global demand for finished steel products and a similar level for copper.


A deal is expected to be reached for cuts of 7.7 million barrels per day which has seen oil trickle up overnight and trade around the $45.50 mark. Malaysian palm oil futures edged up, helped by estimates of a steep drop in November production, ahead of data on the market outlook from top industry analysts. Crude Value Insights offers you an investing service and community focused on oil and natural gas. The question mark will be on compliance to these cuts which had been a problem previously with some of the smaller member nations reluctant to cut their supply (OIL).
Further, travel during U.S. Thanksgiving week, usually the busiest travel week of the year, was lackluster as motor gasoline demand lost ground versus prior years. In further supply news, Venezuela s crude exports almost doubled last month, according to state-run PDVSA as well as Refinitiv data. Crude inventories fell by 679,000 barrels in the week to Nov. 27, much less than analysts’ expectations in a Reuters poll for a 2.4 million-barrel drop.
Normally to back into this, I would do a lengthy analysis on oil demand, pricing and projections. Earlier talk resulted in no compromise on how OPEC+ will deal with the fuel demand destruction, as much of the world goes through another coronavirus wave. As such, the demand for oil is expected to come down.

United States

These new asset purchases have set a new all-time high and are propelling the Fed balance sheet far beyond anything seen during the Great Recession’s stimulus packages. After initial balance sheet growth in late 2019, total Fed assets surged to nearly $7.2 trillion in June and have rarely dipped below the $7 trillion mark since then. This measure of the money supply differs from M2 in that it includes Treasury deposits at the Fed (and excludes short-time deposits, traveler’s checks, and retail money funds).
Currently, the Fed does not plan on raising rates until the inflation expectation rate stays well above the 2% level for a sustained period of time. The US-Saudi coalition had also for years imposed a full blockade on the country’s main ports, including the major Hodeidah, which is the country’s most important shipping port. The Fed’s moves to drop interest rates and to once again grow its balance sheet speak to the weakness of the economy leading up to April 2020.
While Fed asset purchases are not solely responsible for the surge in new money creation, they are certainly a sizable factor.
However, the EUR curve should eventually steepen in line with expectations for economic recovery, reflected in the equity market rally and the US curve steepening. But in order to keep interest rates low, the Fed has been buying up trillions of dollars in assets-including government debt. Most major Wall Street investors have outposts in Hong Kong and could easily purchase any delisted company’s secondary-listed stocks there.


Beijing buys in around 4 million tonnes a year but has avoided purchases from India, citing quality issues. The burner installation in Beijing, China is another positive catalyst.


€STR – DFR spread vs true excess liquidity With regard to asset purchases, the ECB does not seem to be squeezing government bonds by aggressive buying. Green Daily In climate news today… EU leaders poised to clash over new climate goal. The ECB is still in an easing mode and may well buy the new gross govt bond issuance also next year. One Answer to Cutting Potent Cow Emissions Is Awaiting EU Nod A promising solutions for cleaning up cow burps could be ready for sale in Europe within two years.
PEM is a much newer technology (first introduced in the 1960s), and Europe is a leader, which I think explains why the EU is focusing on it. (FXB,UDN,UUP) On one side, French President Emmanuel Macron continues to oppose any deal that blocks widespread access to UK waters for French fishermen. Chancellor Angela Merkel announced an extension of Germany s partial lockdown until Jan. 10 as the country struggles to regain control of the coronavirus. In Europe, the Stoxx 600 Index was 0.3% lower by 5:50 a.m. Eastern Time with uncertainty over the EU’s future relationship with the U.K. continuing to weigh on sentiment.
The ECB is unlikely to completely shut the door for a lower deposit rate. Odd Lots: Former ECB chief economist Peter Praet on what’s next for central banks.