Open: New York Session | Forex, Metals, Oil, Agriculture December 04, 2020



Cocoa market participants see a hefty premium charged by the largest producers — Ivory Coast and Ghana — as artificially inflating prices. U.S. corn prices have also rallied, although export sales remain relatively strong. The ethanol segment buys and sells corn oil and ethanol, offers facility operations, and invests in ethanol plants. The company in November unexpectedly bought large amounts of cocoa through the futures market, squeezing the New York contract.
It is characterized by cooler-than-normal waters in the Pacific Ocean, causing dry weather in some parts of the globe and heavy rainfall in others.


The Chinese yuan, an increasingly popular vehicle for investors to bet against the dollar, made a 29-month high of 6.5358 per dollar. Over the past few months, the U.S. dollar index has tried to go higher but has failed every single time. less The U.S. dollar could drop a lot, and if does, investors can expect a lot of problems. Looking at the U.S. dollar index, the next major support level isn’t until 87.50. The index essentially tracks the performance of the U.S. dollar relative to other major currencies.
If the dollar drops below this big support level, it wouldn’t be shocking to see the greenback hit its 2011 lows. There just was never enough momentum or even raw activity (or functional dollar liquidity) which would have persuaded businesses to robustly rehire let alone hire a lot more workers. The yen was steady against the dollar on Friday, sterling held near a one-year peak and other majors eased a fraction, while Asian currencies advanced.
“No point standing in the way of dollar weakness for now, especially while risk-on sentiment is still extending,” said OCBC Bank strategist Terence Wu. A stronger US Dollar could hurt the yellow metal, but falling Treasury yields may offset losses.


Gold prices edged higher in Indian markets today as the precious metal continued to rebound from recent lows. Data from Refinitiv Lipper shows that gold and other precious metal funds, including ETFs, saw outflows of $4.25 billion, the biggest monthly outflow since May 2013. Note that in the last four days, gold prices have risen about Rs 1,500 per 10 grams but are still down Rs 7,000 from August highs of Rs 56,200. less Gold prices extended gains for a third consecutive day, as expected from earlier this week based on signals in retail trader positioning.
On MCX, February gold futures rose 0.2% to Rs 49,380 per 10 grams, extending gains to the fourth day. In the previous session, gold had edged higher by Rs 350 per 10 grams. Gold prices are trading flat at Rs 49,300 per 10 grams. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought.
While China has blocked Australian lobster, beef, timber and more recently wines in their latest trade spat, its iron ore demand is keeping the island nation’s economy humming. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market which is available for free.


Oil demand is still under pressure from the Covid-19 pandemic, but the increase is equivalent to less than 1% of the global oil market, according to The WSJ. The company still operates its amazing pipeline network, but the demand for oil & gas transportation may not be as strong as expected over the next 10-20 years. Blast rocks South African oil refinery, seven injured An explosion rocked South Africa’s second-largest crude oil refinery in Durban on Friday injuring seven people, local emergency services said.
in Computer Science from Ben Gurion University less Overnight global oil cartel OPEC and Russian producers agreed to increase their output by 500,000 barrels a day next month.
The world’s biggest producers are betting that the worst of a pandemic-inspired shock to demand is behind them after curtailed travel weighed heavily on oil prices this year. Crude oil prices marched higher as well, especially during Friday’s Asia Pacific trading session as the commodity climbed over 1.5 percent. Crude Value Insights offers you an investing service and community focused on oil and natural gas.
Oil prices have now cleared the $46 a barrel mark, and if progress continues the incentive to hold off on production may lessen. Malaysian palm oil futures climbed and were set to gain 1.5% for the week on higher levies by top producer Indonesia and a likely drop in November stockpile. Many companies suffered immensely during the first nine months of 2020 as the COVID-19 pandemic swept the globe and caused untold damage that briefly even saw negative oil prices.

United States

Investors have turned heavily short dollars in recent months, figuring rates will stay low for a long time in the US, forcing yield-seekers to head elsewhere for better returns. ), but the overall inflation picture remains largely benign (remember that the historical Fed “target” rate for inflation was ~2%): Translation: A generally positive environment for “risk on” assets. While investors have been viewing vaccine progress favorably, the record figures are a stark reminder that there is still a long road ahead for the US economy.
Thus, investors are dumping treasuries, with U.S. long-term interest rates continuing to rise as the massive liquidity level made available by the Fed decreases appetite for safe assets. Here are three of the best cheap growth stocks to buy now… (NASDAQ: BECN) is a perfect example of an undervalued growth stock in today’s market. Despite news that Pfizer will cut its coronavirus vaccine distribution target by half, Wall Street futures are pointing slightly higher heading into the European and North American trading sessions.
Now the market is revising its outlook and pricing in inflation that’s roughly in line with the pre-pandemic forecast – just below the Fed’s 2% inflation target. Pfizer on Thursday cut its initial COVID-19 vaccine shipment outlook in half for the year due to supply-chain problems, according to the Wall Street Journal. Also, during the recent senate testimony, Fed chairman Powell finds that the U.S. economy is in better shape than expected while still not out of the woods yet.
The Fed’s influence on corporate credit markets continued to grow as the central bank executed its Secondary Market Corporate Credit Facility (SMCCF).


Previous rules governing grain reserves only applied to its central state stockpiles but Beijing has this year heightened its focus on risks to food supply.


If the EU accepts to prolong the current transitional setup (with no tariffs) then we doubt that a deal will be found within the next negotiation period. The Brexit stalemate in a nutshell The problem is that two parties acting in political self-interest will always end in a stalemate due to political interests. There is currently a stalemate in Brexit-negotiations and it is hard to imagine a deal being struck without an exogenous trigger. In this case both EU and UK obviously act in self-interest meaning that a deal is very difficult to strike, why they may end up not co-operating.
On the other hand, an unnamed EU official told Reuters that a deal is “imminent” – barring any last-minute breakdown.
So after decades of leading Turkey by the nose, EU politely put an end to the charade citing problems with Turkey’s democracy. Would BoJo really want to be known as the breakfast- or bacon slayer? On the plus side, Erdogan does not appear interested in “combating corruption” in Ukraine, though that though not to the same extent as EU-promoted privatization efforts. K officials are reportedly upset with new EU demands, potentially derailing an agreement.
The next moves by Chief EU Negotiator Michel Barnier – which is returning from London to Brussels for consultations – will be closely watched.