Open: New York Session | Forex, Metals, Oil, Agriculture December 07, 2020

A spokeswoman for Mars said the company wasn’t trying to circumvent the cocoa premium. “Mars Wrigley categorically disagrees with any allegation that it has changed its cocoa-buying practices to avoid payment of the [living income differential],” she said. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit. Brazil, a net food exporter, sold so much of its soybeans to China, that little was left to process internally during the inter-harvest period.

The rupee (INR) settled with 26 paise gain last week, as it ended at 73.78 versus it’s previous week’s close of 74.04 against the dollar. Image Source: Pixabay The DXY US Dollar Index, which has exhibited a relatively strong negative correlation with gold prices, is hovering at its 2.5-year low of 90.66. The rupee was little changed at 73.7725 per U.S. dollar, while the yield on 10-year government bonds rose one basis point to 5.91%. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.48 per cent to 91.13.
less The rupee dropped by 10 paise to settle at 73.90 (provisional) against the US currency on Monday due to a stronger dollar in overseas markets. Proponents argue it’s muscling in on gold as a portfolio diversifier, as stimulus injections to counter the economic damage from the pandemic weaken the dollar. For JPMorgan, those crowded trades include: short the U.S. dollar versus cyclical developed-market currencies, long copper and long Bitcoin.
The trade surplus also notched a high in dollar terms, hitting $75.4 billion. It finally closed at 73.90 a dollar, registering a decline of 10 paise over its previous close of 73.80. A corollary of points 5 and 6 is that the probability of the US experiencing deflation will remain low until after the T-Bond and/or the US dollar tank.

Copper prices dipped, slipping from a near eight-year high hit in the previous session, as data showed a decline in imports of the metal by top consumer China. Potential catalysts for gold might include uncertainties surrounding the rollout of coronavirus vaccines across major western countries, a re-igniting of US-China tensions, as well as potential geopolitical shocks. Arrivals of unwrought copper and copper products totalled 561,311 tonnes last month, the General Administration of Customs said.
Gold prices were mixed today in Indian markets as optimism around Covid-19 vaccines roll-outs offset hopes of a US stimulus package being passed this week. 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. The speculators also increased their net long positions in copper futures and options, the CFTC data showed. Equities dip at start of week Cable drops by more than 100 pips on Brexit tension Nikkei -0.76% Dax -0.51% UST 10Y 0.94 (SPTL) Oil $46 (OIL) Gold $1830/oz.
On MCX, gold prices edged 0.2% higher to Rs 49271 per 10 grams. In the previous session, gold futures had declined 0.2% to Rs 49,209 per 10 grams. The falling number of GLD ETF shares means that redemptions have outpaced subscriptions, reflecting weaker demand for investment gold.

China brought in 45.36 million tonnes of crude oil last month, equivalent to 11.04 million barrels per day (bpd), data from the General Administration of Customs showed on Monday. Optimism about oil prices and a global economic recovery has grown, with a multitude of future oil price graphics spreading like wildfire on the internet. Malaysian palm oil futures edged higher on forecasts for lower November production and inventories, although weaker soyoil prices capped gains.
Brent crude futures, the global oil benchmark, fell 0.79 per cent to USD 48.86 per barrel. It also doesn’t include the possible negative effects of higher oil prices, which could lead to a spike in U.S. shale and other production. Crude Value Insights offers you an investing service and community focused on oil and natural gas. A major economic downturn should be expected, and such a downturn would have a direct effect on oil and gas demand. With the dividend cuts of the underlying stocks more or less completed, we think this distribution is sustainable, assuming oil prices average at least $45 in 2021.
Oil price volatility will lead to disruption as the search for profit is the key short-term incentive for many OPEC members.
Oil markets are relieved that OPEC+ will continue to cooperate and the group maintains the ability to move markets.

Over the past four years, President Donald Trump has ripped up trade deals, launched damaging trade wars and gunked up the workings of international trade organizations. In the US the government-Fed combination can increase the money supply to almost any extent independently of the private banks. In the US, the government-Fed combination can increase the money supply to almost any extent independently of the private banks. All three major US stock indices delivered gains last week, with the Nasdaq Composite’s 2.1% rally, taking it to within spitting distance of a 40% year-to-date gain.
The Fed has signaled that it will maintain interest rates until 2023; therefore, I’m expecting mortgage rates to be mostly stable next year. ScION Tech Growth I (SCOAU) $500M SPAC UBS Blank check company formed by ION Investment Group targeting technology. Putting it another way, the probability of the US experiencing deflation will remain low until after inflation is widely perceived to be a major problem.
Nasdaq Futures are trading down by 10 points (down 0.1%) while Dow Futures are trading down by 85 points (down 0.3%). Canadian SaaS platform Docebo (DCBO) upsized to raise $144 million at a $1.5 billion market cap in its Nasdaq cross-listing. US stock futures are trading lower today, indicating a negative opening for Wall Street indices.

All of this has ceded global economic leadership to China, as we can see from the trade negotiations Beijing recently oversaw with 14 other Asian nations. Beijing has vowed to take countermeasures.

It was the first moment of fiscal integration under a central EU body that would bypass the individual member states as the means by which to raise capital. 11th hourWhile it might seem that Brexit talks have been only hours away from collapsing for the past four years, today might actually be crunch time. The EU’s chief negotiator told envoys that divergences over the three well-known issues remain and that the ball is in Boris Johnson’s court to move, according to the diplomat.
Prime Minister Boris Johnson is due to speak to European Commission President Ursula von der Leyen this evening and that conversation will be a make-or-break moment, another official said. U.K. Prime Minister Boris Johnson and European Commission President Ursula von der Leyen’s phone conversation led to talks restarting over the weekend, with both sides saying “significant differences” remain. Merkel calculated like she always does that pressure would win her the day in the final moment.
The EU and the UK continue clashing over a Brexit deal with only some three weeks to go until the transition period ends. Five Things Follow Us Get the newsletter Stimulus agreement nears, Brexit talks on the brink, and Covid getting worse before it gets better. 2021 will see a lot of elections – Italy, Germany in particular – that could support them if they continue to hold out and the EU doesn’t negotiate. Hungary and Poland, like the Brits voting for Brexit a second time last year, finally said, that’s it.