Open: New York Session | Forex, Metals, Oil, Agriculture February 10, 2021



The companies included two seed marketing companies in northeast Liaoning province and two corn breeders in northwest Xinjiang province who were producing GM corn seed. If realized, the U.S. corn and soybean stockpiles would be the smallest in seven years before the next U.S. crop is harvested. China’s strong corn prices and increased purchases of the yellow grain and other feed ingredients have long suggested thinning inventories in the country. MARKET NEWS Chicago corn futures fell 0.8% after the U.S. Department of Agriculture pegged its end of season inventory estimates above market expectations.
Raw sugar futures on ICE closed up on Tuesday, buoyed by a more supportive economic backdrop and positive short-term fundamentals.


Key resistance thereafter is in the band between 91.5 and 91.6.Trade strategyThe rupee can experience buying interest at lower levels on the back of weakening dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 90.38. BL Research BureauThe rupee continues to trade in a narrow range against the dollar. Pay attention to the US Dollar Index, because it will obviously have its influence on gold as well.
US equities extending their run of record gains, while the US Dollar is on the backfoot. US CPI & Fed Chair Powell awaited A meaningful move above horizontal support turned resistance at 1.2055 was a key signal for the EURUSD bulls. The chairman and chief executive of retail cooperative BPCE has made a 3.7 billion euro offer for the 29% of Paris-listed Natixis it doesn’t already own.


COLUMN-Scrap gap drives China’s copper and aluminium import boom: Andy Home China imported record amounts of refined copper and unwrought aluminium last year. London copper prices hit an eight-year high while Shanghai copper rose to an over nine-year peak, as tight supply and U.S. stimulus optimism boosted investor sentiment. Combined with iron ore, also mined by BHP, coking coal is used to make steel, producing millions of tonnes of CO2. less Gold (GLD) markets initially rallied during the trading session on Tuesday to reach towards the $1850 level.
BHP is the world’s biggest listed miner and biggest coking coal producer. S&P 500 futures pointed to a small gain at the open, the 10-year Treasury yield was at 1.16%, oil rose and gold was higher. We also cover important commodity markets such as gold and oil. Gold & Silver Technical Analysis Elliott Wave Forecast and Trading Levels Video Length: 00:14:03 Peter Mathers started actively trading in 1982.


Still, gasoline stocks rose by 4.81 million bbl, compared to expectations of a 1.81 million bbl increase. According to a US oil and gas agency, commercial crude stocks in the country dropped by 3.5 million bbl in the week ending the 5th of February. The EIA revised up its forecast of US oil production decrease this year to 290,000 bpd, compared to its previous estimate in production drop of 190,000 bpd. In March the base effects from gasoline prices will turn positive if oil prices stay at current levels.
At least 10.2 million mt of crude cargos have been floating offshore Qingdao-Rizhao for 1-3 weeks to date, Refinitiv trade flow data showed. API posted a surprise 3.5 million barrel draw versus an expected 1 million barrel build. Malaysian palm oil futures reversed early losses, extending a three-day climb to hit a near one-month high, lifted by a jump in exports during Feb. 1-10. The draw in crude inventories happened, as refinery utilisation rose by 0.5 percentage points against a forecast of a 0.1 percentage points decrease.
Whilst fundamentals support further upside, after 7 straight days of gains the rally in WTI is starting to look tired (OIL). Green Daily In climate news today… China needs to hit peak oil long before it reaches net zero.

United States

less Fed speakers repeatedly promise policy tightening is a story for next year or the year after. VanEck Impeachment After the Senate voted 56-44 to proceed with the impeachment trial of former President Donald Trump, arguments in the case begin today. This massively raised investor hopes that the US economy would come roaring back this year after a 3.5-percent decline in real GDP in 2020. The thinking behind incentivizing population growth is that the US economy can only grow in the long run if it has either more immigration or a higher birth rate.
Fed Chair Jerome Powell is speaking in New York today, a speech investors will watch for any comment on price stability.
As we discuss, the Fed may have no choice but to tighten monetary policy to offset the condition. Despite the rise in the US 10-year bond, the yield is below the current rate of inflation. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. S&P 500 futures edged up 0.3%, while contracts linked to the tech-heavy Nasdaq-100 gained 0.5%.
less EUR/USD holds 1.21 ahead of US CPI & Fed Powell.