Open: New York Session | Forex, Metals, Oil, Agriculture February 12, 2021



MARKET NEWS U.S. corn futures edged higher but the grain was poised to record weekly losses of 1% amid forecasts for bigger global supplies than previous expected. Raw and white sugar futures on ICE closed down on Thursday with heavy spreading activity, after hitting contract highs in the previous session amid nearby supply tightness. Corn boom sends farmland value up the most since 2012 in Midwest. Bhagria, chief executive of the All India Sugar Trade Association (AISTA).


The dollar headed for its firstlosing week in three as new signs of weakness in the U.S. jobsmarket dented investor expectations about the pace of a pandemic recovery. “The US dollar Index has started flat this morning in Asian trade as the markets look to fresh triggers in the market. In global markets, gold rates eased today, weighed down by a stronger US dollar and higher Treasury yields. The dollar remained on the back foot on Friday, pinned near two-week lows, after the release of weaker-than-expected weekly U.S. jobless claims data the previous day.
The rupee appreciated by 10 paise to 72.77 against the US dollar in opening trade on Friday supported by positive domestic equities and sustained foreign fund inflows. The dollar was mostly flat at 104.77 yen, down 0.6% from the end of last week. That added to recent concerns that the dollar’s previous rally had priced in too fast a pace of rebound for the U.S. economy. The dollar initially dropped in response to weak US jobless claims, which hit 793,000, the first disappointment in several weeks.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.07 per cent to 90.48. The dollar and benchmark ten-year US Treasury yields ticked higher, reducing gold’s appeal.


This infographic from Corvus Gold looks at the requirements and stages a mining company could face along its journey from a mineral prospect to a global mining company. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. From a technical viewpoint, gold remains under downside pressure from all three simple moving averages with the 20-day sma (red line) acting as initial resistance this week.
Recent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long. Gold prices edged lower in Indian markets today, extending the sharp losses of the previous session. GDP (black), GDP forecast implied by WSJ February survey (green), Jan Hatzius/Goldman Sachs forecast (gold), Belinda Roman/St. Finding a gold deposit, let alone an economic one is akin to using a hair to find a needle in the proverbial haystack.
less The price of gold is struggling to find any real direction with all of this week’s gains given back so far. S&P 500 futures pointed to a small drop at the open, the 10-year Treasury yield was at 1.153%, oil was lower and gold slipped. Gold and silver aren’t the only viable plays in the metals space – and they aren’t currently the leaders.


Iran, which sits on the world’s fourth-largest oil reserves, relies heavily on oil revenue, but sanctions have prevented it from pumping at anywhere near capacity since 2018. Oil prices have erased nearly half of this week’s gains and are expected to retrace further down before resuming the upward trend. This enforces our base case scenario published in a previous article of a short term correction in oil prices before it resumes its rally again. At the onset of the pandemic, the Norwegian economy looked set to be hit exceptionally hard as oil prices collapsed.
Gas might seem a safer bet than oil for a decarbonizing world, but it comes with many of the same challenges. OPEC blamed extended lockdowns in key OECD countries for a cut in demand growth forecast of 100,000 bpd to 5.8 million bpd in 2021. The IEA revised up its non-OPEC supply estimate for this year by 290,000 bpd to 830,000 bpd after a drop of 1.3 million bpd in 2020. The terminal imports oil products such as gasoil, diesel and jet fuel.
The duty advantage of CPO thus narrowed from 8.25 to 2.75 percentage points,” he said.Countrywise importsIndonesia and Malaysia are the major suppliers of palm oil to India.
Capital spending cuts following last year’s plunge in commodity prices put many LNG plans on hold.

United States

These firms typically execute small investors’ orders privately instead of routing them to public markets including the New York Stock Exchange and the Nasdaq Stock Market. Trump attorney David Schoen suggested his team’s opening arguments could only take a few hours and the trial could be “over by Saturday.” In the US, lawyers rested their case against former President Donald Trump in the Senate trial and now the defense has the stage. WSJ analyzed how Reddit posts, YouTube videos and tweets by personalities including Elon Musk spread online and fueled a trading craze that turned Wall Street upside down.
less (NASDAQ: BMBL) scores over (NASDAQ: MTCH) despite the surge the former’s stock saw on its public debut, according to Jim Cramer. US stock futures are trading lower today, indicating a negative opening for Wall Street. As we head into the back half of February, the Nasdaq Composite is already up 9% year-to-date, or an annualized return of nearly 70% if this pace continues.
The fascinating drama around the storming of the Capitol by Trump supporters has only one meaning for markets – it . It appears the Merkel government tried to tap into this clear economic motive, knowing this might be the most direct ‘opening’ with then-President Trump. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.


But six weeks after the Brexit arrangements between the EU and U.K. took effect, wrangling continues over how to make trade move smoothly. Rosalind Mathieson Depleted shelves in a Marks and Spencer store in Belfast as retailers experience disruptions while they adapt to post-Brexit arrangements. The economy withstood November’s nationwide lockdown and Brexit uncertainty and is well-positioned to recover. City of London’s Brexit tab rises with stock and swap moves.