Open: New York Session | Forex, Metals, Oil, Agriculture January 15, 2021

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


Traders sold only 12.7 million tonnes of wheat, 10.3 million tonnes of corn and 3.9 million tonnes of barley, the data showed. In its monthly update, the inter-governmental body cut its forecast for corn (maize) by 13 million tonnes, partially offset by an upward revision in the outlook for wheat. MARKET NEWS Chicago corn futures were poised for their biggest weekly gain since July as the U.S. government’s forecast of tightening global supplies supported prices.
What’s clear is that no wheat has been delivered.


Dollar indexThe dollar index closed the last session marginally lower at 90.24 as against Wednesday’s close of 90.36. Israel’s benchmark TA-125 stock index has gained nearly 6% this year in dollar terms, outperforming both the S&P 500 and the eurozone’s Euro Stoxx Index. less BL Research BureauThe rupee (INR) appreciated last session against the dollar (USD) and closed at 73.04 versus preceding day’s close of 73.15. The dollar’s rebound from a near three-year low faltered on Friday after U.S. Federal Reserve Chair Jerome Powell said interest rates would not rise any time soon.
Last year, the TA-125 didn’t fare as well as either of those gauges, rising just 4.3% in dollar terms. On Friday, continue their decline and may push the dollar lower. Dollar is evolving from a haven play into a must-have recovery play. The fall in stocks sent traders to the safe-haven US dollar. The risk-off mood in markets is weighing on the safe-haven dollar. The early PMIs are out from the Euro zone on Friday, and our market-based model looks surprisingly bullish, seeing another clear increase.


The bloc launched its initial complaint in Nov 2019 against the export restrictions on raw materials, notably nickel ore and iron ore, that are used to make stainless steel. In international markets, gold prices moved higher today after US President-elect Joe Biden unveiled a massive US$ 1.9 trillion stimulus package proposal. Gold prices fell for the second day in Indian markets with futures on MCX edging lower by 0.2% to Rs 49,122 per 10 grams. Breakeven yields and gold both climbed after Fed chair Powell said policy makers won’t raise interest rates unless they see troubling signs of inflation.
Gold prices touched record highs in 2020, as investors flocked to the safe haven asset while the COVID-19 pandemic roiled the markets. The ruling is a blow to the San Carlos Apache tribe and others who have long opposed Rio’s Resolution copper project, which would be built on land considered sacred. COLUMN-London Metal Exchange’s twilight zone absorbs stocks build: Andy Home London Metal Exchange (LME) stocks of aluminium fell by 132,500 tonnes over the course of 2020.
The last time metals demand suffered a similar collapse was during the Global Financial Crisis of 2009, when LME aluminium stocks almost doubled to 4.6 million tonnes. Gold prices idled in choppy range confining them all week. Gold prices are trading down 0.3% at Rs 49,060 per 10 grams.


CRUDE OIL TECHNICAL ANALYSIS Crude oil prices are testing resistance just below the $54/bbl figure, marked by the 50% Fibonacci expansion. Oil minister said Iraq is in “heavy talks” with OPEC and allied oil producers to allow Iraq to postpone compensating for earlier overproduction. Bellwether S&P 500 futures are pointing convincingly lower and crude oil prices are following suit having seemingly recoupled with overall sentiment trends. less Crude oil prices rose yesterday, shrugging off souring risk appetite across broader financial markets that might have been expected to weigh on the cyclically-sensitive commodity.
Gunvor won the rights to lift 9 million tonnes of Rosneft’s oil products, the sources said. Fuel oil inventories showed a small build, increasing by 29,000 mt to 1.13 million mt. British Airways operator International Airlines Group and Italian oil company Eni each claim they ll offset 30 million metric tons per year by then. China registered the highest number of coronavirus cases today, which does not bode well for oil demand.
The country imported around 15% less crude in December 2020 than a year ago, although total imports in 2020 were 7.3% higher than in 2019.
Gasoline inventories increased by 21,000 mt last week to 1.31 million mt.

United States

The timing of the impeachment trial of President Donald Trump could add another road block to a swift agreement on new stimulus. Paid Post There’s a reason over 2.5 million people start their day with Morning Brew the daily email that delivers the latest news from Wall Street to Silicon Valley. US stock futures are trading lower today, indicating a negative opening for Wall Street. Nasdaq Futures are trading down by 43 points (down 0.3%) while Dow Futures are trading down by 173 points (down 0.6%).
Since leaving Wall Street I’ve dedicated my financial career towards studying this situation and helping people understand what’s actually happening. Then it s back on with Georgia, stimulus, and taper talk…but some Fed pushback and decent auctions and it s off again.We expect this sort of stuff from stocks. Trump, meanwhile, is having trouble finding a legal team to defend him.Fortress Washington | Ahead of Biden s inauguration, downtown Washington increasingly looks like it s preparing for war.
Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. It also marks one of the last actions from President Donald Trump’s EPA before he leaves office on Jan. 20.


That means Biden will need to engage with Beijing, even as he too pressures it to change.


The ECB will meet on Thursday with eyes on how Lagarde rhetorically tackles the internal differences that were fairly material according to the recent meeting minutes. In Germany, Angela Merkel is pushing to further tighten the country’s lockdown as deaths there rose by a record amount in the past 24 hours. In the UK, Prime Minister Boris Johnson is under pressure from a group of right-wing Conservative Party members who want him to loosen lockdown measures.
Will Lagarde emphasise that the PEPP wallet is not a target but rather only a backstop and will she succeed in doing so? Who will (potentially) succeed Angela “Mutti” Merkel as the German chancellor? The UK has now vaccinated 5% of it’s population, while most of the EU countries are still below 1%. Brexit is driving top dealmakers out of London. France, Portugal, the European Union and the U.S. have said they can assist. This is the key task for Lagarde.