Agriculture
MARKET NEWS Corn prices slipped from multi-year highs as traders booked profits, while a sharp fall in global equities and a rise in dollar also weighed on sentiment. But possibilities could be strong given China s generally thin supplies of agricultural commodities and its record purchases of items like corn and soybeans. The government, worried about food price inflation, recently tried to limit corn exports, but the idea was beaten back by growers.
China has never been a leading player on the U.S. ethanol export front and the corn-based biofuel historically accounts for a small portion of American farm product trade. Now the focus is on wheat, with rumors swirling around the Pampas grains belt that export limits might be on the way. Cocoa futures in New York and London hit their highest prices in a week on Wednesday after upbeat guidance from Swiss chocolate maker Barry Callebaut. 2 soybean producer and exporter.
China has never been a leading player on the U.S. ethanol export front and the corn-based biofuel historically accounts for a small portion of American farm product trade. Now the focus is on wheat, with rumors swirling around the Pampas grains belt that export limits might be on the way. Cocoa futures in New York and London hit their highest prices in a week on Wednesday after upbeat guidance from Swiss chocolate maker Barry Callebaut. 2 soybean producer and exporter.
Currencies
The onshore yuan briefly touched a one-week lowof 6.4946 per dollar and other Asian currencies also fellagainst the dollar, highlighting strength in the greenback. “Risk aversion supporting the dollar is a healthy correction after a one-way rise in risk assets,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities. Gold prices today extended their decline in Indian markets with precious metals weighed down by a stronger US dollar. The dollar index stood at 90.742, holding onto a 0.6 per cent gain on Wednesday.
The dollar edged up to 104.27 yen, following a 0.4 per cent gain on Wednesday. Delays in vaccine rollout, in particularly in within the European Union has also weighed, while a stronger US dollar is also doing the same. Against the euro, the dollar stood at $1.2094, close to a one-week high. He is also Chairman of SchiffGold, his precious metals dealer, Euro Pacific Asset Management, and Euro Pacific Bank, his brokerage firm for international clients.
The dollar strengthened after the FOMC meeting and Fed Chair Powell’s speech, with the euro retracing to 1.2093. The GBP/USD is trading under pressure declining for a second straight session amid a firmer US Dollar and as EU demands UK COVID vaccines from AstraZeneca (AZN).
The dollar edged up to 104.27 yen, following a 0.4 per cent gain on Wednesday. Delays in vaccine rollout, in particularly in within the European Union has also weighed, while a stronger US dollar is also doing the same. Against the euro, the dollar stood at $1.2094, close to a one-week high. He is also Chairman of SchiffGold, his precious metals dealer, Euro Pacific Asset Management, and Euro Pacific Bank, his brokerage firm for international clients.
The dollar strengthened after the FOMC meeting and Fed Chair Powell’s speech, with the euro retracing to 1.2093. The GBP/USD is trading under pressure declining for a second straight session amid a firmer US Dollar and as EU demands UK COVID vaccines from AstraZeneca (AZN).
Metals
To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold? “We could see a strong spurt in gold demand for the next few years, a repeat of what happened after a sharp drop in 2009,’ he said. The country’s top gold producer said output fell to 535,477 ounces in the quarter ended Dec. 31, compared with 551,115 ounces a year earlier. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
Gold prices are trading down by 0.4% at Rs 48,686 per 10 grams. On MCX, gold futures fell 0.3% to Rs 48,702 per 10 gram in the fifth straight day of decline. Traditionally seen as a safe place to store wealth, gold surged to a record level of $2,072.50 an ounce last summer as the coronavirus swept the globe. Note that gold prices are now down about Rs 7,500 from their August highs of Rs 56,300. In such a scenario, the current high tax on gold increases the lure of smuggling,” he added.
S&P 500 futures pointed to more losses at the open, the 10-year Treasury yield was at 1.008%, oil slipped and gold was slightly lower.
Gold prices are trading down by 0.4% at Rs 48,686 per 10 grams. On MCX, gold futures fell 0.3% to Rs 48,702 per 10 gram in the fifth straight day of decline. Traditionally seen as a safe place to store wealth, gold surged to a record level of $2,072.50 an ounce last summer as the coronavirus swept the globe. Note that gold prices are now down about Rs 7,500 from their August highs of Rs 56,300. In such a scenario, the current high tax on gold increases the lure of smuggling,” he added.
S&P 500 futures pointed to more losses at the open, the 10-year Treasury yield was at 1.008%, oil slipped and gold was slightly lower.
Oil
Onshore fuel oil stocks fell by 1.208 million barrels, or about 190,000 tonnes, to 20.791 million barrels, or 3.274 million tonnes, Enterprise Singapore data showed. The same report also showed a 0.8 million barrels decline in distillate stocks although US gasoline stocks rose by 2.3 million barrels. MARKETS TODAY OIL: Oil steadied after earlier declines fuelled by fresh travel curbs to prevent new coronavirus outbreaks and delays to vaccine rollouts. Biden Ban on Oil, Gas Leasing on U.S. Lands Challenged in Court Western Energy Alliance says it represents 200 oil and natural gas companies.
The unexpected 9.9 million-barrel fall, the biggest draw since July, reduced crude inventories to 476.7 million barrels, according to EIA figures.
A total of 26.14 million barrels per day (bpd) is forecast to be discharged in Asia in January, according to vessel-tracking and port data compiled by Refinitiv. Crude futures immediately rallied after the data publications however, retreated shortly after as fuel demand concerns outweighed. US crude fell 24 cents to$52.61 a barrel, while Brent crude futures dropped 26cents to $55.55.
less An updated temperature forecast from the National Weather Service’s Climate Prediction Center injected some bullish energy into natural gas this week, sending prices nearly 6% higher. Malaysian palm oil futures jumped 3.6% on Wednesday, extending the previous session’s gains, as investors covered short positions ahead of a public holiday.
The unexpected 9.9 million-barrel fall, the biggest draw since July, reduced crude inventories to 476.7 million barrels, according to EIA figures.
A total of 26.14 million barrels per day (bpd) is forecast to be discharged in Asia in January, according to vessel-tracking and port data compiled by Refinitiv. Crude futures immediately rallied after the data publications however, retreated shortly after as fuel demand concerns outweighed. US crude fell 24 cents to$52.61 a barrel, while Brent crude futures dropped 26cents to $55.55.
less An updated temperature forecast from the National Weather Service’s Climate Prediction Center injected some bullish energy into natural gas this week, sending prices nearly 6% higher. Malaysian palm oil futures jumped 3.6% on Wednesday, extending the previous session’s gains, as investors covered short positions ahead of a public holiday.
United States
He saw how we warned that Phillips Curve models were not reliable, and that market indicators suggested that inflation was likely to undershoot the Fed’s target. US stock futures are trading lower today, indicating a negative opening for Wall Street. less Risk off is setting the scene as Europe stock markets open after stocks on Wall Street saw the worst performance since October. While the Internet’s frenzy over GameStop has turned it into the biggest story on Wall Street today, short squeezes are a real catalyst.
Contracts for the Nasdaq-100 slid 1.2%, after earnings from several technology giants including Apple underwhelmed investors late Wednesday. 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. Fed Powell warned that last years’ momentum was likely to fade at the start of this year. Meanwhile, the Fed was perhaps a little more downbeat in its communication that the market was looking for.
less Back in the old days, Fed officials like suggested that there was a trade-off between growth and stability. Data from the US Energy Information Administration has shown historically elevated inventory levels this season.
Contracts for the Nasdaq-100 slid 1.2%, after earnings from several technology giants including Apple underwhelmed investors late Wednesday. 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. Fed Powell warned that last years’ momentum was likely to fade at the start of this year. Meanwhile, the Fed was perhaps a little more downbeat in its communication that the market was looking for.
less Back in the old days, Fed officials like suggested that there was a trade-off between growth and stability. Data from the US Energy Information Administration has shown historically elevated inventory levels this season.
China
The first is Beijing’s desire to get a tighter grip on China’s booming online financial services industry. Xi Jinping has stated his case very plainly, only no one wants to listen to the dictator; or at least take him literally.
Europe
The decline picked up momentum during the European session on the heels of comments from ECB Governing Council member Klaas Knot, who voiced concerns about the exchange rate. Later on, reports suggested that the ECB may further cut its deposit rate – which is at -0.50%.
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