Open: New York Session | Forex, Metals, Oil, Agriculture June 04, 2021

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


On Thursday, the hedge fund manager John Hempton, alluding to AMC’s announcement that it would offer free popcorn to its shareholders, quipped that maybe people should invest in corn. Coincidentally, a corn name was one of our top ten names on Thursday: not the agricultural company (CTVA) that Hempton mentioned, but the (CORN).


The Swiss franc and the euro were down 0.1% against the U.S. dollar whereas the British pound was mostly flat against the dollar, with 1 pound buying $1.41. If the jobs report overshoots the 650k baseline forecast and the unemployment rate decreases, the dollar will continue to move higher against peer currencies. less The Indian Rupee finds itself under pressure against the US Dollar after the Reserve Bank of India (RBI) maintained its benchmark repurchase rate unchanged at 4.00% in June.
In global markets, gold prices fell to over a two-week low, hurt by stronger dollar and bond yields. The dollar index gained, hurting the gold prices. The U.S. dollar index gained, hurting the gold prices. After the dollar’s bull run yesterday, all eyes are on US payrolls. However, if the yield does not move higher, the euro will experience an upward correction. Meanwhile, the euro could drop as low as 1.2050, depending on how the US10Y yield moves. The euro slipped to 1.2118 during the North American trading session.


Therefore, investing in gold miners is essentially like leveraging investment in gold, as you can see a move of 2-3X in a typical gold mining company relative to gold. less Despite clear signs of higher inflation, robust technical setups, and other bullish elements, VanEck Vectors Gold Miners ETF (GDX) and gold miners in general, remain notably undervalued. Gold, GDX, and the broader gold mining sector have favorable fundamental tailwinds, bullish technical setups, and likely have substantial room to appreciate going forward.
For instance, if gold is to appreciate by roughly 5%, we could see an increase of around 10-15% in a gold mining company’s stock. As the price of gold goes up the value of gold mining companies should grow as well. In the previous session, gold prices in India had slumped 2% or Rs 950 per 10 grams, tracking an overnight dip in global rates. less For the week ended May 21, boosted by gold and currency assets, the reserve was at USD 592.894 billion.
Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 48,643 per 10 grams. Gold prices are trading down by 0.1% at Rs 48,646 per 10 grams. Gold prices extended their decline in Indian markets today after a sharp fall in the previous session.


Gasoline inventories increased by 1.5 million bbl, while distillate showed a build of 3.72 million bbl. Insights Global s ARA inventory data for the week ending the 2nd June showed builds for gasoline, gasoil as well as fuel oil and draws for naphtha and jet. The latest EIA data showed crude stocks falling by 5.08 million bbl in the week ended the 28th May. That will help pare global oil stocks – which at one point last year threatened to overwhelm the world’s ability to store them.
The impact of high coronavirus cases on oil demand remains a concern, especially in the second largest consuming nation in Asia, India. Oil prices rose, aided by demand prospects as COVID-19 vaccination take off globally. But one barge at an oil field off the Mumbai coast stayed put. Implied gasoline demand in the US was around 3% lower in May 2021 compared to levels in May 2019, according to the EIA. What a Dutch court ruling means for Shell and Big Oil. June CFR naphtha-Brent cracks were $0.06 higher at -$0.65/bbl; 3Q ’21 traded $0.15 higher at -$0.91/bbl while the 2H Cal ’21 advanced $0.13 at -$0.92/bbl.

United States

Nasdaq Futures are trading down by 17 points (down 0.1%) while Dow Futures are trading down by 6 points (flat). The action of the largest US cinema chain has been among the most thriving in the US market due, in large part, to the GameStop phenomenon last January. Far from enmeshing the Fed in the credit markets, and destroying their function, the facilities may have allowed policy makers to take less dramatic action. BEFORE THE BELL Wall Street futures were little changed as investors maintained a cautious stance ahead of the non-farm payrolls data for May.
Wall Street futures were little changed as investors maintained a cautious stance ahead of the U.S. non-farm payrolls data for May. In addition, a poll released yesterday by Wells Fargo revealed that the GameStop stock market phenomenon had triggered interest on Wall Street even among American teenagers. The COVID-19 pandemic increased the popularity of commission-free trading applications in the US last year.
The Fed s plan to being unwinding its backstop of corporate debt hasn t stopped investors from suspecting the central bank will bail them out again if needed.
US stock futures are trading lower today, indicating a negative opening for Wall Street. Specifically, better wage growth could further fuel a push higher in Treasury yields as Fed tapering expectations are brought forward.


Unlike the previous order, it doesn t affect the many subsidiaries of those firms, offering a way for Washington and Beijing to continue conversations that have become more frequent. It s given out over 700 million vaccines in total, and major cities like Beijing will reach herd immunity in a matter of weeks.What then? President Joe Biden has ordered a deeper probe, risking relations with Beijing, which angrily denounces lab-leak theories.


It was a striking statement for the ECB board member, who only six months ago argued that such purchases should adhere to the principle of market neutrality. Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde speak about green issues today. The ECB will extend its phase of faster bond-buying through the summer, a Bloomberg survey of economists shows. EU Keeps Some Non-Essential Travel Restrictions Visitors from U.S., U.K. may still need to abide by quarantine requirements.
ECB buying.