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

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


Cotton yarn prices gain sharply on surging cotton rates, demandAt the same time, prices of Shankar-6 cotton, the benchmark for exports, in India are quoting below ₹47,000 a candy. Yarn importsBesides cotton, there is also a demand for the import of cotton yarn. The Committee on Cotton Production and Consumption (CCPC), a body representing all stakeholders in the textile industry including government officials, has estimated the carryover stocks at 120 lakh bales.
Earlier, it imposed a 11 per cent import duty.Signs from Pakistan are ambiguous, particularly after Imran Khan headed a meeting yesterday on surging cotton yarn prices. Since the beginning of this year, cotton prices have increased by over 11 per cent in the global market. Pakistan spinning mills could stand to gain from this as cotton could be transported by trucks across the border or even shipped from one of the western ports. Cotton Association of India has projected the output at 360 lakh bales, the same as last year.
India is also well-placed to meet any export demand as it is carrying record cotton stocks from last year. Pakistan’s crop is lower as farmers cut cotton planting by 10 per cent, while the crop was hit by a heavy monsoon and severe pest infestation. According to the Cotton Association of India (CAI), the carryover stocks are 125 lakh bales.


Dollar indexThe dollar index, after making a low of 91.06, where the 21-day moving average coincides, bounced off this level and ended the day with a gain. Moreover, the dollar index is trading near a strong hurdle.


In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system. Note that after strong gains in 2020, gold has been under pressure so far this year amid a rally in equity markets and rising US bond yields. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
MARKET NEWS Gold prices rose, rebounding from a near nine-month low hit in the previous session, but rising U.S. Treasury yields continued to weigh on non-yielding bullion. In the previous session, gold had dipped 1.2% or Rs 600 per 10 grams. Gold prices are trading down 0.4% at Rs 44,783 per 10 grams. Gold today extended its recent fall in Indian markets amid rising US bond yields. On MCX, gold futures fell 0.4% to 10-month low of Rs 44,768 per 10 grams. The GoldSwitzerland Division was created to facilitate the buying and storage of physical gold and silver for private investors, companies, trusts and pension funds.
Gold is down over Rs 5,000 from the start of this year and Rs 11,500 from August highs of Rs 56,200.


February crude imports into Asia closed at 98.35 million MT (25.75 million bpd), versus January s 103.97 million MT (24.58 million bpd), Refinitiv Oil Research assessments show. Onshore fuel oil stocks jumped by 1.509 million barrels, or about 238,000 tonnes, to 19.379 million barrels, or 3.449 million tonnes, Enterprise Singapore data showed. With refining capacity offline, crude oil stocks increased by a record 21.6 million bbl, the largest single week build.
I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects. U.S. crude stockpiles meanwhile surged by 21.6 million barrels in the week to February 26 to 484.6 million barrels, versus analysts expectations for a 932,000-barrel drop. Oil prices are on the rise for a second straight days= on the possibility that OPEC+ may decide against increasing output (OIL, BNO). An uptick in crude and natural gas prices has given operators some respite after a tumultuous 2020, when the COVID-19 pandemic wiped out one-fifth of global demand for fuel.
Pradhan said at the CERAWeek conference by IHS Markit that India, where fuel demand is recovering to pre-pandemic levels, would like to rely on reasonable and responsible oil prices.
The spill was caused by an oil tanker that was carrying pirated cargo from Iran to Syria last month, Israeli Environmental Protection Minister Gila Gamliel said. I have over 20 years of international engineering experience in the chemicals, oil and gas, and renewable energy industries, and hold several patents related to my work.

United States

Nasdaq Futures are trading down 103 points (down 0.8%) while Dow Futures are trading down by 101 points (down 0.3%) The rupee is trading at 72.73 against the US$. less Well, right on cue, it looks like the endless creation of fake money by the Fed has now poisoned both the stock market and the bond market. With markets suddenly worried about inflation caused by a much-faster-than-previously expected forecast, Powell will have to convince investors that Fed policy is on the right path.
US stock futures are trading lower today, indicating a negative opening for Wall Street. Since leaving Wall Street I’ve dedicated my financial career towards studying this situation and helping people understand what’s actually happening. However, after Brainard’s comments regarding the pace of the move in yields there are growing expectations that the Fed could step in. But this time, the method of always being long, which has been foolproof for decades and underwritten by the Fed, will fail hopelessly.
They were on the verge of bankruptcy and only a massive rescue mission by the Fed and other central banks could save them. The volume has dropped off the last couple of day and that may be due to Mr. Powell who speaks at a Wall Street Summit on Thursday. Markets dropGlobal equites are under pressure again this morning, with the technology sector one of the biggest losers in the wake of yesterday’s Nasdaq selloff.


The EU could institute penalties for companies that refuse to release their differences in pay by gender. US and EU will lag.