Open: New York Session | Forex, Metals, Oil, Agriculture March 24, 2021



Congestion was hitting Brazil’s Santos port just as consumers worldwide have been turning to top exporter Brazil for sugar and soybean supplies. MARKET NEWS U.S. soybeans futures edged higher as soaring demand for soyoil and U.S. President Joe Biden’s green energy push lifted prices towards a two-week high.


Copper prices declined as concerns over coronavirus lockdowns in Europe pushed up demand for the dollar and dented the global economic recovery progress. Pemex, the world’s most indebted oil company, said in a statement it will seek to keep up a regular presence in U.S. dollar and euro debt markets in 2021. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action.
less Over the past week, the rupee (INR) has inched up against the dollar (USD). Crude accounts for 56 cents of every dollar consumers spend on gasoline, according to the Energy Information Administration. In turn, that has implications for the dollar in the short term – to the upside. “That little dollar adds up really fast,” said Mr. Boyce, 44. European stocks slipped, as concerns about new lockdown measures overshadowed a surprise return to economic growth for the euro zone in March. Accordingly, the Dutch-based lender and investment bank inform clients in a regular weekly currency briefing that the euro could regain the psychologically significant 1.20 mark in the coming weeks.
Rebound The latest purchasing manager survey data showed private-sector activity in the euro area unexpectedly grew for the first time in six months.


Crude steel output from China, the world’s top producer and consumer of the metal, increased 10.9% to 83 million tonnes in February. He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market. It made a similar push in the global iron ore market that led to the end of annual price-setting talks a decade ago. Gold prices rose as a pullback in U.S. Treasury yields lifted demand for the safe-haven metal.
As well he is publishing his bi-weekly comprehensive for his numerous international readers focusing on Gold, Silver, Mining, commodities and cryptocurrencies. Interros Holding, controlled by businessman Vladimir Potanin, aluminium producer Rusal and some other stakeholders have a dividend agreement under which Nornickel pays them twice a year. He writes a bi-weekly in-depth analysis for one of Germany´s largest gold and silver retailer the “pro aurum group”. S&P futures pointed to a gain at the open, the 10-year Treasury yield was at 1.622%, oil held under $60 a barrel and gold gained.
His unique has an outstanding track record and helps investors all over the world to make better decisions in the gold-market. The cargo was bought by HPCL-Mittal Energy Ltd, a joint venture between state-run Hindustan Petroleum Corp and steel tycoon L.N.


While quite a few major oil and gas firms have set ambitious new emissions targets recently, meaningful action to develop new low-carbon business models remains limited, Rooze said. Malaysian palm oil futures slipped 1%, as traders booked profit after two days of sharp gains, while demand concerns and expectations of higher production further weighed on the market. The energy transition presents huge challenges for Big Oil, since the clean energy pivot is emerging as many of the companies face pressure to boost shareholder returns.
For example, five European companies account for 51% of all renewable energy assets held by the world s 39 largest oil and gas producers. Still, gasoline stocks plunged by 3.73 million bbl, compared to expectations of a 1.19 million bbl increase. On the positive side, latest data show that oil production recovered in early March with no “permanent” production lost. To sail through the uncertainties, explorers and producers are spending conservatively, which will likely lead to lower production of oil as compared to pre-pandemic levels.
Oil rose after a ship ran aground in the Suez Canal raising supply concerns.
The find was “significant”, Equinor said, and will likely be linked up to nearby oil platforms for production. BEFORE THE BELL Futures for Canada’s main stock index rose as crude prices jumped after a ship ran aground in the Suez Canal raising supply concerns.

United States

But Jerome Powell and the Fed remain committed to their easy money stance and Treasury yields remain historically low even though they are above pre-coronavirus levels. Even though Wall Street might have gotten a tad ahead of itself in terms of the reopening trade, the overall picture remains bullish, especially in the U.S. less “It was assumed, even only a decade ago, that the Fed could not just print money with abandon. Renewed worry around the coronavirus and ongoing pressure from the US bond market are behind most of the moves.
less (Length 00:00:43) The tone in markets continues to be risk-off in nature this week, despite attempts from the Fed Chair and Treasury Secretary to downplay investor fears. Nasdaq-100 futures rose 0.8%, suggesting technology stocks could recover some ground after edging lower on Tuesday. It was not merely stimulus package hopes that some pundits focus on; because they forgot about how crucial Fed support was at that time.
This positivity has led to increased bond selling as Wall Street worries about the return of inflation. President Joe Biden has continued the policies of President Trump which have ensured a de facto ban on the export of vaccines manufactured in the U.S. 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.


Beijing continues to push FCV as the “next generation” EV, offering cities incentives for establishing production facilities. Beijing summoned EU envoy Nicolas Chapuis on Monday night, followed by the U.K. s Caroline Wilson on Tuesday.


Buying a 3y1y seagull utilises the rolldown in rates as well as on the vol curve to give decent carry with limited downside unless markets start pricing ECB hikes. Spain s central bank cut its forecast for economic growth this year, saying that the turgid rollout of EU spending could hold back the economy. He ll meet Commission President Ursula von der Leyen and the EU s foreign policy chief Josep Borrell today. So far, the ECB is succeeding in disconnecting EUR rates from USD rates and preventing markets from moving ahead of the economic recovery.
U.K. Prime Minister Boris Johnson risked inflaming tensions with the EU when he told a meeting of lawmakers that Britain’s vaccine program was so successful “because of greed. More broadly the UK’s COVID vaccine programme has been significantly faster than the EU’s favoring sterling across the past few months. He didn t elaborate on the specifics of his accusation, which comes ahead of a summit of EU leaders, whose draft joint communique points to a rapprochement with Ankara.
2s5s have moved sideways basically since President Lagarde’s verbal intervention starting on 22 February, whereas 10s30s have continued to steepen, reaching pre-coronavirus levels. The discussion among EU leaders tomorrow may be a lively one. Implied Dec ’23 3m Euribor rate up almost 17bp this year until the ECB stepped up its verbal intervention.