Open: New York Session | Forex, Metals, Oil, Agriculture May 10, 2021



The projection has been made despite the USDA pegging the area under cotton lower at 129 lakh hectares compared with 130 lakh hectares. The rest of the crop fetched good prices for the farmers,” the SIMA official said.This season, cotton prices ruled at MSP level from the beginning before gaining further. Last season, Telangana topped Gujarat to become the State where cotton acreage was the second largest at 60 lakh hectares (lh). While the cotton trade said it trusted the US outlook, textile industry sources said it was too early to make any forecast or prediction on the crop.
This season, at least 30-40 per cent of the crop produced in the year was procured at MSP by the Cotton Corporation of India. Overall, a slightly higher 21/22 world crop of 781 mmt is possible but elevated feedgrain prices will keep wheat feeding high resulting in wheat’s ending stocks dropping to 287mmt. India’s cotton yield had touched a record 512 kg per hectare during 2016-17 before dropping to a low of 449 kg during 2018-19.
For the current season, the Centre paid ₹5,515 a quintal for raw cotton. Australia produces over 2,500 kg per hectare of cotton,” the source said. It is likely to be raised for the next season.“Cotton is one of the best crops in terms of returns.


Between October and December 2020, the dollar’s Nikkei EER against the yen was 94 yen, relative to 110 yen between October and December 2019, before the coronavirus epidemic spread. Nonetheless, a weaker US Dollar could still pave the way for oil prices to aim higher as they historically exhibit a negative relationship. Stocks at fresh record highs and the US Dollar under a whole lot of pressure, even against the Yen, with currencies unable to ignore the softer US jobs report.
A much lower-than-expected US nonfarm payrolls print sent the DXY US Dollar index to a ten-week low, buoying precious metal prices. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. The world economy, which has been struck hard by the coronavirus pandemic, could be shaken if the dollar weakens quickly. The coin also has a far lower dollar value than bitcoin (BITCOMP), which is currently trading just below $59,000 after a move up itself over the weekend.
Furthermore, considering the United States’ future fiscal investment, the dollar’s Nikkei EER against the yen would eventually fall. Given that recipients likely spent the bulk of their stimulus, and each dollar spent has a smaller impact on growth, the rate of change is slowing. less As Bitcoin (BITCOMP) continues to struggle in its attempt to surpass the 60,000 dollar mark, altcoins are taking over the crypto market.


The supply disruptions caused by Covid-19 and heavy rainfall, for example, have affected iron ore production in Brazil, the second largest iron ore producer. China’s investment in infrastructure to drive its own economic recovery has pushed prices of iron ore, Australia’s top export, to a record high above $200 a metric ton. Gold prices are trading up by 0.1% at Rs 47,800 per 10 grams. If futures prices are moving higher because investors expect Aussie iron ore to become scarce on the mainland for political reasons, they will probably be disappointed.
Meanwhile, silver prices are trading up by 0.9% at Rs 72,037 per kg. The supply disruption is key, but iron ore prices soared 10% on strong Chinese demand. Iron ore futures on China’s Dalian exchange rose 10%—the daily trading limit—Monday to a record high. Iron ore prices surged more than 10% in Asian trading, with the benchmark Singapore contract above $220 a ton. Early in the pandemic, Australia’s economy was exposed to a rapid slowing in global demand that threatened its exports of industrial commodities such as iron ore and coal.
Australia is by far the world’s largest iron ore producer while China is the biggest consumer.


Last week’s cyberattack on the largest US gasoline pipeline continues to lift oil and gasoline prices (OIL). less Crude oil prices edged higher during the Asia-Pacific mid-day session as a cyberattack caused a major US oil pipeline to stop running. Oil prices rose, after U.S. fuel pipeline operator Colonial Pipeline had to shut fuel pipelines due to a cyberattack. The progress in the vaccination drive and the resultant renewed economic recovery momentum are expected to support crude oil prices, at least in the short term.
According to the ANRPC report, natural rubber prices are expected to receive the support of the crude oil market. Oil prices were little moved however, as markets weighed tepid job growth and its impact on the fuel demand outlook. less WTI crude oil rises as investors monitor the restoration of key pipeline after cyber atack. Global oil benchmark Brent crude futures rose 0.51 per cent to $68.63 per barrel. Should the support hold, WTI crude oil price could look to attack 65.93.
WTI crude oil continues to trade above its two week ascending trendline.

United States

It’s a very quiet start to the week on the economic data front with an appearance from Chicago Fed President Charles Evans the only scheduled event of note. A slew of speeches by Fed officials this week will also be closely watched for clues about future monetary policy guidance. The FTSE is setting off the week on the front foot, following on from record highs on Wall Street after disappointing US jobs numbers. From the Nasdaq high to the most recent low, the index has already consolidated some 5% before rebounding on Thursday and Friday of this past week.
This suggests that the job market may take longer to fully recover from the pandemic, and thus more time is needed for the Fed to consider tapering stimulus measures. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. UBS Group AG: The Swiss bank is exploring ways to offer wealthy customers digital currency investments, Bloomberg reported, citing people familiar with the matter.
Notably, the outsized growth of the market reflects repetitive interventions into the financial markets by the Fed. For the week, the Dow gained 903 points, or 2.7% while the Nasdaq fell 1.5%. In 2013, Bezos and colleagues realized that package carries like UPS weren t going to invest enough in their own operations to keep up with Amazon s torrid growth.


That s included advancing the Blue Sky action plan, which sets air quality targets for each district in Beijing, and implementing measures to cut pollution. Last week, Beijing battled its fourth major sandstorm since March as strong winds blew in dust from desert areas to the north. When Beijing hosted the 2008 Summer Olympic Games, China was determined to welcome visitors from around the world with blue skies and fresh air. The share of heavily polluted days experienced nationwide in 2020 was half that of 2015, falling in key regions including Beijing.
Beijing is also behind on its air quality targets. President Xi Jinping has made cleaning up the environment a priority since he came to power in 2013.


UK Prime Minister Boris Johnson is set to deliver a statement announcing new measures related to Britain’s reopening. His feature articles have been published on:,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. Macron pushes ahead on environmental referendum.