Open: New York Session | Forex, Metals, Oil, Agriculture May 11, 2021

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


Lumber, MMT, semiconductors, the repo market, the labor market, cryptocurrencies, shipping, tech stocks, corn, monetary policy, all of it. That means mills could start processing more sugar cane into ethanol, rather than into sweetener. One of the things that is driving this is the price of corn.


Gold prices were trading flat in domestic markets in early trade today following a muted trend in international spot prices amid a rise in the dollar index. If they continue to downplay near-term rising CPI expectations, it could calm global equity markets, pressuring bond rates and the US Dollar. In overnight trade, US stock markets fell from a record high as worries about accelerating inflation dragged on shares and hobbled the dollar that struggled at a 10-week low.
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. The deterioration in risk sentiment overnight is likely to underpin the safe haven, although the mild lift in the US Dollar could weigh on the precious metal. Note that a rise in the dollar index makes gold more expensive for other currency holders. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.03 per cent at 90.23.
Tech stocks have already suffered from these growing concerns and the safe-haven dollar is also gaining some ground. Some analysts forecast that space can become a trillion dollar market in 30 years’ time, but this is still science fiction. XAU/USD initially capitalized on a falling US Dollar in the aftermath of last week’s disappointing non-farm payroll report.


Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 47,882 per 10 grams. Gold prices are trading up by 0.1% at Rs 47,970 per 10 grams. Gold prices are trading down by 0.2% at Rs 47,855 per 10 grams. Broadly speaking, gold price action tends to move in the same direction of and hold a positive correlation with gold volatility. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
Anti-fiat gold prices climbed over the past 24 hours, but the yellow metal lost most of its upside progress during the Wall Street trading session. Even with the ten-year Treasury yield recoiling 12-basis points higher off Friday’s swing low, gold prices have been able to extend higher. The bond market has lifted the five-year inflation outlook to the highest since 2006, while one of the oldest hedges, gold, is holding near three-month highs. A reversal lower in expected gold volatility, however, could indicate that bulls are looking to unwind the recent rally.
When a boom is in progress, credit spreads are relatively narrow or in a narrowing trend and gold is relatively cheap or in a cheapening trend.


Still, gasoline stocks could fall by 425,000 bbl, while distillates are likely to have eased by 950,000 bbl. A Reuters poll predicted stock draws in the US with commercial crude inventories likely to fall by 2.25 bbl for the week ending the 5th May. Meanwhile, international oil benchmark Brent crude was trading 0.73 per cent lower at $67.82 per barrel. Brent crude futures, the global oil benchmark, were down by 0.67 per cent to $67.86 per barrel. Oil prices fell on fading fears of Colonial Pipeline outage and as surging coronavirus cases in India hit fuel demand.
On the sectoral front, stocks from the oil & gas sector, are witnessing most of the buying interest. Oil & gas stocks, on the other hand, witnessed buying interest. Occidental Petroleum Corp: The company on Monday surpassed Wall Street expectations by reporting a smaller first-quarter loss than a year ago, boosted by earnings from chemicals and oil exports. The June 92 RON Gasoline contracts declined $1.51 at $73.80/bbl; 3Q ’21 was down $1.23 at $72.97/bbl and the 2H Cal ’21 contract declined $1.13 at $72.04/bbl.
Motiva s 607,000-bpd Port Arthur refinery in Texas shut two crude distillation units with total capacity of 275,000 bpd because of the outage.

United States

High growth tech stocks are expected to take the biggest hit, in light of the Nasdaq’s -2.5% decline as investors turn their attention away from growth to value. “US indices, especially S&P 500 and Nasdaq, fell sharply mainly on account of heavy selling pressure in high profile technology and growth stocks. Pixabay After a steep sell off overnight on Wall Street as inflation fears creep higher, the German Dax, along with European peers is tanking lower.
Roblox shares were up as much as 6.1% after the video game company s first earnings report beat Wall Street expectations. By early afternoon Hong Kong time, Nasdaq 100 futures stood 1.0% lower, while S&P 500 futures declined 0.5%. The largest refined product pipeline in the US, the Colonial Pipeline is expected to resume operations by the end of the week after a cyberattack. Trump is still popular among Republicans, but there s really very limited evidence of his ability to determine primary results.
Hong Kong’s flagship carrier sold a $650 million bond due in 2026, according to a term sheet issued late Monday that was seen by The Wall Street Journal. Panic buying was reported in a few states, while supplies from Europe and transport by trucks from other parts of the US could alleviate the situation. Pinduoduo’s Nasdaq-listed shares plunged 9% in U.S. trading on Monday after the news.


But coaxing consumers further out of their shells will still be a tough balancing act for Beijing as 2021 grinds on—and other growth drivers lose steam. Now that Beijing is beginning to dial back support for business—credit growth has started to slow again—it needs consumers to pick up the slack. Xinjiang review | Daqo New Energy has shortlisted global auditors for its operations amid allegations of the use of forced labor in China s Xinjiang region. Unlike governments in developed countries, Beijing focused primarily on helping businesses—rather than households—get through the pandemic.
The declines took Beijing-based Meituan’s market capitalization to the equivalent of about $195 billion.


Public finances are strong, with Denmark having the lowest public sector deficit for 2020 among EU countries. The Greens party has moved ahead of Merkel s Christian Democratic Union-led bloc in some polls ahead of elections in September. EU calls US to remove their export ban. When Chancellor Angela Merkel announced that Germany will aim to reach net-zero emissions by 2045, Frank Peter was surprised. He favors maintaining the ECB’s bond-buying scheme at least through March 2022, if not beyond.
Roughly 30% of EU residents have received at least one jab. PM Boris Johnson ruled out the possibility of another vote.