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



The euro and the British pound were up 0.2% and 0.1% respectively against the dollar and the Swiss franc was flat against the dollar, with 1 franc buying $1.11. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. Italy’s banking sector, stuffed with soured loans and weighed down by high costs, has long loomed as the weakest link among countries that share the euro currency.
No weekend break Bitcoin s volatile week continued into Saturday and Sunday with the largest cryptocurrency trading in a $7,000 dollar range yesterday alone. Along the way, Karabell documents formative moments in America’s economic and political history ● Super Founders: What Data Reveals About Billion-Dollar Startups Ali Tamaseb TC: Why write this book?


Refined copper surplusRefined copper production increased 2.9 per cent in the first two months but usage of refined copper was up only 1.7 per cent. According to the International Copper Study Group (ICSG), world copper mine production increased 3.5 per cent during January-February this year with the concentrate output rising five per cent. We may see copper scrap increasingly replacing the use of refined copper, which will affect quality standards,” he said.
We forecast that Chinese copper demand from EVs and related infrastructure will see a 26 per cent CAGR over the next decade,” it said in a note. On Monday, copper prices were near a month’s low after China said it will manage its commodity supply and demand to control any unreasonable increase in prices. “A number of new copper mines are also scheduled to come online within this year and beginning of next year. Yao said that the cyclical uplift in demand continues to support underlying consumption of copper from major end users.
“One is the extent to which China can meet its copper needs from copper scrap. Wenyu Yao, Senior Commodities Strategist at ING, said in a note that copper prices gained this month on concerns over potentially tougher mining rules and higher taxes in Chile. Speculators cut ‘longs’This has resulted in speculators cutting their long position in copper for the second week in running, as per Commodities Futures Trading Commission (CFTC) data.


Oil prices fell almost 3% last week after Iran’s president, Hassan Rouhani, said the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors. WTI crude oil is paring some of last week’s losses as the revival of the Iran nuclear deal hits problems. The unprecedented bull run in edible oil prices witnessed in the last few months is now showing signs of fatigue, both nationally and internationally. Economic growth quickened in the first quarter as oil output started to recover and manufacturing production increased.
So to recap: Supran and Oreskes say the oil industry is in charge, while the IEA makes it sound like nobody s in charge. Hurricanes in the US Gulf Coast can result in production platforms being shut and provide support to oil prices. India s second COVID-19 wave continues to weigh on economic output and oil demand. July ICE Brent futures were $2.91 higher at $67.71/bbl, while the rest of the 48-month forward contracts traded between $1.55 and $2.78.
Front month July WTI futures were up $2.97 at $64.75/bbl, with the other 49-month forward contracts traded between $1.27 and $2.90. ICE Brent futures closed at $66.44/bbl on May 21, up 2.0% for the day and down 3.3% for the week.

United States

The FED has made it known that they will provide all necessary liquidity to any exposed bank, signaling to depositors that no real bank run failures will be allowed. Having briefly described our current economic scenario, one could reasonably ask when is the next run on any single or all banks in the FED system going to start? Support from the Fed, including cutting interest rates to near zero and buying the highest-quality bonds from certain types of CLOs, has since helped bring investors back.
It is possible for the FED to bail out a couple of banks – but it is not possible to float the whole failing inordinately extended debt system.
But quite the opposite is the truth: debt and FED money printing is now destroying both money and the economy. Mr. Orcel, who recently became CEO, was previously head of investment banking at UBS Group AG and made a career forging European bank deals. While the job of analyzing what is next for the space seems to be almost impossible right now, some on Wall Street are predicting further falls for digital currencies. There are three regional Fed presidents speaking today, and Fed Governor Lael Brainard joins Ray Dalio in speaking at the Consensus 2021 crypto conference.
The US National Hurricane Centre issued advisories on tropical depression Ana and that a tropical cyclone formation was not expected in the next 5 days. WSJ’s Aaron Back explains why the recent shake-ups in the value of bitcoin, dogecoin, ether and other cryptocurrencies may point to obstacles in mainstream acceptance.


Beijing also wants to shut down cryptocurrency-mining activities because they consume massive amounts of electricity, often from coal-fired power plants, while the country pledged to manage its carbon emissions. In 2017, concerns about capital flight led Beijing to impose bans on Chinese cryptocurrency exchanges and digital-currency fundraisings known as initial coin offerings. “Crypto-related activities have posed two serious issues in China,” namely financial stability and energy consumption, said Shen Wenhao, a Beijing-based partner at JunZeJun Law Offices.
Beijing also intensified its campaign to cool a raw-materials boom. One pillar of the commodities rally Chinese demand may be teetering as Beijing seeks to temper prices.


The EU actions may not amount to a significant penalty for him.When the dust settles, it s just possible Lukashenko gets away with it, at least for the moment. Wait for it | The U.K. government is seeking to phase in tariff cuts for agricultural products in its potential post-Brexit trade deal with Australia. They re considering fresh sanctions, and possibly a move to suspend transit between Belarus and European Union nations.The U.S. also condemned Lukashenko s actions.
The German economy is enduring a moment of flux just as the era of Chancellor Angela Merkel draws to a close.