Open: New York Session | Forex, Metals, Oil, Agriculture May 31, 2021

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


Taking advantage of this exemption, palm oil and soybean oil imports have started from Nepal and Bangladesh at zero duty in substantial quantities. Violation of rulesHe said the palmolein being imported from Nepal to India is of Indonesian and Malaysian origin, and soybean oil is of South American origin. Nepal does not grow soybean and has a minimal capacity for crushing imported bean.


The dollar index fell 0.1% against its rivals and made the yellow metal less expensive for investors using other currencies (GLD, UDN). Among major currencies, the aussie dollar has been showing the strongest gains against the greenback today. The U.S. dollar was little changed against a basket of major currencies. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action.
SPI Asset Management’s managing partner Stephen Innes noted that the bullion currently draws its strength mainly from the weaker dollar and inflation fears. less Gold prices rose again on Monday on lower U.S. bond yields and a weaker dollar. The dollar is little changed against the major currencies. Outside of the Australian dollar, which is about 0.3% higher, around $0.7735, the other major currencies are +/- 0.15%. Bottom line: after Friday’s pullback, EURUSD recovered to 1.2205 and has been trading sideways above the balance line (55-day SMA) for 14 hours.
Today’s trading range for EURUSD is 1.2150 (3) –1.2215 (2).


According to International Aluminium, an organisation of bauxite, alumina and aluminium producers, production last year was 65.29 mt against 63.65 mt in 2019. Fitch Solution sees aluminium prices remaining supported in the near-term on strong demand amidst supply concerns, which might ease later this year. During January-March this year, China’s primary aluminium production was on an average 6.3 per cent higher than the year-ago period. Secondary supply had to grow at a compounded annual growth rate of 5.8 per cent, which is higher than primary aluminium supply.
This year, aluminium prices have increased 26.5 per cent. Last week, they rose 6.6 per cent.UndersupplyPrices surged after Chinese aluminium imports increased 36 per cent in April. In international markets, gold prices were steady above the key US$ 1,900-level today after US consumer price data boosted the precious metal’s shine as an inflation hedge. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
Pixabay Also, the rising prices in the U.S. and the UK boosted the demand for gold since it is considered a hedge against inflation. In physical trading, gold demand in India remained low last week as most jewelry stores were still closed due to COVID-19 lockdowns.


In addition, Nepal had imported 2,00,000 tonnes of crude soy oil and 2,40,000 tonnes of crude palm oil during that period. Nepal had imported 3,50,000 tonnes of crude soy oil and 60,000 tonnes of crude palm oil during that period. Crude oil prices traded slightly higher during the Asia-Pacific mid-day session after registering a 4.3% gain last week. Ongoing nuclear talks between Iran and world powers are paving the way to remove some economic sanctions, including oil exports, on the Middle Eastern country.
Nepal imports to IndiaThe letter said that Nepal exported 2,15,000 tonnes of refined soy oil and 3,000 tonnes of RBD pamolein to India from June 2020 to April 2021. Both the US and UK markets are shut for holidays on Monday, rendering oil prices vulnerable to heightened volatility if unexpected news hits the newswires amid poor liquidity conditions. This is hurting domestic refiners, farmers, and incurring loss of revenue to the Government, he said, urging the Centre to regulate the inflow of edible oil.
This may unleash as much as 2 million bpd of additional supply on the global market, weighing on oil prices.
The oil cartel is widely expected to stick with a decision to gradually boost output from May to July to meet rising global demand. It is threatening the very survival of the vegetable oil refining industry in eastern and northern India and resulting in huge revenue loss to the Centre, he said.

United States

less The Nasdaq 100 initially tried to rally during the trading session on Friday but gave back the initial gains as we continue to be rather flat. Inflation readings are coming in hotter than Fed officials expected and could accelerate when they debate scaling back their massive bond-buying. In US stock markets, Wall Street indices climbed on Friday as investors brushed off a stronger-than-expected inflation reading. If inflation continues to rise, the Nasdaq 100 might not be the best place to put money, but it should be positive in general.
In the case of the Nasdaq, the measured move lower would deliver a tag of the 200-day MA, making it an attractive forecast. less Source: Unsplash China stocks have become much more attractive now that former President Trump has left office. He is an avid market watcher having followed capital markets in the US and India since 1993. less In the wake of yet another 40% plunge in Bitcoin, Wall Street Struggles for Congressional Support.
The rupee is trading at 73.05 against the US$. The rupee is trading at 72.51 against the US$.


Beijing will allow all couples to have a third child in a bid to arrest an aging population and shrinking birthrate that threatens the country s long-term economic prospects.


Post-Brexit trade pacts | Australia and the U.K. continue to negotiate plans for a free-trade agreement, Trade Minister Dan Tehan said. Merkel isn t running in the Sept. 26 election.