Open: New York Session | Forex, Metals, Oil, Agriculture November 06, 2020



The attache’s report, dated Nov. 4 and released on Thursday, attributed the higher corn import figure to “depleted stocks and high domestic prices.” China s appetite for U.S. soybeans has surged in recent months, helping overall U.S. farm trade to the Asian country set new records for the time of year. Severe drought in summer has reduced the harvested area and corn yield sharply, they said.


The US dollar has weakened further this week and touched a new two-month low as the safe-haven appeal of the greenback gave way to risk-on market sentiment. Big Lots fits somewhere in between a big box store and dollar store in our estimation. In the past, most fixed-income investors could expect to recoup around 40 cents on the dollar. Long before the covid-19 lockdowns, economic and financial developments threatened to undermine both the US economy and the dollar.
It competes with both the big-box stores and lower end dollar stores. While it is certainly not a dollar store, it’s not really a big-box store either. However, in global markets, gold prices fell weighed down by a stronger US dollar. have both paused after racing higher amid a general US dollar sell-off. With Europe being the main theme of my professional life, obviously something to say on the euro crisis. In 2008, I joined ING and immediately had to put my experience on Europe, the Euro and policy-making into practice.


Source: International Copper Study Group China makes 51% of global copper consumption, so the transition towards a service economy there, is what pulls copper prices and forecasts down. Royal Gold reported a low production volume of (Gold Equivalent Troy Ounces), a decrease of from the same quarter a year ago, and up sequentially. Copper prices are currently at $3 and where copper prices go next depends on the short-term supply-demand situation. While the gold equivalent production was lower year over year, the price of gold jumped from $1,472 to .
Here’s a look at the monthly percentage growth of the Fed’s balance sheet versus the gold price (gold in orange, Fed balance sheet in blue). If gold continues to be bearish and goes below $1,800 per ounce, we may break down and go as low as Watch gold like a hawk. Over the past years, there were many new copper mines that had been launched when copper prices were close to $4 in 2011. There are two ways to approach this: Given the positive long-term trends for copper, you could set a fixed portfolio exposure to copper that makes you sleep well.
Royal Gold reported total revenues of in the fiscal first quarter of 2021, up from the $118.774 million reported in the same quarter last year. With copper miners it all depends on copper prices.


While Brent & LLS prices fell around 35% from last year’s prices, WTI dropped almost 50%, which shows the lack of oil demand. Trading in an oil group is also not doing it any favors, as oil has become very disliked by markets. Gasoline stocks dipped last week by 89,000 mt to 1.08 million mt, while fuel oil inventories were off by 21,000 mt to 1.35 million mt. Malaysian palm oil futures ticked up and were headed for a 7% weekly gain, underpinned by concerns of lower supply in October, and tracking higher soyoil prices.
The United States Natural Gas Fund (UNG) moves higher and lower with the price of natural gas futures on a short-term basis. Insights Global s ARA inventory data for the week ending the 4th of November showed draws for fuel oil and gasoline and builds for gasoil, jet fuel and naphtha. This very low demand has pushed oil prices down and reduced the crack spread on these products. The COVID-19 pandemic has drastically reduced the movement of people, therefore demand for oil products like gasoline and jet fuel.
Russia was a standout, with its first net sales in 13 years as oil prices remain low. The bullish price action continued, even though the Energy Information Administration reported that natural gas inventories reached 3.955 trillion cubic feet for the week ending on October 23.

United States

The US budget deficit soared to $3.3 trillion in the last fiscal year to end-September and looks like being even greater in this new fiscal year. The Fed kept a very low profile at its meeting last night and markets are easing back after the blistering rally in nearly everything over the last two sessions. In a rambling speech last night, Trump said his allegations of election fraud were “going to end up at the highest court in the land.” Taco Bell served 30 million more cars than it did a year ago in the third quarter, Yum Brands Chief Executive David Gibbs told Wall Street analysts last month.
In Georgia, Trump’s lead is down to less than 1,800 votes, with 14,000 votes said left to count.
Moreover, Biden seems to win the US election, diminishing the risk of trade disputes around the world. The Fed refrained from rocking the election boat at the meeting that concluded less than two days after the balloting closed. less US stock futures have stalled after rallying strongly this week during the aftermath of the US election. Returns since inception haven’t been great but if you bought the last few years you’ve done well and currently, it seem to be chasing Tesla (NASDAQ:TSLA) to the moon.
Trump has proposed a $1 trillion infrastructure plan, while presidential candidate Biden is proposing a $2 trillion green energy and infrastructure plan should he win.


It has also moved Beijing closer to fulfilling the heavy purchase targets outlined in the Phase 1 trade deal.


Elsewhere, the European Union cut its growth forecast for 2021 as the second round of pandemic restrictions in the region risk putting a halt to the recovery. By now, I have built up excellent skills and experience in analyzing macroeconomic and political developments in Europe, the Eurozone and Germany, including ECB watching. The country had been attacked “by Islamic terrorists,” Macron said last Thursday. EU green bonds set to preempt rules that will govern them.
The EU, Japan, South Korea and others have now embraced 2050 targets for zeroing out emissions. U.K. Prime Minister Boris Johnson on Saturday announced a one-month lockdown beginning Nov. 5 through Dec. 2. US elections, BREXIT and COVID-19. Main focus: Europe, Eurozone, Germany and ECB.