Open: New York Session | Forex, Metals, Oil, Agriculture October 02, 2020

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


Despite Covid pangs, sugar exports from India had touched a new high of 5.5 million tonne (mt) till August, against 3.8 mt logged in the same period last year. According to Secex, Brazil exported 3.62 million tonnes of sugar in September, up significantly from the 1.71 million tonnes from the same period a year before. Exports from Honduras, Central America’s top coffee producer, totaled 5.504 million 60-kg bags during the 12-month season that ended last month, according to IHCAFE.
The previous highest export of 4.9 mt was logged in sugar season (October to September) 2008. Traders take monthly delivery on expiring futures contracts they hold in commodities like coffee or sugar. Coffee prices plunged as market participants weighed the prospect of bloated warehouse stocks in Brazil entering the market. Mish on Coffee and Sugar Exchange less Wall Street had an impressive run in the third quarter of 2020 despite a challenging September. Being an essential commodity, sugar exports continued despite the strict lockdown imposed in March.
Sugar volumes are likely to have been back to near-normal in the second-half of this fiscal, which would limit the decline to about 3 per cent in FY21. Green coffee exports rose to 221,000 tonnes from 187,300 tonnes.


A weaker dollar relieves pressure on emerging markets, whose currencies have been far shakier against the dollar than the main G-10 currencies. Hirst also discussed the pressures central banks are under to create reflation in an environment of low productivity, low growth, and a weaker dollar during the interview. Risk assets, as expected, took a tumble when the news emerged, and money flowed to havens like the dollar, Japanese yen and Treasuries. But if a dollar bear market does take further shape, bear in mind that it could deepen the inflation imbalances between the U.S. and the rest of the world.
The bombshell news has sent stocks falling and the dollar higher – and for three good reasons, that could continue pushing it lower. FOREX: The dollar and yen rose after U.S. President Donald Trump’s positive test for COVID-19 spooked investors, just a month out from November’s presidential election. The dollar edged up and gold ticked higher with investors scurrying for safe-haven assets.
The U.S. dollar edged up and gold ticked higher with investors scurrying for safe-haven assets. London copper dropped to its lowest in seven weeks as prices came under pressure after the dollar strengthened on stalled U.S. stimulus talks and amid a jump in inventories. This is mainly due to US dollar behavior during times of significant risk aversion, like we’ve had this year and 2008, for example.


The most significant of these are Pan American Silver (PAAS), First Majestic Silver (AG), Fortuna Silver (FSM), Hecla Mining (HL), and Endeavour Silver (EXK). Hubert is an independent gold and silver analyst who specializes in fractal analysis and the fundamentals of gold and silver . … more Hubert is an independent gold and silver analyst who specializes in fractal analysis and the fundamentals of gold and silver . less The notion that silver is just an “Industrial Metal” was utterly destroyed yesterday as both the copper and oil prices were crushed as silver surged higher.
In the past when silver prices were booming China looked at the possibility of banning silver and gold exports. Its low production costs give it less leverage to silver while higher-cost producers like Endeavour are likely to rise significantly if silver climbs to $30+. Silver is largely a function of inflation expectations, so if it continues to decline then silver will likely fall back below $20/oz which could mean significant losses for Silvercorp.
Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored.
Many mining stocks are at long-term highs as investors look to gain leveraged exposure to gold and silver. We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Perth and soon Dubai.


With the U.S. oil price falling $2 in one day, that just wiped out $21 million in oil revenues to the oil companies. Oil prices fell, as negotiators failed to agree on a U.S. stimulus package just as rising global oil output threatens to overwhelm a weak price recovery. At a maintenance production level and $40 WTI oil (with no oil differential), Penn Virginia would deliver approximately $299 million in revenues after hedges for 2021. This is around 5% less than its average Q2 2020 oil production, reflecting its modest development activity since the crash in oil prices.
The move is the latest blow to the palm oil industry after the spread of the coronavirus shuttered restaurants, curbing demand for cooking oil. Thus it would have around $39 million in cash burn if it wanted to maintain production levels at $40 WTI oil in 2021. But with the outlook for oil and gas prices uncertain because of the coronavirus pandemic and a shift to cleaner energy, finding buyers and striking deals might prove tricky.
The purchase would boost Chevron’s U.S. shale oil holdings and add nearly 1 billion cubic feet of natural gas reserves close to growing markets. However, strip prices for 2022 are around $43 right now, and it probably needs better oil prices to reduce the refinancing risk. Malaysian palm oil futures were poised for a second consecutive weekly decline as they extended losses, tracking a drop in crude and Chicago Board of Trade soyoil prices.

United States

after President Trump and first lady Melania Trump tested positive for Covid-19, adding to the political uncertainty in the final weeks before the election. Stock markets plunged in the Asia session as US President Donald Trump said he and his wife tested positive for COVID-19. This Changes Things President Donald Trump’s announcement that he and First Lady Melania Trump had tested positive for Covid-19 is likely to dominate markets for a while. Donald Trump and his wife Melania have tested positive for Covid-19 and will now quarantine themselves, barely a month before the US presidential election.
In a tweet, Trump said that he and First Lady Melania Trump tested positive for COVID-19. The president s physician said early Friday that he and First Lady Melania Trump, who also contracted the disease, were both well at this time. In the last minutes of that debate, Trump refused to say if he would accept the election results, sending stocks lower.
Markets slip Trump’s positive test for Covid-19 is dominating market sentiment this morning with investors moving to a risk-off mood. The October surprise is here – President Donald Trump and his wife Melania tested positive for COVID-19. It also registered on Wall Street, and analysts say that a Bieber collaboration could lift Crocs into another dimension, citing the company’s previous team-ups.


That’s thanks in large part to the ECB’s emergency purchase program, though signs of greater political stability, and of resilience against a second wave of the pandemic, have helped. A spokesman for PM Boris Johnson said the UK-EU negotiations were conducted in a constructive spirit and London is working hard to clinch a deal. The market has priced in EU Executive Vice-President Vestager’s dislike of the way big tech is building out competitive moats (including, or especially, through data).
The chance of a Brexit deal is still 50-50, and the currency has been plagued with volatility due to this uncertainty.
Thus, the ECB certainly has a close eye on the service price developments in the coming months when considering the scale of further easing. Simply click on this link and like the tweet.Belarus blacklist | European Union leaders cleared the way for sanctions against Belarusian officials over the August presidential election. The debate is over potentially tying disbursements to rule-of-law standards, in light of the EU s concerns about the state of democracy in Poland and Hungary.
Boris Johnson to intervene in Brexit talks in bid to break impasse. Unfortunately, a few hours later, an EU official denied an agreement on landing zone. One of the big stories today was Brexit.