Open: New York Session | Forex, Metals, Oil, Agriculture September 09, 2020



(Last year, Singapore also became the world’s first nation to ban advertising for high-sugar drinks in the Ministry of Health’s attempt at curtailing sugar consumption among its citizens.) Weakness in the real, on the other hand, encourages higher sales and global exports among Brazil’s sugar producers, which in turn puts downward pressure on prices. With Brazil being the world’s top sugarcane producer, strength in its currency is normally bullish for sugar prices.
3) Coffee prices tend to rise in September, before October and the start of the next Brazil coffee bloom. It can be argued that supply shifts, coupled with the outsized influence of trader commitments, have been the main drivers of sugar’s biggest moves since last year. Sugar prices at Vashi rule mix and remain steady mill level on Wednesday on routine activities. Class action lawsuits against cane growers have proliferated in recent years, and the pushback again in Florida’s cane sugar industry is gaining momentum.
To say that sugar’s road this year has been a bumpy one would be a gross understatement. I predicted that coffee prices would move to the upside a few weeks ago. For this reason, sugar traders should be wary of additional weakness in the commodity’s future price in the near term.


Even Dollar General’s direct competitor, Dollar Tree (DLTR) is experiencing the same “higher average ticket” vs. “traffic for DLTR being down” phenomenon. MARKET NEWS Gold prices slipped as a stronger dollar offset support from a pullback in global equities, while investors awaited monetary policy strategies from central banks this week. If major world powers dumped their Treasury holdings and stopped accepting U.S. currency in international trade, the U.S. dollar’s privileged status and value would collapse.
Davidson cuts target price to $24 from $32, due to the company s light billings, a decline in net dollar retention, and disappointing customer growth. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. Forex traders said a strong dollar, muted domestic equities and sustained foreign fund outflows weighed on investor sentiment. Liquidity is now abundant, U.S. dollar funding pressures have abated, and capital markets have willingly received record issuance from the investment grade corporate sector.
Compared to many of its peers across the market cap spectrum, Dollar General is trading at a very reasonable forward earnings multiple. The rupee depreciated 13 paise to 73.73 against the US dollar in opening trade on Wednesday tracking muted domestic equities and a strengthening American currency. Dollar General has already been seeing higher-than-normal average basket size even though customer traffic was down over the prior period in Q2-20.


In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system. Even with the recent volatility in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic. The GoldSwitzerland Division was created to facilitate the buying and storage of physical gold and silver for private investors, companies, trusts and pension funds.
Domestic gold prices edged lower today, declining for the fourth day in five days. excuse) for greater market support via greater liquidity/QE, all of which points toward a heightened need for gold as a hedge against increasingly diluted global currencies. Since posting new record highs in early August, the gold market has consolidated above $1,900/oz support. The gold markets have gone back and forth during the trading session on Tuesday, as it reached all the way down towards the $50 level.
So, is it time to buy or hold gold and silver at current levels? Positioning on the CME’s copper contract is the most bullish since the second quarter of 2018, with money managers last week lifting their collective bets on higher prices.
Gold prices are trading down by 0.5% at Rs 51,074 per 10 grams.


Oil & gas stocks and paint stocks are in focus today as crude oil prices tumbled after Saudi Arabia cut its October selling prices. Malaysian palm oil futures slipped, following the previous session’s sharp gains, after crude prices fell and as concerns over rising production also pressured prices. Brent crude futures, the global oil benchmark, fell 0.45 per cent to $39.60 per barrel. Prisoners Sought for Palm Oil in Labor Crunch Covid crisis has Malaysia s palm oil industry looking for local workers.
Since June this year, Indonesia has collected a maximum $55 levy per tonne on palm oil exports, regardless of the price. less According to the US Energy Information Administration (EIA), crude oil production fell below 10 mbpd during the final week of August 2020. Contagion may be setting in on Tuesday, with the global benchmark for the price of oil down some 3% as of 8 a.m. to trade at $40.61 per barrel. Oil futures fell sharply on Tuesday, with Brent tumbling below US$ 40 a barrel for the first time since June.
The Dallas-based pipeline operator plans to roughly double the amount of crude oil that can flow through the 570,000-barrel-per-day Dakota Access Pipeline (DAPL). Brent crude oil, meanwhile, is nearly 40% less than it was at this point last year.

United States

On Tuesday, the Nasdaq Composite fell again, taking the total drop since last week’s peak to 10%—so-called correction territory. Benchmark indices fell in early trade today tracking global markets following routing in tech stocks in the US. The Fed became not only a lender of last resort but also a buyer of last resort. The US Army began training exercises last week ahead of the main part of the games, which will go through September 18. Putting it in perspective: Video-conferencing company Zoom (NASDAQ:ZM) showed 355% growth during the coronavirus pandemic, while Slack may also be having a tough time competing with Microsoft Teams (NASDAQ:MSFT).
It does illustrate the false comfort we gain when telling ourselves a bear market can’t happen since the economy is strong, inflation is moribund, and the Fed is accommodative.” BEFORE THE BELL Futures for the Nasdaq bounced following a brutal sell-off in heavyweight technology stocks, while Asians shares lost gains.
Futures for the Nasdaq bounced following a brutal sell-off in heavyweight technology stocks, while Asians shares lost gains. The selloff in the tech heavy Nasdaq took the Nasdaq into correction territory for the second time this year. Tesla (NASDAQ:TSLA) is recovering this morning, up 6.6% to $352/share, following the stock’s largest one day drop in history.


It does not seem that the high food prices were the main deterrent to more aggressive PBOC policy, so today’s CPI is unlikely to change the outlook. At the same time, Australians doing business in China say the risks are manageable despite rising tensions between Beijing and Canberra.


In an extraordinary statement yesterday, a U.K. minister admitted that Boris Johnson’s government will break international law in its attempts to re-write last year’s divorce deal. Tory lawmakers are furious at the government s admission it will break international law by overriding some parts of the separation deal Johnson signed with the EU last year. In addition, the UK seems prepared to break the Brexit withdrawal agreement with the EU in a way a government minister has admitted could break international law.
The EU is viewing this as an overriding of an international treaty and breaking international law, making the UK government appear very untrustworthy.
In FX the focus was on cable once again with the currency market concerned that the UK may be violating international law in its latest Brexit policy action. Prime Minister Boris Johnson’s government is pushing through signed with the EU last year. That has raised the chances that a UK-EU trade deal will not be agreed by the October deadline. Getting an EU trade deal looks more vital than ever. In this regard, a Brexit trade agreement is not a panacea to the issues that the UK is currently facing.
Much ink has been spilled on Turkish ambitions in the Mediterranean, while French President Emmanuel Macron tries his hand at international architecture ahead of elections in 2022.