Fri, March 01, 2024

Oil trading

Canadian Dollar skyrocketed

Sideways USD/CAD Awaits Key 1.3608 Breakout

Quick Look USD/CAD trades sideways around 1.3570 amidst mixed economic signals. Key resistance at 1.3608; breakout could target 1.3655 and 1.3700. The market is eyeing upcoming US Core PCE and Canadian GDP data for directional cues. Lower crude oil prices and recent GDP figures influence market sentiment. Technical indicators suggest upward momentum, with the pair …

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Copper

Metals: Copper Hits Lowest Charges Since 2013

Quick Look Copper treatment charges in China hit a low of US$19.8/ton, the lowest since 2013, indicating smelting overcapacity. China’s refined metal output reached a record high in December, driven by demand from the green energy sector. Annual contracts for copper treatment are set at US$80/ton for 2024, marking a 9% year-on-year decline. LME copper …

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Wibest – Grain Market: Soybeans

Essential Food Prices Surge Ahead of Ramadan in Indonesia

Quick Look Bangladesh sees price increases in essentials despite government efforts to reduce import duties. Prime Minister of Bangladesh blames hoarding for price hikes; market trends show significant increases in onion, sugar, and beef prices. Indonesia’s Bulog confirms ample rice stocks; government launches Cheap Food Movement to combat rising rice prices. Both countries face challenges …

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global commodities

Oil Dips to $76.27 Amid Dollar Strength and Rate Fears

Quick Look Brent crude futures dipped to $81.48 a barrel, while U.S. WTI crude dropped to $76.27. A stronger dollar contributed to the fall in oil prices, making oil more costly for other currency holders. Market sentiment is affected by expectations of sustained high U.S. interest rates, impacting fuel demand growth. Geopolitical tensions and supply …

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China and its Dependence on Coal

Metallurgical Coal Price Rockets 40.3% to $315/Ton

Quick Look Australian metallurgical coal price leaps to $315 per metric ton, marking a 40.3% increase from its 2023 low. India and China exhibit robust import growth, contributing to a dynamic global demand. Australia dominates the global supply, with exports reaching near-record levels in February. The metallurgical coal market faces challenges from environmental concerns and …

Metallurgical Coal Price Rockets 40.3% to $315/Ton Read More »

gas

2024 Global Oil Market: A Dynamic Outlook

Quick Look Standard Chartered forecasts a significant call on OPEC at 1.8 million barrels per day. OPEC Secretariat estimates even higher at 2.7 million barrels. On-land inventory levels have dropped to their lowest since 2016, indicating tightening market conditions. The U.S. oil data index reveals a close balance between bullish and bearish readings, signalling market …

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Stocks on April 6

Markets Wobble: Nasdaq Dips 0.2%, Tech Tumbles

Quick Look Nasdaq 100 futures dipped by 0.2%, signalling a cautious market sentiment. Significant after-hours movements: Palo Alto Networks plummets by 20%, SolarEdge Technologies falls by over 10%. Nvidia’s 4% slump raises concerns over tech sector valuations. Anticipation for the Federal Reserve’s January meeting minutes and a lineup of earnings announcements. Asian markets show mixed …

Markets Wobble: Nasdaq Dips 0.2%, Tech Tumbles Read More »

Oil and gold industries

Commodities: Gold and Oil Amidst Rate and Tension Dynamics

Quick Overview Gold’s value remains above $2,000/oz amid anticipation of the Federal Reserve’s interest rate decisions. A decrease in gold ETF holdings by 1 million oz suggests waning expectations for imminent rate reductions. Crude oil prices stay steady, with a cautious eye on developments in the Middle East. Notable declines in Indian imports of crude …

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Russia

2.6% GDP Growth: Russia Defies Sanctions in 2024

Quick Look Russia’s GDP is on the way to grow by 2.6% in 2023, surpassing previous years’ forecasts. The defence and security budget in 2024 constitutes 40% of total expenditure amid rising inflation and labour shortages. Economic resilience is attributed to strategic preparation for financial sanctions and lucrative oil and gas earnings. Sanctions have led …

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Stock market rally expands

Market Volatility Alert: Economic and Earnings Focus

Quick Look S&P 500 futures down 0.33%, indicating a cautious start to the trading week. Concerns over higher-than-expected wholesale prices and CPI data affecting market sentiment. Federal Reserve’s stance on interest rates eyed closely amid inflation worries. Key corporate earnings reports from Home Depot, Walmart, and Palo Alto Networks anticipated. Global markets respond to China’s …

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The U.S. current account deficit hit 14-year high in Q1

Divergent Global Recoveries: U.S. Thrives, Others Struggle

Quick Look Japan and the UK entered technical recessions with negative GDP growth for two consecutive quarters. Germany’s economy also reports consecutive quarterly declines in GDP. China’s economic slowdown, particularly in its property sectors, raises concerns. The U.S. economy showcases resilience with strong credit-driven consumption despite a decline in January retail sales. The global energy …

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African cocoa laborers earn less than a dollar a day

Cocoa Prices Hit Record Highs: $8.7B Hedge Fund Bet

Quick Look Hedge funds’ $8.7 billion investment in cocoa futures sparks record price levels. London and New York cocoa prices soar to £4757 and $5888 per ton, respectively. Adverse weather, diseases in West Africa, and speculative trading drive price surges. Despite global price hikes, Ghanaian and Ivorian farmers face delayed financial gains. Other commodities and …

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Commodities and education

Crude Oil Market 2023: Declines and Projections

2023 Crude Oil & Metal Price Trends Benchmark U.S. and Brent crude oil prices see declines, reflecting market adjustments. March delivery for gasoline, heating oil, and natural gas also experience price drops. Gold and copper prices fall, while silver prices buck the trend with an increase. The dollar weakens against the yen and euro, influencing …

Crude Oil Market 2023: Declines and Projections Read More »

commodity trading

Commodity Feed: Gold Dips, Oil Rises; US Agri Trade Falls 11%

Quick Look Gold prices dip below $2000/oz amidst strong US CPI report and Fed rate cut speculations. ICE Brent crude oil sees a 0.94% hike, nearing $83/barrel, amid fluctuating crude inventories. OPEC adjusts oil demand and supply forecasts, signalling a cautious market outlook. Benchmark U.S. and Brent crude prices experience slight increases, reflecting market dynamics. …

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Defensive stocks vs cyclical stocks

Stock News: Dow Up 0.11%; Lyft Jumps 16%, Airbnb Falls 4%

Quick Look Dow Jones Industrial Average futures are up by 0.11%, with S&P 500 and Nasdaq 100 futures also in the green. Lyft shares surge over 16% after-hours on strong Q4 earnings, while Airbnb dips more than 4% despite revenue beat. The U.S. stock market faced significant declines in the previous session, with Dow Jones …

Stock News: Dow Up 0.11%; Lyft Jumps 16%, Airbnb Falls 4% Read More »