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11 04, 2024

Oil Prices Set for a Second Weekly Gain After Brent Breaks $91

By |2024-04-11T18:24:06+02:00April 11, 2024|Gold News|0 Comments


Crude oil prices were on track to book their second weekly gain in a row, driven higher by geopolitics and supply concerns.

Early on Friday morning, Brent was trading above $91 per barrel and West Texas Intermediate was closing in on $87 per barrel. The rally came amid reports that Russia may have temporarily lost as much as 15% of its refining capacity because of Ukrainian drone attacks and Iran vowed to exact revenge on Israel for the strike of its consulate in Damascus.

“Oil prices look set for further upside in the short term as a more positive economic backdrop is joined by ongoing supply tightness and rising geopolitical risks,” analysts from ANZ said, as quoted by Reuters, revising their three-month price forecast for Brent crude to $95 per barrel.

The wider Mideast tensions stemming from the Gaza war are probably at the highest in months,” Vandana Hari, founder of Vanda Insights, told Bloomberg. “Crude is reflecting that Mideast conflagration fear premium.”



The latest from the Middle East is the news that the UAE is growing cold to Israel after several years of normalized relations. The reason for the change in attitude was the Israeli strike that killed seven aid workers in Gaza. Some reports said the Emirates were “outraged” with the event.





Demand for oil, meanwhile, remains quite healthy, with the latest U.S. weekly inventory report revealing declines in both gasoline and middle distillate stocks. This demand is set to rise further, especially in middle distillates as the manufacturing industry in the country gathers momentum, Reuters’ market analyst John Kemp wrote in a recent column.

While this is happening, OPEC+ reaffirmed its commitment to production limits at its latest meeting earlier this week. Even though there were overproducers again, prices rose after the meeting because the group signaled it was about to get those overproducers in line, demanding compensation for their excess production.

By Irina Slav for Oilprice.com



More Top Reads From Oilprice.com:



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11 04, 2024

Technical trading, short-covering and a weaker dollar, oh my

By |2024-04-11T18:24:04+02:00April 11, 2024|Gold News|0 Comments


Photo: Sosland Publishing Co.
Recap for April 3

  • Wheat futures launched a rebound Wednesday after sliding lower since the new week, month and quarter began. Lifting wheat was a round of short covering, technical trading, a weakening dollar and geopolitical news after Russia halted exports on some ships owned by one of the biggest local grain trading houses. Corn futures, too, firmed on short covering as the dollar weakened, though gains were limited by ample supplies and forecasts for good planting weather later this month on the heels of rainy, snowy conditions this week that improved soil moisture. Also, technical buying and short covering were behind soybean futures’ bounce from one-month lows induced by lackluster demand and increasing South American supplies. May corn added 5¼¢ to close at $4.31¾ per bu. Chicago May wheat jumped 10¾¢ to close at $5.56 per bu. Kansas City May wheat soared 17¼¢ higher and closed at $5.80½ per bu. Minneapolis May wheat added 12¢ and closed at $6.39½ per bu. May soybeans advanced 8¼¢ to close at $11.82¼ per bu. May soybean meal was up $1.70 to close at $330 per ton. May soybean oil added 0.25¢ to close at 48.85¢ a lb.
  • US crude oil prices hit the highest levels since late October Wednesday on concerns about supply disruptions due to Ukraine’s attacks on Russian refineries and a vow of revenge against Israel by Hamas-backer Iran, the third-largest oil producer in the Organization of the Petroleum Exporting Countries cartel. The May West Texas Intermediate light, sweet crude future added 28¢ to close at $85.43 per barrel. 
  • US equity markets were mixed Wednesday, the Dow industrial index slipping while the Nasdaq and S&P 500 gained, the latter snapping a two-day losing streak after Fed chairman Jerome Powell said a strong economy hasn’t changed the expectation interest rate cuts will be warranted later this year. The Dow Jones Industrial Average eased 43.10 points, or 0.11%, to close at 39,127.14. The Standard & Poor’s 500 added 5.68 points, or 0.11%, to close at 5,211.49. The Nasdaq Composite added 37.01 points, or 0.23%, to close at 16,277.46. 
  • The US dollar index closed lower again Wednesday. 
  • US gold futures jumped higher again Wednesday. The April contract added $33.40 to close at $2,294.40 per oz.

Recap for April 2

  • US wheat futures continued lower Tuesday, a day after the USDA said winter wheat was in the best early spring shape since 2019. Beneficial rains in the forecast for the dry southern Plains added pressure as did cheap grain on the global market that limited US export demand. Corn futures also dipped as forecasts indicated good spring planting weather ahead that eased concerns about the USDA’s lower-than-expected acreage outlook issued late last week. Soybean futures trended higher before breaking through previous support levels, which initiated technical selling and lower closing prices. May corn fell 9¢ to close at $4.26½ per bu. Chicago May wheat declined 11¾¢ to close at $5.45¼ per bu. Kansas City May wheat fell 12¼¢ and closed at $5.63¼ per bu. Minneapolis May wheat dropped 7¼¢ and closed at $6.27½ per bu. May soybeans shed 11¾¢ to close at $11.74 per bu. May soybean meal was down $5.10 to close at $328.30 per ton. May soybean oil added 0.36¢ to close at 48.6¢ a lb.
  • US crude oil prices were higher again Tuesday, pushing the Brent benchmark above $89 a bu for the first time since October. Support came from escalating Middle East conflict and a Ukrainian drone strike on one of Russia’s biggest refineries. The May West Texas Intermediate light, sweet crude future added $1.44 to close at $85.15 per barrel. 
  • The US dollar index closed lower Tuesday. 
  • US gold futures jumped higher Tuesday. The April contract added $24.50 to close at $2,261 per oz.
  • US equity markets closed lower Tuesday, pressured by climbing bond yields, rising crude oil prices and widening doubts that the Federal Reserve fully contained inflation. The Dow Jones Industrial Average dropped 396.61 points, or 1%, to close at 39,170.24. The Standard & Poor’s 500 fell 37.96 points, or 0.72%, to close at 5,205.81. The Nasdaq Composite fell 156.38 points, or 0.95%, to close at 16,240.45. 

Recap for April 1

  • Ample supplies weighed on US grain and oilseed futures Monday. Traders took profits off last week’s steep gains in the corn market precipitated by the USDA pegging corn acreage below expectations. Some surmised seeded area would increase due to good planting weather in forecasts. Wheat futures were pressured by expectations for improved crop conditions that did not materialize. Soybeans followed wheat and corn lower while under pressure from seasonally slowing US export demand. May corn fell 6½¢ to close at $4.35½ per bu. Chicago May wheat shed 3¼¢ to close at $5.57 per bu; later months were mixed. Kansas City May wheat fell 9¾¢ and closed at $5.75½ per bu. Minneapolis May wheat dropped 10¼¢ and closed at $6.34¾ per bu. May soybeans lost 5¾¢ to close at $11.85¾ per bu. May soybean meal was down $4.30 to close at $333.40 per ton. May soybean oil added 0.29¢ to close at 48.24¢ a lb.
  • The US dollar index closed higher Monday. 
  • US gold futures climbed Monday despite the strengthening dollar. The April contract added $19.10 to close at $2,236.50 per oz.
  • US equity markets posted mixed closes to open the second quarter Monday. The Nasdaq advanced while the Dow industrials index and S&P 500 slipped after a closely watched report, the ISM manufacturing index for March, based on a survey of purchasing managers, came in at 50.3, up from 47.8 in February and above the 48.1 reading anticipated by economists in a Wall Street Journal survey. The Dow Jones Industrial Average dropped 240.52 points, or 0.6%, to close at 39,566.85. The Standard & Poor’s 500 fell 10.58 points, or 0.2%, to close at 5,243.77. The Nasdaq Composite added 17.37 points, or 0.11%, to close at 16,396.83. 
  • US crude oil prices were higher Monday. The May West Texas Intermediate light, sweet crude future added 54¢ to close at $83.71 per barrel. 

Recap for March 28

  • Corn futures Thursday posted their largest one-day rally since July after the USDA estimated March 1 corn stocks and projected 2024 corn plantings below trade estimates. Winter wheat futures followed corn higher even as all-wheat stocks and plantings slightly topped expectations. Meanwhile, spring wheat futures took a downturn after spring wheat and durum planting expectations topped projections. May corn jumped 15¼¢ to close at $4.42 per bu. Chicago May wheat added 12¾¢ to close at $5.60¼ per bu. Kansas City May wheat added 7¢ and closed at $5.85¼ per bu. Minneapolis May wheat dropped 6¢ and closed at $6.45 per bu. May soybeans lost 1¢ to close at $11.91½ per bu; the September future and beyond were higher. May soybean meal was down $1.30 to close at $337.70 per ton; later months were mixed. May soybean oil added 0.28¢ to close at 47.95¢ a lb.
  • The US dollar index closed higher Thursday. 
  • US gold futures soared Thursday despite the strengthening dollar. The April contract added $26.80 to close at $2,217.40 per oz
  • US equity markets were mixed Thursday. The S&P 500 notched a 22nd record-high close of 2024 and its best first quarter since 2019. Support was drawn from a report noting the US economy grew in the fourth quarter even more than previously thought, according to the government’s revised estimate for gross domestic product. A University of Michigan survey said consumer confidence rose to its highest level in almost three years. The DJIA also closed at a record high. The US stock and bond markets will be closed for Good Friday. The Dow Jones Industrial Average added 47.29 points, or 0.12%, to close at 39,807.37. The Standard & Poor’s 500 added 5.86 points, or 0.11%, to close at 5,254.35. The Nasdaq Composite fell 20.06 points, or 0.12%, to close at 16,379.46. 
  • US crude oil prices climbed Thursday. The May West Texas Intermediate light, sweet crude future added $1.82 to close at $83.17 per barrel. 

Recap for March 27

  • Corn, soybeans and KC wheat futures declined Wednesday in positioning ahead of Thursday’s USDA grain stocks and prospective plantings reports. Chicago and Minneapolis wheat posted gains in technical trading.  May corn dropped 5¾¢ to close at $4.26¾ per bu. Chicago May wheat added 4¢ to close at $5.47½ per bu. Kansas City May wheat added 1¢ and closed at $5.78¼ per bu; September was steady and all later months declined. Minneapolis May wheat added 3¾¢ and closed at $6.51 per bu. May soybeans lost 6½¢ to close at $11.92½ per bu. May soybean meal was down 80¢ to close at $339 per ton. May soybean oil dropped 0.75¢ to close at 47.67¢ a lb.
  • US gold futures advanced again Wednesday. The April contract added $13.40 to close at $2,190.60 per oz.
  • The US dollar index closed higher Wednesday. 
  • US equity markets snapped their losing streaks Wednesday. The S&P 500 was up 10% for the year and set to post a spectacular first quarter. The Dow Jones Industrial Average soared 477.75 points, or 1.22%, to close at 39,760.08. The Standard & Poor’s 500 jumped 44.91 points, or 0.86%, to close at 5,248.49. The Nasdaq Composite added 83.82 points, or 0.51%, to close at 16,399.52. 
  • US crude oil prices were lower Wednesday. The May West Texas Intermediate light, sweet crude future fell 27¢ to close at $81.35 per barrel. 

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11 04, 2024

Coffee Price Forecast 2024: How Much Higher Will Record Coffee Prices Go?

By |2024-04-11T18:24:02+02:00April 11, 2024|Gold News|0 Comments


Source: Evgeny Karandaev/ShutterStock.com

The price of coffee is continuing to rise and the latest forecast in 2024 claims we could see the cost of the drink increase even more this year.

When speaking about arabica coffee, Citi analyst Aakash Doshi noted that prices may increase in both the short term and the long term. This has the firm providing a coffee price forecast of $1.88 per pound to $2.15 per pound for 2024.

Doshi said the following about this 2024 coffee price forecast in a note to clients obtained by CNBC:

“The current move can largely be attributed to a heat wave in Vietnam affecting Robusta coffee production and as a result, providing carryover support for premium Arabica beans.”

What’s Behind High 2024 Coffee Price Forecasts?

Other factors are also weighing on the price of coffee recently. That includes more consumers choosing it as a natural source of energy in the morning. This comes amid a movement of customers seeking out more organic options for their food and drink.

If that demand continues to increase, it could also cause the price of coffee to rise further. That’s something commodity traders will want to keep in mind for 2024.

Coffee isn’t the only commodity that is seeing stark price increases recently. Cocoa is also undergoing a rally lately. You can learn more about that here.

Investors looking for more of the most recent stock market news will want to keep reading!

We have all of the hottest market news ready to go on Thursday! Among that is what’s happening with shares of Costco (NASDAQ:COST), Nikola (NASDAQ:NKLA) and Canopy Growth (NASDAQ:CGC) stock today. You can catch up on all of this below!

More Stock Market News for Thursday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/04/coffee-price-forecast-2024-how-much-higher-will-record-coffee-prices-go/.
©2024 InvestorPlace Media, LLC



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11 04, 2024

Oil prices decline over caution on US Fed interest rates, Iran sanctions; Brent at $88/bbl

By |2024-04-11T18:24:00+02:00April 11, 2024|Gold News|0 Comments


Global crude oil prices dropped on Thursday, April 4, as caution over global macroeconomic activity weighed against the supply output cuts as well as geopolitical conflicts. Investors continue to look to macroeconomic data and monetary policy for potential clues on the outlook for oil demand, while financial sanctions on Iran by the US also capped gains in today’s session.

Brent futures for June last fell by 43 cents, or 0.5 per cent, to $88.92 a barrel. US West Texas Intermediate (WTI) futures for May fell by 57 cents, or 0.7 per cent to $84.86 a barrel, according to news agency Reuters.
Also Read: FY24 Review | Brent rises 9% in last 12 months on OPEC cuts, Middle-East tensions; Will crude oil hit $100 in FY25?

Both benchmarks closed on Wednesday at their highest levels since October, having received support in recent days from the heightened geopolitical tensions and potential supply risks. Back home, crude oil futures last traded 0.94 per cent lower at ₹7,095 per barrel against a previous close of ₹7,162 per barrel on the multi commodity exchange (MCX).

What’s weighing on crude oil prices?

-US unemployment claims increased by more than expected in the last week, according to Labor Department statistics, as labor market conditions gradually ease. This came after US Federal Reserve Chair Jerome Powell expressed caution on Wednesday about the timing of future interest rate cuts, after recent data has showed higher-than-expected job growth and inflation.

-The threat of sanctions has also capped some gains. The US on Thursday imposed new Iran-related counter-terrorism sanctions against Oceanlink Maritime DMCC and its vessels, citing its role in shipping commodities on behalf of the Iranian military.

-The US is using financial sanctions to isolate Iran to disrupt its ability to fund its proxy groups and hamper the country’s support for Russia’s war in Ukraine, said the Treasury Department. US has also signalled it could reimpose oil sanctions ahead of Venezuelan presidential elections later this year that many countries have said might not feature competitive voting.
Also Read: Expert View | Oil market oversupplied with high US output, Brent seen at $87-$92 for 2024: ShareKhan’s Mohammed Imran
-Oil’s recent gains have also followed Ukrainian attacks on Russian refineries that cut fuel supply, and concerns the Israel-Hamas war in Gaza may spread to include Iran and possibly disrupt supplies in the Middle East region.

-The joint ministerial monitoring committee meeting (JMMC) of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) kept oil supply policy unchanged on Wednesday and pressed some countries to boost compliance with output cuts. OPEC+ said some members would compensate for oversupply in the first quarter.
-OPEC added that Russia may switch to output rather than export curbs. Iran has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel. Iran is the third-largest producer in OPEC. Analysts say that the one thing that could thwart an oil rally is if the Federal Reserve takes rate cuts off the table.

Where are prices headed?

Tensions escalated in the region after the Israeli air strike on the Iranian embassy killed its top officials. Russian supply is already tight due to OPEC+ output compliance and supply concerns from oil refineries after last month’s Ukrainian attack, according to analysts

Also Read: Explained | Why did OPEC+ members extend oil output cuts to mid-2024
.Chinese economic data released this week is also better than expected and supports oil prices. However, an increase in the US oil stocks capped gains. As per the US EIA, crude oil inventories in the US jumped by 3.2 million barrels against expected decline of 1.5 million barrels.
;;Technically, crude oil is having support at $84.20–83.40 and resistance is at $85.90-86.70. In INR crude oil has support at Rs7,040-6,940 while resistance at ₹7,215-7,280,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!



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11 04, 2024

Oil And Natural Gas Corporation Share Price Today Live Updates: Oil And Natural Gas Corporation Closes at Rs 275.35 with 6-Month Beta of 1.02

By |2024-04-11T18:23:52+02:00April 11, 2024|Gold News|0 Comments


09:12:00 AM IST, 05 April 2024

Oil And Natural Gas Corporation Share Price Today Live Updates: Oil And Natural Gas Corporation Closes at Rs 275.35 with 6-Month Beta of 1.02

Oil And Natural Gas Corporation ended the previous trading day at a closing price of Rs 275.35, with a 6-month beta of 1.02, indicating a slightly higher volatility compared to the market.

09:04:21 AM IST, 05 April 2024

Oil And Natural Gas Corporation Share Price Today Live Updates: Oil And Natural Gas Corporation Records Decrease in Stock Price, Investors Watch Market Performance

Oil And Natural Gas Corporation saw a decrease in its stock price, closing at Rs 275.35 yesterday, with a one-month return of -3.65%. Investors are closely monitoring the company’s performance amidst market fluctuations.

08:50:02 AM IST, 05 April 2024

Oil And Natural Gas Corporation Share Price Today Live Updates: Oil And Natural Gas Corporation Closes at Rs 275.35 with Strong Trading Volume

Oil And Natural Gas Corporation closed at Rs 275.35 yesterday with a trading volume of 24,624,383 shares, surpassing the average 7-day volume of 15,592,348 shares.

08:41:18 AM IST, 05 April 2024

Oil And Natural Gas Corporation Share Price Today Live Updates: Oil And Natural Gas Corporation Reports Impressive 3-Month Return of 25.32%

Oil And Natural Gas Corporation ended the previous day at a closing price of Rs 275.35, with a remarkable 3-month return of 25.32%. The company’s stock has shown strong performance over the past quarter, outperforming market expectations.

08:33:41 AM IST, 05 April 2024

Oil And Natural Gas Corporation Share Price Today Live Updates: Oil And Natural Gas Corporation Closes at Rs 275.35 with 2.31% Decline in Previous Day Trading Volume Reaching 22,60,0929 Units

Oil And Natural Gas Corporation ended the previous trading day at a closing price of Rs 275.35, marking a decrease of 2.31% from the day before. The trading volume for the day stood at 22,60,0929 units.



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11 04, 2024

Technical trading, short-covering and a weaker dollar, oh my

By |2024-04-11T18:23:50+02:00April 11, 2024|Gold News|0 Comments


Photo: Sosland Publishing Co.
Recap for April 3

  • Wheat futures launched a rebound Wednesday after sliding lower since the new week, month and quarter began. Lifting wheat was a round of short covering, technical trading, a weakening dollar and geopolitical news after Russia halted exports on some ships owned by one of the biggest local grain trading houses. Corn futures, too, firmed on short covering as the dollar weakened, though gains were limited by ample supplies and forecasts for good planting weather later this month on the heels of rainy, snowy conditions this week that improved soil moisture. Also, technical buying and short covering were behind soybean futures’ bounce from one-month lows induced by lackluster demand and increasing South American supplies. May corn added 5¼¢ to close at $4.31¾ per bu. Chicago May wheat jumped 10¾¢ to close at $5.56 per bu. Kansas City May wheat soared 17¼¢ higher and closed at $5.80½ per bu. Minneapolis May wheat added 12¢ and closed at $6.39½ per bu. May soybeans advanced 8¼¢ to close at $11.82¼ per bu. May soybean meal was up $1.70 to close at $330 per ton. May soybean oil added 0.25¢ to close at 48.85¢ a lb.
  • US crude oil prices hit the highest levels since late October Wednesday on concerns about supply disruptions due to Ukraine’s attacks on Russian refineries and a vow of revenge against Israel by Hamas-backer Iran, the third-largest oil producer in the Organization of the Petroleum Exporting Countries cartel. The May West Texas Intermediate light, sweet crude future added 28¢ to close at $85.43 per barrel. 
  • US equity markets were mixed Wednesday, the Dow industrial index slipping while the Nasdaq and S&P 500 gained, the latter snapping a two-day losing streak after Fed chairman Jerome Powell said a strong economy hasn’t changed the expectation interest rate cuts will be warranted later this year. The Dow Jones Industrial Average eased 43.10 points, or 0.11%, to close at 39,127.14. The Standard & Poor’s 500 added 5.68 points, or 0.11%, to close at 5,211.49. The Nasdaq Composite added 37.01 points, or 0.23%, to close at 16,277.46. 
  • The US dollar index closed lower again Wednesday. 
  • US gold futures jumped higher again Wednesday. The April contract added $33.40 to close at $2,294.40 per oz.

Recap for April 2

  • US wheat futures continued lower Tuesday, a day after the USDA said winter wheat was in the best early spring shape since 2019. Beneficial rains in the forecast for the dry southern Plains added pressure as did cheap grain on the global market that limited US export demand. Corn futures also dipped as forecasts indicated good spring planting weather ahead that eased concerns about the USDA’s lower-than-expected acreage outlook issued late last week. Soybean futures trended higher before breaking through previous support levels, which initiated technical selling and lower closing prices. May corn fell 9¢ to close at $4.26½ per bu. Chicago May wheat declined 11¾¢ to close at $5.45¼ per bu. Kansas City May wheat fell 12¼¢ and closed at $5.63¼ per bu. Minneapolis May wheat dropped 7¼¢ and closed at $6.27½ per bu. May soybeans shed 11¾¢ to close at $11.74 per bu. May soybean meal was down $5.10 to close at $328.30 per ton. May soybean oil added 0.36¢ to close at 48.6¢ a lb.
  • US crude oil prices were higher again Tuesday, pushing the Brent benchmark above $89 a bu for the first time since October. Support came from escalating Middle East conflict and a Ukrainian drone strike on one of Russia’s biggest refineries. The May West Texas Intermediate light, sweet crude future added $1.44 to close at $85.15 per barrel. 
  • The US dollar index closed lower Tuesday. 
  • US gold futures jumped higher Tuesday. The April contract added $24.50 to close at $2,261 per oz.
  • US equity markets closed lower Tuesday, pressured by climbing bond yields, rising crude oil prices and widening doubts that the Federal Reserve fully contained inflation. The Dow Jones Industrial Average dropped 396.61 points, or 1%, to close at 39,170.24. The Standard & Poor’s 500 fell 37.96 points, or 0.72%, to close at 5,205.81. The Nasdaq Composite fell 156.38 points, or 0.95%, to close at 16,240.45. 

Recap for April 1

  • Ample supplies weighed on US grain and oilseed futures Monday. Traders took profits off last week’s steep gains in the corn market precipitated by the USDA pegging corn acreage below expectations. Some surmised seeded area would increase due to good planting weather in forecasts. Wheat futures were pressured by expectations for improved crop conditions that did not materialize. Soybeans followed wheat and corn lower while under pressure from seasonally slowing US export demand. May corn fell 6½¢ to close at $4.35½ per bu. Chicago May wheat shed 3¼¢ to close at $5.57 per bu; later months were mixed. Kansas City May wheat fell 9¾¢ and closed at $5.75½ per bu. Minneapolis May wheat dropped 10¼¢ and closed at $6.34¾ per bu. May soybeans lost 5¾¢ to close at $11.85¾ per bu. May soybean meal was down $4.30 to close at $333.40 per ton. May soybean oil added 0.29¢ to close at 48.24¢ a lb.
  • The US dollar index closed higher Monday. 
  • US gold futures climbed Monday despite the strengthening dollar. The April contract added $19.10 to close at $2,236.50 per oz.
  • US equity markets posted mixed closes to open the second quarter Monday. The Nasdaq advanced while the Dow industrials index and S&P 500 slipped after a closely watched report, the ISM manufacturing index for March, based on a survey of purchasing managers, came in at 50.3, up from 47.8 in February and above the 48.1 reading anticipated by economists in a Wall Street Journal survey. The Dow Jones Industrial Average dropped 240.52 points, or 0.6%, to close at 39,566.85. The Standard & Poor’s 500 fell 10.58 points, or 0.2%, to close at 5,243.77. The Nasdaq Composite added 17.37 points, or 0.11%, to close at 16,396.83. 
  • US crude oil prices were higher Monday. The May West Texas Intermediate light, sweet crude future added 54¢ to close at $83.71 per barrel. 

Recap for March 28

  • Corn futures Thursday posted their largest one-day rally since July after the USDA estimated March 1 corn stocks and projected 2024 corn plantings below trade estimates. Winter wheat futures followed corn higher even as all-wheat stocks and plantings slightly topped expectations. Meanwhile, spring wheat futures took a downturn after spring wheat and durum planting expectations topped projections. May corn jumped 15¼¢ to close at $4.42 per bu. Chicago May wheat added 12¾¢ to close at $5.60¼ per bu. Kansas City May wheat added 7¢ and closed at $5.85¼ per bu. Minneapolis May wheat dropped 6¢ and closed at $6.45 per bu. May soybeans lost 1¢ to close at $11.91½ per bu; the September future and beyond were higher. May soybean meal was down $1.30 to close at $337.70 per ton; later months were mixed. May soybean oil added 0.28¢ to close at 47.95¢ a lb.
  • The US dollar index closed higher Thursday. 
  • US gold futures soared Thursday despite the strengthening dollar. The April contract added $26.80 to close at $2,217.40 per oz
  • US equity markets were mixed Thursday. The S&P 500 notched a 22nd record-high close of 2024 and its best first quarter since 2019. Support was drawn from a report noting the US economy grew in the fourth quarter even more than previously thought, according to the government’s revised estimate for gross domestic product. A University of Michigan survey said consumer confidence rose to its highest level in almost three years. The DJIA also closed at a record high. The US stock and bond markets will be closed for Good Friday. The Dow Jones Industrial Average added 47.29 points, or 0.12%, to close at 39,807.37. The Standard & Poor’s 500 added 5.86 points, or 0.11%, to close at 5,254.35. The Nasdaq Composite fell 20.06 points, or 0.12%, to close at 16,379.46. 
  • US crude oil prices climbed Thursday. The May West Texas Intermediate light, sweet crude future added $1.82 to close at $83.17 per barrel. 

Recap for March 27

  • Corn, soybeans and KC wheat futures declined Wednesday in positioning ahead of Thursday’s USDA grain stocks and prospective plantings reports. Chicago and Minneapolis wheat posted gains in technical trading.  May corn dropped 5¾¢ to close at $4.26¾ per bu. Chicago May wheat added 4¢ to close at $5.47½ per bu. Kansas City May wheat added 1¢ and closed at $5.78¼ per bu; September was steady and all later months declined. Minneapolis May wheat added 3¾¢ and closed at $6.51 per bu. May soybeans lost 6½¢ to close at $11.92½ per bu. May soybean meal was down 80¢ to close at $339 per ton. May soybean oil dropped 0.75¢ to close at 47.67¢ a lb.
  • US gold futures advanced again Wednesday. The April contract added $13.40 to close at $2,190.60 per oz.
  • The US dollar index closed higher Wednesday. 
  • US equity markets snapped their losing streaks Wednesday. The S&P 500 was up 10% for the year and set to post a spectacular first quarter. The Dow Jones Industrial Average soared 477.75 points, or 1.22%, to close at 39,760.08. The Standard & Poor’s 500 jumped 44.91 points, or 0.86%, to close at 5,248.49. The Nasdaq Composite added 83.82 points, or 0.51%, to close at 16,399.52. 
  • US crude oil prices were lower Wednesday. The May West Texas Intermediate light, sweet crude future fell 27¢ to close at $81.35 per barrel. 

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11 04, 2024

3 Reasons Gold Prices Continue To Climb

By |2024-04-11T18:23:49+02:00April 11, 2024|Gold News|0 Comments


Unless you’ve been living under a rock, it won’t have escaped your notice that gold is doing rather well.

The safe haven asset has been stirred upwards as conflicts across the world have shown little to no sign of abating, and the four-year-long wait for interest rate cuts in the US and UK continues.

Yesterday, gold was trading near $2,250 (£1,788) per troy ounce and touching $2,288 (£1,818) today, another all-time record extending the record-setting days that have come in January, February and March this year.

But why is gold still rising?

1.) Geopolitics drives investors to gold

The wars in Ukraine and Gaza continue and the potential escalation to other countries keeps hanging over the markets like the sword of Damocles.

Investors and governments are all too wary of another fallout akin to when Vladimir Putin first invaded Ukraine two years ago and gold is one of the most effective hedges against these concerns.

Data from BullionVault, the world’s largest online precious metal marketplace, shows that Western investors banked record profits from selling gold in March, offloading almost twice the amount purchased.

“Previous peaks in the number of people selling gold also came as bullion prices jumped, ” says BullionVault director of research Adrian Ash.

“But they all coincided with moments of acute political or financial stress, spurring stronger investor demand.”

Indeed sellers through the platform rose 95 per cent to beat the number recorded during the English riots and Euro debt crisis of 2011, March 2022 when Russia invaded Ukraine and the Brexit referendum shock in June 2016.

In contrast, gold’s new all-time highs have grown exponentially as the general unease around global conflicts has continued.

That, Ash says, “speaks to the underlying strength of this price uptrend”.

2.) Central banks keep buying

Strong physical demand from central banks and retail investors in Asia is also supporting the yellow metal. However, demand is expected to fall in the short term as investors baulk at higher prices.

Ole Hansen, head of commodity strategy for Saxo, said that the prospect for lower funding costs may finally see demand for bullion-backed, exchange-traded funds (ETFs) from real money asset managers pick up for the first time since 2022.

And though the buying rate is slowing, the world’s central banks are still stockpiling gold where they can.

Figures from the World Gold Council show that reported global central bank gold reserves for February rose by 19 tonnes.

Despite this being the ninth consecutive month of growth, the data show a slowdown, with buying for the month 58 per cent lower than January’s.

On a year-to-date basis, central banks report the addition of 64 tonnes over January and February, 43 per cent lower than the same period in 2023 but a fourfold increase on 2022.

3.) Gold as a hedge against inflation

Gold rallies are frequently built around when inflation looks to be on an upward curve, depreciating the value of currency.

An update on Federal Reserve Chairman Jerome Powell’s policy outlook, due this week, will be an important driver for stocks and commodities this week, however.

The Fed is not cutting rates until June at the earliest and year-on-year inflation is sitting at 2.5 per cent on the back of a burgeoning economy.

The resulting strength of the US dollar is complicating matters further for gold future-gazers.

The currency has just tipped over a four month high, adding pressure to the gold market and muddying the landscape for those with bullion exposure.

Kathleen Brooks, research director at XTB Trading, points out that gold might have reached its ceiling, short of a course-correction event such as further geopolitical escalation and could be due a correction.

“Open interest on gold contracts appears to have peaked and the gold price is now 15 per cent above its 200-day simple moving average (SMA),” she said.

“This suggests that it is at extreme levels and could be due a pullback.”

By CityAM 

More Top Reads From Oilprice.com:





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11 04, 2024

Why Crude Oil Prices Are Spiking Today

By |2024-04-11T18:23:47+02:00April 11, 2024|Gold News|0 Comments


Oil prices hit their highest level since October as tensions in the Middle East escalated, with Israeli Prime Minister Benjamin Netanyahu saying that Israel will take an aggressive stance against Iran and its proxies.

“Those who harm us or plan to harm us, we will harm,” he said at a security cabinet meeting.

Brent crude, the international…

Oil prices hit their highest level since October as tensions in the Middle East escalated, with Israeli Prime Minister Benjamin Netanyahu saying that Israel will take an aggressive stance against Iran and its proxies.

“Those who harm us or plan to harm us, we will harm,” he said at a security cabinet meeting.

Brent crude
,

the international benchmark, rose 1.5% to $90.65 per barrel. A widening Israel-Hamas war would endanger supplies of oil. Iran is one of the largest oil producers in the Middle East.

Oil prices

are up 18% this year because of the war, OPEC’s decision to cut production, and rising fuel demand.

The U.S.-Israel alliance may also be shifting. President Joe Biden told Netanyahu in a Thursday call that the U.S. needs Israel “to announce and implement a series of specific, concrete, and measurable steps to address civilian harm, humanitarian suffering, and the safety of aid workers,” according to the White House.

Advertisement – Scroll to Continue

“It feels like the most likely path in the Middle East is for continued escalation in the Arab-Israeli conflict, and we think oil prices have the potential to go even higher in the near-term despite the recent strength if the current bellicose momentum continues,” wrote Roth MKM analyst Leo Mariani.

Oil stocks fell late in the day, despite the rally in crude prices. The


Energy Select Sector SPDR fund

ended the day marginally lower, after hitting a record earlier. The stocks were reacting to a broad market selloff.

Write to Avi Salzman at avi.salzman@barrons.com



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11 04, 2024

XAU/USD peaked beyond $2,300, should correct before a new leg north

By |2024-04-11T18:23:16+02:00April 11, 2024|Gold News|0 Comments


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XAU/USD Current price: $2,292.40

  • Federal Reserve’s speakers keep cooling hopes for multiple rate cuts this year.
  • Investors are now waiting for the United States March Nonfarm Payrolls report.
  • XAU/USD could extend its near-term decline, but bulls still hold the grip.

Spot Gold kept rallying on Tuesday, peaking at the beginning of the day at $2,304.81 a troy ounce, a fresh record high. The bright metal benefited from the broad US Dollar’s weakness as Federal Reserve (Fed) officials aligned beyond Chairman Jerome Powell and worked on cooling hopes for soon-to-come rate cuts. Despite the central bank having maintained three potential cuts in the dot plot, market players are now hoping for two in the best-case scenario.

Fed Chair Powell made it clear that policymakers are in no rush to cut rates, particularly considering the economic strength, inflation still above target, and the tight labor market. Speaking of which, the United States (US) is heading into publishing the March Nonfarm Payrolls report on Friday. The country is expected to have added 200K new job positions in the month, while the Unemployment Rate is foreseen unchanged at 3.9%. A better-than-anticipated outcome will help the USD recover ground ahead of the weekly close, although softer-than-expected figures could push XAU/USD beyond the mentioned record high.

XAU/USD short-term technical outlook

The daily chart for XAU/USD shows it finally gave up some ground after rallying for seven straight days. The case for a bearish correction gains strength as technical indicators started retreating from extreme overbought levels. An interim top can not be confirmed yet. The pair is still developing well above bullish moving averages while consolidating near its recent highs. XAU/USD may well resume its advance after giving up some ground.

The 4-hour chart also supports the case of an upcoming bearish correction. The pair shed some ground, leading to technical indicators leaving overbought territory. The Momentum indicator heads firmly south, approaching its 100 line from above, although the Relative Strength Index (RSI) indicator turned flat at 65, the latter suggesting limited selling interest. Furthermore, XAU/USD keeps developing above all its moving averages, with the 20 Simple Moving Average (SMA) losing its bullish strength but still heading north far above the longer ones.

Support levels: 2,277.60 2,261.30 2,250.70  

Resistance levels: 2,295.10 2,310.00 2,325.00

XAU/USD Current price: $2,292.40

  • Federal Reserve’s speakers keep cooling hopes for multiple rate cuts this year.
  • Investors are now waiting for the United States March Nonfarm Payrolls report.
  • XAU/USD could extend its near-term decline, but bulls still hold the grip.

Spot Gold kept rallying on Tuesday, peaking at the beginning of the day at $2,304.81 a troy ounce, a fresh record high. The bright metal benefited from the broad US Dollar’s weakness as Federal Reserve (Fed) officials aligned beyond Chairman Jerome Powell and worked on cooling hopes for soon-to-come rate cuts. Despite the central bank having maintained three potential cuts in the dot plot, market players are now hoping for two in the best-case scenario.

Fed Chair Powell made it clear that policymakers are in no rush to cut rates, particularly considering the economic strength, inflation still above target, and the tight labor market. Speaking of which, the United States (US) is heading into publishing the March Nonfarm Payrolls report on Friday. The country is expected to have added 200K new job positions in the month, while the Unemployment Rate is foreseen unchanged at 3.9%. A better-than-anticipated outcome will help the USD recover ground ahead of the weekly close, although softer-than-expected figures could push XAU/USD beyond the mentioned record high.

XAU/USD short-term technical outlook

The daily chart for XAU/USD shows it finally gave up some ground after rallying for seven straight days. The case for a bearish correction gains strength as technical indicators started retreating from extreme overbought levels. An interim top can not be confirmed yet. The pair is still developing well above bullish moving averages while consolidating near its recent highs. XAU/USD may well resume its advance after giving up some ground.

The 4-hour chart also supports the case of an upcoming bearish correction. The pair shed some ground, leading to technical indicators leaving overbought territory. The Momentum indicator heads firmly south, approaching its 100 line from above, although the Relative Strength Index (RSI) indicator turned flat at 65, the latter suggesting limited selling interest. Furthermore, XAU/USD keeps developing above all its moving averages, with the 20 Simple Moving Average (SMA) losing its bullish strength but still heading north far above the longer ones.

Support levels: 2,277.60 2,261.30 2,250.70  

Resistance levels: 2,295.10 2,310.00 2,325.00



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11 04, 2024

Daily Sugar Market Update By Vizzie – 04/04/2024

By |2024-04-11T18:23:15+02:00April 11, 2024|Gold News|0 Comments


ChiniMandi, Mumbai: 4th April 2024

Domestic Market

Domestic sugar continue to trade stable

Domestic sugar prices in major markets were said to be stable following a mixed session yesterday. However, with a higher monthly quota, they are likely to face additional pressure in the coming days. Furthermore, demand in the major markets is expected to be weak, putting prices under pressure.

In Muzaffarnagar, M-grade sugar costs between Rs 3,770 and Rs 3,800 per quintal, whereas S-grade sugar is expected to cost between Rs 3,420 and Rs 3,450. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall to between Rs 3,380 and Rs 3,460 per quintal within the next two weeks.

Ex-mill Sugar Prices as on  April, 4 2024 :

State

S/30

[Rates per Quintal]

M/30

[Rates per Quintal]

Maharashtra

₹3440 to 3470

₹3520 to 3550

Karnataka

₹3625 to 3650

₹3700

Uttar Pradesh

₹3760 to 3790

Gujarat

₹3471 to 3501

₹3521 to 3561

Tamil Nadu

₹3625 to 3800

–

Madhya Pradesh

₹3600 to 3610

₹3650 to 3660

Punjab

₹3825 to 3860

(All the above rates are excluding GST)

Destination-wise Spot Prices as on April, 4 2024 :

City

Grade

Rate

Delhi

M/30

₹4,005.75

Kanpur

M/30

₹3,958.50

Kolhapur

M/30

₹3,738.00

Kolkata

M/30

₹3,979.50

Muzaffarnagar

M/30

₹3,953.25

 

International Market

At the time of writing this update London White Sugar #5 front month contract is trading at $651.90 ton, whereas the New York Sugar #11 front month contract is trading at 22.41 c/lb.

Currency, Commodity & Indian Indices

The rupee traded against the US dollar at 83.430 whereas USD was trading with BRL at 5.0367, Crude futures traded at ₹7121, Crude WTI traded at $85.45 barrel. Sensex closed 350.81 points higher at 74227.63 whereas Nifty ended 80.00 points higher at 22514.65

News Round-Up

Thailand’s sugar production reported above February estimate

Thailand’s sugar production reported above February estimate

 

Over 20 sugar mills revived, five new ones set up during BJP’s Rule: Amit Shah

BSF thwarts another sugar smuggling attempt in Bangladesh

Sweltering heat grips multiple regions, maximum temperatures soar to 40 to 42°C in several areas

 



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