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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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11 04, 2024

Punjab govt fixes wheat support price at Rs 3,900 per 40kg

By |2024-04-11T18:23:12+02:00April 11, 2024|Gold News|0 Comments


The Punjab government has approved Wheat Procurement Policy 2024-25 under which the provincial cabinet fixed the minimum support price of wheat for the year 2023-2024 at Rs 3,900 per 40 kilogram. 

Punjab Chief Minister Maryam Nawaz Sharif chaired the fifth meeting of the provincial cabinet at the CM’s office on Wednesday. 

Regarding the agriculture sector, CM Maryam Nawaz reiterated her commitment to ensure the interests of small farmers are protected at all costs.

She said Rs 1.5 lakh interest-free loans would be given to small farmers for buying farm inputs like seeds, fertiliser, and pesticides, under the best and most historic farmer cards in the history of Pakistan.

The cabinet also approved the establishment of Special Speedy Trial Courts in Punjab for the logical conclusion of criminal cases related to rape, child abuse, domestic violence, electricity theft, and others through speedy trials.

Advocate General Punjab briefed the cabinet about the proposed amendment in the defamation law and the establishment of special trial courts. He said that in a defamation case, the degree must be completed within 90 days and the trial within 180 days. 

He added defamation notices would be given simultaneously through major newspapers, social media, courier service, and registered posts to avoid complaints of non-receipt and delay. 

AGP apprised the cabinet that this amendment would be presented soon in the Punjab Assembly for seeking approval.

The chief minister appreciated the move and said the culture of lying and false accusations must end. 

The cabinet also approved the formation of the Cabinet Standing Committee on Legal Affairs, and amendments to the Alternate Dispute Reservation Act, 2019.

The provincial cabinet removed Chairman Drug Court Gujranwala on complaints of misconduct.

 



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11 04, 2024

Citi on what’s next for cocoa and coffee prices after a record rally

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


A worker picks cocoa fruit at the Somos Cacao farm in Ragonvalia, Norte de Santader department, Colombia, on Friday, March 22, 2024.

Bloomberg | Bloomberg | Getty Images



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11 04, 2024

London markets set to open higher following Asian peers’ lead

By |2024-04-11T18:23:09+02:00April 11, 2024|Gold News|0 Comments


FTSE 100 today: London markets set to open higher following Asian peers’ lead

Moving markets today: Nikkei drives Asian markets up, oil and gold prices surge; US Fed’s Powell maintains cautious rate-cut strategy, attention on Fedspeak and US jobs data

The S&P 500 recovered from consecutive declines, registering its first weekly gain amid new data suggesting a softening US economy. Asian markets rallied on Thursday, fuelled by expectations of potential US rate cuts, though the timing remained uncertain, leading to a yen depreciation and boosting Japanese stocks. Oil prices surged due to concerns over reduced supply and geopolitical tensions. Federal Reserve Chair Jerome Powell maintained a cautious stance on rate cuts. Exxon Mobil signalled lower first-quarter profits due to weakened oil and gas prices. Investors remained focused on the Federal Reserve, with several top officials scheduled to speak during the session. Here are five key takeaways for your day.

Powell upholds Fed’s prudent approach to rate cuts

Federal Reserve officials, including chief Jerome Powell, underscored the need for careful consideration before start cutting interest rates. Market expectations suggest potential rate cuts around June.

Powell mentioned that policymakers widely concur that reducing rates may be necessary “at some point this year.” However, they will consider this action only after they are more confident that inflation is steadily decreasing towards the 2 per cent target.

In separate remarks to CNBC, Atlanta Fed President Raphael Bostic suggested maintaining current interest rates until the fourth quarter of the year. Bostic anticipates only one quarter-percentage-point cut in 2024, differing from the expectations of his colleagues, Reuters reported.

Exxon Mobil projects lower first-quarter profits on back of oil and gas price weakness

Exxon Mobil expects lower first-quarter operating results due to reduced oil and gas prices and significant losses in fuel derivatives, as per a recent securities filing. Weak natural gas prices and losses in fuel derivatives, which reversed course after gains last year, are the primary factors behind this decline.

Operating profit is estimated at $6.65 billion for the first quarter, down from $11.6 billion a year ago and $7.63 billion in the previous quarter. Investors anticipate an adjusted per-share profit of $2.21, compared to $2.83 a year ago, Reuters reported.

Oil prices soar amid supply worries and geopolitical unrest

Oil prices have surged recently due to several factors. Attacks on Russian refineries by Ukraine have disrupted fuel supplies, contributing to the rise. Moreover, concerns have emerged about the potential spread of the conflict between Israel and Hamas in Gaza to involve Iran, which could further disrupt oil supplies from the Middle East.

In a recent meeting, top ministers from the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, decided to maintain the current oil supply policy. They also urged certain countries to increase compliance with output cuts.

Consequently, Brent crude prices increased by an additional 0.37 per cent to $89.68 per barrel on Thursday, while U.S. crude prices rose by 40 per cent to $85.77 per barrel.

What’s coming up

Thursday will see investors closely monitoring the US Federal Reserve, as several of its top officials are slated to deliver speeches. In addition to this, significant economic data, including the eagerly awaited monthly U.S. non-farm payrolls report, is scheduled for release the following day.

Ahead of this, attention will also be on the latest weekly jobless claims figures and Challenger’s report on monthly layoff announcements.

In Europe, the focus will be on the services sector survey results. S&P Global is expected to unveil the March services Purchasing Managers’ Index for the euro area, along with similar survey data for the UK. Additionally, eurozone producer price data for February will be published.

Nikkei leads surge in Asian markets

Overnight, the Dow Jones Industrial Average slightly dipped by 0.11 per cent to 39,127.14 points, while the S&P 500 edged up by the same percentage to reach 5,211.49 points. Concurrently, the Nasdaq Composite saw a modest increase of 0.23 per cent, reaching 16,277.46 points. Notably, key sectors within the S&P 500, including energy materials and communication services, showed notable gains.

Across Asian markets, Tokyo’s Nikkei 225 index surged by 1.7 per cent alongside a decline in the yen. Japan’s Topix index also experienced a significant uptick of 1.6 per cent, while South Korea’s Kospi index rose by 1 per cent. Bitcoin, known for its sensitivity to expectations of interest rate adjustments, saw a 0.6 per cent increase, reaching $66,100.

Meanwhile, gold continued its remarkable ascent, hitting a fresh peak at $2,302 per ounce, marking a substantial 12 per cent surge since the onset of February.

Notably, markets in greater China remained closed due to the Ching Ming tomb sweeping festival.



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11 04, 2024

Wheat in best shape since ’19 weighs on prices

By |2024-04-11T18:23:08+02:00April 11, 2024|Gold News|0 Comments


Source: Sosland Publishing Co.
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. 

Recap for March 26

  • Technical trading took wheat futures lower Tuesday, two days before US Department of Agriculture reports will offer updates on supply, demand, stocks and planting intentions. Pressuring wheat was a stronger dollar, large Russian supplies and fading demand from China, the world’s second-largest economy. Soybean futures declined Tuesday as farmers offloaded old-crop supplies to reduce risk after Monday’s round of short-covering ahead of Thursday’s reports. Positioning, farmer selling and spillover pressure weighed on corn futures. May corn dropped 5¼¢ to close at $4.32½ per bu. Chicago May wheat fell 11½¢ to close at $5.43½ per bu. Kansas City May wheat lost 12¼¢ and closed at $5.77¼ per bu. Minneapolis May wheat shed 12¼¢ and closed at $6.47¼ per bu. May soybeans lost 10¼¢ to close at $11.99 per bu. May soybean meal was down $1.90 to close at $339.80 per ton. May soybean oil dropped 60¢ to close at 48.42¢ a lb.
  • US gold futures advanced Tuesday. The April contract added 80¢ to close at $2,177.20 per oz and later months’ gains were slightly larger.
  • The US dollar index closed higher Tuesday. 
  • On Tuesday, US equity markets slid further from last week’s record highs. Recent signals the US economy is regaining solid footing were dampened slightly by the Conference Board’s consumer confidence index, which was at 104.7 for March, below analysts’ expected 107. Standing out with a 39% jump higher Tuesday was Krispy Kreme, Inc. after the announcement that their donuts would be available at McDonald’s. The Dow Jones Industrial Average fell 31.31 points, or 0.08%, to close at 39,283.33. The Standard & Poor’s 500 eased 14.61 points, or 0.28%, to close at 5,203.58. The Nasdaq Composite fell 68.77 points, or 0.42%, to close at 16,315.70. 
  • US crude oil prices were lower Tuesday. The May West Texas Intermediate light, sweet crude future dipped 33¢ to close at $81.62 per barrel. 

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11 04, 2024

Top Gainers and Losers today on 4 April, 2024: HDFC Bank, Eicher Motors, Oil & Natural Gas Corporation, Shriram Finance among most active stocks; Check full list here

By |2024-04-11T18:23:06+02:00April 11, 2024|Gold News|0 Comments


The Nifty closed at 22434.65, up by 0.36% today. Throughout the day, the Nifty reached a high of 22619.0 and a low of 22303.8. Meanwhile, the Sensex traded between 74501.73 and 73485.12, closing 0.47% higher at 73876.82, which was 350.81 points above the opening price.

In comparison to the Nifty 50, the Nifty Midcap 50 underperformed and closed 0.11% lower. However, the Nifty small cap 100 outperformed and ended at 16146.4, up by 72.95 points or 0.45% higher.
Looking at the historical performance of the Nifty 50, it has provided the following returns:

– In the last 1 week: 0.81%
– In the last 1 month: 0.45%
– In the last 3 months: 3.92%

– In the last 6 months: 15.8%
– In the last 1 year: 28.19%
The top gainers in the Nifty index today were HDFC Bank (up 3.06%), Eicher Motors (up 2.04%), Tech Mahindra (up 1.92%), Titan Company (up 1.89%), and Asian Paints (up 1.71%). On the other hand, the top losers in the Nifty index were Oil & Natural Gas Corporation (down 2.31%), Shriram Finance (down 2.24%), Adani Ports & Special Economic Zone (down 2.17%), Bharat Petroleum Corporation (down 2.04%), and Bharti Airtel (down 1.54%).

The Bank Nifty ended at 47624.25, with an intraday high of 48254.65 and a low of 47712.7. The performance of the Bank Nifty in different time frames is as follows:
– In the last 1 week: 1.97%
– In the last 1 month: 1.25%

– In the last 3 months: -0.3%
– In the last 6 months: 9.3%
– In the last 1 year: 17.2%

In the trading session on April 4, 2024, the top gainers in the Sensex were HDFC Bank (up 3.06%), Titan Company (up 1.98%), Tech Mahindra (up 1.74%), Asian Paints (up 1.72%), and Tata Consultancy Services (up 1.41%). The top losers in the Sensex were State Bank Of India (down 1.52%), Bharti Airtel (down 1.44%), Power Grid Corporation Of India (down 0.96%), ITC (down 0.60%), and Reliance Industries (down 0.54%).
In the Nifty MidCap 50, the top gainers were Bandhan Bank, UPL, Coforge, Au Small Finance Bank, and Indus Towers. The top losers were Hindustan Petroleum Corporation, Tube Investments Of India, Petronet LNG, P I Industries, and Yes Bank.
In the Nifty Small Cap 100, the top gainers were CESC, Ujjivan Small Finance Bank, KEC International, PNB Housing Finance, and Cyient. The top losers were Angel One, Redington India, Indiamart Intermesh, Swan Energy, and RITES.

In the BSE, the top gainers were Aster DM Healthcare (up 9.66%), Gujarat Ambuja Exports (up 7.14%), Balaji Amines (up 6.93%), CESC (up 6.71%), and Indiabulls Real Estate (up 5.86%). The top losers were Capri Global Capital (down 7.08%), Dabur India (down 4.77%), Angel One (down 4.73%), Ajanta Pharmaceuticals (down 3.96%), and JM Financial (down 3.83%).
In the NSE, the top gainers were Jubilant Pharmova (up 9.92%), Aster DM Healthcare (up 9.75%), Balaji Amines (up 7.07%), Gujarat Ambuja Exports (up 7.03%), and CESC (up 6.66%). The top losers were Capri Global Capital (down 7.15%), Angel One (down 4.77%), Dabur India (down 4.70%), JM Financial (down 3.82%), and Ajanta Pharmaceuticals (down 3.81%).
For more information on the top gainers and losers in the BSE and NSE, please visit the provided links.

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