The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +8.82 mmb to 1461.16 mmb in the week ended July 24. Crude oil inventory slumped -10.61 mmb (consensus: +0.36 mmb) to 525.97 mmb. Stockpile fell in 4 out of 5 PADDs. PADD 3 (Gulf
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Pune: Copper prices have risen 40% in four months to the highest in 16 months as the pandemic disrupted the supply chain, rating agency ICRA said. “The mining restrictions due to the pandemic is estimated to have resulted in a sharp drop in the production of copper ore during Q2 CY2020. This is progressively resulting
Sterling surges broadly in rather mixed markets today. Rebound in cross against Euro is seen as a major reason for the Pound’s strength. Australian Dollar is following as the second strongest for now, partly listed by cross buying against New Zealand Dollar. Kiwi and Swiss Franc are, on the other hand, the weakest. At this
US June 2020 advanced goods trade data Prior was -$74.3B Imports $173.23B Exports $102.59B Exports -23.9% y/y Imports -17.2% y/y This is notably better than expected and last month’s data but the overall volume of trade is still severely restrained, particularly in autos where exports are down 38% and imports down 42% from year-ago levels.
Kolkata: Supply chain disruptions have lead to an over 40% rise in global copper prices and a recovery in demand in CY2021 will be linked to pandemic control and normalcy, a research note on the copper sector has said. In particular, mining restrictions due to the pandemic is estimated to have resulted in a sharp
Gold’s rally has accelerated with the front-month Comex contract making new highs for two consecutive dates. We believe the recent relentless rally of the yellow metal is driven by a number of factors: low real rates, expectations of higher inflation as a result of ultra expansionary monetary policy and fiscal stimulus and safe-haven demand amidst
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Gold gained on Tuesday ahead of a US Federal Reserve policy meeting which is expected to provide more monetary stimulus to support the coronavirus-hit economy, though bullion pulled back from an all-time high reached earlier. As of 11:10 a.m EDT (1510 GMT), spot gold was up by 0.3% at $1,947.51 per ounce, while US gold
Yen rises generally today, together with Swiss Franc, in rather subdued consolidative markets. Stocks are trading mildly lower but there is hardly any following selloff for now. Much volatility is seen in Gold and Silver, while retreat notably after initial spike. But both are contained above near term support level so far. Back in the
What’s coming up in North American trade It’s TradeOn Summit day and Justin is delivering a live presentation at the moment. There isn’t anything on the calendar to interrupt him at the bottom of the hour, but it picks up a bit later. At 1300 GMT, the Case-Shiller US 20-city house price index is due.
SINGAPORE/MELBOURNE: Oil prices were steady on Tuesday, erasing gains earlier in the session, as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus. Efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis had raised hopes for stronger oil demand. However, a proposal on Monday from Senate Republicans
Dollar recovers mildly today as markets start to digest recent broad-based losses. Gold and silver are also in retreats after initial spikes. But the movements are so far rather limited. While some consolidations might be seen, there is no sign for sustainable rebound in the greenback yet. As of now, Canadian Dollar is following Dollar,
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do
NEW YORK: Oil prices edged lower on Monday despite a weaker US dollar, as rising coronavirus cases and tensions between the United States and China clouded the outlook for oil demand’s recovery. Brent crude fell 25 cents to $43.09 a barrel by 12:53 p.m. EDT (1653 GMT), while US West Texas Intermediate (WTI) crude fell
The powerful rallies in Euro and Gold remain the dominate theme for today as traders seems to be focusing on the worsening US-China relations as well as second wave of coronavirus infections in the US and Asia. Swiss franc tumbles sharply, as mainly pressured by the selloff against Euro while Yen is firm and resilient.
Forex news from the European trading session – 27 July 2020 Headlines: Markets: JPY leads, CHF lags on the day European equities mixed; E-minis up 0.4% US 10-year yields down 1 bps to 0.579% Gold up 2.1% to $1,941.40 WTI up 0.3% to $41.43 Bitcoin up 6.3% to $10,235 The dollar fallout remains the key
SINGAPORE/LONDON: Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors towards safe-haven assets. Brent crude dipped 20 cents, or 0.5%, to $43.14 a barrel by 1000 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.15 a barrel, down 14 cents, or 0.4%.