News Archives for Markets - 2021-05-27

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Commodities

Gold slips on robust U.S. data, rising yields

U.S. Treasury yields rose, translating into increased opportunity cost of holding non-yielding gold, on reports that President Joe Biden will announce on Friday a $6 trillion budget for 2022.

Published 27 May, 2021 10:26pm

Commodities

Arabica coffee hits 4-1/2 year high as supplies shrink

July arabica coffee was flat at $1.5570 per lb.
July raw sugar rose 2.2% to 17.14 cents per lb, having hit a one-month low of 16.54 cents on Monday.

Published 27 May, 2021 08:36pm

Commodities

Brazil coffee harvest lagging pace of previous years: report

At this time in 2020 coffee farmers in the world's largest producer had collected 19% of the crop, below the 5-year average of 20%.
Safras coffee analyst Gil Barabach said on Thursday that many farmers decided to slightly postpone fieldwork, because most cherries were not ripe enough for harvesting.

Published 27 May, 2021 08:34pm

Commodities

Gold slips on robust US data, rising yields

US jobless claims drop, economic growth accelerates in Q1.
Gold flows into China via Hong Kong, Switzerland jump in April.
Palladium deficit seen widening in 2021- Nornickel.

Published 27 May, 2021 08:29pm

Commodities

Copper rises as strike fears and Chinese data reassure bulls

Benchmark copper on the London Metal Exchange (LME) was up 0.7% at $10,048.50 a tonne in official trading.
Prices of the metal used in power and construction surged to a record high of $10,747.50 this month before slipping to $9,795 on Monday.

Published 27 May, 2021 08:27pm

Commodities

CBOT Trends-Wheat up 10-15 cents, corn up 5-8 cents, soy steady-up 4

Bargain buying, short-covering expected in wheat after most-active soft red winter wheat contract sank to its lowest since April 14 on Wednesday.
Benchmark CBOT July corn futures found support overnight at Tuesday's low of $6.17-1/4 a bushel.

Published 27 May, 2021 07:40pm

Commodities

Global palladium deficit to widen in 2021

Nornickel currently expects a global palladium deficit at 0.9 million troy ounces in 2021, up from 0.3 million ounces in 2020. It previously expected it at 0.2 million ounces this year.
Nornickel will fulfil all its current obligations with clients this year despite the accidents, which will reduce its production, it said.

Published 27 May, 2021 07:03pm

Commodities

IGC raises 2021/22 global grain outlook as prices climb

In its monthly update, the inter-governmental body saw total grains production at a record 2.292 billion tonnes, up 5 million tonnes from its prior projection.
Grain prices have risen sharply this year with Chicago corn futures climbing to an eight-year high this month.

Published 27 May, 2021 07:03pm

Commodities

Palm oil falls 2.7pc on weaker rivals, production outlook

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 2.7% to close at 3,917 ringgit ($946.59). It erased some of the 3.4% gain posted on Tuesday.
The Bursa Malaysia was closed on Wednesday for the Vesak Day holiday.

Updated 27 May, 2021 06:26pm

Commodities

Palm oil to bounce more to 4,132 ringgit

The trend may have resumed. It is observed that the resumption has been quite often accompanied by a high-low bottom.

Published 27 May, 2021 12:05pm

Commodities

CBOT wheat may retest a support at $6.39-1/2

Wave pattern suggests a lower target of $5.92-1/4, the bottom of the wave B. No matter where the drop ends, a decent bounce may occur around $6.17.

Published 27 May, 2021 12:02pm

Commodities

CBOT corn may retest support at $6.08-1/2

As a result, the pullback may end around $6.31-3/4. A rise to $6.36 may confirm a break above $6.31-3/4 and a target of $6.46-1/2.

Published 27 May, 2021 12:01pm

Commodities

CBOT soybeans may retest support at $14.89-3/4

A break above $15.11-3/4 may lead to a gain into $15.24-1/4 to $15.47 range. On the daily chart, the support at $15.04-1/4 failed to hold.

Published 27 May, 2021 12:00pm

Commodities

French sugar maker records net profit

PARIS: France’s second-largest sugar maker Cristal Union recorded a net profit of 69 million euros ($84.5 million)...