Daily Market View-U.S Stock Market-The NASDAQ index reversed early declines to hit a record high

The NASDAQ index reversed early declines to hit a record high on Tuesday, helped by a rise in growth-linked mega-cap stocks and as earnings season kicked off on a positive note, while a solid rise in consumer prices in June weighed on sentiment. A Labor Department report showed U.S consumer prices rose by the most in 13 years last month amid supply constraints and a continued rebound in costs of travel-related services, while the so-called core CPI surged 4.5% on a year-on-year basis, the largest rise since November 1991, after rising 3.8% in May. Inflation and positive economic data have dictated Wall Street’s movement since mid-June as investors fear an overheating economy amid a faster reopening could force the Federal Reserve to pare back its ultra-loose monetary policies sooner than expected. Nine of the 11 major S&P 500 sector indexes were trading lower, with the defensive real estate and utility sectors leading declines.

Dow Jones Industrial Average

 The Dow Jones Industrial Average fell 0.31%. The best performers of the session on the Dow Jones Industrial Average were Visa Inc. Class A, which rose 1.90% or 4.53 points to trade at 242.40 at the close. Meanwhile, Microsoft Corporation added 1.35% or 3.75 points to end at 281.07 and Coca-Cola Co was up 1.01% or 0.55 points to 55.03 in late trade. The worst performers of the session were Boeing Co, which fell 4.25% or 10.13 points to trade at 228.16 at the close. Caterpillar Inc. declined 1.55% or 3.38 points to end at 215.20 and Home Depot Inc. was down 1.46% or 4.69 points to 317.05.

NASDAQ 100

 The NASDAQ index fell 0.38%. The top performers on the NASDAQ Composite were Allied Healthcare Products Inc. which rose 127.40% to 9.005, Red Cat Holdings Inc. which was up 59.93% to settle at 4.750 and Orbsat Corp which gained 39.43% to close at 9.300. The worst performers were SGOCO Group Ltd which was down 52.25% to 9.550 in late trade, Mediaco Holding Inc. which lost 50.82% to settle at 8.360 and Transcode Therapeutics Inc. which was down 28.99% to 4.58 at the close.

Oil

Oil prices gained almost 2% yesterday after the International Energy Agency said the market should expect tighter supply for now due to disagreements among major producers over how much additional crude to ship worldwide. The market has been generally stronger as demand has rebounded and the Organization of the Petroleum Exporting Countries and their allies have held millions of barrels of supply from the market. OPEC+, as the group is known, was expected to boost supply, but discussions broke off without an agreement. U.S West Texas Intermediate crude rose $1.15, or 1.6%, to settle at $75.25 a barrel. Oil prices will be volatile, the IEA said, until differences are resolved among members of OPEC+. The group has been unwinding record output curbs agreed on last year to cope with the pandemic. But a dispute over policy between Saudi Arabia and the United Arab Emirates put plans to pump more oil on hold. Still, coronavirus infections are surging in some parts of the world.

Precious and Base Metals

Gold prices firmed today after getting a lift from weaker U.S Treasury yields and dollar, though the main focus was on Federal Reserve Chair Jerome Powell’s testimony due later in the day following a robust rise in consumer prices. Spot gold was up 0.4% at $1,814.13 per ounce, while U.S gold futures rose 0.3% to $1,814.5. While gold has made gentle gains on the back of slightly lower U.S. dollar and yields, it has not been enough to decisively shift momentum higher. Gold held up surprisingly well overnight after the CPI data propelled the dollar higher and lifted long-dated bond yields. That should give some comfort to bullish investors that gold may finally be regaining its inflation hedging tailwind. The dollar index ticked 0.2% lower, having seen its best daily percentage gain in nearly a month on Tuesday. Benchmark 10-year yields also pulled back, which translates into a lower opportunity cost of holding non-interest-bearing gold. Data yesterday showed U.S consumer prices in June rose by the most in 13 years. Focus now shifts to Powell’s testimony before the Congress for any views on the rising price pressures and possible tightening of monetary policy. Powell has repeatedly stated that higher inflation will be transitory, noting that he expected supply chains to normalize and adapt. Gold prices slumped 7% last month after the U.S central bank signaled at a sooner-than-expected interest rate increase. Elsewhere, silver gained 0.5% to $26.10 per ounce, palladium rose 0.4% to $2,838.18, and platinum was 0.6% higher at $1,111.23. Copper prices lost ground in low volumes today as investors waited on the sidelines for U.S central bank officials to clarify their stance on rising inflation. Today the main focus of the market is on the Fed. We have low volumes because people are waiting for more guidance regarding rate policy after the U.S CPI numbers came in much higher than expected.

Traditional Agricultures

Corn futures rose in yesterday’s trading session on concerns about tightening grain supplies while soybean futures advanced on strong global vegetable oil markets. Wheat futures turned lower yesterday on profit-taking after rallying on supply concerns a day earlier.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

FOREX-U.S consumer price inflation jumped 5.4%, the largest increase in 12 years

 The U.S dollar traded sharply higher yesterday against all of the major currencies on the back of red hot consumer price growth. CPI rose 0.9% in the month of June, up from 0.6% in May and against a 0.5% forecast. On an annualized basis, consumer price inflation jumped 5.4%, the largest increase in 12 years. Core prices rose 4.5%, the fastest rate since 1991. While everyone expected price pressures to increase, yesterday’s report illustrates how significant the problem has become. Not only are prices rising sharply but the increases are more widespread which means prices can remain high for longer. This is particularly likely given that a large part of the problem is supply chain issues that are not easy fixes. While yesterday’s CPI report casts doubt on the Federal Reserve’s view that high inflation is transitory, the inconsistent performance of stocks and bonds is a sign that investors are still undecided. Fed fund futures are pricing in 90% chance of a rate hike in December 2022 but 10 year Treasury bond yields ended the day lower and not higher. Stocks fell, but the decline was modest. Investors are clearly waiting for guidance from Fed Chairman Powell who delivers his semiannual testimony on monetary policy and the economy tomorrow. The U.S dollar will give back gains if he downplays CPI but if he suggests that taper is right around the corner, the dollar could extend higher quickly. Policy adjustments will be the main focus today. The Reserve Bank of New Zealand and Bank of Canada meet before Powell’s testimony. Both currencies sold off on U.S dollar gains despite the prospect of less dovishness. The RBNZ and the BoC are two of the most hawkish central banks. No changes are expected from the RBNZ this month but they are widely expected to be the first major central bank to raise interest rates. A number of local banks are calling for a rate hike in November which means they could signal this intention as early as this month. There’s about an 80% chance the Bank of Canada will reduce asset purchases today. They kicked off the global taper cycle back in April and is widely expected to continue normalizing monetary policy with inflation above target and growth accelerating. Nearly 68% of Canada’s population has received at least one COVID-19 vaccination dosage, allowing the country to ease restrictions. This has been accompanied by stronger job growth and manufacturing activity.

Euro

The single currency fell against the U.S Dollar after heated U.S inflation spurred bets of faster monetary policy tightening than Federal Reserve officials have so far signaled. Traders are now looking ahead to Fed Chair Jerome Powell testifying before Congress on Wednesday and Thursday for any signals on the timing of a tapering of stimulus. Overall, the EUR/USD traded with a low of 1.1823 and a high of 1.1880 before closing the day around 1.1877 in the New York session.

Yen

The Japanese Yen traded lower against the U.S Dollar as U.S consumer prices rose by the most in 13 years in June amid supply constraints and a continued rebound in the costs of travel-related services from pandemic-depressed levels as the economic recovery gathered momentum. Another hotter-than-expected U.S CPI print has got the market wondering. Overall, the USD/JPY traded with a low of 109.71 and a high of 110.24 before closing the day around 110.10 in the U.S session.

British Pound

The British Pound fell against the dollar yesterday after data showing the highest U.S inflation in 13 years sent the greenback surging to a six-day high. The pound eased earlier in the day from the two-week highs when the BoE scrapped pandemic-era curbs on British banks’ dividend payments but warned in its FSR that some asset prices looked stretched. Overall, the GBP/USD traded with a low of 1.3754 and a high of 1.3898 before closing the day at 1.3897 in the New York session.

Canadian Dollar

The Canadian Dollar continued to hold its biggest decline in a week to trade at C$1.25155 per greenback, weakening toward a 2-1/2-month low reached last week. The Canadian central bank is due to update its economic forecasts at a policy announcement later in today’s session, with further tapering of asset purchases expected. Overall, USD/CAD traded with a low of 1.2440 and a high of 1.2554 before closing the day at 1.2441 in the New York session.

Australian Dollar

The Australian Dollar firmed slightly earlier in the session yesterday ahead of U.S inflation data, but pandemic lock-downs kept the pressure on the Aussie dollar. The worsening Covid-19 outbreaks in Sydney are keeping the Australian dollar under pressure. Despite the recent pick-up in pace, Australia’s vaccination rate remains low. Overall, AUD/USD traded with a low of 0.7460 and a high of 0.7532 before closing the day at 0.7482 in the New York session.

Euro-Yen

EUR/JPY is trading below 14, 50, and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also issuing a bearish stance. The Relative Strength Index is above 30 and lies below the neutral zone. In general, the pair has gained 0.63%.

Sterling-Yen

Currently, GBP/JPY is trading below 14 and above 50, 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 33 reading and lies below the neutral zone. On the whole, the pair has gained 1.15%.

Aussie-Yen

Currently, the cross is trading below 14, 50, and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 28 reading and lies below the neutral region. In general, the pair has gained 1.15%.

Euro-Sterling

This cross is currently trading below 14, 50, and 100 days moving average. Fast stochastic is indicating a bearish tone and MACD is issuing a bullish signal. The Relative Strength Index is above 48 and lies below the neutral region. Overall, the pair has lost 0.54%.

Sterling-Swiss

This cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 42 and lies below the neutral region. In general, the pair has gained 0.67%.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

10 basic forex laws for Trading Success

Based on our experience we will share with you our best 10 trading practices (More will come later on). Before opening a trade please consider these ten investment trading tips so you can make most of the Foreign Exchange Markets.

1. Can't wait to Dip your toes in the market.

Nearly 90% of newborn traders open many trades at the beginning, then are unable to follow them.  When focusing on just fewer trades and choosing them carefully, you will have the chance to learn from your orders and will use them to improve as a trader.

2. Keep Your Balance.

The Market will give you unlimited chances of making profits, but the hall of fame is not all about making the profits, it is the ability to keep them. Allowing profitable trades to run, cutting losing trades, and most of all not allowing pressure to change your trading strategy is your best way to profitability.

3. Don't Forget Your Stop Loss!

One of the main reasons new traders tend to quit trading in the first 6 m months is not being able to control their losses as they either forget to place their Stop Loss, place it on a wrong price level, or just never use any. Using it will protect you from suffering heavy losses when you are on the wrong side of the market. You can place a Stop Loss on every single trade or on your equity. Later on, we will talk about appropriate levels for placing your Stop Loss based on average market volatility.

4. Make a Trading Strategy - Have a plan.

As in every business, you will need to have a plan and determine your goals. Before you plan, you must ask yourself, how much money do I need to make on a daily/ weekly/ monthly/ yearly basis to be happy?  How much time do I have for trading? What is the amount that I am ready to invest? To succeed you will need to develop a strategy that will work for you, based on the answers to the questions.

There are many ready and developed trading strategies and financial instruments out there. Pick and develop very wisely.  Investors with more time will adopt a day trading strategy and become day traders while others will prefer to be swing traders, keeping their trades in the long run. Whichever trading style suits you best, stick to your plan. New traders constantly change their strategy when they experience losses. Taking losses is part of the game. The key is to cut the losses while they are small and to allow the profits to grow.

5. Allow the Profits to Develop.

The mistake nearly 90% of newbie traders do is closing the winning trades very early, not allowing them to grow. Stick to your plan. If you have decided to make 100 EUR on every winning trade, then don't close it on 50 EUR. Be patient.

6. Allowing Profitable trades to turn in Losing Ones.

When the market is in your direction, then you are making money. Follow the trade. Move your Stop Loss or Trailing Stop above the entry-level if it is a BUY order and below, if it is a SELL order and lock your profits.  In case of a market reversal, you will preserve your profits.

7. If In Doubt, Follow Us, Contact Us.

8. Plan wisely and Ahead.

Don't just enter a trade, because you see the price suddenly moving. It should always move. Plan your trades, before opening any. Know your Take Profit and Stop Loss levels. Have a good idea of your entry and exit points. Now, wait for the right moment and take advantage of the markets.

9. The Trend is your friend. Know the Trend and feel the Momentum.

Traders should be aware when a trend is developing, also the momentum is increasing also increase. Don't get fooled by an emerging trend. Wait for it to develop. You should be on the side of the momentum. The momentum will push your trades sooner in your direction, hitting your Profit levels much quicker than expected.

 10. Forget wasting time on a losing trade.

Learn to keep yourself fit. Save your time and energy. If you see yourself in a negative trade and have forgotten to use a predetermined by you Stop Loss, do not worry, it is not the end of the world. Just close the trade and move on planing the next one. The Forex and CFD markets are full of joyful moments, just waiting to be hoped on, so there is no logic in wasting time on losing trades.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

Daily Market View-U.S Stock Market-The S&P 500 hit a record high yesterday, lifted by Tesla

The S&P 500 hit a record high yesterday, lifted by Tesla and bank stocks as investors awaited the start of the second-quarter earnings season and a batch of economic data. The NASDAQ also hit an all-time high before receding into negative territory. Seven of the 11 major S&P sector indexes advanced; financials and real estate led the way. Tesla jumped 3.6%. Tesla CEO Elon Musk insisted in court on Monday he does not control Tesla and said he did not enjoy being the electric vehicle company’s chief executive as he took the stand to defend the company’s 2016 acquisition of SolarCity. JPMorgan Chase added almost 2%, and the two shares contributed more to the S&P 500’s gains than any other stocks. Focus this week will also be on a series of economic reports, including headline U.S inflation data and retail sales. As well, Federal Reserve Chair Jerome Powell is due to appear before Congress on Wednesday and Thursday for views on inflation.

Dow Jones Industrial Average

 The Dow Jones Industrial Average rose 0.36% to hit a new all-time high. The biggest gainers of the session on the Dow Jones Industrial Average were Walt Disney Company., which rose 4.20% or 7.43 points to trade at 184.47 at the close. Goldman Sachs Group Inc. added 2.35% or 8.74 points to end at 380.50 and JPMorgan Chase & Co was up 1.64% or 2.55 points to 158.32 in late trade. The biggest losers included Cisco Systems Inc., which lost 0.91% or 0.49 points to trade at 53.25 in late trade. Salesforce.com Inc. declined 0.89% or 2.18 points to end at 242.88 and Boeing Co shed 0.59% or 1.41 points to 238.18.

NASDAQ 100

 The NASDAQ index gained 0.21%. The top performers on the NASDAQ Composite were Mediaco Holding Inc. which rose 311.86% to 17.010, State Auto Financial Corporation which was up 191.43% to settle at 50.30 and SGOCO Group Ltd which gained 103.58% to close at 19.930. The worst performers were Toughbuilt Industries Inc. which was down 33.01% to 0.7034 in late trade, UTStarcom Holdings Corp which lost 20.41% to settle at 1.5600 and Newegg Commerce Inc. which was down 19.13% to 37.76 at the close.

Oil

Oil slumped today over concerns about spreading COVID-19 variants derailing the global economic recovery that has brought fuel demand to near pre-pandemic levels, while tight crude supplies kept prices from falling lower. U.S West Texas Intermediate crude for August settled at $74.10 a barrel, down 46 cents, or 0.6%. Tokyo re-imposed pandemic-related restrictions due to concerns over coronavirus infections, less than two weeks before the city hosts the Summer Olympic Games. The spread of new variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies said over the weekend. The remarks weighed on the oil demand outlook. Traders are now refocusing on the spread of the COVID-19 pandemic and global concerns over the new variants' expansion. Helping to limit oil price losses, stockpiles in the biggest crude producing nation continued to tighten, with U.S inventories falling to the lowest since February 2020 in the week to July 2.

Precious and Base Metals

Gold prices fell yesterday, set for their biggest drop in nearly two weeks, as a bounce in dollar and buoyant equities dimmed the safe-haven metal’s appeal. Spot gold fell 0.4% to $1,800.96 per ounce. U.S gold futures dropped 0.6% to $1,799.30 per ounce. While there have been some concerns over the highly contagious Delta variant of the coronavirus, the more optimistic side of the market sees this as temporary and thinks economic growth and inflationary pressures might return sooner, preventing any sort of convincing recovery in gold prices in the near term. Asian shares rallied after Wall Street posted record closing highs on Friday, while the dollar index inched up 0.1% after declining for two sessions. The bullion was likely to draw support from lingering Delta variant concerns that could hamper the pace of global economic recovery and persistent loose monetary policies. Market participants now await U.S data including consumer price index today, and Federal Reserve Chair Jerome Powell’s testimony on Wednesday and Thursday for cues on the timeline for policy tightening. A surprise hawkish tilt by the Fed had sent gold in June to its worst month since November 2016. Higher interest rates increase the opportunity cost of holding bullion, which pays no interest. On the technical front, spot gold still targets $1,789 per ounce, as it failed a few times to break a resistance zone of $1,813-$1,818. Among other precious metals, silver fell 0.4% to $25.98 per ounce, palladium eased 0.2% to $2,802.68 per ounce and platinum dropped 0.9% to $1,093.58. Copper rose today on top metals consumer China’s move to boost liquidity, while a steady dollar ahead of U.S inflation data kept London prices under pressure. China will cut the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan in long-term liquidity to underpin its post-COVID economic recovery that is starting to lose momentum.

Traditional Agricultures

Corn futures rose yesterday following heavy falls last week as traders readied for a closely-watched world supply and demand report from the U.S Department of Agriculture (USDA). Forecasts of hotter U.S weather also supported corn. Soybeans were firm and wheat was little changed.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

Trading Week Ahead-U.S Recovery

The FOMC meeting minutes left a few wondering about the strength of the US recovery, but rates remain a focal point, with comments continuing that they may need to be raised sooner to help ward off a possible instability in the financial system. Tapering was another point mentioned, and it now looks to be a part of any rate rise plans. Despite this, the USD was far from confident with losses to the JPY and CHF for the week. The EUR shrugged off dollar demand with a mini jump after ECB comments around inflation and its inflation target. Inflation is not seen where they want to be, and the 2% rate has now become a target, not a ceiling. Despite this, comments said it was not the same as the US target approach?

Tapering, rates, and delta numbers looked to have driven a mini sell-off in stocks late last week. The DAX reacted severely to the ECB comments, and selling wasn’t European based. Asian indexes had a horror run on Thursday as the Nikkei, and Hang Seng fell sharply. Losses on the Nikkei short-lived as it bounced back with vigor on Friday. It wasn’t all doom and gloom, the Nasdaq and S&P500 both hit new all-time highs last week.

Gold saw a solid week, with demand coming back into the metal off the back of last week's worries. Price trading back up to the 1818 area. Oil saw a wild week of trade with a move back up to 77 before tumbling back down to 70. Price recovered late week but had to deal with a few influences from indecision from OPEC members, which is seen as resolving in the near future.

This week we have two central bank meetings, NBNZ and the BOC. Will there be any updates from the BOC after their solid jobs data? The focus will be on US CPI and retail sales under the current climate. Chinese GDP will be another focus after their last 18% gain. Friday’s recovery in equities, was the reaction overblown? Is the market starting to price in rate rates and tapering? Could we see the Nasdaq and S&P500 make new moves at breaking last week's records?

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

Daily Market View-U.S Stock Market-The S&P 500 reached its sixth consecutive all-time closing high

The S&P 500 reached it's sixth consecutive all-time closing high yesterday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally. Investors now eye today’s much-anticipated employment report. The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August. The blue-chip Dow joined the S&P in positive territory, but a decline in tech shares - led by microchips - tempered the NASDAQ’s gain. The ongoing worker shortage attributed to federal emergency unemployment benefits, a childcare shortage, and lingering pandemic fears, was a common theme in the day’s economic data. Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.

Dow Jones Industrial Average

 The Dow Jones Industrial Average added 0.38%. The best performers of the session on the Dow Jones Industrial Average were Nike Inc., which rose 2.30% or 3.56 points to trade at 158.05 at the close. Meanwhile, The Travelers Companies Inc. added 1.41% or 2.11 points to end at 151.82 and Chevron Corp was up 1.38% or 1.45 points to 106.19 in late trade. The worst performers of the session were Walgreens Boots Alliance Inc., which fell 7.41% or 3.90 points to trade at 48.71 at the close. Goldman Sachs Group Inc. declined 1.22% or 4.62 points to end at 374.91 and Walmart Inc. was down 1.20% or 1.69 points to 139.33.

NASDAQ 100

 The NASDAQ index gained 0.13%. The top performers on the NASDAQ Composite were Alterity Therapeutics Ltd which rose 63.85% to 2.1300, Trxade Group Inc. which was up 61.76% to settle at 7.150 and Marin Software Inc. which gained 39.24% to close at 14.94. The worst performers were Citius Pharmaceuticals Inc. which was down 25.57% to 2.590 in late trade, Borqs Technologies Inc. which lost 23.45% to settle at 1.1100, and 1Stdibs.Com Inc. which was down 21.75% to 27.24 at the close.

Oil

Oil prices rose roughly 2% yesterday on indications that OPEC+ producers could increase output more slowly than expected in the coming months while rising global fuel demand causes supply to tighten. U.S. West Texas Intermediate crude settled at $75.23 a barrel, gaining $1.76, or 2.4%. Futures pared gains after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, delayed its ministerial meeting until Friday to hold more talks on oil output policy, sources said, after the United Arab Emirates blocked a plan for an immediate reduction in supply cuts. Such a delay in talks is unusual and would appear to indicate some significant discord within the organization between participants. OPEC+ sources said earlier that the group was expected to increase output by 0.4 million barrels per day a month from August to December 2021. There have been several outbreaks of the Delta variant of the coronavirus, raising concerns that the recovery will falter.

Precious and Base Metals

Gold edged up yesterday as a more than 7% slide in June prompted some traders to buy the metal amid concerns over the Delta variant of the coronavirus, but moves were capped by caution over today’s U.S payrolls data and a strong dollar. Spot gold was up 0.2% to $1,773.09 per ounce, while U.S gold futures settled up 0.3% at $1,776.80. Gold posted its biggest monthly loss since November 2016 in June, hurt by a surprise hawkish shift by the U.S Federal Reserve. Higher interest rates tend to translate into a higher opportunity cost of holding non-yielding gold. But some investors bought gold as a safe haven as the Delta variant of the coronavirus spread, analysts said, with France delaying the easing of restrictions in the Landes region. Focus is now on Friday’s nonfarm payrolls report for clues on the timeline of the U.S monetary policy shift after Federal Reserve officials suggested the central bank should ease asset purchases this year. A Reuters poll forecast a gain of 690,000 jobs this month. Initial jobless claims dropped more than expected last week. Gold prices are in a downtrend and the bears have the overall near-term technical advantage. For gold to turn a corner, you’re going to have seen multiple closes above $1,800. Gold’s advance was also kept in check by a firm dollar. Elsewhere, silver fell 0.5% to $25.98 per ounce, palladium dropped 0.5% to $2,764.66, and platinum rose 0.8% to $1,081.30. Copper came under pressure yesterday as weak manufacturing data from top consumer China and a stronger dollar undermined sentiment, though fund buying offered some price support. Factory activity in China expanded at a slower pace in June as supply chain woes and a resurgence of COVID-19 cases in the export province of Guangdong drove output growth to its lowest in 15 months.

Traditional Agricultures

Soybean and wheat futures fell yesterday while corn firmed slightly, with all three commodities closing well off their session peaks on a round of profit-taking after rallying to their highest since mid-June. Forecasts for improving crop weather in the U.S Midwest added pressure. Much like corn, soybeans are dealing with the profit-taking that followed the sharply higher session and the wetter western Corn Belt forecast.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.