Latest news with #StoneX
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Business Standard
an hour ago
- Business
- Business Standard
Gold holds as traders await US payrolls data, silver hits 13-year high
Gold held its ground on Thursday as investors looked forward to US non-farm payrolls data due later this week to assess the US interest rate path, while silver prices rose above the key $35 per ounce level for the first time since October 2012. Spot gold was up 0.3 per cent at $3,383.79 an ounce, as of 0933 GMT. US gold futures rose 0.3 per cent to $3,407.80. "I would say that the path of least resistance remains to the upside, despite today's sort of flat mode for gold trading. But I think this is more due to traders being in wait-and-see mode ahead of non-farm payrolls," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. Wednesday's ADP National Employment Report revealed US private payrolls increased far less than expected in May. US President Donald Trump on Wednesday called for Fed Chair Jerome Powell to lower interest rates. "I think that a weakening in the US labor market will increase bets on a dovish Fed, so on the Fed cutting interest rates, (which) would be positive for gold," Evangelista added. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Meanwhile, spot silver jumped 1.7 per cent to $35.55 per ounce, its highest level since February 2012. Silver's "recent underperformance against gold because of economic concerns, given that 70 per cent of silver usage is industrial, it looks that there could be some ratio trading going on now that it has dipped below the 100 level," StoneX analyst Rhona O'Connell said. The gold-silver ratio, denoting how many ounces of silver one ounce of gold can buy, is used by the market to gauge future trends as it indicates silver's current performance against its historical correlation with gold. Platinum rose 3.5 per cent to $1,122.80, its highest level since April 2023, and palladium was up 2.4 per cent at $1,025. "Tangible assets with limited supply such as gold, silver, platinum and copper should be part of a broad portfolio in order to mitigate any economic fallout from geopolitical events, government mismanagement of debt and rising inflation threat" said Ole Hansen, head of commodity strategy at Saxo Bank. Trump on Wednesday said the nation's debt ceiling should be eliminated, saying he agreed with Democratic Senator Elizabeth Warren's view on the subject.
Mint
a day ago
- Business
- Mint
Sugar Steadies After Hitting Four-Year Low on India Crop Outlook
(Bloomberg) -- Raw sugar wavered after hitting the lowest in almost four years in New York, as traders see improving supply prospects while buyers are taking opportunity to close deals at low prices. The most-active futures contract pared losses after falling as much as 1.3% on Tuesday to 16.66 cents per pound, the lowest since June 2021. Prices are down nearly 13% this year on improved supplies, with expectations for a global surplus in the 2025-26 season. 'There has been demand down near 17 cents per pound and below,' said Michael McDougall, an analyst at McDougall Global View. Still, he pointed to buyers choosing the moments to close deals, as a favorable weather outlook at top producers weighs on prices. Second-largest grower India will likely see gross production jump due to more plantings in key growing areas and favorable monsoon rains. More output in India could bolster changes for exports after the government had allowed overseas shipments of 1 million tons in the 2024-25 season. Meanwhile, mills at top exporter Brazil are seen continuing to maximize sugar production at the expense of ethanol. Earlier data on the country's harvest already showed a high sugar mix, which is the percentage of cane used to make sweetener. Now, a decline in gasoline prices is set to affect the biofuels market, as most cars in the country are able to run on any mix of gasoline or ethanol. 'The market continues to be attentive to the pace of the Brazilian harvest and the dynamics of external demand, which has yet to show more consistent signs of recovery,' Bruno Zaneti, StoneX senior risk management consultant, said in a Tuesday note. More stories like this are available on
Business Recorder
5 days ago
- Business
- Business Recorder
Brazil 2025 Robusta harvest in full swing, could beat estimates
SAO PAULO: Brazil's 2025 Robusta coffee crop collection, including the Conilon variety, is advancing strongly and could beat initial estimates, industry experts told Reuters this week, as the harvest weighs on prices. 'Field reports indicate strong yields, and expectations are that the crop may even exceed initial forecasts,' said Jonas Ferraresso, a coffee agronomist who advises Brazilian farmers. Public and private sources are pointing towards a record crop, Ferraresso said. Crop collection for Cooabriel - Brazil's largest Conilon coffee cooperative - in the state of Espirito Santo is in full swing, the organization's President Luiz Carlos Bastianello said in an interview, estimating that around 25% of the total harvest had been completed. According to broker StoneX, 23.4% of Brazil's expected 2025 Robusta crop had been harvested as of May 26. 'The expectation we have now is really for a larger harvest, possibly larger than the 2022 harvest, a harvest with reasonably good quality as well,' Bastianello said, adding that production in Espirito Santo is forecast at over 17 million 60-kilogram (132.3 lb) bags. In the 2022 harvest, some 16 million 60-kilogram bags were harvested, Bastianello said. Unseasonable rainfall in the region during the current harvest is not an issue and could suggest a good Conilon crop in 2026, he added.
Wall Street Journal
29-05-2025
- Business
- Wall Street Journal
Yen Weakens Amid Risk-On Sentiment
0116 GMT — The yen weakens against other G-10 and Asian currencies amid risk-on sentiment, which typically undermines the safe-haven appeal of the Japanese currency. A federal trade court on Wednesday ruled that President Trump didn't have the authority to impose sweeping tariffs on virtually every nation. This news has lifted risk appetite, weakening the yen, says Matt Simpson, senior market analyst at StoneX, in commentary. USD/JPY rises 0.7% to 145.93; AUD/JPY adds 0.7% to 93.72; EUR/JPY is 0.3% higher at 164.01. (
Yahoo
28-05-2025
- Business
- Yahoo
Brazil 2025 Arabica coffee harvest showing smaller crop with better beans, experts say
By Oliver Griffin SAO PAULO (Reuters) - Brazil's 2025 Arabica coffee harvest is starting with mixed sentiment as ground operations confirm forecasts of a smaller crop during a so-called off year, while bean size shows improvement, industry experts told Reuters this week. In the Cerrado Mineiro region, where producers have collected around 4% of the expected crop, an average of 30% to 40% of beans have a screen size of 17-18, said Wellis Caixeta, coffee purchasing manager for cooperative Expocacer. Screen size 17-18 is near the top of the scale and bigger beans more easily fill the 60-kilogram (132.3-lb) bags that coffee is sold in. "It's very good and much better than in previous years," Caixeta said, adding the results could indicate a harvest with a better yield. The proportion of so-called peaberry coffee beans, which resemble peas instead of sporting two flat sides, is also slightly higher, Caixeta added. Productivity for Arabica coffee is leaning towards the lower end, confirming forecasts, said Jonas Ferraresso, a coffee agronomist who advises Brazilian farmers. The biennial Arabica coffee cycle alternates between years of higher and lower production, with 2025 expected to be an off year. "It's rare to find farms with high productivity this year," Ferraresso said, adding that harvesting has started in most areas. Dry weather earlier in the season led to poorly developed and undersized beans in the top third of many trees, while coffee cherries that ripened earlier have already dropped to the ground and will likely also be of lower quality, Ferraresso said. "I estimate that around 20% to 30% of the Arabica crop will consist of defective or lower-quality beans, while 70% to 80% will be of good quality," he said. Arabica output is expected to decline 13.5% in the 2025 crop, said Fernando Maximiliano, coffee market intelligence manager for broker StoneX in Brazil. While Ferraresso expects less than 10% of the crop to be harvested so far, StoneX estimates that just over 12% of Arabica has been collected as of May 26, Maximiliano said. With low Arabica stocks in storage, StoneX expects availability to increase towards mid-June, Maximiliano said, adding that the arrival of a colder front could slow harvesting. "Forecasts show the arrival of a polar front," Maximiliano said. "If that happens, everything will change." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
