London Stocks End Sharply Down

FTSE 100 drops 2.2% to 5595.55, hit by the hangover from last week’s disappointing US nonfarm payrolls report and weak Chinese data overnight, says CMC Markets. However, “renewed concerns in respect of Spain and Italy’s borrowing costs were the real catalysts for the sell off,” says a trader, noting banks and mining stocks suffered the biggest losses of the day. Continue Reading…

May soybeans were trading 10 cents higher late in the overnight session. China futures were up 0.4% overnight and closed higher for the 4th session in a row into the USDA reports. Palm oil futures in Malaysia overnight were up another 1.1% to a new 13-month high. Continue Reading…

May natural gas prices registered a higher high during the overnight trading session, as it tried to build on yesterday’s late day recovery rally. The natural gas market showed a measure of strength yesterday with its early move to fresh contract low followed by the close near the best levels of the session. Continue Reading…

July cocoa has recovered from early pressure and continues to stay clear of yesterday’s low for the move this morning. A flare-up of Euro zone debt anxiety coming out of the holiday weekend is clearly having a negative impact on cocoa prices, and may keep any further rebound in check during the session. Continue Reading…

While the May silver contract attempted some upside action overnight, it generally remained well within the prior session’s trading range and that would seem to suggest the silver trade is in need of fresh guidance from the Fed, or from the US equity markets. Continue Reading…

May wheat was trading 4 1/4 cents higher late in the overnight session. Outside market forces carry a slight positive tilt today but the focus of attention is on the USDA Supply/Demand updates. Continue Reading…

News that India will not allow new exports for now and that the Ministers are considering an export tax instead of an export ban was enough to support the market yesterday ahead of the USDA Supply/Demand report update this morning. Continue Reading…

While there continues to be hope that either China or the US will step up and provide some additional economic stimulus, that issue isn’t thought to be a front burner potential in the coming session. Continue Reading…

A slight recovery in US equities has prompted a measure of profit taking in June bonds. From last week’s lows, to the recent high, June bonds gained roughly 4 1/2 points and that in turn would seem to justify some measure of back and fill on the charts. Continue Reading…

The weak close in the US yesterday plus weakness in white sugar futures in London overnight leaves the market vulnerable to a resumption of the downtrend. The outlook for a jump in global supply as the Brazil center-south harvest begins soon plus more talk that current available exportable supply from India and Thailand is adequate are “big picture” forces which might help to pressure prices. Continue Reading…