Category: Commodities

Forex Signals – May 2: Can NFP Sustain the Market Rally?

Posted on by Skerdian Meta

Today the NFP (Non-Farm Payrolls) are expected to shed around 100K jobs, which would leave the FED dovish and stock markets bullish. Continue reading “Forex Signals – May 2: Can NFP Sustain the Market Rally?” →

Forex Signals May 31: AMZN Stock Boost Before Earnings as Meta Beats

Posted on by Skerdian Meta

Today we have the Amazon and Apple earnings, which follow positive results from Microsoft and Meta yesterday, with AMZN already up after hours.

Continue reading “Forex Signals May 31: AMZN Stock Boost Before Earnings as Meta Beats” →

Weather situation in Ivory Coast Boosts Cocoa

Posted on by Olumide Adesina

The weather problem in West Africa led to a short-covering rally in cocoa trades yesterday. Ivory Coast farmers reported that strong gusts of wind have ravaged the cocoa trees, whilst Nigerian cocoa farmers report that there are no ripe pods on trees and flowers yet to bear fruit because of a prolonged dry spell.

 

Cocoa prices also suffered carryover slumps this week when Bloomberg reported Nigeria’s March export increased 24% year-on-year to 27,564 MT. This combination of regions makes Nigeria the world’s fifth-largest cocoa producer.

A recovery in cocoa stockpiles is weakening prices. Since falling to a 21-year low of 1,263,493 bags on January 24, ICE-monitored cocoa reserves at US ports have partially increased to 2,036,303 bags, up from a 6 1/2 month low of 1,982,000 bags.

NY cocoa reached a two-and-a-half-month high last Friday, due to supply uncertainties as cocoa exports from the Ivory Coast have substantially slowed.

Cocoa farmers from the Ivory Coast transported 1.5 MMT of cocoa to the ports from October 1 to April 27. This is an increase of 12% compared to last year’s figure.

Rabobank claims that recent surveys of cocoa farmers in Ghana and Ivory Coast have revealed dismal results, and that crop development has been restricted by late-arriving rains in the area. The lesser of the two yearly cocoa harvests, the mid-crop, usually begins this month.

The consensus estimate for this year’s Ivory Coast mid-crop is 400,000 MT, a -9% decrease compared to last year’s 440,000 MT,

Cocoa prices fluctuated, moving lower after chocolate maker Mondelez International reported weaker-than-expected Q1 sales. The firm also commented that consumers seem to be scaling back on snack purchases due to high economic uncertainty around the globe

Gold losses Relax after Weak U.S. GDP data

Posted on by Olumide Adesina

Gold prices fell on Thursday after investors speculated that the Federal Reserve would cut interest rates following stagnant growth in the US economy in the first quarter.

Spot gold traded below $3,300 an ounce, but remains on track for its fourth monthly gain. Gold is up almost 6% in April despite earlier declines of over 1%

US data showed economic contraction, adding to the case for further cuts to the Fed’s funds rate, now hovering near 0.25%. Gold trades near this week’s lows, XAU/USD quoted at $3,290.According to the US Department of Commerce, the country struggled to sustain economic growth. The GDP figure for Q1 of 2025 was released lower than market expectations, adding further challenge for the Fed, which is trying to contain the inflation rate back towards the 2% target.

The precious metal is still on the rise, but sellers appear to be gaining ground as XAU/USD dropped below $3,300; it is still unable to break through the most recent swing low of $3,261 on April 23. If the latter is violated, the $3,200 mark and the $3,150 mark will be revealed.

Investors anticipated aggressive cuts of 100 basis points, bringing the Fed funds rate down to approximately 3.45%.

Traders who focus on bullion watch the Core Personal Consumption Expenditures (PCE) Price Index, the Fed’s favored determinant of inflation. The numbers went down, like most analysts had predicted; however, they are still over the Federal Reserve’s target of 2%.

WTI Crude Oil Prices Slide Below $60 Amid Demand Concerns, Despite EIA Draw

Posted on by Skerdian Meta

After a brief retrace higher to $65 in WTI WT Oil prices, crude’s rally gives way to renewed selling pressure, falling below $60 today. Continue reading “WTI Crude Oil Prices Slide Below $60 Amid Demand Concerns, Despite EIA Draw” →

Forex Signals April 30: USD GDP and Inflation on Top of MSFT and Meta Earnings

Posted on by Skerdian Meta

Today we have the US GDP and PCE inflation data, which will be followed by Microsoft, Meta, Qualcomm and Robinhood earnings. Continue reading “Forex Signals April 30: USD GDP and Inflation on Top of MSFT and Meta Earnings” →

Burkina Faso plans controlling Foreign industrial mines

Posted on by Olumide Adesina

Burkina Faso intends to control foreign-controlled industrial mines as the nation aims to increase its revenue from natural resources.

The country’s Prime Minister, Jean Emanuel Ouédraogo, announced that the government is set to increase its control over the country’s natural resources.

Although expansion reforms in the country’s mining sector have concerned many investors, the military-led government defends that these changes are critical in maximizing revenue generated from the country’s gold reserve and revamping an economy weakened for years due to ongoing insecurity.

After last year’s modification of its mining code, the country implemented a new state-owned mining firm Société de Participation Minière du Burkina to control the industry and increase national participation in it Like its neighbors Mali and Niger, Burkina Faso seems to be taking cues from these countries.

The newly formed state-owned mining company SOPAMIB used its company status to take over two industrial gold mines owned by London-listed Endeavour Mining. The deal was finalized late last year.

Global geopolitical tensions, alongside fluctuating American trade policies under President Donald Trump, have driven gold prices dramatically.

Kenyan Central Bank plans buying Gold

Posted on by Olumide Adesina

CBK Governor Kamau Thugge stated that Kenya’s Central Bank is considering adding gold to its foreign exchange reserves to diversify and lessen reliance on the US dollar.

Thugge gave an interview to Bloomberg TV, discussing how a specialized team studying the issue during the IMF and World Bank meetings in Washington. However, no deadline has been provided.

Thugge’s comments came in light of many other central banks around the globe transitioning to gold and the prospects that the Kenya Central Bank has with its gold reserves.

“It’s something we have considered for a while, and we are looking into it,” said the governor.

“We essentially have a task force that is looking into this matter. Of course, this is one of the considerations we are working on. But I wouldn’t want to give a deadline on that.”

He highlighted, “One of the primary factors why we are looking into this avenue is the need to diversify our foreign reserves away from other currencies and capture gold.”

Kenya’s foreign reserves are mostly controlled in US dollars, and the country possesses only 0.02 tons of gold.

 

Forex Signals April 28: AMZN, AAPL, MSFT, META, CVX Earnings to Shake Markets

Posted on by Skerdian Meta

This will be an earnings week, with major companies with as Apple, Amazon, McDonald’s etc. releasing their financial tables ahead. Continue reading “Forex Signals April 28: AMZN, AAPL, MSFT, META, CVX Earnings to Shake Markets” →

Forex Signals April 25: Will Trade Talks & Earnings Offer a Bullish Finish for DJIA?

Posted on by Skerdian Meta

Markets surged again yesterday and are expected to close a bullish week today, powered by strong tech earnings, cooling yields, and renewed optimism in US-China trade dialogue. Continue reading “Forex Signals April 25: Will Trade Talks & Earnings Offer a Bullish Finish for DJIA?” →