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11:02 PM · 26 March 2024

Daily summary: Strong session on Bitcoin, gold and cocoa markets

  • Cocoa reached $10 000 per ton today, another record high for this agricultural commodity. After breaking through this level there was a slight correction, but the high levels are being maintained.
  • In mid-April we will receive data on cocoa processing and the first outlook for mid-season cocoa production.
  • Bitcoin returns above $70 000 today, but catches a correction at the end of the US session and falls from this round level.
  • Gold tests $2200 per ounce today during the Asian and European sessions. However, the American session brings a clear strengthening of the dollar and a correction in the gold market.
  • Wall Street indices bring limited gains today. The S&P 500 gains about 0.18%, while the Nasdaq gains 0.27%.
  • Despite further Huti attacks on ships carrying crude oil, oil scores a small correction today. Russia has ordered the company to cut production in line with the OPEC+ target, but at the same time Russia intends to lift export restrictions. Brent crude oil holds near $85 per barrel.
  • The Conference Board's U.S. consumer confidence index falls to 104.7 points on expectations of a slight increase to 106.9 points.
  • The Richmond Fed index scores a sizable drop to -11 points on expectations of -5 points.
  • U.S. durable goods orders come in better than expected. 
  • Orders rise 1.4% against expectations of 1.0% and against a previous strong 6.2% monthly decline.
  • The U.S. dollar was oversold today, but losses were clearly reduced during the Wall Street session. EURUSD is already trading down today and is trading below 1.084.
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