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According to Futures News on April 27, crude oil prices remain supported, but end-user demand is insufficient, coupled with weak refined oil prices. The PX market is expected to rise today, but the increase will be limited.On April 27th, according to foreign media reports, multiple positive factors supported a firm global corn market price trend. 1. Demand: US corn export sales for the 2025/26 marketing year reached 74.1 million tons, a year-on-year increase of 28%, reaching 88% of the USDAs annual target, higher than the historical average of 84%. 2. Supply: Brazils second-season corn production is estimated at 109.12 million tons, a year-on-year decrease of 3.6%. Weather forecasts indicate that drought will continue in Brazils central-western and southeastern regions for the next two weeks, potentially affecting the growth of second-season corn during the pollination period. 3. Planting progress: As of April 19th, US corn planting was 11% complete, higher than the five-year average of 9%. The market expects planting progress to reach 20% to 22% by the week ending April 26th, but rainy weather in the eastern corn belt is drawing market attention. 4. Energy and External Impacts: Due to the continued closure of the Strait of Hormuz, Brent crude oil futures were at $105.33 per barrel, up 16.54% week-on-week. Soaring energy prices and escalating tensions in the Middle East exacerbated volatility in the corn market. 5. Production Forecast: The International Grains Council (IGC) lowered its 2026/27 global corn production forecast by 2.9 million tons to 1.2999 billion tons, and its global ending stocks forecast by 2.4 million tons to 291.5 million tons.Futures News, April 27th - According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Monday morning, following gains in external markets. Escalating tensions in the Middle East have fueled a strong rebound in international crude oil futures, coupled with strength in Chicago soybean oil futures, which will likely support the early performance of Malaysian crude palm oil futures. Plans by Malaysia and Indonesia to increase the blending ratio of palm oil-based biodiesel will boost domestic palm oil demand in both countries, potentially leading to tighter export supplies and supporting prices. However, weak palm oil exports so far in April will limit the upside potential of the palm oil market.1. International precious metals futures generally closed higher. COMEX gold futures rose 0.03% to $4725.40 per ounce, down 3.16% for the week; COMEX silver futures rose 0.24% to $75.69 per ounce, down 7.52% for the week. The conclusion of the US Department of Justices investigation into Federal Reserve Chairman Powell boosted expectations of interest rate hikes, supporting gold prices. However, hawkish policy expectations, coupled with geopolitical and economic disturbances, led to profit-taking, resulting in only a slight increase in gold prices. 2. The main US crude oil contract closed down 1.01% at $94.88 per barrel, up 14.88% for the week; the main Brent crude oil contract rose 0.79% to $105.9 per barrel, up 17.17% for the week. 3. Most London base metals rose. LME nickel rose 2.07% to $19,125.0/ton, a weekly increase of 5.56%; LME lead rose 0.31% to $1,960.5/ton, a weekly decrease of 0.08%; LME zinc rose 0.28% to $3,462.5/ton, a weekly increase of 0.48%; LME tin rose 0.26% to $50,345.0/ton, a weekly decrease of 0.69%; LME copper fell 0.50% to $13,289.0/ton, a weekly decrease of 0.43%; and LME aluminum fell 0.80% to $3,591.0/ton, a weekly increase of 0.74%. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.16% to 49,230.71 points, the S&P 500 rose 0.8% to 7,165.08 points, and the Nasdaq Composite rose 1.63% to 24,836.6 points. The S&P 500 and Nasdaq Composite both hit new highs. Merck fell more than 2%, and Verizon fell more than 1%, leading the Dows decline. The Wind U.S. Technology Big Seven Index rose 2%, Nvidia rose more than 4%, and Amazon rose more than 3%. The Nasdaq China Golden Dragon Index rose 1.59%, Hesai Technology rose more than 6%, and Baidu Group rose nearly 6%. This week, the Dow Jones Industrial Average fell 0.44%, the S&P 500 rose 0.55%, and the Nasdaq Composite rose 1.5%. 5. European stock markets closed lower across the board. Germanys DAX index fell 0.11% to 24,128.98 points, Frances CAC40 index fell 0.84% to 8,157.82 points, and the UKs FTSE 100 index fell 0.75% to 10,379.08 points. The uncertain future of the US-Iran ceasefire agreement and the continued US blockade of the Strait of Hormuz weighed on European market sentiment. This week, Germanys DAX index fell 2.32%, Frances CAC40 index fell 3.17%, and the UKs FTSE 100 index fell 2.7%.Investinglive analyst Eamonn Sheridan: As of the episodes aired so far, Trump has not mentioned Iran in his CBS interview.

Bitcoin soars past $55,000 on George Soros fund endorsement

LEO

Oct 26, 2021 11:06

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Bitcoin is back, and it has a prominent new supporter.


Bitcoin surged on Wednesday to its highest level in five months, as market sentiment continued to improve due in part to news a hedge fund controlled by billionaire investor George Soros trades bitcoin.


The price of the world's most valuable cryptocurrency spiked nearly 10% Wednesday morning to around $55,000, following news that the investment firm founded by billionaire George Soros owns bitcoin.


Investors also expect a seasonal rally in cryptocurrencies this quarter.


Bitcoin rose 0.43% to $55226.9 by 11:50(GMT+8).


Soros, who is famous for making big money on traditional currency investments, is rumored to have been trading in bitcoin for the past few months.


The bitcoin surge comes one day after prices popped above $50,000 for the first time in four weeks.


And the head of Soros Fund Management argues bitcoin has even more long-term potential: "I'm not sure bitcoin is viewed only as an inflation hedge here. It's crossed the chasm to mainstream," said Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management, in an interview at the Bloomberg Invest Global Summit late Tuesday.


Fitzpatrick told Bloomberg that Soros Fund Management owns "some coins...but not a lot.”


There are seasonal factors as well.


"Bitcoin performs historically well in October, which almost makes the rising ... price now a self-fulfilling prophecy. I've been saying repeatedly since the summer that I expect a new all-time high in October," said Ruud Feltkamp, CEO of cloud-based automated crypto trading bot Cryptohopper.


"So what is the reason for this new pump? I think it's partly due to the market cycle we're in, where the emotional part plays a significant role."


U.S. Bancorp (USB.N) announced it launched a cryptocurrency custody service for institutional investment managers who have private funds in the United States and Cayman Islands.


Smaller coins, which typically moves in line with bitcoin, were also up. Ether rose 2.2% to $3,594 and XRP was slightly up 0.2% at $1.0865.


Ben McMillan, chief investment officer at IDX Digital Assets, a factor-based crypto index strategy, noted that based on an analysis of on-chain data, he is seeing a steady rise in the number of new bitcoin addresses, after a huge drop-off in the first half of the year, as well as an increasing number of bitcoin moving off exchange.


Both factors - new addresses and bitcoin moving away from exchanges - are "structurally bullish indications."


That said, McMillan said while the structural bull case for bitcoin is strong, "there remain non-trivial downside risks in the near term."


Bitcoin and other cryptos have rallied sharply this year, despite concerns about a crackdown in China and the possibility of tougher regulations in the United States. That's thanks to factors like rising interest rates and the fact that more big financial firms are investing in digital currencies.


The value of all bitcoins in circulation is now back above $1 trillion — more than the market value of Facebook (FB). And all cryptocurrencies together represent $2.3 trillion in circulation, matching the market value of the most highly valued stock: Apple (AAPL).


El Salvador recently became the first nation to adopt bitcoin as legal tender. Bitcoin fans argue that the cryptocurrency should see near term benefits from inflation pressures and higher bond yields, as government-backed paper currencies like the dollar, euro and yen lose some of their purchasing power as rates rise.


Still, several prominent business leaders and investors have expressed reluctance to embrace bitcoin and other cryptocurrencies. Mega-billionaire Warren Buffett continues to criticize bitcoin. And so did JPMorgan Chase (JPM) CEO Jamie Dimon in a recent appearance on the Axios HBO TV show.

But the fact that the Soros family office, which manages money for the billionaire philanthropist, now publicly has some skin in the crypto game adds to the legitimacy of the sector.


Crypto bulls also cheered after US Bancorp (USB) announced plans this week to offer more cryptocurrency custody services for large institutional investors that want to trade bitcoin.


"Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years," said Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services in a news release. "Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency."

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