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VRS - who has written 46471 posts on Opalesque Commodities Briefing.


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The yellow metal is all aglitter

Posted on 22 June 2016

After falling six per cent in May, gold prices have gained momentum in June, recovering from the low of $1,199.60 per ounce on May 30 to $1,286 at present, rising around 7 per cent.

Gold prices could rise almost 10% on Brexit

Posted on 22 June 2016

Gold prices could swing both ways, depending on whether Britain votes to leave or remain with the European Union (EU). With fears of Britain’s exit (Brexit) receding in the past few days, gold prices have fallen and stock markets have rallied. However, should Brexit happen, gold prices could hit as high as $1,400 per ounce from Tuesday’s $1,283, according to an analyst.

Switzerland gold exports jump 20% to 177.3 mt in May, highest this year

Posted on 22 June 2016

Gold exports from Switzerland totaled 177.3 mt in May, up 20% from 147.8 mt reported in April, and the highest level since December, Swiss federal customs data showed Tuesday. The figure is 69% higher than 105.1 mt reported a year earlier.

Why gold could crash or soar this week

Posted on 22 June 2016

Britons will go to the voting booth on 23 June in what could mark a historic date for the country, while the outcome could have a lasting impact on the global economy as a whole. Although much has been said and written about the potential Brexit, the consequences of a ‘leave’ decision are still unclear.

HSBC: Gold May React ‘Vigorously’ To Polls Ahead Of U.K. Referendum

Posted on 22 June 2016

Gold may respond “vigorously” this week to any perceived changes in how U.K. citizens may vote Thursday in a referendum on whether to leave the European Union, says HSBC. The metal rose last week on polls showing the “leave” camp was ahead, but has given up some ground now with more recent polls showing the “remain” camp just might win after all.

Is silver next for Chinese speculative investors?

Posted on 22 June 2016

The roulette game all started in the fall of 2014, about two years after Chairman Xi Jinping came to power and became the general secretary of the Communist Party of China. Xi Jinping had campaigned for socialist economic reform, including a sweeping anti-corruption drive, cutting excess production capacity, tightening of housing credit, and clamping down on gaming in Macau.

Will Trump or Hillary Be Good for Precious Metals Prices?

Posted on 22 June 2016

This year’s presidential election is getting lots of attention, and customers are asking about how the outcome might impact the gold and silver markets. The questions generally fall along two lines. One is whether we think a Donald Trump victory will be good for prices and another regarding what a Hillary Clinton presidency might mean.

China’s supply-side reforms bring silver lining to rare metals

Posted on 22 June 2016

After a long downtrend, prices of some rare metals have been recovering since the beginning of the year. Driving the change is China, the leading supplier, where government-led moves are underway to consolidate producers, slash output and build up reserves.

4 Steps To Picking The Right Commodity ETF

Posted on 22 June 2016

Picking the right exchange-traded fund for your investment portfolio can be an arduous task that is often compounded by the sheer number of available offerings. In some sections of the ETF marketplace, there can be 10, 15, or even 20 competing funds that offer just slightly different variations on the same theme.

Calendar Could Be Good News For These Commodities ETFs

Posted on 22 June 2016

Commodities are on the mend. That much is confirmed by the year-to-date performance of the PowerShares DB Com Indx Trckng Fund(ETF) and other diversified exchange-traded products. DBC is up 15.3 percent this year.

Oil ETP investors should take profits as speculators move in

Posted on 22 June 2016

Oil investors should consider cashing in their profits as a high number of speculators currently in the market may leave the commodity exposed to a swift correction, according to research from exchange-traded product provider WisdomTree Europe.

Indian regulator Sebi mulls new products for commodities market

Posted on 22 June 2016

With an aim to deepen commodity derivatives market, regulator Sebi is working on new products that can have good liquidity while weeding out some existing contracts with limited or no appeal among investors and only being used for purely-speculative activities.

Commodities exchange to begin trading 2017

Posted on 22 June 2016

The team working on Ghana’s commodities exchange, the first in West Africa, is confident trading on the exchange will commence in the first quarter of 2017 - starting with Maize, Rice and Soy-beans. Launched by President John Mahama a year ago, the Ghana Commodities Exchange (GCX) will serve as a common platform for trading local commodities in a transparent and uniform manner with a view to giving farmers a ready market and improving livelihoods.

Nigeria’s naira extends losses after currency peg removed

Posted on 22 June 2016

Nigeria’s naira weakened against the dollar for a second day on Tuesday after the central bank removed its currency peg in an effort to alleviate chronic foreign currency shortages choking growth.

China’s ‘global’ currency is going local now

Posted on 22 June 2016

Last week’s decision by MSCI not to include Chinese shares in its primary emerging-markets stock index has been viewed — widely and rightly — as a blow to China’s hopes of internationalising its financial sector.
There’s worse news, though: Even the progress China’s made thus far is in danger of going into reverse.

EU environment ministers urge Paris ratification and carbon trading reform

Posted on 22 June 2016

Environment council adopts statement in support of Paris Agreement and debates reform of the EU emissions trading scheme. Governments across Europe may be distracted by the threat of Brexit, but despite the potential fallout from Thursday’s vote the EU’s day-to-day work is continuing.

EU ETS funding modalities crucial to CCS deployment

Posted on 22 June 2016

The Environment Council recently debated the reform of the EU Emissions Trading System (EU ETS) Directive. The EU ETS is a major tool for achieving the EU’s decarbonisation targets and for enabling the block’s contribution to pursuing a 1.5°C limit endorsed in the Paris Agreement.

Soft Commodities: The Quiet Bull Market

Posted on 21 June 2016

Sugar is sweet. Coffee is percolating. Orange juice explodes. Cocoa is a long-term bull. Cotton is cheap. Gold and oil get lots of headlines. Recently, we have heard a lot about rallies in soybeans and corn and other commodities. However, rarely do the soft, or luxury goods, get much press, but they have been active over recent months.

Is $50 the new $100 for crude oil?

Posted on 21 June 2016

The near 80 per cent rebound in oil prices from their February lows has finally started to fizzle and we believe more corrections are on the cards in the near-term as some of the pillars of the price rally start to give away.

Oil price could hit $80 in 2017

Posted on 21 June 2016

Rebounding after a two-year collapse, it’s only this month that oil prices have pushed up past US$50 a barrel, but Raymond James & Associates says this is just the beginning for higher prices.

Oil Price: Next Stop $20? Or $70?

Posted on 21 June 2016

Since the beginning of 2016, the oil price has been on a tear and is up by around 100% from the lows of $26 a barrel printed just a few months ago, and all the “expert” pundits seemed really bearish right as Oil hit its low.

With oil price near $50, resilient U.S. shale producers eye new chapter

Posted on 21 June 2016

Two years into the worst oil price rout in a generation, large and mid-sized U.S. independent producers are surviving and eyeing growth again as oil nears $50 a barrel, confounding OPEC and Saudi Arabia with their resiliency.

Oil prices under pressure as hedge funds adjust positions: Kemp

Posted on 21 June 2016

Hedge funds cut their net long position in the main crude futures and options contracts by 63 million barrels, 10 percent, in the week to June 14, as the rally in oil prices showed signs of running out of steam.

Oil prices push back above $50 a barrel as traders bet on Remain

Posted on 21 June 2016

Oil prices pushed back above the $50 a barrel mark this morning after the US dollar fell against the pound in line with speculation that Britain will remain a member of the European Union when it votes later this week. The market price for Brent crude on Friday was slightly above $49 a barrel but on Monday the market opened at $49.50 and quickly climbed to above $50 by mid morning.

How Brexit vote will shape the price of gold

Posted on 21 June 2016

Gold prices are likely to decline this summer then recover to $1,300 an ounce or more by year-end, no matter what the outcome of the U.K. referendum is later this week, analysts at CPM Group said in a note Monday.

Brexit Fears Boost Gold Price

Posted on 21 June 2016

As the world awaits Britain’s referendum vote to the leave the European Union, investors are flocking to safe havens. Gold jumped to a month-high last week with uncertainty over the coming election leaving investors anxious. Additionally, the much anticipated Federal Reserve meeting this month is adding to the uncertainty.

Copper Rises on Risk Appetite, Weaker Dollar

Posted on 21 June 2016

Copper prices gained on Monday, boosted by an increased investor appetite for risk and a weaker U.S. dollar. Copper for July delivery was recently up 1.9% at $2.0895 a pound on the Comex division of the New York Mercantile Exchange.

Scrap metal shortage adds to steel sector woes

Posted on 21 June 2016

Steel producer Scaw Metals has called for swift action to address the shortage of scrap metal, which recently brought its operations to a standstill in South Africa.

Index ETFs: Broad Market ETFs See Inflows

Posted on 21 June 2016

Despite another rough week for US equities, investors didn’t throw in the towel. Instead, they started buying into broad market US equity index ETFs, while taking money out of more volatile plays. This mentality can be seen by examining flows across the four major US index-based ETFs.

U.S. Commodity Funds Planning Canadian Crude ETF

Posted on 21 June 2016

United States Commodity Funds (USCF), the issuer of popular commodities exchange traded funds such as the United States Oil Fund (NYSEArca: USO) and the United States Brent Oil Fund (NYSEArca: BNO), is planning an exchange traded product that focuses on Canadian oil.

Is China the de facto, unwitting OPEC for metals?

Posted on 21 June 2016

Is China doing for metals markets what Saudi Arabia used to do for crude oil? The world’s largest producer and consumer of industrial metals may be acting as a de facto, if unwitting, type of OPEC for metals, adjusting supply in response to price signals and balancing the market.

Indian regulator Sebi plans checklist to approve listing for commodities futures trade

Posted on 21 June 2016

Capital markets regulator Sebi plans to have a 13-point checklist to approve the listing and delisting of commodities from futures trading, two persons aware of the development told ET. The rules were slated to be discussed by Sebi with the commodity derivatives advisory committee (CDAC) sub-group on new products and participants on Monday.

Baltic index continues to fall on lower capesize demand

Posted on 21 June 2016

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its fall Monday on weaker demand for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 5 points, or 0.85 percent, at 582 points.

Hedge funds lift bullish ag bets to 2-year top - raising scope for selling

Posted on 21 June 2016

Hedge funds hiked their net long in agricultural commodities to the highest in more than two years, led by the most bullish positioning in softs since 2008 – but providing ammunition for the selling which set in on Monday.

Hedge Funds Turn Most Bullish on Russian Ruble Since 2013

Posted on 21 June 2016

Hedge funds boosted bullish bets on the ruble before the Federal Reserve meeting last week and after Russia’s central bank resumed monetary easing, data from the U.S. Commodity Futures Trading Commission show.

Nigeria’s currency tanks against dollar on float

Posted on 21 June 2016

Naira slides after central bank decision to engineer a devaluation to cope with low oil price. Nigeria’s long-awaited flexible foreign exchange rate regime got off to an explosive start on Monday as the naira slid by as much as 27 per cent to N254 to the US dollar.

Mr. Yen sees surge to ¥100 that may increase odds of intervention

Posted on 21 June 2016

After correctly predicting the yen’s relentless march beyond ¥115, ¥110 and ¥105, former Finance Ministry official Eisuke Sakakibara now says the Japanese currency will gradually strengthen more than 4 percent toward ¥100 per dollar by the end of the year.

New climate group advises raising cost of carbon credits

Posted on 21 June 2016

The expert group which advises the Government on climate change has come out in favour of a minimum price for carbon under the EU Emissions Trading Scheme. In the first advice to Government since it was established in January, the Climate Change Advisory Council has said the current price for carbon is too low.

Brexit: Why a vote to leave the EU is bad news for the climate

Posted on 21 June 2016

A British vote to leave the EU offers potentially good news in the fight against climate change: the resulting economic slump could lead to a fall in greenhouse gas emissions.

Netherlands Eyes Firmer Carbon Market in Call Welcomed by Canete

Posted on 21 June 2016

The Dutch presidency of the European Union is seeking political support from member states to enshrine in a carbon market reform a flexibility provision that would enable strengthening the world’s biggest cap-and-trade program.

Commodities focus on looming Brexit vote

Posted on 20 June 2016

Market activity has increasingly been dictated or distracted by the uncertainty surrounding the UK referendum vote on June 23. Opinion polls indicating rising support for the Leave camp sent investors looking for cover with stocks falling and bonds rising.

Moody’s ups oil price forecast to $40 for 2016

Posted on 20 June 2016

Moody’s Investors Service today revised upwards its price forecast for oil this year on the back of recent uptick in rates. “Moody’s assumes a medium-term oil price band of $40 to $60 per barrel for both WTI and Brent crude and upwardly revised its shorter-term oil price estimates for these crudes to $40 in 2016, $45 in 2017 and $50 per barrel in 2018,” the rating agency said today.

Beware Goldman Sachs Oil Price Prophecy

Posted on 20 June 2016

Oil prices have recovered somewhat from the lows we saw in 2015 and early 2016. Still, the price is down by more than half as compared to its high of a couple of years ago. The price of crude oil currently sits just below $50 per barrel as of this writing.

In the Saudi-Iran Oil Clash, Riyadh Gains an Edge

Posted on 20 June 2016

Saudi Arabia is poised to boost its share of OPEC oil production in the coming months, as Iran’s rapid recovery runs out of steam and the kingdom raises output as summer temperatures soar.OPEC’s biggest exporter has seen its share of the group’s production chipped away despite its landmark decision in November 2014 to no longer support crude prices by holding back supply.

Following Saudi Arabia, Iran Hikes Crude Oil Prices For Now

Posted on 20 June 2016

Iran has been selling more oil at higher prices in recent weeks. The country sold light crude oil at $47.58 per barrel in the week ended on June 10, a $1.93 higher from the previous week, according to the Teheran Times.

Nobody wants to wear the oil crown that makes OPEC richer

Posted on 20 June 2016

The world’s biggest oil importer. The title nobody wants. For decades the U.S. held undisputed rights to the crown. Last year, China squeaked ahead for the first time amid growing demand and as rising U.S. shale production displaced overseas deliveries. The Middle Kingdom looked poised to become the center of the crude importing world.

Safe haven demand adds sheen to gold

Posted on 20 June 2016

Gold continues to remain on a strong footing. The “Brexit” fear in the market is helping the yellow metal regain its safe haven status. Bullion prices surged for the third consecutive week. The global spot gold price rose 1.9 per cent last week to close at $1,298.65 per ounce.

Uncertainties of Brexit making gold attractive as safe asset

Posted on 20 June 2016

The outcome of Thursday’s Brexit referendum will chart the price of gold in the next six to 12 months, but, in the longer term, investors and analysts agree that bullion is an asset to hold. The immediate trigger for any gold price moves will come in the wake of the referendum, which could see Britain leave the European Union.

Brexit Alarms Propel Gold Investors to Near Record Rally Wagers

Posted on 20 June 2016

The turbulence sweeping global markets has reignited investors’ passion for gold. Global central bankers have sounded the alarm that a British exit from the European Union could be disruptive to the global economy.

Silver Sleeping On the Job

Posted on 20 June 2016

In the time of the ancient Babylonians - long before the periodic table - there were seven sacred metals: gold, silver, copper, iron, tin, lead and mercury. In Roman and Greek Mythology, the First Age was called Golden, the Second Age Silver. Apollo, the god of truth and light, and teacher of medicine, carried a silver bow.

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