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VRS - who has written 46975 posts on Opalesque Commodities Briefing.


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EU climate targets fall short of Paris deal ambitions, experts warn

Posted on 22 July 2016

The European Commission this week missed an opportunity to scale up EU climate action by failing to introduce a mechanism to increase emissions targets over time, a European coalition of environmental NGOs said in a statement.

Sailing Around the Paris Climate Accord?

Posted on 22 July 2016

Shipping was left out of the historic 2015 Paris Agreement on Climate Change, yet the shipping industry pledged to move forward “in the spirit of Paris.” So far, however, it appears that shipping nations are more intent on sailing around Paris than following its principles.

EIU Global Forecasts Report 2016: Commodities forecasts

Posted on 21 July 2016

The Economist Intelligence Unit have produced their first global forecast since the Brexit vote. Please find below, their forecasts for commodities until 2020. EIU Report: As in the case of oil, we expect the price of industrial and agricultural commodities to stage only a partial recovery in 2016-20.

How to Add Some “Oomph” to Your Commodities Market Gains

Posted on 21 July 2016

The big, bad commodity bear died in June. That’s when, after five years, commodities officially entered a bull market. Unofficially, though, the good news started months ago. Prices of oil, gold, zinc and many other “hard assets” have trended higher since early in the year.

Why the Dollar Is the Enemy of Commodity Values

Posted on 21 July 2016

The global financial marketplace is a complex, interconnected organism where every company, commodity, and financial asset is just a piece of a much larger picture. What happens with one asset can influence another, and so on. There’s a relationship that exists between asset classes that, while not perfect, tends to follow a pattern over time.

Oil prices set to peak sooner than expected on supply shortage, Barclays says

Posted on 21 July 2016

Barclays is the latest bank to raise its forecast for medium-term oil prices, saying it now expects them to peak sooner than expected as a supply shortage develops.

Saudi Aramco Boss Says Drilling, IPO Unaffected by Oil Price

Posted on 21 July 2016

Saudi Arabia’s oil and natural gas production and drilling activities are unaffected by crude prices at current levels, the state-run producer’s chief executive officer said, signaling that the world’s biggest oil exporter will continue to protect its market share.

Libya: OPEC member plots big oil comeback

Posted on 21 July 2016

One of the biggest mysteries in the oil market resides in the war-torn nation of Libya. A long civil war and the rise of ISIS have limited Libya’s oil production to just a fraction of what it was in 2010, before the uprising that ousted and ultimately killed the country’s longtime dictator Moammar Gadhafi.

Charts, Not Fear, Guide Gold Market

Posted on 21 July 2016

The eight-day $120 rally in gold in reaction to the Brexit vote cleaned out those who remained on the short side and caused a new flood of buying as the long side of the gold market became even more crowded .

Gold Fields forecast sparkles on strong dollar gold price

Posted on 21 July 2016

In some rare good news from the gold-mining industry, Gold Fields reported on Tuesday that it expected its output for the year to June to increase marginally to 1.044-million ounces. One analyst said the company, which is headed by Nick Holland, would be increasingly attractive to investors if it continued to reduce its costs.

This Gold Miner Says Rally Will Go On

Posted on 21 July 2016

Gold’s rally is set to endure, with the U.S. presidential election seen as the next big catalyst for prices, according to a producer whose shares have almost doubled this year as financial-market turmoil, slowing growth and Britain’s vote for Brexit pumped up bullion.

Something Big Happening in the Gold Market this year

Posted on 21 July 2016

Something BIG happened in the gold market this year and very few investors understand the significance. While precious metal analysts debate whether the huge gold rally since the beginning of the year is sustainable, I am beginning to wonder if certain indicators are no longer reliable.

Silver to Hit $50

Posted on 21 July 2016

The last major bull market for silver (prior to 2009–2011) was in the 1970s. In the decade of disco, the price of silver climbed from $1.25 to $43. The signs are clear… silver prices have been steadily climbing again. We’re headed toward another “golden” age for silver.

Copper Futures Slide as Chinese Production Climbs in First Half

Posted on 21 July 2016

Copper retreated on concern that supply will keep outpacing demand as data showed rising output in China, the biggest producer and user of refined metal. A stronger dollar also hit commodities priced in the currency.

India: Gold ETFs continue to see outflow in June on profit-booking

Posted on 21 July 2016

Investors remained bearish on gold exchange-traded funds (ETFs) in June and pulled out Rs 80 crore from this instrument, taking the total to Rs 228 crore in the first quarter of the current financial year, mainly on account of profit booking.

ETFs listed in Japan see assets hit record high in June

Posted on 21 July 2016

Assets invested in exchange-traded funds and exchange-traded products listed in Japan hit a record of $148bn at the end of June, according to independent ETF consultancy ETFGI. The record high was driven by increased volatility in June as a result of the UK’s vote over whether to leave the European Union.

JPMorgan oil trader takes over commodities

Posted on 21 July 2016

JPMorgan has appointed its top oil trader as the new head of its commodities division, the latest move in a business that has reinvented itself since selling the bulk of its physical operations two years ago.

HKEX to put LME clearing link plans on hold due to Brexit - CEO

Posted on 21 July 2016

Britain’s vote to leave the EU has prompted the Hong Kong stock exchange (HKEX) to put on hold a commodities clearing link with its London Metal Exchange (LME), dealing a blow to its bid to make the LME more profitable.

Dollar Strength Is Finally Weighing on Gold and Other Commodities

Posted on 21 July 2016

The strength in the dollar against commodity currencies as well as the Euro is weighing on gold. As the U.S equity markets set daily record highs and the dollar gains upward momentum, the liquidation of commodity length is having trouble attracting fresh length. Volumes this week in both the underlying futures and over the counter trading have been muted as if hedge funds have started their summer holidays early.

Brexit currency effect to have big impact on company results: report

Posted on 21 July 2016

Currency market fluctuations following Britain’s vote to leave the European Union will hurt corporate results in the coming quarters, possibly resulting in a negative impact of as much as $35 billion to $40 billion, according to a report from FIREapps on Wednesday.

Agriculture could be included in Emissions Trading Scheme

Posted on 21 July 2016

The Treasury has raised the possibility of agriculture being included in the Emissions Trading Scheme (ETS) after years of being exempt from charges. The move is suggested in a March Treasury briefing to Finance Minister Bill English and his two associates Steven Joyce and Paula Bennett.

Canada Moves to Cut Carbon Emissions (Video)

Posted on 21 July 2016

Prime Minister Justin Trudeau is pledging to set a national carbon price to cut emissions, a key message sent as Canada’s provincial premiers meet to discuss how to proceed. Bloomberg TV Canada’s Pamela Ritchie has more on “Bloomberg Markets.”.

A European Strategy for low-emission mobility

Posted on 21 July 2016

The global shift towards low-carbon, circular economy has started and its pace is accelerating. To ensure Europe stays competitive and will be able to respond to the increasing mobility needs of people and goods, the Commission’s low-emission mobility strategy sets clear and fair guiding principles to Member States to prepare for the future. The Energy Union strategy contributes to this goal.

IMF cuts UK and global growth forecasts following Brexit vote - as it happened

Posted on 20 July 2016

And here’s another view on the IMF’s latest pronouncements, from Capital Economics. The research company’s Michael Pearce said: After spending the run-up to the UK’s EU referendum warning that Brexit would cause “severe regional and global damage”, the IMF all but admitted on Tuesday that it had been bluffing, forecasting that the impact would be largely benign after all.

China’s Steel and Commodities Problem

Posted on 20 July 2016

Deliberations this week at the European Commission will illustrate the way that the European Union is looking to engage with China on trade, while the United States prefers a more antagonistic approach.

Deltec’s Lele says commodity prices will be decimated

Posted on 20 July 2016

Commodities are heading into another bear market and will be “decimated” by an environment of tightening United States dollar liquidity, similar to the sell-off at the start of 2016, that will drag emerging markets and high-yield credit down too.

Commodities rally of 2016 leaves mining industry in “far better shape”

Posted on 20 July 2016

Investec, the financial analyst service across the UK, South Africa and Australia, believes that the mining industry could represent a ‘key sector’ for asset allocation, with particular strength in gold commodities. The company, in a report released today, believes this is a result of strong commodity rallying and sustained cost cutting since the beginning of 2016.

Oil prices won’t suffer a 2015-style price collapse, says Citi’s Morse

Posted on 20 July 2016

Oil prices are following a familiar — and potentially troubling — trend that took hold last year, but investors shouldn’t fear a 2015-style, second-half price collapse, Citigroup’s global head of commodities research said Tuesday.

Why Oil Prices Might Not Rebound Until 2019

Posted on 20 July 2016

It’s a safe bet that investors are getting increasingly tired of all the conflicting forecasts about oil and gas prices. Some argue that oil is heading back to $20 thanks to the continuing excess supply. Others claim that the excess is overestimated and crude is well on its way to reach $80 or more by the end of the year.

What does a balanced oil market mean?

Posted on 20 July 2016

Supply and demand might come back into line this year, but without the kind of price rises the industry hopes for. If one bit of jargon captures the hopes of the oil industry right now, it’s “rebalancing”. The term has become ubiquitous and it means that the glut will have ended. Supply and demand will be in balance. Things can get back to normal.

IMF Global Growth Downgrade Not Impact Gold Prices

Posted on 20 July 2016

Gold prices are not seeing much of a boost following the International Monetary Fund’s (IMF) downgrading its global growth forecasts for 2016. In its latest report, the IMF said it expects worldwide growth to expand 3.1% this year and 3.4% in 2017; both estimates were cut 0.1% from the previous outlook.

Gold retains status as safest asset

Posted on 20 July 2016

Since the start of this month and in the aftermath of the Brexit vote, the markets have been largely range bound. The British pound went through a brief renaissance in large part because the Bank of England (BoE) held benchmark interest rates unchanged at 0.50 per cent – the markets had been expecting a cut to 0.25 per cent.

Gold and Other Precious Metals’ Brexit Bounce Has Legs

Posted on 20 July 2016

Gold and most precious metals are still gaining from the bounce they received after the U.K. voted to leave the European Union and most bankers and analysts expect that to continue. In contrast, European aluminum premiums are falling.

Silver is the best performing commodity of 2016

Posted on 20 July 2016

Silver has surged over 40% since the beginning of 2016, making it the number performing commodity of 2016. But is the surge of the precious metal just the beginning of things to come? Historically the price of silver tends to track the price of gold as both are seen as monetary metals.

Climbing Gold and Silver’s Wall of Worry

Posted on 20 July 2016

Confidence is slippery, even when you are a metals investor sitting atop the best performing assets of 2016. It doesn’t help when 4 years of a miserable bear market remains fresh in our memories. Any weakness in prices and it can feel like markets are getting ready to plunge right back to $13 silver and $1,000 gold.

Precious metals performers: Shiny but scary

Posted on 20 July 2016

It’s expected of a fund tracking precious metals to experience volatility, with holdings in ETFs climbing almost 21% earlier this year and then gold prices jumped as much as 8.1% after U.K.’s Brexit vote, the most since the height of the global financial crisis in 2008, according to Bloomberg News.

Zinc climbs to highest in more than a year on shortage worries

Posted on 20 July 2016

Zinc extended its advance to the highest level in more than a year on concerns over a looming supply deficit. The metal used to galvanise steel rose as much as 1.3% to $2 246 a metric ton on the London Metal Exchange, the highest since May last year, and traded at $2 241 by 3:03pm Shanghai time.

Bullish Q3 for base metals

Posted on 20 July 2016

Sucden Financial said Tuesday it expected rising demand from China and global economic uncertainty as key drivers for the continued rally in the base metals complex. “EU uncertainties, UK uncertainties and Japanese yen strength are all contributing to a mixed macro outlook, but sentiment is improving and metals prices are stabilizing having built bases,” Sucden said in a quarterly report.

ETFs/ETPs In Japan Reach Record $148 Billion At End Of June 2016

Posted on 20 July 2016

ETFGI the leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, today reported assets invested in ETFs/ETPs listed in Japan reach a new record high of 148 billion US dollars at the end of June 2016, according to ETFGI’s June 2016 global ETF and ETP industry insights report (click here to view the ETFGI asset growth chart for ETFs/ETPs listed in Japan).

3 Risks to Consider When Buying Silver ETFs

Posted on 20 July 2016

If someone would have told you six months ago that silver ETFs are getting ready to soar, you would have probably laughed at them. This is the same precious metal has endured wave after wave of lower prices over the past half-decade.

Australia’s Biggest Money Manager Says Currency May Rally to New Highs

Posted on 20 July 2016

Australia’s biggest money manager says the nation’s currency may build on a seven-week winning streak to surge above 80 U.S. cents this year.

Russia to Treat Bitcoin as Foreign Currency

Posted on 20 July 2016

Depending on how soon all involved parties can come to an agreement, the law proposal will be submitted to the Duma by the end of 2016. The status of Bitcoin in Russia has been up in the air for quite some time now. There only seems to be two courses of action: either Bitcoin would be banned, or it would be allowed.

Carbon tax of Swiss flights legal says EU top court advisor

Posted on 20 July 2016

The European Union is within its rights to apply carbon taxes to flights between Switzerland and the regional bloc even though flights from other countries outside the area are exempt for now, a legal advisor to the EU’s top court said on Tuesday.

Canada should adopt an emissions tax to fund green energy research

Posted on 20 July 2016

To avoid wasting clean-technology research and development funding, the Canadian government should adopt a carbon price and encourage other countries to follow suit, a new report from the CD Howe Institute argues.

Commodities reigniting, but buyer beware

Posted on 19 July 2016

Global resources fund manager Benoit Gervais is adamant the commodities sector is about to be reignited but advises caution while recovery is nascent. Global Resources Fund, saw performance of the fund rise by 38% during the three months to April. As a result, he can see signs of a recovery in the commodities world but would advise caution for now.

Global Trouble From Low Commodity Prices (Video)

Posted on 19 July 2016

Carl Weinberg, chief economist at High Frequency Economics, talks about the global economic consequences of low commodity prices, currency wars, and interest rate disparities. He speaks on “Bloomberg Surveillance.” .

China steel-linked commodities futures tumble, on expectation gains outpacing physical demand

Posted on 19 July 2016

Chinese steel-related commodities futures dived on Monday, erasing last week’s rally as investors felt the previous gains outpaced physical demand for steel in China, the world’s top producer.

How the Turkish Coup Attempt Impacted Oil Prices

Posted on 19 July 2016

Oil prices fell on Monday as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals, while disruptions to crude exports in Libya lent prices some support.

Oil Prices Shrug Off Attempted Coup in Turkey

Posted on 19 July 2016

Despite an attempted military coup in Turkey oil prices were steady on Monday, supported by favorable growth data reported by the U.S. and China. But a looming glut of oil products could put pressure on the market, The Wall Street Journal reports.

Who Really Won The Oil Price War?

Posted on 19 July 2016

The rise in oil prices over the past six months has come as a blessing for the battered U.S. shale producers. Oil prices have risen more than 50 percent since January, giving a glimmer of hope to the U.S. oil industry that the worst of the oil crisis might finally be behind them.

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