Thu, Apr 17, 2014
A A A
Welcome kbr175@gmail.com
RSS

Commodities Briefing - Category | Resources more

Biggest raw-materials rally of year seen stalling: Commodities

Posted on 01 October 2013 by VRS  |  Email |Print

The biggest rally in commodities in a year may stall in the fourth quarter as supply of everything from copper to corn expands, tensions in the Middle East ease and the Federal Reserve refrains from tapering stimulus as it seeks more evidence of sustained growth.
Six of 15 commodities will drop by the end of 2013, seven will gain and two will move less than 1 percent, according to the median of estimates from 144 analysts surveyed by Bloomberg News. Cocoa, gasoline and cotton will lose the most as natural gas, coffee and soybeans lead the winners. Goldman Sachs Group Inc. says raw-material prices will be mostly lower in a year………………………………………..Full Article: Source

For oil and gas producers, it’s all about assets

Posted on 27 September 2013 by VRS  |  Email |Print

The industry is focusing on liquid-rich plays, but some gassier regions offer solid returns, asserts Joel Musante, senior research analyst for oil and gas exploration and production with Euro Pacific Capital. With oil trading over $100 per barrel, liquids-rich plays are most attractive.
Prices may pull back, even though the surge in merger and acquisition activity suggests that some companies might believe that these price levels are here to stay. Ultimately, producers must consider development costs as well as product types and margins to enhance returns………………………………………..Full Article: Source

UAE’s oil output rises by 1.8 pct in Q2 2013

Posted on 25 September 2013 by VRS  |  Email |Print

The UAE’s oil output rose by 1.8 per cent to 2.72mn bpd in Q2 2013, compared with 2.67mn bpd during Q1 2013, according to data from the International Energy Agency (IEA). The IEA report showed that the country’s oil output in August, however, fell marginally to 2.72mn bpd compared to its average output of 2.75mn bpd in July.
The agency also noted that the UAE has a sustainable oil production capacity of 2.9mn bpd and its crude supply averaged 2.69mn bpd in the first half of 2013………………………………………..Full Article: Source

World aluminum supply needs 40pct cut

Posted on 23 September 2013 by VRS  |  Email |Print

In a little more than two weeks, Alcoa Inc. (AA) will report third-quarter results, and there is every reason to believe that those results will not be pretty. The consensus estimates call for earnings per share of $0.06 on sales of $5.74 billion. The earnings estimate has been cut in half over the past three months, and if comments today by another aluminum miner are any guide, the estimates for Alcoa are optimistic.
A senior executive of the world’s largest aluminum producer, Russia’s Rusal, has said that 40% of global aluminum production is unsustainable at current prices. From around $1,900 per metric ton (tonne) a year ago, the price today is about $1,830………………………………..Full Article: Source

China stocks up on gold as price tumbles

Posted on 16 September 2013 by VRS  |  Email |Print

Jeffrey Currie, head of commodity research at Goldman, says the yellow one could fall below $US1000 an ounce and the bank’s target average for 2014 is $US1050 an ounce.
Sure, it’s been a bad week for gold. The seeming truce on the Syrian chemical weapons issue (no US airstrikes required) and anticipation that the Federal Open Market Committee, which meets tomorrow, will reduce the rate of money printing have induced a market feeling that all is well (no wealth protection required)………………………………………..Full Article: Source

U.S. predicts decrease in OPEC oil supplies

Posted on 12 September 2013 by VRS  |  Email |Print

Oil supplies by OPEC will decrease in 2013 and 2014 reaching 35.82 million barrels per day (bpd) and 35.62 million bpd respectively, according to the Short-Term Energy Outlook published by the U.S. Energy Information Administration (EIA) on its official website.
In 2012, according to the EIA’s estimates, OPEC supply amounted to 36.59 million bpd. At the same time EIA stressed that in August, unplanned disruptions among the OPEC and non-OPEC producers reached expected 2.7 million bpd, the highest level since at least January 2011………………………………………..Full Article: Source

OPEC to cut production by 500,000 barrels

Posted on 10 September 2013 by VRS  |  Email |Print

The Organisation of Petroleum Exporting Countries(OPEC) may cut oil production by half a million barrels a day when its meets in December, the International Energy Agency(EIA) has said. The body said if all go accoridng to plans, the reduction in production would be the first in five years since the last time such exercise was carried out was 2008.
It said: “ The last time OPEC cut its oil output was in late 2008 when it reduced production to 4.2 million barrels a day. During this time, oil demand fell and prices crashed amid the financial crisis………………………………………..Full Article: Source

America’s oil boom won’t make it energy-independent from Middle East madness

Posted on 06 September 2013 by VRS  |  Email |Print

Thanks to increased domestic oil production and falling demand, energy independence is becoming a realistic goal for the U.S. But that doesn’t mean it won’t be vulnerable to price shocks if a Syria attack goes bad.
If the U.S. does strike Syria, the price of oil — already at $115 and rising in the Brent index, largely because of political disruptions in Libya, a major producer — is likely to spike. It’s not that Syria is a major oil producer — even before the war its exports were modest by Middle East standards, and now the embattled regime of Syrian President Bashar Assad can manage just 50,000 barrels a day, barely 5% of what tiny Oman can pump………………………………………..Full Article: Source

OPEC output lowest since June 2011

Posted on 03 September 2013 by VRS  |  Email |Print

OPEC’s oil production fell to its lowest level since June 2011 in August as protests at many of Libya’s key oil exporting ports saw the country’s output half. Crude-oil production from the Organization of Petroleum Exporting Countries averaged 30.170 million barrels a day in August, down about 165,000 barrels a day from 30.335 million barrels a day in July.
An increase in Saudi Arabia’s output to 9.975 million barrels a day, the Kingdom’s highest level since June last year according to data compiled by the Wall Street Journal, wasn’t enough to offset substantial declines in Libya’s production as strikes and protests roiled the country’s oil industry………………………………………..Full Article: Source

OPEC: Iran holding 3rd largest crude reserves in world

Posted on 29 August 2013 by VRS  |  Email |Print

The Organization for Petroleum Exporting Countries (OPEC) in its Annual Statistical Report announced that the volume of Iran’s oil reserves amounted to 154.58bln in 2012, showing an increase of more than 1.8 percent as compared with the figures in the year before.
Venezuela with 297.735bln barrels of crude and Saudi Arabia with 265.85bln barrels precede Iran in the OPEC’ list as the states holding the largest and second largest crude reserves. According to the OPEC report, the world’s crude reserves stood at 1.478211trln in 2012, showing a 0.9 percent increase compared with the preceding year………………………………………..Full Article: Source

Gold costs more to bring to the surface than its selling price: Industry CEO

Posted on 20 August 2013 by VRS  |  Email |Print

Producing an ounce of gold can cost roughly $1,500, even though the metal is now selling for only $1,300 to $1,400 per ounce, reported trade publication Mining Weekly on Monday.
Gold Fields Limited (NYSE:GFI) CEO Nick Holland said that “all-in” cost metrics from the World Gold Council, promoted in June, show that the global gold industry is incurring losses amid high production costs and low gold prices………………………………………..Full Article: Source

Can Saudi Arabia pump enough crude oil ?

Posted on 15 August 2013 by VRS  |  Email |Print

One of Wikileaks’ most celebrated revelations, in 2011, was a confidential mail from a US diplomat in KSA (Kingdom of Saudi Arabia) stating that he had been convinced by a Saudi oil expert named Sadad al-Husseini using data from as far back as 2005 that the nation’s oil reserves are overstated by nearly 40%. The diplomat was certain that KSA could not “keep a lid on oil prices”.
To be sure, there was no need to consult Wikileaks or the State Dept to hear that – for at least a decade Matthew Simmons, author of books including Twilight in the Desert: The Coming Saudi Oil Shock published in 2005 has worked the theme of Saudi exaggeration or lying about its oil reserves………………………………………..Full Article: Source

OPEC oil production declines due to disturbances in Iraq, Libya

Posted on 12 August 2013 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries (OPEC) announced that its production of oil during July has decreased due to disturbances in Iraq and Libya.
OPEC mentioned on its monthly report that ”The oil production has declined by (1000) Oil barrels and the countries that are not associated with OPEC are promoting the oil production by (170,000) oil barrels daily.”……………………………………….Full Article: Source

Global cotton production forecast at 25.6 mln for 2013-14: ICAC

Posted on 05 August 2013 by VRS  |  Email |Print

Global cotton production is estimated at 25.6 mn tons for 2013-14 while consumption is forecast at 24 mn tons leaving a surplus of 1.6 mn tons, according to International Cotton Advisory Committee (ICAC).
World trade in cotton is estimated at 9 mn tons and world ending stocks are forecast at a record 19.8 mn tons or an eye-popping 83% of projected mill use. World production will have exceeded consumption by a cumulative 11 million tons between 2010/11 and the end of 2013/14, resulting in a doubling of world ending stocks in four seasons………………………………………..Full Article: Source

Where does gold come from?

Posted on 29 July 2013 by VRS  |  Email |Print

Gold is one of history’s most famous and important metals and has been the basis for monetary systems for thousands of years. This influential metal that has sculpted our history may not even be from our planet. Researchers have recently found new evidence that gold actually comes from the collisions of dead neutron stars.
While this discovery may do little as a price mover for this precious metal, it may give us an insight into just how rare gold is………………………………………..Full Article: Source

Mineral rich Australia may contain world’s next major oil find

Posted on 23 July 2013 by VRS  |  Email |Print

Australia’s massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely. The US government’s Energy Information Administration noted in its country’s analysis for Australia, “Australia, rich in hydrocarbons and uranium, was the world’s second largest coal exporter in 2011 and the third largest liquefied natural gas (LNG) exporter in 2012.
Australia is rich in commodities, including fossil fuel and uranium reserves, and is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net hydrocarbon exporter, exporting over 70% of its total energy production according to government sources………………………………………..Full Article: Source

Saudi Arabia’s oil sector threatened by North American supply

Posted on 19 July 2013 by VRS  |  Email |Print

Saudi Arabia has been publicly skeptical of North America’s energy surge, but there are now clear signs that its economy is directly hit by developments in Fort McMurray, Eagle Ford and the Bakken.
The massive oil sector of the Middle East’s largest economy shrank 6.3% in the first quarter of the year, its lowest reading since quarterly data was made available in 2010. Brent crude prices contracted 7% during the period while production was down nearly 8%………………………………………..Full Article: Source

Water: Is there a global crisis?

Posted on 19 July 2013 by VRS  |  Email |Print

We hear a lot about global crises every day — terrorism, global warming, children starving, children obese, running out of oil, and population bombs. Come to think of it, crisis mongering is not new. The media loves crises: they get more watchers and consequently, more ad revenues.
You might remember Paul R. Ehrlich, a Noble Prize winner and Stanford Professor. Back in 1980, he wrote “The Population Bomb” in which he claimed population growth would soon outrun the supply of food and natural resources — a real global crisis. Julian Simon, also an academic, was skeptical, so he offered Ehrlich a wager………………………………………..Full Article: Source

Australia – Next petro superstate?

Posted on 18 July 2013 by VRS  |  Email |Print

Australia’s massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely. The U.S. government’s Energy Information Administration noted in its country’s analysis for Australia, “Australia, rich in hydrocarbons and uranium, was the world’s second largest coal exporter in 2011 and the third largest liquefied natural gas (LNG) exporter in 2012.
Australia is rich in commodities, including fossil fuel and uranium reserves, and is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net hydrocarbon exporter, exporting over 70 percent of its total energy production according to government sources. Australia was the world’s second largest coal exporter based on weight in 2011 and the third largest exporter of liquefied natural gas (LNG) in 2012.”……………………………………….Full Article: Source

OPEC may cut oil production in December

Posted on 16 July 2013 by VRS  |  Email |Print

OPEC could be forced to reduce its oil production by half a million barrels a day when it meets in December, the first cut in five years, as the latest forecasts show the U.S. shale boom will dent demand for its crude next year, Gulf delegates within the group said.
Oil markets are brimming with new barrels coming out of U.S. shale reservoirs, and separate forecasts from the Organization of the Petroleum Exporting Countries and the International Energy Agency last week showed demand for OPEC oil next year will fall well below its current production of around 30 million barrels a day………………………………………..Full Article: Source

It’s time our policies reflect the fact that energy and water are fundamentally intertwined

Posted on 12 July 2013 by VRS  |  Email |Print

When I tell people that the best way to conserve energy is to conserve water, I am often faced with a confused response. I’m not surprised really. Energy and water policies are rarely discussed in the same forum.
For a long time, we’ve overlooked the inextricable relationship between water and energy use. Coal, nuclear and natural gas plants use enormous amounts of steam to create electricity. Producing all of that steam requires 190,000 million gallons of water per day, or 39% of all freshwater withdrawals in the nation………………………………………..Full Article: Source

EIA: OPEC June oil output falls to 30.24 mln barrels a day

Posted on 10 July 2013 by VRS  |  Email |Print

The Organization of the Petroleum Exporting Countries cut its oil output in June to the lowest level since March, according to U.S. government data released Tuesday. The Energy Information Administration said in its monthly Short-Term Energy Outlook that the group lowered production to 30.24 million barrels a day from a revised 30.58 million barrels a day in May.
OPEC spare capacity stood at 2.2 million barrels, steady compared to the revised May figure, as production in Angola, Libya and Nigeria fell in June………………………………………..Full Article: Source

China announces second REE quota for 2013

Posted on 03 July 2013 by VRS  |  Email |Print

China’s Ministry of Commerce announced its second rare earth export quota of 15,550 tonnes for this year. The quota includes 13,821 tonnes for light rare earth metals and 1,670 tonnes for heavy rare earth metals.
Monday’s announcement brings this year’s full year REE quota to 31,001 tonnes. The REE quota for the first half of this year was set at 15,501 tonnes. China, which produces 95% of global rare earths, exported 16,265 tonnes of rare earths in 2012 although the allocated quota for last year was 30,966 tonnes……………………………….Full Article: Source

EIA pegs OPEC’s June output at 30.1 mln b/d, down 300,000 b/d

Posted on 02 July 2013 by VRS  |  Email |Print

Crude output from the OPEC oil cartel fell to 30.1 million b/d in June from 30.4 million b/d in May, a drop of 300,000 b/d, the US Energy Information Administration estimates. Average output of about 30.3 million b/d over the two months was some 800,000 b/d below the May-June 2012 average of 31.1 million b/d, the agency said.
Volumes from OPEC kingpin Saudi Arabia were steady in June at 9.4 million b/d. Iranian output was also unchanged at 2.8 million b/d. Iraq, now OPEC’s second biggest producer after Saudi Arabia, boosted output to 3.2 million b/d in June from 3.1 million b/d in May………………………………..Full Article: Source

China’s commodities output more potent, Standard Chartered says

Posted on 26 June 2013 by VRS  |  Email |Print

China is becoming increasingly powerful as a supplier of raw materials including iron ore, aluminum, nickel and coal as it boosts output from local mines and smelters, according to Standard Chartered Plc.
Gold and copper are among the raw materials that are least vulnerable to China’s growing capacity, the bank said in a report dated June 21. Other commodities cited as insulated from the trend were platinum and diamonds, while tin was reported to be somewhat resilient………………………………………..Full Article: Source

Australia resources shares offer value, but is long slide over?

Posted on 20 June 2013 by VRS  |  Email |Print

Big price declines and a sharply weaker Australian dollar have made shares in Australian resources companies more attractive on paper. But China’s cooling economy and a rising U.S. dollar are giving some investors the shivers.
Once market darlings, shares in Australian mining and mining-services companies have tumbled this year, pushing the S&P/ASX 200 Materials index to a four-year low last week. The declines have attracted some bargain hunters BlackRock Inc., the world’s largest asset manager, said this month that it had been buying Australian mining shares………………………………………..Full Article: Source

Forget oil – There is a far more precious commodity at stake

Posted on 13 June 2013 by VRS  |  Email |Print

Forget oil for once; the new cause of rising tension in the Greater Middle East (and Africa) today is between two countries that do not even share a common border. They have no real bad history between each other, no direct links or political divergences or land or sea disputes with one another, yet the sudden appearance of tension between them could erupt in a violent conflict.
This new tension stems from a dispute over the most precious commodity in the world today, something far more precious than oil: water………………………………………..Full Article: Source

Commodity slide seen boon for resource-hungry firms’ shares

Posted on 07 June 2013 by VRS  |  Email |Print

European share prices have yet to reflect fully the impact of cheaper commodities, with analysts forecasting some stocks could rise as much as 50 percent in coming months. Oil, metals and electricity - representing between 20 and 45 percent of input costs of many companies in the industrials, chemicals and construction sectors - have fallen sharply this year and, when the moves are priced in, could lift these stocks in the second half of the year, some say.
“Equity analysts are waiting to see if the bear trend (falling prices) will stick before reviewing their profit forecasts, but it’s clearly not a temporary dip,” Diamant Bleu Gestion fund manager Christian Jimenez said……………………………………Full Article: Source

India should monetize 20,000 metric tonnes of gold

Posted on 07 June 2013 by VRS  |  Email |Print

India should monetize their huge gold stockpiles of over 20,000 metric tonnes according to the World Gold Council (WGC) as reported by Bloomberg this morning. “In the long term gold could be monetized as a financial asset,” Aram Shishmanian, the CEO of the WGC said in India overnight.
The World Gold Council has approached the Reserve Bank of India (RBI) to work with it so that bullion could be used as a financial asset, rather than just a physical asset. Exactly how the considerable store of wealth that is the gold of Indian people could be monetized was not said……………………………………Full Article: Source

Crude output exceeds imports for first time in 16 years

Posted on 06 June 2013 by VRS  |  Email |Print

U.S. domestic crude-oil production exceeded imports last week for the first time in 16 years, a government report showed today.
Output was 32,000 barrels a day higher than imports in the seven days ended May 31, according to weekly data from the Energy Information Administration, the Energy Department’s statistical arm. Production had been lower than international purchases since January 1997………………………………………..Full Article: Source

UN food, agriculture chief urges ‘nothing less than the eradication of hunger and malnutrition’

Posted on 05 June 2013 by VRS  |  Email |Print

The head of the United Nations Food and Agriculture Organization (FAO) today called for greater efforts to combat malnutrition and hunger worldwide as the agency launched its flagship annual report, which this year focuses on improved food systems for better nutrition.
In a message marking the launch of The State of Food and Agriculture (SOFA), Director-General José Graziano da Silva said that although the world has registered some progress on hunger, one form of malnutrition, there was still “a long way” to go. “FAO’s message is that we must strive for nothing less than the eradication of hunger and malnutrition,” he declared………………………………………..Full Article: Source

Opec’s caution reflects fears of oil oversupply

Posted on 03 June 2013 by VRS  |  Email |Print

The headlines did not quite reflect the wider drama as the Organisation of the Petroleum Exporting Countries (Opec), the cartel of 12 oil-producing nations, met behind closed doors on Friday.
Gathering for their biannual meeting to set their production target, they left it, as expected, at 30m barrels per day (bpd), their third rollover in a row. As ever, Opec has to consider the benefit its members could reap from reduced supply, which would push up prices, to the damage higher prices could inflict on the global economy – potentially risking a hit to demand. For now, it has stuck with the status quo………………………………………..Full Article: Source

Is Iraq capable of becoming the largest oil producer in the world

Posted on 03 June 2013 by VRS  |  Email |Print

There is often quite a debate in the Peak Oil community over the difference between a reserve and a resource. Simplistically a resource is the amount of, for the sake of discussion, oil that is in the ground in a certain country, while the reserve is the amount of oil that can be both technically and economically recovered from that resource.
The numbers can differ quite markedly, and the judgment as to whether a certain body is a reserve is finally made when a well is drilled down, and production (or not) begins………………………………………..Full Article: Source

China starts stockpiling metals again

Posted on 03 June 2013 by VRS  |  Email |Print

A new report indicates that the Chinese State Reserves Bureau has bought about 30,000 tonnes of nickel and may be considering adding to the country’s copper stockpiles as well. The nickel bought by the government’s powerful stockpiling agency represents more than 15% of the inventories held in London Metal Exchange warehouses worldwide and is likely to move markets.
The last time the SRB intervened in base metals markets was during the 2008 financial crisis when it made the most of lower prices picking up vast stocks of import commodities and effectively setting a floor for metal prices………………………………………..Full Article: Source

World crude steel output rises by 1.2pct to 132 mln tons in April 2013 Y/Y: WorldSteel

Posted on 22 May 2013 by VRS  |  Email |Print

World crude steel production of the 63 countries reporting to the World Steel Association (worldsteel) rose to 132 mn tons in April 2013, an increase of 1.2% compared to April 2012.
China’s crude steel production for April 2013 was 65.7 mn tons, up by 6.8% compared to April 2012. Elsewhere in Asia, Japan produced 9.2 mn tons of crude steel in April 2013, up by 1.0% over April 2012. South Korea’s crude steel production was 5.5 mn tons in April 2013, down by -6.3% compared to the same month last year……………………………..Full Article: Source

Rare earths, oil, gas, other commodities up for grabs

Posted on 17 May 2013 by VRS  |  Email |Print

It won’t be long before the essential raw minerals and commodities of the planet’s Far North such as rare earths, oil and gas get gobbled up by the industrialists. On Wednesday, the Arctic Council granted China, India, Italy, Japan, Republic of Korea and Singapore new Observer States status. Essentially, the six nations gained rightful entry to listen in on meetings of the council, as well as propose and finance policies.
Observers, however, do not have powers related to decision making within the council. “Many of the applicants wrote that they wanted to become observers because they are interested in arctic science,” Swedish Arctic Council Chairman Gustaf Lind said………………………………………..Full Article: Source

Australia’s resources investment to peak at $85bln

Posted on 17 May 2013 by VRS  |  Email |Print

Investment in Australia’s resources sector is expected to peak at a record $85 billion this year, led by unprecedented spending in the oil and gas sector.
Consulting Group Wood Mackenzie predicts spending on upstream gas will reach $48 billion this year and $50 billion in 2014, accounting for around half of all resources investment in Australia over two years………………………………………..Full Article: Source

The world is not running out of oil – but Europe is

Posted on 15 May 2013 by VRS  |  Email |Print

If Europe thought it had a crisis on its hands in the Eurozone, it’s nothing to the crisis a lack of oil would inflict. Thanks to the EU’s disastrous energy policies, while the world is proving to be awash with black gold in one form or another, Europe is fast losing the security of its oil supply.
And, just for good measure, a UK House of Lords report just published concludes that the EU will need a trillion euros of new investment if it is to stave off an energy crisis; investment its “muddled” policies are currently failing to attract………………………………………Full Article: Source

Used gold supply heads for ’08 low as sellers balk: Commodities

Posted on 14 May 2013 by VRS  |  Email |Print

Consumers will sell the least used gold in five years after prices tumbled into a bear market, curbing a source of metal that typically accounts for about one in every three ounces of global supply.
Refiners will handle about 1,550 metric tons of old jewelry and other discarded metal this year, 4 percent less than in 2012 and the least since 2008, Toronto-based TD Securities Inc. estimates. The amount is valued now at $71.4 billion, from $84.5 billion at this year’s peak………………………………………..Full Article: Source

As imports wane, U.S. has room to cut strategic oil reserve

Posted on 09 May 2013 by VRS  |  Email |Print

Is the U.S. holding too much crude oil in its rainy-day reserve? After the Arab oil embargo of 1973, the major industrialized nations agreed to build emergency stockpiles to guard against supply shocks and prolonged price spikes.
The U.S. and other major oil consumers pledged through the International Energy Agency to hold oil reserves in government or commercial hands equal to at least 90 days “cover” of net oil imports………………………………………..Full Article: Source

Don’t count your chickens or your oil wells before they hatch

Posted on 08 May 2013 by VRS  |  Email |Print

If one is to believe the hype and the optimism going around Lebanon these days, one would think that every Lebanese citizen, or at least those residing in Lebanon, is going to strike the jackpot and join the ranks of the Gulf Arab millionaires once drilling in the newly discovered offshore oil and natural gas fields begins.
Among the anecdotes making the rounds of Lebanese coffee houses is one that all Lebanese living abroad will now return to the old country. That would be nice but it would create a terrible shock to the real estate market, already over-priced as it stands………………………………………..Full Article: Source

Citi cuts thermal coal price estimates as supply zooms

Posted on 03 May 2013 by VRS  |  Email |Print

Coal prices are likely to fall this year, owing to low demand and increased supplies. Citi Research has lowered the price estimates of global thermal coal for this year and the next, citing increased supply and subdued demand in India and China, the key coal-importing nations.
Citi’s commodity research team cut its coal price forecasts for 2013 and 2014 by six per cent and 15 per cent to $89 a tonne and $94 a tonne, respectively. Earlier, the price was estimated at $95 a tonne for 2013 and $111 a tonne for 2014. Citi said the subdued demand in the European and Chinese markets, along with oversupply of 31-41 million tonnes (mt) in 2013-14, would reduce prices further………………………………………..Full Article: Source

Global cotton production to fall 5pct in 2012-13, another 6pct in 2013-14

Posted on 03 May 2013 by VRS  |  Email |Print

Global cotton production is estimated to fall 5% to 26.3 mn tons while acreage is expected to to fall fall 5% to 34.1 mn ha in 2012-13 season on a year-on-year basis, according to International Cotton Advisory Committee (ICAC). World production is forecast to fall another 6% to 24.6 mn tons in 2013-14.
From 2012/13 to 2013/14, cotton production in China and the United States is each forecast to fall by 700,000 tons to 6.7 million tons and 3 million tons respectively, and production in India is forecast to decline by 170,000 tons to 5.7 million tons as farmers continue to switch out cotton for more profitable alternatives………………………………………..Full Article: Source

World crude steel production up 1pct to 135 mn tons in March Y-o-Y

Posted on 23 April 2013 by VRS  |  Email |Print

World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 135 million tonnes (Mt) in March 2013, an increase of 1.0% compared to March 2012.
In the first three months of 2013, Asia produced 259.8 Mt of crude steel, an increase of 6.4% over the first quarter of 2012. The EU produced 41.5 Mt of crude steel in the first quarter of 2013, down by -5.4% compared to the same quarter of 2012. North America’s crude steel production in the first three months of 2013 was 29.7 Mt, a decrease of -5.7% compared to the first quarter of 2012………………………………………..Full Article: Source

Saudi Arabia bullish on oil demand as IEA revises outlook

Posted on 12 April 2013 by VRS  |  Email |Print

Saudi Arabia’s petroleum ministry foresees a bigger improvement in oil demand this year than the world’s three best-known forecasting agencies, including OPEC.
Saudi Arabia, OPEC’s largest producer, expects world demand to rise about 1 million barrels a day this year, and exceed 90 million barrels a day “for the first time in history,” Ibrahim al-Muhanna, an adviser to Saudi Oil Minister Ali al-Naimi, said yesterday in Kuwait……………………………………..Full Article: Source

OPEC March crude production falls

Posted on 10 April 2013 by VRS  |  Email |Print

Crude-oil output from members of the Organization of the Petroleum Exporting Countries fell in March to its lowest monthly level since October 2011, according to data released Tuesday by the U.S. Energy Information Administration.
OPEC members pumped 29.83 million barrels a day last month, down from a revised 29.88 million barrels a day in February, the EIA said in its monthly Short-Term Energy Outlook. Last month, the EIA estimated OPEC’s February crude oil production at 30.01 million barrels a day………………………………………..Full Article: Source

Africa yet to capitalize on commodities’ potential

Posted on 09 April 2013 by VRS  |  Email |Print

With 54% of the world’s platinum production, 78% of diamond and 20% of gold output, why should Africa look elsewhere for growth? Reams upon reams of studies tend to focus on the continent’s “resource course”, and the folly of depending on a few commodities, with analysts fretting on the resource sector’s inability to raise the standards of living of the wider population.
But the opposite is happening in Africa, and one report seems to suggest Sub-Saharan African should embrace its natural riches and use it as a weapon to fight poverty, unemployment and general economic lethargy………………………………………..Full Article: Source

2012 U.S. copper production at highest level in 3 years—U.S.G.S

Posted on 08 April 2013 by VRS  |  Email |Print

U.S. production of refined copper in 2012 decreased by about 3% from that in 2011, the U.S. Geological Survey observed in a Mineral Industry Survey made public Thursday.
Nevertheless, mine production for the full-year 2012 was at its highest level since 2009, according to the USGS. Copper mining production increases in Arizona, Nevada and New Mexico were partially upset by lower production in Utah, “where production at Kennecott Utah Copper’s Bingham Canyon Mine decreased by 32,000 metric tons.”……………………………………….Full Article: Source

Raw-material bull market fading as supply expands: Commodities

Posted on 02 April 2013 by VRS  |  Email |Print

At a time when U.S. equities are trading near a record and the dollar is having its best start in three years, commodities will finish this quarter little changed from where they were at the end of 2012. The Standard & Poor’s GSCI gauge of 24 raw materials will be at 644 at the end of June, 1.4 percent lower than now, according to the median of nine investor and analyst predictions compiled by Bloomberg.
The index rose 1 percent this year, the worst start since 2009. Gains in arabica coffee, silver and nickel will be offset by declines in cotton, crude and natural gas, analyst forecasts show. Investors had $132 billion tracking commodity indexes at the end of February, Barclays Plc estimates………………………………………..Full Article: Source

OPEC March output likely lowest since October 2011, survey says

Posted on 02 April 2013 by VRS  |  Email |Print

Oil theft in Nigeria helped drive down production from the Organization of the Petroleum Exporting Countries in March to its lowest level in a year and a half, according to a survey conducted by Dow Jones Newswires.
Crude-oil output from the group of major oil producers averaged 30.226 million barrels a day in March, down from 30.436 million barrels a day in February, according to the survey of industry and official sources. The March level is the lowest since October 2011, when it stood at 30.195 million barrels a day………………………………………..Full Article: Source

banner
banner
April 2014
S M T W T F S
« Mar    
 12345
6789101112
13141516171819
20212223242526
27282930