Opalesque Commodities Briefing

Commodities targeted by the bears

VRS — Mon, 08 Feb 2010 04:10:01 +0000

From Ibtimes.com.au: Commodities are taking the brunt of the selling. Oil, gold and copper were all weak late last week as investors took their profits and headed for the safety of US dollar investments, which in turn added to the downward pressure on prices. (more…)

California Teachers’ pension fund mulls commodity investment

VRS — Mon, 08 Feb 2010 04:09:44 +0000

From Bloomberg: The California State Teachers’ Retirement System, the second-biggest U.S. public pension, is considering investments in commodities to boost returns and provide a hedge against inflation and slumping equities. The governing board of the fund, with $134 billion under management, is scheduled to hear today a staff report in Sacramento that recommends its first-ever commodity investment. The board will decide whether to seek additional research on strategies and portfolio weightings………………………………….Full Article: Source

Commodity ETFs: What you should know

VRS — Mon, 08 Feb 2010 04:09:23 +0000

From Etftrends.com: Commodity exchange traded funds (ETFs) have been enjoying a good run in the past year. But some ETFs haven’t been performing as well as their underlying commodities. For most precious metals ETFs, the ETF will likely hold the physical commodity, but in many cases, a commodity ETF just holds future contracts or notes redeemable by a bank, remarks Kurt Brouwer for MarketWatch. By investing in futures contracts and other so-called derivatives, commodity ETFs may diverge from the actual commodity they are tracking………………………………….Full Article: Source

Commodities expected to rise on China strength

VRS — Mon, 08 Feb 2010 04:09:08 +0000

From Gulfnews.com: As China breezes into its new year on February 14, the Asian markets are not quite keeping pace with the festive spirit. Xiao Kun works in a polymer trading company and teaches Chinese in her spare time. As she explains to her students, the ‘hong bao’, or a red purse filled with money, is the customary gift elders and company bosses hand over during the Chinese New Year. Xiao’s red purse, stuffed with her bonus cash, was an especially generous one this year………………………………….Full Article: Source

China and U.S. heading for a cold war? What impact on gold?

VRS — Mon, 08 Feb 2010 04:08:45 +0000

From Mineweb.com: Some observers feel that China may be looking to retaliate over recent U.S. political statements and moves and a recent Chinese poll suggests it and the U.S. may be moving towards a ‘cold war’. Such political uncertainties could have a positive impact on the gold price. China has always been unhappy with U.S. criticisms over its human rights record, but a number of recent diplomatic disagreements have escalated the feelings within China that it should be taking more action against the U.S. if only to show its displeasure………………………………….Full Article: [...]

Gold finds support at $1,000 an ounce

VRS — Mon, 08 Feb 2010 04:08:27 +0000

From WSJ: The selloff in gold in recent days has brought the price of the metal closer to what some investors consider to be a more rational level. Though prices could fall more, there appears to be plenty of support for gold around $1,000 an ounce. The recent decline has cleared some of the short-term speculators out of the market, and could spur demand from buyers in India and China………………………………….Full Article: Source

Brian Nick: Time to short gold

VRS — Mon, 08 Feb 2010 04:08:06 +0000

From Hardassetsinvestor.com: It’s a hard time to be a gold bug. At $1,049/oz, the yellow metal is currently trading way off its lofty highs of December 2009. And it could have even further to fall, says Brian Nick. Nick is an investment strategist with Barclays Wealth, a leading global wealth management firm with more than $220 billion in assets under management worldwide. In its latest investment call, the firm took a decidedly bearish view on gold, advising investors to short the metal, which had become “significantly overvalued relative to fundamentals.”…………………………………Full Article: [...]

The bear bullish on metals

VRS — Mon, 08 Feb 2010 04:07:50 +0000

From Smh.com.au: A week ago the resident rational bear, Gerard Minack, was warning of a 25 per cent market plunge this year, but now he’s telling clients to buy industrial commodities, citing a Morgan Stanley colleague’s prediction that base metals prices will jump by 30 per cent and more in 2010. With BHP and Rio reporting profits this week, that sounds like good news for the Australian market – but it also sounds like a contradiction………………………………….Full Article: Source

Global miners look to China, US to stoke upturn

VRS — Mon, 08 Feb 2010 04:07:32 +0000

From Businessspectator.com.au: Global miners are set to report a sharp slide in half-year profits on lower iron ore contract prices, but earnings should rebound as long as Chinese demand holds up and the US recovers, bolstering metals prices. The numbers apart, investors will more likely focus on how the big miners view a recovery in metals demand, a resumption in dividend payments and details on growth projects………………………………….Full Article: Source

Iraq plans to become OPEC’s top oil producer

VRS — Mon, 08 Feb 2010 04:07:12 +0000

From Worldtribune.com: Iraq has assessed that it would become the leading crude oil producer by 2016. Iraqi Oil Minister Hussein Al Shahristani said his country would steadily increase oil production over the next seven years. Al Shahristani said this would make Iraq the world’s top oil producer over the next six to seven years………………………………….Full Article: Source

Foreign exchange: CFTC stokes a retail rumpus

VRS — Mon, 08 Feb 2010 04:06:56 +0000

From Euromoney.com: News that the US Commodity Futures Trading Commission wants feedback on proposed restrictions on retail FX prompted fury from both service providers and their clients. The CFTC has invited comment on issues including registration, disclosure, recordkeeping, financial reporting, minimum capital and other operational standards. Specifically, the proposed regulations would require the registration of counterparties offering retail foreign currency contracts as futures commission merchants (FCMs) or retail foreign exchange dealers (RFEDs), a new category of registrant created by the Farm Bill in 2008………………………………….Full Article: Source

Euro woes will continueas risk appetite dries up currencies

VRS — Mon, 08 Feb 2010 04:06:23 +0000

From Gulfnews.com: Yen moves higher with investors moving out of carry trade. The risk appetite in the last week dried up as the market woes over the euro zone’s fiscal situation started to grow. Investors moved back into safe haven assets boosting the dollar and yen as the cost of insuring Greece, Spain and Portugal’s debt rose. Market sentiment had the euro and pound both break technical levels which pushed them down further giving a net result of a rising dollar. The fears over the debt in Europe overshadowed the [...]

EURO march to reserve currency status

VRS — Mon, 08 Feb 2010 04:06:12 +0000

From Marketoracle.co.uk: The EURO has had its stuffing taken out of it over the last 2 months and it needs a lot of analysis and courage to back the EURO at this point of time. We do believe fundamentally that EURO is the future base currency and EU bonds are to be toast of the world central banks. Trichet has vehemently denied that EURO has no role as a reserve currency unless otherwise needed. It only means he will let the world sink the dollar and come begging for an alternative [...]

Investors pour money into Platinum ETFs

VRS — Mon, 08 Feb 2010 04:05:56 +0000

From Commodityonline.com: Physical platinum holdings in the four standard monitored platinum-backed exchange-traded funds were seen rising 16,474 ounces or 512 kilos (+2.57 pct) in the week from January 28th up to and including February 4th, in-house calculations based on official data showed on Friday. One of the four monitored ETF’s announced an inflow. One reported an outflow and two indicated “no change”………………………………….Full Article: Source

India: Treat commodity derivatives trading in line with equity: FMC

VRS — Mon, 08 Feb 2010 04:05:42 +0000

From Business-standard.com: The commodity market regulator, the Forward Markets Commission (FMC), has urged the Ministry of Consumer Affairs to treat commodity derivatives transactions on a par with equity derivatives. A senior FMC official confirmed the development. In a letter to the ministry, FMC has laid special emphasis on derivatives transactions on commodity exchanges, which are considered as speculative activities………………………………….Full Article: Source

Global warming to hit rice production: Report

VRS — Mon, 08 Feb 2010 04:05:19 +0000

From Nationmultimedia.com: Rice production is projected to decrease 10 per cent if the world’s temperature increases by 1 degree Celsius, said Ed Sarobol, lecturer at Kasetsart Univesity’s Faculty of Agriculture, referring to a study by the International Rice Research Institute (IRRI). At the university’s 48th annual conference, he cited another study - by Chiang Mai University’s researchers - which has not been published yet, which found that the ear of paddy fields and blossoms will drop if the temperature rises………………………………….Full Article: Source

Invest like China and buy raw materials

VRS — Mon, 08 Feb 2010 04:05:02 +0000

From Forbes: With the looming shortage of raw materials, you can stay ahead by buying shares of China’s suppliers of copper, silver and iron ore. The eventual coming of a global shortage in oil, copper, iron ore, silver and other precious and industrial metals is both a danger and a long term investment opportunity. Just listen to that timeless market scribe Stephen Leeb, editor of Complete Investor, a newsletter that is rationally obsessed, like its author, in the hugely ambitious and determined effort of China to become the world’s number [...]

Commodities are still attractive

VRS — Mon, 08 Feb 2010 04:04:31 +0000

From Nzcity.co.nz: Commodity prices have been softening lately amid fears about China’s economy overheating. Naturally, this has dragged down the price of most resources companies. BHP, for example, is down 4% in the past month. I believe these fears appear to be overblown and the outlook for commodities is positive for many years to come………………………………….Full Article: Source

Beware too much money flow into commodity derivatives

VRS — Fri, 05 Feb 2010 04:21:30 +0000

From Thehindubusinessline.com: Over the last 5-6 years, commodity futures exchanges, bankers, chambers of commerce and sundry others including economists and analysts have been clamouring for allowing banks, mutual funds and foreign institutional investors to trade in the domestic commodity derivatives market. (more…)

An overview of commodities and their effect on the global markets

VRS — Fri, 05 Feb 2010 04:21:15 +0000

From Dailyforex.com: The commodities markets have proven to impact the world throughout the generations. Some suggest that rice futures were traded in China as far back as 6,000 years. Critical shortages of basic commodities have sparked world wars and oversupply of certain resources has had a devastating effect on countries economies as well. (more…)

Oil, commodities approach bubble?

VRS — Fri, 05 Feb 2010 04:20:55 +0000

From Theglobeandmail.com: Ultra low interest rates are bringing a wave of speculation to commodities, inflating a bubble that will inevitably burst some markets, the head of a London-based fund management company said Thursday. Jonathan Compton, managing director of long-only equity investment group Bedlam Asset Management, which has around $620-million (U.S.) assets under management, said oil, copper and some other commodities were vulnerable to sharp corrections………………………………..Full Article: Source

Commodities tumble on global demand concerns

VRS — Fri, 05 Feb 2010 04:20:41 +0000

From Nytimes.com: Most commodities prices tumbled Thursday on concerns that a global economic recovery isn’t as strong as hoped and as debt problems mount in Europe. Price for oil, metal and other basic materials fell sharply as investors reduced their appetite for risk. Stocks and other riskier assets like commodities tumbled as funds moved to safe havens like Treasurys and the dollar………………………………..Full Article: Source

Commodities drop most since August on demand concern

VRS — Fri, 05 Feb 2010 04:20:08 +0000

From Bloomberg: Commodity prices tumbled the most since August, led by metals and energy, on concern that rising job losses in the U.S. and mounting debt in Europe will slow economic growth and curb demand for raw materials. Copper dropped to the lowest price since October, and oil fell 5 percent, the most in six months. The U.S. said initial filings of first-time claims for unemployment insurance rose to the highest level in seven weeks. Stocks tumbled around the world on concern Greece, Spain and Portugal will have difficulty curbing budget [...]

Investing in commodities

VRS — Fri, 05 Feb 2010 04:19:50 +0000

From Dailyforex.com: If you are looking to invest in one of the global financial markets, commodities should be on the top of the list. This is true for many reasons, but the primary one being that the world will always need commodities. Combine that with the fact that as time goes by, we have fewer commodities to speak for and you got yourself a winning combination. In recent years, the world’s resources are not as easy to come by as they were in the past. Even given the world’s advancing technologies, [...]

Three reasons commodities are a smart investment

VRS — Fri, 05 Feb 2010 04:19:35 +0000

From Dailyforex.com: If one was looking to begin trading their money, they would have a whole group of markets from which to choose. There is the stock market, which is a popular choice, but might not be suitable for complete newbies. The Forex market, which is by far the largest market in the world, trades over 3 trillion dollars daily, but is accompanied by tremendous risks. Then there is the commodity market, which is risky, but not as risky as Forex, and offers some serious advantages over other markets. The [...]

Commodities on the cards

VRS — Fri, 05 Feb 2010 04:19:09 +0000

From Ifaonline.co.uk: In mid-January, the US Commodity Futures Trading Commission (CFTC) unveiled a rule-making proposal to restrict positions in energy derivatives. The regulatory body is allowing market players around three months to comment on the proposal to limit contracts on gas and oil. ETF providers are among the large number of interested parties who could be impacted by developments in this area. As Helen Fowler discusses in the cover feature, one possible result of the proposal – if it becomes law – is providers of certain ETFs will likely be pushed [...]

Precious metals, the favourite of US investors

VRS — Fri, 05 Feb 2010 04:18:49 +0000

From Commodityonline.com: Investors’ confidence in U.S. markets and the economy has increased slightly, with 49% of investors polled expressing bullish sentiments about the markets, compared with 48% in January, 2010, according to the latest MoneyShow.com Investors’ Sentiment Indicator. The number of bearish investors has decreased to 32% from 34% since the last poll in January. Investors’ favorite asset class is precious metals (gold and silver): Some 19% of those polled say precious metals will perform best for the rest of this year. They also like large-cap US stocks (15%) and small/mid-cap [...]

Cocktail talk: A gold turnaround?

VRS — Fri, 05 Feb 2010 04:18:08 +0000

From Hardassetsinvestor.com: “What’s better: gold or gold mining stocks?” I’m asked this question often at cocktail parties, but people aren’t always pleased with the answer I give: “It depends.” For most of the past 12 months, gold stocks had the upper hand, at least as measured by the ratio of the two most popular exchange-traded funds tracking mining shares and bullion. In February 2009, the price of the SPDR Gold Shares Trust was nearly 3x higher than that of the Market Vectors Gold Miners ETF. But over the course [...]

Hedge fund manager Sprott sees gold at $1,500 in 2010

VRS — Fri, 05 Feb 2010 04:16:31 +0000

From Bloomberg: Eric Sprott, whose Sprott Hedge Fund increased more than fivefold in nine years, said gold may rise to $1,500 an ounce this year and $2,000 within two years as the U.S. government takes measures to counter the credit crunch. “With quantitative easing and the financial problems we have, I suspect that the gold price goes up from here,” Sprott said today in an interview in Toronto, where he announced financial support for Canadian athletes………………………………..Full Article: Source

Gold to hit $1,350 - $1,400 by late Spring - John Embry

VRS — Fri, 05 Feb 2010 04:14:44 +0000

From Mineweb.com: Gold should continue to consolidate over the next few weeks but, the next big move is likely to be up. This is the view of Sprott Asset Management’s chief investment strategist John Embry, who says he is looking for the price of the yellow metal to hit around $1,350 to $1,400 by late spring. Embry says the recent downward trend seen in the gold price is nothing more than a healthy correction………………………………..Full Article: Source

Gold has biggest drop in 16 months

VRS — Fri, 05 Feb 2010 04:14:08 +0000

From Marketwatch.com: Gold saw its biggest slide in 16 months Thursday, joining other metals in a broad sell-off of commodities and stocks, as investors fled to the safety of the U.S. dollar over mounting concerns about the debt of several European countries. Adding to the pressure on commodities during U.S. trading hours, the Labor Department reported an unexpected rise in weekly jobless claims, rekindling concerns about growth ahead of the key monthly employment report on Friday………………………………..Full Article: Source

Global miners set to report sharp slide in half year profits

VRS — Fri, 05 Feb 2010 04:13:52 +0000

From Mineweb.com: Global miners are set to report a sharp slide in half-year profits on lower iron ore contract prices, but earnings should rebound as long as Chinese demand holds up and the U.S. recovers, bolstering metals prices. The numbers apart, investors will more likely focus on how the big miners view a recovery in metals demand, a resumption in dividend payments and details on growth projects………………………………..Full Article: Source

Wind energy to account for 65pct of emissions reduction by 2020

VRS — Fri, 05 Feb 2010 04:13:33 +0000

From Engineeringnews.co.za: Against the backdrop of the recent climate negotiations in Copenhagen, the Global Wind Energy Council (GWEC) released calculations showing that wind energy alone could achieve up to 65% of the emissions reduction pledged by industrialised countries. “Wind power is rapidly emerging as a key technology towards a low-carbon, resource-efficient green economy,” says Achim Steiner, United Nations undersecretary-general and United Nations Environment Programme (Unep) executive director, at a joint Unep/GWEC press conference, in Copenhagen………………………………..Full Article: Source

Cyber fraudsters attack EU’s carbon trading system

VRS — Fri, 05 Feb 2010 04:13:12 +0000

From AFP: Online fraudsters have carried out a “widepread” cyber attack on the European Union’s Emissions Trading Scheme (ETS), the EU commission said Thursday, promising a security review. The scam involved fake emails asking users of the carbon trading registries to log on to a malicious website and disclose their user identification code and password, the commission said………………………………..Full Article: Source

Commodity ETFs sliding in 2010

VRS — Fri, 05 Feb 2010 04:12:58 +0000

From Marketwatch.com: It has been a slow start for many investments this year and most commodity ETFs — with one shining exception — are down too. Though we are only a bit over a month into the New Year, one commodity ETF, PowerShares DB Base Metals (DBB), has slumped 10.46%………………………………..Full Article: Source

Will metal detector buzz on new ETFs?

VRS — Fri, 05 Feb 2010 04:12:43 +0000

From WSJ: On the market for only about three weeks, the ETFS Physical Platinum Shares (PPLT) and ETFS Physical Palladium Shares (PALL) have already garnered more than $500 million. Expectations about the demand they represent helped lift platinum and palladium prices to 12-month highs last month. Prices have slipped a bit in the past two weeks but, if ETFs appear to be making the metals significantly more expensive for companies that use them to make goods such as catalytic converters, they could draw the eyes of regulators………………………………..Full Article: Source

Global X planning gold, silver miners ETFs

VRS — Fri, 05 Feb 2010 04:12:22 +0000

From Etfdb.com: Over the past six months, New York-based Global X has introduced a line of sector-specific China ETFs, many of which have already seen impressive cash inflows and daily trading volumes. Now the upstart ETF issuer is turning its attention to commodities, filing for approval on four funds tracking indexes composed of mining stocks. The ETFs include: Global X Copper Miners ETF: This ETF would be linked to the Solactive Global Copper Miners Index, a market capitalization-weighted index that is designed to measure broad based equity market performance of global [...]

Roubini sees dollar falling versus Asia, ‘commodity’ currencies

VRS — Fri, 05 Feb 2010 04:12:06 +0000

From Businessweek.com: Nouriel Roubini, the New York University professor who predicted the credit crisis, expects the dollar to weaken against Asian and “commodity” currencies such as the Brazilian real over the next two or three years. “I see anemic recovery of economic growth in the U.S.,” and “the U.S. current account is still very large,” Roubini, a founder of Roubini Global Economics, said at a conference in Moscow today. “In the next two or three years, the dollar has to weaken further on a trade-weighted basis.”……………………………….Full Article: Source

US promises to battle currency disadvantage

VRS — Fri, 05 Feb 2010 04:11:49 +0000

From Radioaustralia.net.au: US President Barack Obama says he will increase pressure on China and several other Asian nations to increase the value of their currencies. President Obama said Asia will be America’s biggest trade market in the future, and he wants to create a fairer trading climate for US exporters. The comments come at a sensitive time for US-China relations………………………………..Full Article: Source

U.S. officials hopeful China will make concessions on currency

VRS — Fri, 05 Feb 2010 04:11:32 +0000

From Washingtonpost.com: Treasury Secretary Timothy F. Geithner said Thursday that he believed China would allow its currency to appreciate vis-à-vis the dollar — a move President Obama contends is essential to the U.S. economy by making U.S. exports more competitive and lowering China’s massive trade surplus. “I think it’s actually quite likely [China] will move. I think they recognize it’s important to them, in their interest as well,” Geithner told the Senate Budget Committee. ……………………………….Full Article: Source

Four tips for successful commodity trading

VRS — Fri, 05 Feb 2010 04:11:11 +0000

From Dailyforex.com: One looking to invest capital in the world’s markets has a few options. There is always the traditional stocks and bonds, the Forex market, and a market that has been around since the beginning of time, the commodities market. None of the above markets are risk free, there is no such thing. They all come with a high risk of loss. In fact, if you are trading Forex and have not lost money, you are doing something wrong………………………………..Full Article: Source

Let your commodity trading profits run

VRS — Fri, 05 Feb 2010 04:10:55 +0000

From Dailyforex.com: The fundamental principles of trading are actually very similar across all markets. The name of the game in the Forex market as well as the commodities arena is not to never lose. If you think you are never going to lose, or if you are unable to emotionally cope with painful losses, trading is not for you. The object of the game is to lose as little as possible, ride your profits, and stop your losses. At the end of the day, if your profits are greater than [...]

Basic principles in commodity trading

VRS — Fri, 05 Feb 2010 04:10:37 +0000

From Dailyforex.com: For someone who has decided to begin trading commodities, all the different terminology can be a little overwhelming. There are many commodity terms that are adopted from other markets such as capital, leverage, and stop losses, but there is a whole list of terms that apply to this market specifically, so we decided to name and explain some of them to you. The following are some of the basic terms you will encounter in your commodity trading:……………………………….Full Article: Source

The fundamentals of commodity trading

VRS — Fri, 05 Feb 2010 04:10:13 +0000

From Dailyforex.com: Commodities, much like Forex, and other markets, tend to seem like a complicated and highly technical field to the inexperienced trader. It is true that the depths of commodity trading are endless, and there is always more to learn. However, what most people do not realize is that they know more about commodities then they think. Almost all resources one encounters in their day to day life falls under the category of commodities. Walk down an average aisle in your local supermarket, and you are likely to see a [...]

Opalesque Exclusive: Highlight on energy (3) - Rampart bets on UK power

VRS — Thu, 04 Feb 2010 04:51:56 +0000

Benedicte Gravrand, Opalesque London: Rampart has one of the few energy-focused funds that exist across the hedge fund industry. Energy, whether traditional or new, has provoked heated debates since the awareness of global warming and peak oil came to the fore. These funds try to take advantage of price discrepancies that these markets provide or of new opportunities arising in the nascent markets of renewables. “The intense media pressure following the discussions in Copenhagen will continue to highlight the environmental sector,” said earlier this year Ian Simm, CEO of Impax [...]

US commodities market under attack

VRS — Thu, 04 Feb 2010 04:45:34 +0000

From Telegraph: The US commodities market should be freed from “reckless speculation” and abusive trading practices, a leading US senator has urged, as she attempts to stop the price of everyday items like petrol and food from being impacted by financial traders. Senator Maria Cantwell, who is separately trying to revive the Glass-Steagall reforms of the 1930s which would prevent retail and investment banks from operating under the same roof, yesterday called for increased regulation of the commodities and derivatives market…………………………………..Full Article: Source

Commodity prices to continue rising throughout 2010, but at a slower rate - BarCap

VRS — Thu, 04 Feb 2010 04:45:19 +0000

From Mineweb.com: Continued growth in China and the further financialization of the commodity sector, along with growing supply constraints should mean a continued run for commodity prices. Fueled by China and the financialisation of the sector, commodities are likely to continue to rise this year and into 2011. (more…)

Would commodities weaken if the greenback rose?

VRS — Thu, 04 Feb 2010 04:44:53 +0000

From Theglobeandmail.com: What if the U.S. economic rebound turns out to be much more robust than the experts expected? Many economists and strategists have spent a lot of time and energy over the past year warning market watchers that the economic recovery may not live up to their high hopes. But what if the opposite were to happen? What if the U.S. economic rebound turns out to be much more robust than the experts expected?………………………………….Full Article: Source

Coalition demands closing of derivatives loophole

VRS — Thu, 04 Feb 2010 04:44:32 +0000

From Thedeal.com: The Commodity Markets Oversight Coalition, joined by several end users of derivatives such as corn, oil or gas futures, along with Americans for Financial Reform, came to Capitol Hill Tuesday to urge Congress to stand up to Wall Street. The groups, who were joined by Sen. Maria Cantwell, D-Wash., say lawmakers need to “get serious about controlling the casino that has become our commodities market.”………………………………….Full Article: Source

Chinese investors cut commodity open interest as festival nears

VRS — Thu, 04 Feb 2010 04:44:10 +0000

From Bloomberg: Commodity investors in China, the world’s biggest metals and grains consumer, are reducing their open interest in futures markets as the country’s biggest national holiday approaches, a Beijing-based brokerage said. Investors are cutting open interest in soybean oil and meal, copper and natural rubber futures, Wanda Futures Co. said in an e-mailed report, citing its analysis of exchange data. Outflows of funds exceeded inflows for a fifth day, it said…………………………………..Full Article: Source

China on the prowl for iron ore and other commodities in 2010

VRS — Thu, 04 Feb 2010 04:43:46 +0000

From Seekingalpha.com: With steel demand rising steadily, China has its eye on acquisitions for iron ore and copper in 2010 after a record $32B overseas takeover in 2009. China will hunt particularly for iron ore in the new year according to Jing Ulrich, the chairwoman of China equities and commodities at JPMorgan Chase & Co in Hong Kong…………………………………..Full Article: Source

Opec says oil supply increase ‘worrying’

VRS — Thu, 04 Feb 2010 04:43:06 +0000

From BBC: Oil producers’ cartel Opec has told the BBC that compliance with production targets fell to 55-56% last month compared with 80% a year ago. Secretary General Abdalla Salem El-Badri told the BBC’s Business Daily programme the move was “worrying”…………………………………..Full Article: Source

OPEC members ignore oil production targets

VRS — Thu, 04 Feb 2010 04:42:30 +0000

From Heatingoil.com: In a move that the secretary general of OPEC, Abdalla Salem El-Badri, called “worrying,” OPEC members’ compliance with production quotas fell to only 55–56 percent in January. Last year the compliance rate in OPEC was 80 percent. When OPEC countries produce more oil than OPEC quotas allow, “the risk is you see a lot of oil in the market and no one is buying it,” El-Badri told the BBC program Daily Business. “Then the price will come down.” ………………………………….Full Article: Source

Oil trades near $77 after falling on U.S. crude supplies gain

VRS — Thu, 04 Feb 2010 04:42:12 +0000

From Bloomberg: Crude oil traded near $77 a barrel in New York after dropping on a U.S. Energy Department report that showed a bigger-than-forecast increase in inventories as refineries idled units and imports climbed. Oil declined 0.3 percent yesterday after the report said refineries operated at 77.7 percent of capacity, the lowest rate since at least 1989, excluding two periods of hurricane strikes along the Gulf of Mexico…………………………………..Full Article: Source

Government admits Britain will fail to meet 2010 carbon emission target

VRS — Thu, 04 Feb 2010 04:41:57 +0000

From Timesonline.co.uk: Britain will fail to meet its 2010 target for cutting carbon dioxide emissions, the Government admitted yesterday. The target of a 20 per cent cut in 1990 levels of CO2 by the end of this year is likely to be missed by a wide margin.

By the end of 2008, CO2 emissions had fallen by only 10 per cent. The figure is 13 per cent if it includes carbon credits bought from emission reduction programmes overseas…………………………………..Full Article: Source

Hackers steal millions in carbon credits

VRS — Thu, 04 Feb 2010 04:41:41 +0000

From Wired.com: Credit card numbers are so passe. Today’s hackers know the real powerhouse data to steal is emission certificates. That’s exactly what hackers went after last week when they obtained unauthorized access to online accounts where companies maintain their carbon credits, according to the German newspaper Der Spiegel…………………………………..Full Article: Source

Gold futures drive commodities trading in Dubai

VRS — Thu, 04 Feb 2010 04:41:18 +0000

From Commodityonline.com: Setting the tone for 2010, the Dubai Gold & Commodities Exchange (DGCX) today announced that total volume rose 300% year-on-year to reach 153,747 contracts in January. Valued at US $9,187 million, trading in January was led by stronger participation in currency and gold futures, which recorded volumes of 104,614 and 42,289 contracts respectively. Euro/Dollar, GBP/Dollar, Indian Rupee/Dollar and Yen/Dollar futures recorded volumes of 51,103; 31,072; 7,181 and 15,258 in January…………………………………..Full Article: Source

Gold prices flat line

VRS — Thu, 04 Feb 2010 04:40:58 +0000

From Thestreet.com: Gold prices were sinking as the U.S. dollar rallied. Gold for April delivery was falling $6.70 to $1,111.30 an ounce at the Comex division of the New York Mercantile Exchange. Prices have traded as high as $1,126.40 and as low as $1,108.50. The U.S. dollar index was rising 0.46% to $79.35. Gold paired back some of its previous gains after the Automatic Data Processing’s National Employment Report said the private sector lost a better than expected 22,000 jobs in January………………………………….Full Article: Source

Gold to hit $1,350 - $1,400 by late Spring - John Embry

VRS — Thu, 04 Feb 2010 04:40:39 +0000

From Mineweb.com: Gold should continue to consolidate over the next few weeks but, the next big move is likely to be up. This is the view of Sprott Asset Management’s chief investment strategist John Embry, who says he is looking for the price of the yellow metal to hit around $1,350 to $1,400 by late spring…………………………………..Full Article: Source

Silver’s most important price point

VRS — Thu, 04 Feb 2010 04:40:05 +0000

From Resourceinvestor.com: From a seasonal standpoint a case can be made that Gold and Silver usually make a price high this time of the year. Of course with the global situation many feel that the metals will continue higher and the risk is missing the boat ride by jumping out too soon. There is certainly a lot of data that can be construed as inflationary. The question when using fundamentals is always timing. The fundamentals usually do play out at some point. The paradox is of course that if the [...]