Opalesque Commodities Briefing http://www.opalesque.com/Commodities_Briefing Fri, 27 May 2016 00:10:46 +0000 http://wordpress.org/?v=2.5.1 en Are commodities signaling a Lehman-sized meltdown? Japan’s Abe thinks so http://www.opalesque.com/Commodities_Briefing/?p=141808 http://www.opalesque.com/Commodities_Briefing/?p=141808#comments Fri, 27 May 2016 00:10:46 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141808 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141808>Article Link</a> Only hours after Brent oil prices shot past $50-a-barrel for the first time in months, Japanese Prime Minister Shinzo Abe warned that the past few difficult years for commodities in general could be a red flag for another global financial crisis. Abe made the comments while hosting a meeting of the Group of Seven leaders on Thursday in Ise-Shima, Japan, according to a report from Reuters. (more…)

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The Commodities Market Has A Sweet Tooth http://www.opalesque.com/Commodities_Briefing/?p=141807 http://www.opalesque.com/Commodities_Briefing/?p=141807#comments Fri, 27 May 2016 00:10:31 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141807 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141807>Article Link</a> Despite appearances that the entire commodities sector is continuing on a major downslide, one resource remains steadfast – sugar. Sugar has been one of the best-performing commodities so far this year – largely driven by a global supply shortage, after wallowing in a five-year surplus. (more…)

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Oil hits $50, global commodities dragged higher http://www.opalesque.com/Commodities_Briefing/?p=141806 http://www.opalesque.com/Commodities_Briefing/?p=141806#comments Fri, 27 May 2016 00:10:18 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141806 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141806>Article Link</a> Oil’s advance through $50 a barrel in line with a softer dollar is energising the commodity sector, but bourses are otherwise under pressure as the latest global rally struggles to maintain momentum. (more…)

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Oil price rises above $50 a barrel http://www.opalesque.com/Commodities_Briefing/?p=141805 http://www.opalesque.com/Commodities_Briefing/?p=141805#comments Fri, 27 May 2016 00:10:02 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141805 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141805>Article Link</a> Data suggests global glut is easing due to fall in US output and supply disruption in Canada, Libya and Nigeria. Oil prices have broken through the $50 per barrel mark for the first time in almost seven months after storage figures suggested that the glut in global crude supplies was easing. (more…)

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Oil Prices Poised to Hit Sweet Spot for Global Economy http://www.opalesque.com/Commodities_Briefing/?p=141804 http://www.opalesque.com/Commodities_Briefing/?p=141804#comments Fri, 27 May 2016 00:09:47 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141804 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141804>Article Link</a> Oil prices, which have been on a jagged rise to near $50 a barrel, are poised to hit a sweet spot for global growth, traders, economists and investors say. On Thursday oil prices rose above $50 a barrel for the first time since November as a combination of supply disruption and declines in U.S. oil inventories raised hopes the oversupplied market was inching toward a better balance. (more…)

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This is what makes OPEC even less relevant http://www.opalesque.com/Commodities_Briefing/?p=141803 http://www.opalesque.com/Commodities_Briefing/?p=141803#comments Fri, 27 May 2016 00:09:31 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141803 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141803>Article Link</a> A series of unexpected disruptions in the world oil market has driven crude to the $50 per barrel level more swiftly than expected — a factor that makes OPEC and its meeting next week less relevant. Both international Brent and West Texas Intermediate crude futures crossed above $50 Thursday, though analysts expect prices to temporarily head lower again in the next couple of months as some supply returns and demand drops off as it does every year after summer driving season peaks. (more…)

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OPEC Likely to Choose New Secretary-General Next Week http://www.opalesque.com/Commodities_Briefing/?p=141802 http://www.opalesque.com/Commodities_Briefing/?p=141802#comments Fri, 27 May 2016 00:09:15 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141802 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141802>Article Link</a> Abdalla Salem el-Badri has been set to retire since 2013 but has stayed on because the fractious oil cartel has been unable to agree a new leader. The Organization of the Petroleum Exporting Countries is likely to choose a new secretary-general at its meeting next week, the only concrete action the cartel is expected to take, said national delegates of the group. (more…)

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Saudi Arabia Aims to Protect Share of Global Oil Market http://www.opalesque.com/Commodities_Briefing/?p=141801 http://www.opalesque.com/Commodities_Briefing/?p=141801#comments Fri, 27 May 2016 00:08:59 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141801 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141801>Article Link</a> Saudi Arabia is not politicizing the oil problem and is acting solely on economic reasoning in discussion of oil prices and production output, Saudi Foreign Minister Adel al-Jubeir said Thursday. In an interview with Russia Today television, al-Jubeir dismissed assertions that Riyadh was using the oil issue to achieve political goals and insisted that Saudi Arabia approached the current situation on the global oil market solely from the economic standpoint. (more…)

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A 107pc return in six months: Gold funds storm 2016 performance tables http://www.opalesque.com/Commodities_Briefing/?p=141800 http://www.opalesque.com/Commodities_Briefing/?p=141800#comments Fri, 27 May 2016 00:08:43 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141800 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141800>Article Link</a> Specialist gold funds have clocked up incredible gains since the start of the year, with some doubling investors’ money. The rally, thanks to a 20pc rise in the gold price, puts them among the best performers of the 3,500 or so collective investments available to British investors. (more…)

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Top 10 Countries With The Largest Gold Reserves http://www.opalesque.com/Commodities_Briefing/?p=141799 http://www.opalesque.com/Commodities_Briefing/?p=141799#comments Fri, 27 May 2016 00:08:27 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141799 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141799>Article Link</a> Beginning in 2010, central banks around the world turned from being net sellers of gold to net buyers of gold. Last year they collectively added 483 tonnes—the second largest annual total since the end of the gold standard—with Russia and China accounting for most of the activity. The second half of 2015 saw the most robust purchasing on record, according to the World Gold Council (WGC). (more…)

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Should you start hoarding gold? Some say China’s gold ambitions mean you should keep some stashed at home http://www.opalesque.com/Commodities_Briefing/?p=141798 http://www.opalesque.com/Commodities_Briefing/?p=141798#comments Fri, 27 May 2016 00:08:13 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141798 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141798>Article Link</a> China’s decision to buy its second gold storage vault in London last week was another step towards total dominance of the market. The vault is in a secret location and was bought by Chinese state-owned bank ICBC Standard Bank from Barclays. It could store $90bn of gold at today’s prices, and follows the purchase of a lease on another vault in the capital earlier this year from Deutsche Bank. (more…)

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Gold likely to see speculative unwinding: S&P Global Platts survey http://www.opalesque.com/Commodities_Briefing/?p=141797 http://www.opalesque.com/Commodities_Briefing/?p=141797#comments Fri, 27 May 2016 00:07:54 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141797 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141797>Article Link</a> Market participants expect the US dollar gold price to head lower over the next week, with signals from the US Federal Reserve on a possible rate hike and speculative unwinding the likely key drivers, the S&P Global Platts Gold Sentiment Survey indicated this week. (more…)

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New global precious metals code created - LBMA http://www.opalesque.com/Commodities_Briefing/?p=141796 http://www.opalesque.com/Commodities_Briefing/?p=141796#comments Fri, 27 May 2016 00:07:37 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141796 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141796>Article Link</a> A new code for precious metals has been created that will apply to all precious metals markets participants and will provide guidance for best practice, the London Bullion Market Association (LBMA) said. The new code will replace the Bullion Market annex currently within the Non-Investment Products (NIPs) code, it said in a release on Thursday. (more…)

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Platinum and Palladium: Are They Following the Fall in Gold? http://www.opalesque.com/Commodities_Briefing/?p=141795 http://www.opalesque.com/Commodities_Briefing/?p=141795#comments Fri, 27 May 2016 00:07:22 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141795 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141795>Article Link</a> Platinum and palladium are exclusively used in emission-curbing autocatalysts. Those demands impact the price direction for these metals. Platinum has increased approximately 13% year-to-date. Palladium, however, has erased its losses from 2015 and now has a year-to-date loss of 2.7%. (more…)

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Precious Metal Miners Slide alongside Precious Metals http://www.opalesque.com/Commodities_Briefing/?p=141794 http://www.opalesque.com/Commodities_Briefing/?p=141794#comments Fri, 27 May 2016 00:07:06 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141794 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141794>Article Link</a> Precious metal miners have been following metals fairly closely. Miners are often known to amplify the returns of previous metals, as they take directional moves from these metals. Because 2016 brought positive sentiment for precious metals due to increased safe-haven bids, miners also recovered their 2015 losses. (more…)

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Zinc Jumps as Industrial Metals Rally After Oil Pushes Above $50 http://www.opalesque.com/Commodities_Briefing/?p=141793 http://www.opalesque.com/Commodities_Briefing/?p=141793#comments Fri, 27 May 2016 00:06:50 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141793 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141793>Article Link</a> Zinc rose the most in two weeks and industrial metals rallied after oil climbed above $50 a barrel for the first time this year, helping buoy investor sentiment on the global economy. (more…)

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Once Bullish, Miners Turn Bearish on Metals Prices http://www.opalesque.com/Commodities_Briefing/?p=141792 http://www.opalesque.com/Commodities_Briefing/?p=141792#comments Fri, 27 May 2016 00:06:35 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141792 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141792>Article Link</a> The rally in the price of metals is over and few see it coming back soon, including the miners themselves. Copper, iron ore and other metals and resources rallied through much of this year, but this month headed lower once more. Those declines will continue, given uncertainty over Chinese growth, the oversupply in many metals and resources, and a strengthening U.S. dollar, mining executives say. (more…)

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Currency conduct code wants raucous traders to clean up their language http://www.opalesque.com/Commodities_Briefing/?p=141791 http://www.opalesque.com/Commodities_Briefing/?p=141791#comments Fri, 27 May 2016 00:06:19 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141791 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141791>Article Link</a> Code from the Bank for International Settlements backs information sharing in scandal-hit FX market. Raucous currency traders will have to follow much stricter rules when describing market conditions under a new code of conduct designed to restore public confidence in a foreign exchange market hit by scandal. (more…)

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The Real Threat to Currency Traders http://www.opalesque.com/Commodities_Briefing/?p=141790 http://www.opalesque.com/Commodities_Briefing/?p=141790#comments Fri, 27 May 2016 00:06:06 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141790 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141790>Article Link</a> Today’s the day when regulators give the financial world a glimpse of how they reckon traders in the $5.3 trillion-a-day foreign-exchange market should behave. The code of conduct, or rather voluntary guide, is welcome after the $9 billion in fines and settlements linked to market rigging. Yet banks aren’t likely to wait until 2017 — when the full handbook is released — to decide their future in this business. (more…)

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Warning sign: China sets currency at 5-year low http://www.opalesque.com/Commodities_Briefing/?p=141789 http://www.opalesque.com/Commodities_Briefing/?p=141789#comments Fri, 27 May 2016 00:05:54 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141789 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141789>Article Link</a> China’s leaders continue to worry about the country’s economy. The rest of the world should too. On Wednesday, China’s central bank weakened its currency. It set the reference rate for the yuan at the lowest level in five years. (more…)

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Carbon traders expect continued boost from Paris, but price concerns linger http://www.opalesque.com/Commodities_Briefing/?p=141788 http://www.opalesque.com/Commodities_Briefing/?p=141788#comments Fri, 27 May 2016 00:05:42 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141788 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141788>Article Link</a> Annual survey of IETA members suggests continued optimism over impact of Paris on expanding carbon markets, but concern remains over low prices. Alongside a host of climate finance pledges, emission reduction targets and green growth plans, the Paris Agreement crucially also included a commitment to support emissions trading mechanisms. (more…)

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Paris Agreement seen as boost for carbon markets http://www.opalesque.com/Commodities_Briefing/?p=141787 http://www.opalesque.com/Commodities_Briefing/?p=141787#comments Fri, 27 May 2016 00:05:24 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141787 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141787>Article Link</a> An overwhelming majority of respondents to IETA’s annual market sentiment survey expect an expansion of carbon markets, driven by the Paris Agreement. Over 80% of respondents to this year’s survey, conducted by PwC, said they expect existing carbon markets to expand as a result of the Paris Agreement – compared with 58% last year. (more…)

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China Wants to Set Prices for the World’s Commodities http://www.opalesque.com/Commodities_Briefing/?p=141786 http://www.opalesque.com/Commodities_Briefing/?p=141786#comments Thu, 26 May 2016 00:47:20 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141786 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141786>Article Link</a> China has put the world’s traditional financial centers on notice that it wants to develop its raw material markets as hubs for setting prices, seeking to marry the country’s commercial heft with a much greater say in determining how much commodities cost. (more…)

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China looking at opening up commodities futures markets -regulator http://www.opalesque.com/Commodities_Briefing/?p=141785 http://www.opalesque.com/Commodities_Briefing/?p=141785#comments Thu, 26 May 2016 00:46:57 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141785 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141785>Article Link</a> China may open up its commodities futures markets to overseas and financial investors, the country’s securities regulator said, as the world’s top consumer of many raw materials seeks to play a larger role in setting global commodities prices. (more…)

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India: Merger of FMC with Sebi restored confidence on regulatory oversight of commodities http://www.opalesque.com/Commodities_Briefing/?p=141784 http://www.opalesque.com/Commodities_Briefing/?p=141784#comments Thu, 26 May 2016 00:46:37 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141784 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141784>Article Link</a> The merger of erstwhile commodities regulator Forward Markets Commission (FMC) with the Securities and Exchange Board of India ( Sebi) was a landmark change in the regulatory sphere over the past two years, which also marked a beginning in the direction of forming a unified financial regulator. (more…)

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Oil Is the Odd Commodity Out. Is that Bad for Crude? http://www.opalesque.com/Commodities_Briefing/?p=141783 http://www.opalesque.com/Commodities_Briefing/?p=141783#comments Thu, 26 May 2016 00:46:14 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141783 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141783>Article Link</a> Oil is riding high these days, even as other commodities and emerging markets have turned lower. That may mean one of two things is taking place: Either oil prices will fall back into line, or oil will lose its place a key driver of the financial markets. (more…)

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Oil price nears seven-month high – will it break $50? http://www.opalesque.com/Commodities_Briefing/?p=141782 http://www.opalesque.com/Commodities_Briefing/?p=141782#comments Thu, 26 May 2016 00:45:54 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141782 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141782>Article Link</a> The oil price broke out of a four-session mini-slump overnight and was hovering close to seven-month highs this morning after a positive report on supply boosted sentiment. US benchmark West Texas Intermediate jumped 2.5 per cent to $49.27 a barrel in afternoon trading in New York yesterday, a new 2016 peak and the highest price since October. (more…)

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5 key issues OPEC must wrestle with at its June meeting http://www.opalesque.com/Commodities_Briefing/?p=141781 http://www.opalesque.com/Commodities_Briefing/?p=141781#comments Thu, 26 May 2016 00:45:35 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141781 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141781>Article Link</a> The oil market has given members of the Organization of the Petroleum Exporting Countries a reason to crack a cautious smile at next week’s meeting in Vienna. Signs of a more stable oil market have emerged since the cartel members last held a regularly-scheduled meeting. Oil prices have gained more than 30% so far this year, with West Texas Intermediate crude oil trading at its highest price in seven months in early trade Wednesday on the New York Mercantile Exchange, surpassing $49 a barrel. (more…)

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Iran-Saudi row threatens any OPEC deal, puts role in question http://www.opalesque.com/Commodities_Briefing/?p=141780 http://www.opalesque.com/Commodities_Briefing/?p=141780#comments Thu, 26 May 2016 00:45:14 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141780 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141780>Article Link</a> OPEC’s thorniest dilemma of the past year - at least from a purely oil standpoint - is about to disappear. Less than six months after the lifting of Western sanctions, Iran is close to regaining normal oil export volumes, adding extra barrels to the market in an unexpectedly smooth way and helped by supply disruptions from Canada to Nigeria. (more…)

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The top 10 countries with the largest gold holdings http://www.opalesque.com/Commodities_Briefing/?p=141779 http://www.opalesque.com/Commodities_Briefing/?p=141779#comments Thu, 26 May 2016 00:44:56 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141779 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141779>Article Link</a> Beginning in 2010, central banks around the world turned from being net sellers of gold to net buyers of gold. Last year they collectively added 483 tonnes—the second largest annual total since the end of the gold standard—with Russia and China accounting for most of the activity. The second half of 2015 saw the most robust purchasing on record, according to the World Gold Council (WGC). (more…)

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Get into gold now! Prices could hit $1,900 http://www.opalesque.com/Commodities_Briefing/?p=141778 http://www.opalesque.com/Commodities_Briefing/?p=141778#comments Thu, 26 May 2016 00:44:37 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141778 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141778>Article Link</a> Gold’s losing streak continued on Tuesday as the precious metal tumbled to its lowest level in more than five weeks. However, one of Wall Street’s most closely followed analysts says the dip presents a prime buying opportunity and that bears are reading the market incorrectly. (more…)

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Gold price setback temporary: ABN Amro http://www.opalesque.com/Commodities_Briefing/?p=141777 http://www.opalesque.com/Commodities_Briefing/?p=141777#comments Thu, 26 May 2016 00:44:04 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141777 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141777>Article Link</a> Gold is enduring some rare price weakness thanks to dollar strength, but this should prove transient, according to Dutch bank ABN Amro. Prices fell again on Tuesday, coming under pressure from a stronger dollar amid rising expectations of an interest-rate rise this year in the US. (more…)

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An Inside Look at the World’s Biggest Paper Gold Market http://www.opalesque.com/Commodities_Briefing/?p=141776 http://www.opalesque.com/Commodities_Briefing/?p=141776#comments Thu, 26 May 2016 00:43:43 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141776 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141776>Article Link</a> Every day, there are a whopping 5,500 tonnes ($212 billion) of gold traded in London, making it the largest wholesale and over-the-counter (OTC) market for gold in the world. (more…)

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Miners Follow Precious Metals and Trend Lower http://www.opalesque.com/Commodities_Briefing/?p=141775 http://www.opalesque.com/Commodities_Briefing/?p=141775#comments Thu, 26 May 2016 00:32:21 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141775 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141775>Article Link</a> Precious metal miners gain: Since the beginning of 2016, precious metal mining shares have followed precious metal prices. Miners shed their 2015 losses and realized substantial gains during the gold and silver rally. The correlation between mining stocks and gold remains high. (more…)

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The easiest way to buy gold is actually backed by the real thing http://www.opalesque.com/Commodities_Briefing/?p=141774 http://www.opalesque.com/Commodities_Briefing/?p=141774#comments Thu, 26 May 2016 00:32:02 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141774 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141774>Article Link</a> The largest gold exchange-traded fund (ETF) says it has the physical gold to back up every share it issues. Because investors don’t buy physical gold when they purchase shares in the ETF, there’s been concern that the fund does not. (more…)

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ETF investors pile in despite worst gold price run in 6 months http://www.opalesque.com/Commodities_Briefing/?p=141773 http://www.opalesque.com/Commodities_Briefing/?p=141773#comments Thu, 26 May 2016 00:31:45 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141773 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141773>Article Link</a> On Wednesday, gold suffered its sixth straight day of declines as economic data out of the US made an early rate hike by the Federal Reserve more likely and large-scale futures market investors scrambled to liquidate long positions not seen since 2011. (more…)

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Energy ETFs Gush As Oil Eyes $50 A Barrel; Gold ETF Axed http://www.opalesque.com/Commodities_Briefing/?p=141772 http://www.opalesque.com/Commodities_Briefing/?p=141772#comments Thu, 26 May 2016 00:31:33 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141772 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141772>Article Link</a> Stock ETFs chugged higher Wednesday, as investors cheered strong gains in oil prices and a hard-won Greek debt accord. Energy Select Sector SPDR (XLE) popped 1.6% on the stock market today as the sector contributed the most to S&P 500 gains. (more…)

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Sterling could lose position as elite reserve currency if UK votes for Brexit, warns S&P http://www.opalesque.com/Commodities_Briefing/?p=141771 http://www.opalesque.com/Commodities_Briefing/?p=141771#comments Thu, 26 May 2016 00:31:14 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141771 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141771>Article Link</a> A vote to leave the European Union would threaten sterling’s elite status as an international reserve currency, Standard & Poor’s has warned. The credit ratings agency has claimed that withdrawing from the EU could “jeopardise the British pound sterling’s position”, as well as the associated benefits to the UK’s triple A credit rating. As such, a Brexit might lead the UK to lose its place alongside the US, eurozone, Japan and China in the reserve currency club. (more…)

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Stability in Chinese currency may be at an end, analysts say http://www.opalesque.com/Commodities_Briefing/?p=141770 http://www.opalesque.com/Commodities_Briefing/?p=141770#comments Thu, 26 May 2016 00:31:01 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141770 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141770>Article Link</a> Market commentators said the Chinese currency’s recent stability may have ended and the yuan may weaken. China’s currency — traded onshore — was stable in March and April at about 6.5 to the US dollar. (more…)

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China holds key to revive moribund carbon markets http://www.opalesque.com/Commodities_Briefing/?p=141769 http://www.opalesque.com/Commodities_Briefing/?p=141769#comments Thu, 26 May 2016 00:30:42 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141769 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141769>Article Link</a> Government receipts from carbon pricing schemes leapt 60% to US $26 billion through 2015, a World Bank study revealed on Wednesday. The news comes amid widespread gloom over the impact of global carbon markets and pricing mechanisms, which are now operating in 40 countries. (more…)

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Banks see worst Q1 in a decade in commodities http://www.opalesque.com/Commodities_Briefing/?p=141768 http://www.opalesque.com/Commodities_Briefing/?p=141768#comments Wed, 25 May 2016 01:43:03 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141768 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141768>Article Link</a> Commodities revenue at the largest banks had the worst start to a year in more than a decade amid a pullback in financing of raw materials. Income at Goldman Sachs Group, Morgan Stanley and 10 other top banks slid by a combined 40 per cent year on year in the three months to March to US$1.1 billion (S$1.5 billion), according to analytics firm Coalition, which tracks commodities activities, including power and gas, oil, metals, coal and agriculture. (more…)

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Is the commodity bull market back? Citi joins chorus hiking outlook for oil, gold and grains http://www.opalesque.com/Commodities_Briefing/?p=141767 http://www.opalesque.com/Commodities_Briefing/?p=141767#comments Wed, 25 May 2016 01:42:42 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141767 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141767>Article Link</a> Citigroup said commodities have “turned a corner” as it raised its outlook for the prices of gold, oil and grains Tuesday. The brighter outlook comes as oil prices pushed closer to the $50 a barrel mark, with Brent futures trading at US48.55 a barrel — the highest price this year. (more…)

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3 commodities calls from Goldman’s Currie http://www.opalesque.com/Commodities_Briefing/?p=141766 http://www.opalesque.com/Commodities_Briefing/?p=141766#comments Wed, 25 May 2016 01:41:40 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141766 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141766>Article Link</a> Oil and copper markets breathed a sigh of relief Tuesday, but supply-and-demand concerns may hold these commodities back longer term. U.S. oil settled at new 2016 highs Tuesday, while copper futures popped 0.46 percent. But instead, Jeffrey Currie, global head of commodities research at Goldman Sachs, said he’s eyeing natural gas for the year to come, which traded more than 3 percent lower on the day. (more…)

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Oil Rebound Has Citigroup Seeing Worst Over for Commodities http://www.opalesque.com/Commodities_Briefing/?p=141765 http://www.opalesque.com/Commodities_Briefing/?p=141765#comments Wed, 25 May 2016 01:40:43 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141765 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141765>Article Link</a> The commodities market has turned a corner and prices are unlikely to return to lows seen in the first quarter, according to Citigroup Inc., which boosted forecasts from metals to grains amid an oil-led recovery. (more…)

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$65 oil price ‘badly needed’ for investment says Qatar http://www.opalesque.com/Commodities_Briefing/?p=141764 http://www.opalesque.com/Commodities_Briefing/?p=141764#comments Wed, 25 May 2016 01:40:06 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141764 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141764>Article Link</a> Oil markets are rebalancing but crude is not at a fair price yet, Qatar’s energy minister and current Opec president told the Associated Press in an interview published on Tuesday, saying a minimum price of $65 a barrel was “badly needed at the moment”. (more…)

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OPEC’s Ability to Ease An Oil Supply Shock is Now Fading http://www.opalesque.com/Commodities_Briefing/?p=141763 http://www.opalesque.com/Commodities_Briefing/?p=141763#comments Wed, 25 May 2016 01:39:38 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141763 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141763>Article Link</a> OPEC’s ability to ease the pain of an oil-supply shock is slipping. For half a century, the Organization of the Petroleum Exporting Countries has buffered global crude markets, curtailing production to ease oil gluts and boosting output to prevent shortages. (more…)

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Oil market entering a phase of rebalancing claims Goldman Sachs http://www.opalesque.com/Commodities_Briefing/?p=141762 http://www.opalesque.com/Commodities_Briefing/?p=141762#comments Wed, 25 May 2016 01:39:01 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141762 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141762>Article Link</a> Increased oil production from countries with lower costs is going to hold down the price of crude, according to industry experts at Goldman Sachs. Goldman commodity analysts claim the “new oil order” means that output from the likes of Iran and Iraq will soon entirely offset disruption from higher cost producers. (more…)

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Saudi Oil Policy Is Set In Stone http://www.opalesque.com/Commodities_Briefing/?p=141761 http://www.opalesque.com/Commodities_Briefing/?p=141761#comments Wed, 25 May 2016 01:38:17 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141761 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141761>Article Link</a> Next week, OPEC will hold its first meeting since talks on freezing production between the bloc’s major producers and their non-OPEC peers fell apart in April. The June 2 convention will also mark the first time OPEC members have come together in Vienna since Saudi Oil Minister Ali al-Naimi stepped down, making way for Khalid al-Falih to take his place. (more…)

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Is gold THE investment of 2016? http://www.opalesque.com/Commodities_Briefing/?p=141760 http://www.opalesque.com/Commodities_Briefing/?p=141760#comments Wed, 25 May 2016 01:37:50 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141760 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141760>Article Link</a> Suddenly there’s a real buzz about gold. There’s something about the ancient precious metal that taps deep into human psychology, and it doesn’t take much to get gold bugs flying again. There’s something about George Soros that taps deep into investor psychology as well. This is the man who famously broke the Bank of England in 1992, and holds an estimated $24bn fortune, which always commands attention. (more…)

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Why the Fed might not be able to put a stop to gold’s run http://www.opalesque.com/Commodities_Briefing/?p=141759 http://www.opalesque.com/Commodities_Briefing/?p=141759#comments Wed, 25 May 2016 01:37:28 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141759 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141759>Article Link</a> Gold has enjoyed a great start to 2016, but now finds itself in retreat, with the yellow metal hitting the lowest level since April in intraday trading Monday. But while the greater perceived potential for a Federal Reserve rate hike this summer appears to be sending the commodity lower, some say such speculation is not a good reason to sell gold. (more…)

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Gold – Bullish combination could prevail http://www.opalesque.com/Commodities_Briefing/?p=141758 http://www.opalesque.com/Commodities_Briefing/?p=141758#comments Wed, 25 May 2016 01:36:38 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141758 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141758>Article Link</a> Gold rallied 16 percent in the first three months of 2016 after falling about 10 percent in 2015. Factors in the rise included higher risk aversion, downward revisions to the Fed’s tightening cycle and brighter sentiment across commodities. (more…)

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Where Are Silver Prices Headed? http://www.opalesque.com/Commodities_Briefing/?p=141757 http://www.opalesque.com/Commodities_Briefing/?p=141757#comments Wed, 25 May 2016 01:36:07 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141757 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141757>Article Link</a> Investors keeping up with today’s silver prices had a rare down week last week, as the price of the iShares Silver Trust (NYSE Arca: SLV), a proxy for the price of silver, slid from $16.41 on May 17 to close at $15.69 on May 20. So where are silver prices headed next in 2016? (more…)

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Copper hangs near three-month lows as dollar holds strong http://www.opalesque.com/Commodities_Briefing/?p=141756 http://www.opalesque.com/Commodities_Briefing/?p=141756#comments Wed, 25 May 2016 01:35:40 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141756 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141756>Article Link</a> London copper held near its lowest in three months on Tuesday, pressured by a firmer U.S. dollar following comments by Federal Reserve officials that have bolstered expectations of a June rate hike. The Fed is on track to raise rates in June or July, and will continue with even more hikes next year given U.S. economic strength, a top Fed official said on Monday. (more…)

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Platinum and Palladium (PGMs) forecast and analysis for Q2 2016 http://www.opalesque.com/Commodities_Briefing/?p=141755 http://www.opalesque.com/Commodities_Briefing/?p=141755#comments Wed, 25 May 2016 01:35:16 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141755 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141755>Article Link</a> The PGMs were highly volatile in the first quarter, with platinum closing 9.5 percent higher after falling 26 percent last year and palladium ending flat after dropping 29 percent in 2015. Platinum should continue to perform relatively better than palladium although upward pressure should be limited amid poor investment demand. (more…)

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Industrial metals poised to suffer worst month in 4 years http://www.opalesque.com/Commodities_Briefing/?p=141754 http://www.opalesque.com/Commodities_Briefing/?p=141754#comments Wed, 25 May 2016 01:35:01 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141754 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141754>Article Link</a> Industrial metals are set to suffer their worst monthly performance since 2012, according to S&P Dow Jones Indices. The S&P GSCI Industrial Metals Total Return Index has lost 8.7% month-to-date, as of Monday — on track for its worst month since May 2012, when it lost 9.7%. It’s also having its seventh-worst May performance since 1978, when the index history began. (more…)

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Japan’s spot aluminum premiums continue to fall amid thin trade http://www.opalesque.com/Commodities_Briefing/?p=141753 http://www.opalesque.com/Commodities_Briefing/?p=141753#comments Wed, 25 May 2016 01:34:32 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141753 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141753>Article Link</a> Japan’s spot aluminum import premium was assessed at $90-$92/mt plus London Metal Exchange cash, CIF Japan, Tuesday, down from $90-$100/mt plus LME cash CIF as low buying interest put pressure on sellers. (more…)

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Japan May Be Onto Something with Its New ETF-Style QE http://www.opalesque.com/Commodities_Briefing/?p=141752 http://www.opalesque.com/Commodities_Briefing/?p=141752#comments Wed, 25 May 2016 01:34:13 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141752 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141752>Article Link</a> Necessity is the mother of invention, even when it comes to quantitative easing. After exhausting other, more traditional forms of asset purchase, the Bank of Japan is kicking off its investments in several custom-made exchange-traded funds, or ETFs, that screen specifically for companies that increase workers’ wages and carry out the most capital expenditure. (more…)

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Deutsche Bank Woes Infect Currency Trading as Former No. 1 Sinks http://www.opalesque.com/Commodities_Briefing/?p=141751 http://www.opalesque.com/Commodities_Briefing/?p=141751#comments Wed, 25 May 2016 01:33:54 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141751 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141751>Article Link</a> A tough week for Deutsche Bank AG just got worse. The German lender’s share of the $5.3 trillion-a-day currency market tumbled to 7.9 percent, down from 14.5 percent a year earlier, according to a Euromoney Institutional Investor Plc survey. (more…)

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Why British environmentalists should vote for Brexit http://www.opalesque.com/Commodities_Briefing/?p=141750 http://www.opalesque.com/Commodities_Briefing/?p=141750#comments Wed, 25 May 2016 01:33:33 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141750 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141750>Article Link</a> The leading lights of the UK environmental movement would have us believe that a win by the Brexit camp on 23 June would be akin to a natural disaster. According to them, it is only our membership of the EU that renders our beaches swimmable, our water drinkable and our air almost breathable. (more…)

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Federal election 2016: Greg Hunt denies carbon tax by stealth http://www.opalesque.com/Commodities_Briefing/?p=141749 http://www.opalesque.com/Commodities_Briefing/?p=141749#comments Wed, 25 May 2016 01:33:06 +0000 VRS http://www.opalesque.com/Commodities_Briefing/?p=141749 <br> <a href=http://www.opalesque.com/Commodities_Briefing/?p=141749>Article Link</a> New safeguard measures to boost the Coalition’s Direct Action plan on climate change are not an emissions trading scheme or carbon tax by stealth, Environment Minister Greg Hunt says. (more…)

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