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Commodities Briefing - Archive | October, 2008

CME owners bracing for earnings

Posted on 30 October 2008 by VRS  |  Email |Print

From 247wallst.com: CME Group Inc. is set to report earnings after the close of trading today. The futures and commodities exchange giant estimates (from First Call) are $3.98 EPS and $644.3 million in revenues. Exchanges and financial companies do not offer guidance, but next quarter estimates are $4.02 EPS and almost $712 million in revenues.

If the exchange hits its targets from now until the end of the year, the company’s stock has a forward P/E of roughly 16.0. We would point out that estimates have come down with the markets over the last quarter. …. Full Article: Source

Thailand: Rice farmers demand higher gov’t-guaranteed price

Posted on 30 October 2008 by VRS  |  Email |Print

From Mathaba.net: More than 10,000 farmers in northeastern Thailand are threatening a protest which will block a major highway unless the government boosts its guaranteed prices for rice harvested during the current 2008-2009 season.

Northeastern Farmers Assembly chairman Paradorn Posri on Tuesday submitted the paddy farmers demand to Deputy Prime Minister Olarn Chaipravat through the Khon Kaen governor asking him to review the government’s guaranteed price for rice reached during a Cabinet meeting earlier in the day….. Full Article: Source

Resources and resource stocks will boom again – perhaps sooner rather than later

Posted on 30 October 2008 by VRS  |  Email |Print

From Mineweb.com: Despite the current gloom in the resource sector, resource stocks will boom again as the world pulls out of the current financial mire.

Despite all the gloom and doom in the industrial and precious metals sectors at the moment, there is little doubt that resource stocks will surge back into favour again, but the big question is when, and how much overall sentiment has been damaged by recent events, and how long such damage will continue….. Full Article: Source

Precious metals: ‘I can get it for you wholesale’

Posted on 30 October 2008 by VRS  |  Email |Print

From Hardassetsinvestor.com: Despite the recent swoon in precious metals prices, it seems there’s still a dearth of physical gold and silver available for retail investors. Those lucky enough to actually acquire bullion or coins in their local markets complain about paying inflated premiums.

Meanwhile, warehouse stocks of gold and silver seem plentiful. A lot of theories abound for this seeming anomaly. But let’s be realistic. There’s always been a difference between the retail and wholesale markets for metal. Most of the world’s bullion supply is in commercial-sized bars, after all. It’s called a wholesale market for a reason….. Full Article: Source l

Wheat soars most in 20 years on federal reserve’s rate decrease

Posted on 30 October 2008 by VRS  |  Email |Print

From Bloomberg: Wheat rose the most in at least 20 years on speculation the Federal Reserve and European Central Bank would cut interest rates, increasing liquidity and freeing up capital that will allow buyers to purchase U.S. supplies.

Investors bought baskets of commodities including energy, metal and grain futures on expectations the Fed would cut its benchmark lending rate. After markets closed, the central bank reduced the rate to 1 percent from 1.5 percent, which may encourage borrowing and spur overseas importers to purchase U.S. grain….. Full Article: Source

OneSteel says steel prices to remain volatile

Posted on 30 October 2008 by VRS  |  Email |Print

From Morningstar.com: OneSteel Ltd. said Thursday it expects prices for steel and steelmaking inputs to remain volatile but that the fundamentals underpinning the market remain strong.

“The fundamentals suggest the outlook for the medium to longer term should remain positive; however, the events of the past few weeks have resulted in uncertainty for the near-term,” OneSteel said in a presentation….. Full Article: Source

Is the commodity supercycle dead?

Posted on 30 October 2008 by VRS  |  Email |Print

From Commodityonline.com: Hear ye, hear ye, one and all: The supercycle is dead. Long live the supercycle! Commodities on the whole have declined nearly 50% from their peak as a result of the credit crisis.

This has led some to declare that the “commodity supercycle” – the idea that we are merely in mid-innings of a massive, multi-decade commodity bull market – is defunct too. I’ll admit it… the weekly chart is hard to ignore. If one had to assess the health of the supercycle by way of the Reuters CRB Index alone (as shown above), Monty Python’s Dead Parrot sketch would spring to mind….. Full Article: Source

Indian New Year - Samvat 2065 - starts on optimistic note

Posted on 29 October 2008 by VRS  |  Email |Print

Opalesque Report: As if the global meltdown witnessed in commodities in the last few weeks was a nightmarish dream, the Indian New Year Samvat 2065 (known as Diwali muhurat trading) started on an optimistic note on Tuesday. Bombay Stock Exchange Index (Sensex) sees highest gain in a decade on new year day trading.

Agri commodities light up on on the National Commodity and Derivatives Exchange (NCDEX) on Diwali (festival of lights) day. Owing to stockiest buying in future market enabled the most of the agri commodities to garner impressive gains in today’s trading. However, most of the physical market remained close for today.

The stock market stepped into the new year on a positive note in the hour-long ‘muhurat’ trading in the evening, with the Sensex clocking its highest Muhurat-day gain of 499 points. But last year at the same time, the benchmark index in Mumbai was at 18,907.6 points.Elsewhere in Asia, key markets rebounded smartly.

The stock market in India’s financial capital is closed for normal trading for the festival, but opened for an hour of token one-hour Muhurat trading in the late evening as Diwali is considered the best time to make new investments.

The session in which traders seek the blessings of the Hindu goddess of wealth Lakshmi in hopes of prosperity in the coming trading year has taken on new importance given the slide triggered by the global financial crisis.

Stuttering recovery for commodities

Posted on 29 October 2008 by VRS  |  Email |Print

From FT: Commodity markets managed an early rally in Tuesday’s session but the recovery ran out of steam after US consumer confidence data showed sentiment collapsing to a record low in October.

The US data fuelled fears that demand for commodities would suffer in a global economic recession that is increasingly seen as likely following the worldwide crisis in financial markets….. Full Article: Source

World’s first carbon exchange traded commodity to launch on LSE

Posted on 29 October 2008 by VRS  |  Email |Print

From Citywire.co.uk: Investors will be able to access the rapidly growing carbon futures market later this week with the launch of the world’s first carbon exchange traded commodity (ETC) on the London Stock Exchange.

The ETF Securities Carbon ETC is designed to track the price of carbon emissions allowance futures and offer investors a total return – the return an investor can earn by holding a long only, fully collateralised position in commodity futures….. Full Article: Source

Base metals rise as equities rally

Posted on 29 October 2008 by VRS  |  Email |Print

From Theaustralian.news.com.au: Copper gained nearly 3 per cent, recovering from its previous session’s 3-year low amid a global recovery in equity markets. Strong US housing data this week also helped to improve sentiment about economic growth.

Copper for three month delivery on the London Metal Exchange closed at $US4130 per tonne, up $US110 from the previous session, after rallying to a session high of $US4193 a tonne. …. Full Article: Source

Currency swings reverse course

Posted on 29 October 2008 by VRS  |  Email |Print

From Washingtonpost.com: The world’s currencies experienced another wave of almost unprecedented volatility, reversing some of the dramatic shifts of recent days.

The Japanese yen fell 5.25 percent against the dollar, its biggest one-day swing since 1974. But its value is still up 12 percent this year. The yen has moved more than 1 percent against the dollar 10 times this month. In October 2007, it didn’t move that much even once. …. Full Article: Source

China: Coal dependency complicates climate change fight

Posted on 29 October 2008 by VRS  |  Email |Print

From Nasdaq.com: China warned Wednesday its heavy dependence on coal made it difficult to control greenhouse gas emissions, even as it said fighting climate change was a top priority.

In a 44-page policy paper, the government said the adverse impact of rising temperatures was forcing it to better balance environmental protection and economic development, although taking action would be hard. “(The) coal-dominated energy mix cannot be substantially changed in the near future, thus making the control of greenhouse gas emissions rather difficult,” the paper said….. Full Article: Source

OPEC warns of more production cuts if oil prices continue to fall

Posted on 29 October 2008 by VRS  |  Email |Print

From Theaustralian.news.com.au: The head of the OPEC oil producers cartel warned overnight that it could cut output again if prices keep falling, despite an emergency cut in output last week.

OPEC, which produces 40 per cent of the world’s crude, could hold a new emergency meeting before its next scheduled session in December, the Organization of Petroleum Exporting Countries (OPEC) Secretary General Abdalla Salem El-Badri said….. Full Article: Source

Volatile commodities give Asia’s trade banks a headache

Posted on 29 October 2008 by VRS  |  Email |Print

From Financeasia.com: Banks are increasingly reluctant to issue new letters of credit as price swings cause orders to be cancelled and prompt some buyers to renege on contracts.

The sharp swings in commodity prices are proving to be a challenge for Asia’s trade finance banks, as they face a trade-off between declining oil prices, which help to lower shipping costs, and surging credit rates. Several months ago, the cost of freighting cargo was almost higher than the cost of the underlying product being shipped….. Full Article: Source

Scotiabank’s Commodity Price Index tumble 6.8 per cent

Posted on 29 October 2008 by VRS  |  Email |Print

From Globeinvestor.com: The Scotiabank Commodity Price Index lost ground for the second consecutive month, tumbling 6.8 per cent in September as hedge funds unwound positions in the resource sector.

The monthly decline in the index, which measures price trends in 32 of Canada’s major exports, was led by a 10.6-per-cent drop in the oil and gas sector, and an 8.9-per-cent decline in agriculture. These are two areas where hedge fund outflows from futures markets have been the greatest, according to the Scotiabank report released Tuesday….. Full Article: Source

Supply fears buoy longer term copper prices

Posted on 29 October 2008 by VRS  |  Email |Print

From Guardian: Fears of collapsing world demand and investors’ need for cash have hammered copper but prices for delivery beyond 2010 are proving more resilient, due to lingering worries about tight supplies.

Copper futures for three-month delivery traded on Tuesday down at around $3,825 a tonne on the London Metal Exchange — more than 50 percent below the record high of $8,940 a tonne set on July 2 for the metal, which is used in power and construction….. Full Article: Source

Asia defends currencies even as stocks fluctuate wildly

Posted on 29 October 2008 by VRS  |  Email |Print

From Csmonitor.com: Asian stocks snapped a losing streak Tuesday, after scraping multiyear lows in recent weeks. Japan’s Nikkei index closed up 6.4 percent, as South Korea saw a 5 percent hike in its main index. Hong Kong’s volatile market posted double-digit growth a day after falling by almost as much.

These fragile gains come in the face of increasingly gloomy forecasts for the region’s export-led economies as the US and other rich countries slip into recession. As in other emerging markets, among the heaviest sellers of Asian assets have been US hedge funds and other foreign investors who need to raise cash in a hurry. This flight of foreign capital has dented confidence in stocks, bonds, and other assets….. Full Article: Source

Australia: Carbon trading sector ‘could lead economic recovery’

Posted on 29 October 2008 by VRS  |  Email |Print

From ABC: The convenor of a national carbon trading conference says delegates are concerned about the impact the global economic downturn could have on the growing sector. Companies that measure carbon emissions, generate offsets and design and sell energy-efficient products are represented at the Gold Coast forum that begins today.

Conference director Michael Whitehead says it would be counterproductive to delay carbon trading in Australia, despite current economic challenges….. Full Article: Source

Metals commodities outlook positive despite forecasts of rough going in 2009

Posted on 29 October 2008 by VRS  |  Email |Print

From Mineweb.com: BMO’s Bart Melek notes that the sentiment at the recent LME Week was not as bearish as one would expect given that many metal prices are so low and some miners are operating below cash costs.

Participants at the recent London Metal Exchange Metals Seminar 2008 in London expect metals to be under pressure, but are optimistic about their long-term future owing to strong developing world demand and the potential for tight supply/ demand conditions….. Full Article: Source

Is it boom or gloom time for commodities?

Posted on 29 October 2008 by VRS  |  Email |Print

From Commodityonline.com: Is it boom or gloom time for commodities? Experts may wax eloquent on this for weeks after the global market meltdown. But a clear indication emerging across the globe is that commodities now hold a charm not only for investment wizards like Jim Rogers but also for institutional investors worldwide.

The only difference now is that investors are becoming more diversified and more sophisticated in their approach towards commodities….. Full Article: Source

Oil dips below $63 as faltering demand trumps OPEC

Posted on 29 October 2008 by VRS  |  Email |Print

From Guardian: Oil prices dipped below $63 a barrel on Tuesday as concerns about faltering demand offset OPEC comments suggesting the producer group could throttle back output again to support prices.

U.S. crude settled down 49 cents at $62.73 a barrel, before rising to $64.10 in post-settlement trade. London Brent crude settled $1.12 lower at $60.29 a barrel….. Full Article: Source

Taiwan: Cabinet to propose plan to lower commodity prices

Posted on 29 October 2008 by VRS  |  Email |Print

From Taipeitimes.com: The Cabinet will propose a plan by the end of the week to lower commodity prices that have been pushed up by this summer’s soaring prices of crude oil, Premier Liu Chao-shiuan said yesterday.

During the plenary session at the Legislative Yuan yesterday morning, Democratic Progressive Party legislators Tsai Huang-liang and Chen Chi-yu asked why domestic commodity prices remained high despite the drop in international crude oil prices to around US$62 a barrel….. Full Article: Source

BP quarterly profit hits record $10bn

Posted on 29 October 2008 by VRS  |  Email |Print

From Guardian: BP was at the centre of a huge row yesterday after unveiling record quarterly profits of $10bn (£6.4bn) - a rise of 148%. Critics rounded on the oil company, accusing it of profiteering and renewing calls for a windfall tax.

However, City analysts hailed the results, which were about $2bn higher than expected, arguing they showed the impact of operational improvements within BP as well as a higher oil price….. Full Article: Source

Indonesia to hold talks with Malaysia, Vietnam on commodities

Posted on 29 October 2008 by VRS  |  Email |Print

From Thanhniennews.com: Indonesia, the world’s biggest producer of palm oil and Asia’s second-largest for coffee, plans to hold more talks with Malaysia and Vietnam in a bid to stem price declines.

“We have discussed this on a bilateral basis,” Indonesian Agriculture Minister Anton Apriyantono told reporters on Sunday, referring to measures to support commodity prices. Robusta coffee is down 41 percent from its US$2,815 a ton peak on March 6. Vietnam is the world’s largest grower of robusta coffee….. Full Article: Source

NSE pips peers in currency futures membership race

Posted on 29 October 2008 by VRS  |  Email |Print

From Indiatimes.com: The National Stock Exchange (NSE) of India has pipped rival stock exchanges in terms of attracting the largest number of members in the recently-l
aunched currency futures segment.

The country’s largest stock exchange, which was also the first to launch currency derivatives, has raced ahead of its two rivals — the Bombay Stock Exchange (BSE) and the Multi Commodity Exchange of India (MCX). NSE has also been registering impressive volumes in this segment, with more than 100,000 contracts being traded in a single trading session….. Full Article: Source

Platinum down 3 pct on demand worry,poor auto sales

Posted on 29 October 2008 by VRS  |  Email |Print

From Ninemsn.com.au: Platinum dropped more than 3 percent on Wednesday on fears of falling demand for autocatalysts after automakers cut sales due to a weakening U.S. economy.

By 0055 GMT, platinum was trading at $781 an ounce, down $28 from New York’s notional close on Tuesday — well below a record high of $2,290 struck in March.Auto retailers swung to quarterly losses in the third quarter, hit by the decline in U.S. car sales, tight consumer credit, and a weakening U.S. economy as well as hurricane-related damages. …. Full Article: Source

Australia, New Zealand dollars jump as stocks, commodities rise

Posted on 29 October 2008 by VRS  |  Email |Print

From Bloomberg: The Australian and New Zealand dollars jumped the most in more than two decades against the yen as a rally in U.S. stocks and reports Japan may cut rates prompted speculation investors will buy higher-yielding assets.

The currencies advanced against the dollar after prices of commodities the two nations export gained. The Nikkei reported yesterday the Bank of Japan may reduce its target lending rate by 0.25 percentage point. The South Pacific nations’ dollars rallied yesterday as the Reserve Bank of Australia bought its own currency for the third day amid declines. …. Full Article: Source

Venezuela supports further OPEC production cuts

Posted on 29 October 2008 by VRS  |  Email |Print

From Todayonline.com: Venezuela would support further production cuts beyond those proposed by the OPEC producers cartel designed to stabilize oil prices, visiting President Hugo Chavez said Tuesday.
.
OPEC ministers agreed at emergency talks last week to slash oil output by 1.5 million barrels a day in a bid to shore up crude prices, which have plunged from highs of around 150 dollars a barrel to below 60 dollars….. Full Article: Source

Rio still not interested in BHP takeover offer despite global financial meltdown

Posted on 29 October 2008 by VRS  |  Email |Print

From Mineweb.com: Mega miner Rio Tinto still wants to tread its own path despite the worldwide financial crisis, but will be looking at all its upcoming capital commitments to see if savings can be made.

The financial meltdown won’t push Rio Tinto to reconsider a takeover bid by BHP Billiton but the global miner is rethinking its capital investment projects around the world, its chief executive said on Tuesday….. Full Article: Source

Latin American markets recovering

Posted on 29 October 2008 by VRS  |  Email |Print

From Signonsandiego.com: Brazil and Mexico led a firm recovery of Latin American markets Tuesday, mirroring gains on Wall Street and boosted by positive results from major commodities companies.

Even Argentina’s Merval index rebound impressively from mid-afternoon negative trading sessions to close up 6.58 at 895.06. …. Full Article: Source

First signs of compromise emerge for EU farm reform

Posted on 29 October 2008 by VRS  |  Email |Print

From Guardian: Hints of where EU ministers might compromise on agriculture policy reforms began to emerge on Tuesday, with ideas floated for the dairy sector, the future of direct subsidies and cash for rural development.

Officials and diplomats monitoring a two-day meeting in Luxembourg suggested possible solutions for a string of known “difficult areas” in a plan for reshaping EU farm regimes, known as the “health check” of the Common Agricultural Policy….. Full Article: Source

Global markets rally

Posted on 29 October 2008 by VRS  |  Email |Print

From Canada.com: Markets around the world staged a powerful rally Tuesday as hopes for further deep cuts in U.S. interest rates trumped fears of further economic weakness there and here.

Evidence that the U.S. housing market has not yet hit bottom, news that U.S. consumer confidence has plunged to an all-time low, and a forecast here that there will be no growth in Canadian exports next year, temporarily dampened, but failed to derail the rally that erupted in Asia, then swept through most of Europe and continued unabated in North America….. Full Article: Source

Gold’s sparkle begins to fade

Posted on 28 October 2008 by VRS  |  Email |Print

From FT: Gold’s popularity among investors has soared over the past year as the credit crunch has rocked financial markets.

The US Mint has sold all of its stock of some popular gold coins, sales of gold bars have risen strongly and gold exchange traded funds have seen record inflows as investors looked for a safe haven from the turmoil affecting credit and equity markets….. Full Article: Source

Credit crunch threatens mining projects

Posted on 28 October 2008 by VRS  |  Email |Print

From Mineweb.com: The credit crunch has put $50 billion of capital expenditure for new or expending projects at risk, according to Credit Suisse.

The credit crisis risks delaying around $50 billion of the mining sector’s capital expenditure used to fund new or expand existing projects in 2009, Credit Suisse said on Monday….. Full Article: Source

Dollar and yen benefit in crisis

Posted on 28 October 2008 by VRS  |  Email |Print

From BBC: The US dollar and the Japanese yen are emerging as winning currencies in the global financial crisis. Both are considered safe havens because their banks have lent less than banks in other countries to emerging markets.

In contrast, the main currency losers have been the euro and the British pound. Investors had been using dollar-denominated loans to invest elsewhere, but as the crisis has worsened cash-strapped banks and lenders have been calling in these loans, which has resulted in a scramble for dollars to pay them off….. Full Article: Source

Lower demand drags oil back towards $60

Posted on 28 October 2008 by VRS  |  Email |Print

From FT: Oil prices fell to a fresh 17-month low on Monday, trading just above $60 a barrel, on signals of lower energy demand in November, in spite of the arrival of the cold season in the northern hemisphere.

Nippon Oil, Japan’s largest refiner, said it will refine 15 per cent less crude oil next month than it did a year earlier because of weakening domestic demand….. Full Article: Source

Steel companies to forge united front on prices

Posted on 28 October 2008 by VRS  |  Email |Print

From People.com: China Steel & Iron Association has called a conference of the largest domestic steelmakers to work out a common stand in bargaining with major iron ore producers in the 2009 round of price negotiations starting next month.

This round of negotiations is expected to be different from previous ones that were largely dominated by the ore suppliers. This time, the market situation has changed as fallout from the global credit crisis has greatly depressed demand….. Full Article: Source

DJ-AIG Commodity Fund investment drops $20 billion

Posted on 28 October 2008 by VRS  |  Email |Print

From Bloomberg: Investments in funds tracking the Dow Jones-AIG group of commodity indexes plunged $20 billion, or 36 percent, in the third quarter amid financial market turmoil and concerns the global economy may fall into a recession.

About $35 billion tracked the commodity indexes at the end of the third quarter, Dow Jones said today in an e-mailed statement. That compares with $55 billion at the end of the second quarter as the index surged toward a record on July 3….. Full Article: Source

Greenpeace: China’s coal use cost it $248 bln

Posted on 28 October 2008 by VRS  |  Email |Print

From CNN: China’s reliance on cheap coal to fuel its economy cost a hidden $248 billion last year through damage to the environment, strain on the health care system and manipulation of the commodity’s price, according to a report released by Greenpeace.

Coal accounts for more than 70 percent of China’s energy use, helping to buttress the country’s double-digit economic growth. But as demand for electricity has soared, supplies of coal have been strained — and the government’s role in keeping prices low has become more expensive….. Full Article: Source

Dubai Gold & Commodities Exchange strengthens Indian Rupee future contract

Posted on 28 October 2008 by VRS  |  Email |Print

From Mondovisione.com: Dubai Gold & Commodities Exchange (DGCX) announced changes to its Indian Rupee futures contract. The revised Indian Rupee futures contract will be available for trading from November 3, and will provide cash settlement in US Dollars, facilitating the settlement process for both local and international market participants.

More contracts will be available on a monthly basis out to twelve months forward and trading hours will be extended to 08.30 to 23:30. In addition, the last trading day will be two business days prior to the last business day of the contract month….. Full Article: Source

Pity party for OPEC?

Posted on 28 October 2008 by VRS  |  Email |Print

From Hardassetsinvestor.com: OPEC has been insisting that the oil market is oversupplied for months, and at its heavily anticipated emergency meeting last Friday, instigated by crude prices that have dropped over 50% since summer, they finally did something about it.

A reduction of 1.5 million barrels per day (bpd) will take effect on Nov. 1 - effectively cutting OPEC’s production by around 5%. How did the market react?…. Full Article: Source

Investors bet on dollars as gold fails safety test

Posted on 28 October 2008 by VRS  |  Email |Print

From Business-standard.com: Despite the global turmoil, gold prices have been falling, of late. It’s no more being seen as a safe haven. The yellow metal has failed to perform in the past years of crisis too.

Looking at the Samvat year’s performance of various assets, it is clear that gold has not performed. This only proves that the yellow metal, at best, acts as a capital protector. During Samvat 2064 that has just ended, the global financial instability and liquidity crisis eclipsed stocks and financial markets all over the world….. Full Article: Source

Copper rallies on homes data, grains rise

Posted on 28 October 2008 by VRS  |  Email |Print

From Forbes: Copper soared 7 percent Monday as a rise in new home sales gave hope the ailing sector could have hit bottom, while grains rallied on bargain hunting after a recent sell-off linked to the sinking stock market.

Crude oil closed at an 18-month low amid continued concerns that a global recession would dent demand, while gold rose as the dollar surged to a 2-1/2-year high against the euro….. Full Article: Source

Cocoa heads for biggest monthly drop in 5 years as dollar gains

Posted on 28 October 2008 by VRS  |  Email |Print

From Bloomberg: Cocoa fell for a ninth straight session, heading for its biggest monthly drop since 2003, as the dollar’s surge increased the cost of commodities for overseas buyers.

The dollar rose against the U.K. pound for the seventh straight session as investors sought a haven from plunging emerging-market stocks and bonds. That increased the price of cocoa for buyers with pounds, the currency used to pay for the chocolate ingredient in West Africa, the world’s biggest supplier. …. Full Article: Source

ETFS completes acquisition of Gold Bullion Securities

Posted on 28 October 2008 by VRS  |  Email |Print

From Ftadviser.com: ETF Securities has completed the acquisition of Gold Bullion Securities, the world’s first listed provider of gold ETCs. Graham Tuckwell, chairman of ETF Securities, said the acquisition underlined its ambitions within the ETC arena.

He said: “These products will fit well within our commodities platform and be part of an expanded marketing effort for gold products in particular.” The London and Australian-listed products will give the ETF provider an increased share of the market and be added to its range of more than 120 ETCs….. Full Article: Source

NMCE to launch futures trading in cotton on 3 November

Posted on 28 October 2008 by VRS  |  Email |Print

From Livemint.com: India’s third largest commodity bourse National Multi-Commodity Exchange today said it will kick start futures trading in cotton (V-797 variety) on 3 November.

“Futures contract in kalyan kapas (V-797) as approved by Forward Markets Commission will be available for trading with effect from 3 November,” NMCE circular said….. Full Article: Source

Corn and its Industry: The next tobacco

Posted on 28 October 2008 by VRS  |  Email |Print

From Seekingalpha.com: Corn-based ethanol, which always was a mistake, is finally out of favor, and the crop price has fallen to $4/bu. This is just the beginning of a long-term secular decline in corn’s fortunes. First, the US fiscal wreckage will put pressure on its subsidy payments.

Far more important, the cost of US health care will turn the debate to the causes of poor health itself, and the fact of our underlying poor diet….. Full Article: Source

Gold jewellery demand down 21 percent in 2Q, but production down too

Posted on 28 October 2008 by VRS  |  Email |Print

From Mineweb.com: The World Gold Council reports that gold jewellery demand fell 21 percent year on year in the second quarter, but anecdotal eveidence suggests a sharp pick up in the third quarter.

The gold price drove demand for jewellery 21% down in the second quarter of this year compared to the second quarter of 2007. This came as the gold price remained high and volatile and inflation spread across the world….. Full Article: Source

The Short View: Currencies and the crisis

Posted on 28 October 2008 by VRS  |  Email |Print

From FT: If “IMF” and “G7” are in the headlines, it follows that the financial crisis is not going away. Rather, with the panic now concentrated in the foreign exchange markets, the danger to the world’s economy becomes all the more acute.

The G7’s warning that it was “concerned” about “excessive volatility” in the yen and its “implications for economic and financial stability”, was highly unusual. Markets took it as a signal that intervention could be imminent….. Full Article: Source

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