Posted on 03 November 2009 by VRS | Email |Print
From Forbes: The Reserve Bank of Australia’s (RBA) index of commodity prices rose 0.7 percent in October in special drawing right (SDR) terms, reversing a 0.6 percent drop in September, the central bank said on Monday.
In Australian dollar terms, the index was estimated to have fallen 3.7 percent in October, following a 2 percent fall in September……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Forbes: Prices for New Zealand’s main commodity exports gained strongly in October, driven by a solid rise in dairy prices, a survey showed on Tuesday.
The ANZ Bank’s commodity price index rose 4.6 percent from the previous month, but was 1.6 percent below the same month a year ago……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Sky.com: Some more breaking news on the Brussels-enforced disposals by our major banks: Royal Bank of Scotland (RBS) is to sell its 51pc stake in RBS-Sempra, one of the world’s largest commodities trading businesses.
This will solve a potential bonus-shaped headache for RBS, which is already bracing itself for the flak that will inevitably arrive with its end-of-year plans to pay bonuses to employees in its investment banking arm……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Forbes: As commodities catch air on a weaker buck, mergers and acquisitions are heating up again, from fertilizers to oil drilling.
Fertilizer maker Terra Industries received yet another acquisition offer from CF Industries late Sunday, this time with a higher cash portion and bigger overall price tag……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Resourceinvestor.com: Oil prices have bounced more than 150 percent off of December 2008 lows but inventory levels remain at historically high levels despite a healing global economy.
However, Goldman Sachs says robust 2010 oil demand growth will deplete these inventories over the next 12-to-18 months and diminishing production rates in key areas around the world will create a supply/demand imbalance……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From BBC: The price of oil has risen more than $1 a barrel after strong manufacturing data from the US increased optimism about the global economic recovery.
US light crude rose $1.13 a barrel to end Monday trading at $78.13, while London Brent added $1.35 to $76.55……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Xinhua: The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped last week, falling by 0.61 U.S. dollars compared to the previous week to 76.03 dollars per barrel, the Vienna-based cartel said Monday.
Earlier, OPEC weekly oil prices kept climbing for three consecutive weeks, and reached the highest point of this year for two consecutive weeks……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Impactpub.com.au: Australia’s CSIRO’s Clive Spash has come out fighting against the Australian government’s Carbon Pollution Reduction Scheme, saying carbon trading and offset schemes appear ineffective in terms of actually reducing greenhouse gases (GHGs).
“The public appearance is that action is being undertaken. The reality is that GHGs are increasing and society is avoiding the need for substantive proposals to address the problem of behavioural and structural change,” he said……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Guardian: Many people forget that the basic principles for the Copenhagen negotiations were set long ago at the Earth Summit in 1992. Rich countries were supposed to go first, fastest and furthest, and pay to help others follow in the footsteps. They failed in every single aspect.
Consequently, all they can do now is beg, grovel and implore the major low income countries – the likes of Brazil, India and China – to participate willingly, and in good faith……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Reuters: The environment for gold prices is set to stay positive as concerns over the stability of other markets fuel investment into hard assets, Kevin Crisp, chairman of the London Bullion Market Association, told Reuters.
Speaking on the sidelines of the LBMA’s annual conference, Crisp said the current environment was “still very positive for the dollar gold price,” though he declined to give a forecast……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Mineweb.com: Even though the gold price has pulled back from its recent highs and is see-sawing between $1020 and $1060, I believe that the price of the yellow metal is poised to make a move to upside and hit the $1100 level shortly.
During the last week while there were several events causing some downward pressure on precious metals, they were extremely resilient and gold has continued to hold well above $1000……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Livemint.com: The Reserve Bank of India, or RBI, is buying 200 tonnes of gold from the International Monetary Fund (IMF), nearly half of what the fund plans to sell.
In 1991, when India faced its worst ever balance of payment crisis, the country had to pledge 67 tonnes of gold to Union Bank of Switzerland and Bank of England to raise $605 million (Rs2,843.5 crore today) to shore up its dwindling foreign exchange reserves, which were then barely enough to buy two weeks of imports……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Reuters: India’s front-month gold future contract on the Multi Commodity Exchange of India Ltd (MCX) struck a record high of 16,099 rupees per 10 grams on Monday, following a rise in global gold due to a weaker dollar.
The December contract struck 16,099 rupees in the evening session. The morning session was not held on Monday owing to a holiday……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Mineweb.com: It’s been a dollar vs. gold story ever since the economy ran into trouble last fall, according to Blackmont Metals and Mining Analyst Richard Gray, who sees inevitable inflation down the road.
“The trouble is there are no real applicable precedents we can use,” he explains, noting the prodigious amount of stimulus money flooding the economy……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Business-standard.com: Why should all metals not traded on the London Metal Exchange (LME) be called minor metals? Six base metals and contracts on steel introduced not very long ago, after much doubts and deliberations, leave a large family of metals in the so called minor box.
This no doubt is a misnomer and a burden from the past, calling for correction……………………….Full Article: Source
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From Reuters: Copper prices ended little changed on Monday, despite firm underlying support from a weaker dollar and strong manufacturing data in the United States and China, the world’s largest consumer of industrial metals.
Copper for December delivery HGZ9 on the New York Mercantile Exchange’s COMEX division ended down 1.05 cents at $2.9450 a lb, after dealing between $2.9225 and $2.9875……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From WSJ: Copper futures are lower early Monday, which appears to be selling to exit long positions and book profits by traders who previously bought at lower prices.
Around 9:15 a.m. EST (1415 GMT), December copper was down 2.15 cents to $2.9340 per pound on the Comex division of the New York Mercantile Exchange……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Risk.net: The increase in iron ore swaps trading since the launch of clearing by Singapore Exchange (SGX) in April and by LCH.Clearnet in June has prompted interdealer broker London Dry Bulk to launch an electronic trading platform for iron ore swaps.
Launched on October 30, the electronic trading platform also quotes HRC steel futures prices traded on Nymex, allowing participants to trade the margin between input costs and the price of the finished product……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Nasdaq.com: The Dubai Mercantile Exchange has asked U.S. regulators to ease a key trading rule that its chief executive said is hampering efforts to develop an oil-price benchmark.
The exchange has asked the U.S. Commodity Futures Trading Commission to relax margin-calculation rules for traders on its markets, cutting trading costs for its flagship Oman Sour Crude contract……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Allafrica.com: In a bid to ensure global best practices and achieve competitiveness, the Abuja Securities and Commodity Exchange (ASCE) have concluded plans to set up a market information system for 12 commodity markets in the Nigeria.
ASCE Managing Director, Mr. Yusuf Abdurrahim also assured that within few weeks’ time, the market information systems for the 12 major markets will be replicated in the 36 states of the Federation……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Risk.net: Phelix power derivatives contracts offered on the European Energy Exchange (EEX) will be accessible to participants on derivatives exchange Eurex from November 25.
Eurex customers will now be able to trade and clear EEX Phelix Baseload Futures and Options, and Phelix Peakload Futures……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Bloomberg: Australia’s dollar advanced as commodities rose and Treasurer Wayne Swan said the nation’s economic recovery will accelerate.
The currency pared gains as U.S. stocks fluctuated on the first trading day after their biggest weekly slump since May……………………….Full Article: Source
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Posted on 03 November 2009 by VRS | Email |Print
From Marketoracle.co.uk: As time is moving rapidly toward the end of the calendar, thoughts tend to go to that which was accomplished during the year. Perhaps this year we might reflect on that which did not happen. A year ago, the outlook for the future was fairly gloomy.
In the Western economies, the policies of the cental banks, and in particular the Federal Reserve, were abject failures. While the outlook for the Western economies continues fairly dismal, at least we do not seem to be falling further into an abyss without hope……………………….Full Article: Source
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