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Commodities Briefing - Archive | May, 2010

Oil price over $100 would damage economic recovery: OPEC would act: Sheikh Ahmad

Posted on 31 May 2010 by VRS  |  Email |Print

From Asiantribune.com: OPEC would pump more oil to prevent a rally in oil prices above $100 from hurting the global economic recovery, Kuwait’s oil minister said on Saturday.

Oil is well below the $100 a barrel mark, settling at just over $85 a barrel on Friday. For a month, oil has traded over the $70 to $80 level that many in OPEC have pegged as fair…………………………………….Full Article: Source

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Crude oil could drop to $60 says Kuwait

Posted on 31 May 2010 by VRS  |  Email |Print

From Tradearabia.com: Crude oil prices could fall to $60 a barrel due to global economic instability, a senior oil official of Kuwait, the world’s fourth-largest oil exporter, was quoted on Sunday as saying.

‘The drop in prices could continue and reach $60 a barrel and it is an issue correlated to the global economy, ‘ Nawal Al-Fuzaia, Kuwait’s national representative to Opec told Kuwaiti daily newspaper Al-Seyassah…………………………………….Full Article: Source

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Oil at $85 ‘will see 3.2pct growth’

Posted on 31 May 2010 by VRS  |  Email |Print

From Business24-7.ae: An average oil price of $85 (Dh312) per barrel will help the UAE economy expand by as much as 3.2 per cent in 2010, UAE Minister of Economy Sultan bin Saeed Al Mansouri said yesterday. This is in contrast with the International Monetary Fund’s (IMF) forecast of 1.3 per cent growth for the country this year.

“It is expected that the price of oil will fluctuate in the $70 to $90 range in the short run,” the National Bureau of Statistics (NBS) said in the government’s annual economic report released yesterday…………………………………….Full Article: Source

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Wild market swings — much beyond the demand–supply fundamentals

Posted on 31 May 2010 by VRS  |  Email |Print

From Arabnews.com: And what a bizarre last few days! With market psyche continuing to oscillate, oil prices too continued to swing, rather- wildly - from one end to the other.

To begin with – crude markets were on a losing streak. Oil, trading as high as $87.15 a barrel on May 3, dropped to as low as $64.24 on May 20. At one point crude prices had lost about 26 percent in prices this month……………………………………Full Article: Source

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Hedge funds sell gasoline fastest since 2006: Energy markets

Posted on 31 May 2010 by VRS  |  Email |Print

From Bloomberg: Hedge funds sold gasoline at the fastest pace since October 2006, dumping 57 percent of their bets on concern Europe’s debt crisis will hurt energy demand.

Speculative net-long positions in gasoline futures and options on the New York Mercantile Exchange tumbled to 14,228 in the week ended May 25, the lowest level since February 2007, according to the Commodity Futures Trading Commission’s Commitments of Traders Report on May 28…………………………………….Full Article: Source

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How to profit in natural gas - regardless of commodities prices or what our Congress of Ninnies decides upon in terms of energy policy.

Posted on 31 May 2010 by VRS  |  Email |Print

From Fool.com: Many of you readers may know me for my USUSUAL stock pitches on the Motley Fool CAPS boards. But a lot of you seem to like them and I would like to collectively thank everybody for bumping me up into the top 10% “Most Helpful Pitcher” category in terms of those “lucky charms” we all seem to accumulate.
I have invested for a long time but have only actively participated here for a month or so. I am thankful and a bit surprised that so many people seem to appreciate my blend of technical analysis, common sense appreciation of fundamental issues, hip hop references, and relatively ubiquitous slams directed at PIIG-ish Europeans…………………………………….Full Article: Source

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Why gold is world’s lowest risk investment

Posted on 31 May 2010 by VRS  |  Email |Print

From Commodityonline.com: Those sure that Tuesday’s Dow action marked the bottom, (the “hammer” on the candle charts) were shocked 24hrs later, as the Dow posted a mirror image reversal day to the downside. This morning the Dow is once again surging, stunning the bears.

This is classic whipsaw action, a saw operated by the banksters, cleaning both shorts and longs off the stock market souvlaki stick. It is also only example number 800 billion, of why you must allocate your capital in a pyramid formation, not a huge price plop…………………………………….Full Article: Source

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Gold vulnerable to downside risk

Posted on 31 May 2010 by VRS  |  Email |Print

From Thehindubusinessline.com: Although European debt crisis and several other risk factors facing the global economy are far from adequately addressed, commodity prices have begun to rebound after a period of steep decline following loss of confidence and panic selling.

Even as macroeconomic fears are taking a backseat, sell-off is slowing and market fundamentals are beginning to assert themselves. Last week witnessed substantial swings in oil prices, with rising demand in the OECD and in particular the US, propelling the market higher…………………………………….Full Article: Source

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Mideast emerging as strong contender for steel industry

Posted on 31 May 2010 by VRS  |  Email |Print

From Zawya.com: Commodity reported that Middle East region is now emerging as a strong contender for steel industry as not only government backed projects but also independents have been heavily investing in the steel capacities that is poised to change the recognition of the region from oil pocket to steel hub in coming years.

Steel companies in the Middle East region have been sailing through all odds only to emerge stronger than ever, Commodity Online.com reported on Friday…………………………………….Full Article: Source

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Investors warned away from miners dependent on China

Posted on 31 May 2010 by VRS  |  Email |Print

From Citywire.co.uk: Investors should be wary of mining stocks which are so dependant on the Chinese growth story, Aviva Investors equity income fund manager Chris Murphy has warned.

China has been a hot topic over the last few months, with the twin threat of inflation and a property bubble making government officials uneasy…………………………………….Full Article: Source

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World’s No. 1 iron ore miner to raise prices 35pct

Posted on 31 May 2010 by VRS  |  Email |Print

From Mineweb.co.za: Brazilian mining company Vale will raise iron ore prices about 35 percent to as much as $145 per tonne in July as part of a switch to quarterly pricing, a Brazilian newspaper reported on Sunday,

Markets widely expect iron miners to boost prices to bring them in line with spot ore prices following a shift away from a decades-old benchmark system, although analysts were still unsure exactly how the new pricing mechanism works…………………………………….Full Article: Source

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Will coal ETFs spike along with summer demand?

Posted on 31 May 2010 by VRS  |  Email |Print

From Seekingalpha.com: Coal prices in China, the world’s largest producer and consumer of coal, are resuming their climb as coal-fired plants renew their depleted reserves. The anticipated higher summer demand may push coal usage upward and ETFs may move right along with it.

In anticipation of the peak summer demand, users have begun to build up stockpiles, sending coal prices higher in some parts of the world, reports Baizhen Chua for BusinessWeek…………………………………….Full Article: Source

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ETF Securities approved to sell more platinum, palladium shares

Posted on 31 May 2010 by VRS  |  Email |Print

From Bloomberg: ETF Securities Ltd. has received government approval to double the number of shares offered in its exchange-traded products backed by holdings of platinum and palladium.

The U.S. Securities and Exchange Commission on May 26 approved the company’s request to increase the platinum product’s share offering by 6.44 million to 11.22 million, according to government filings. The palladium product was approved to offer an additional 5.92 million shares, creating a total of 18.8 million, according to a separate filing…………………………………….Full Article: Source

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Debt crisis drives currency ETF near all-time low - but is it a good hedging play?

Posted on 31 May 2010 by VRS  |  Email |Print

From Marketwatch.com: An exchange-traded fund launched in late 2005 designed to track the movement of the euro against the dollar has come nearly full circle, but the ride has been anything but smooth for investors.

The CurrencyShares Euro Trust is off nearly 20% from its 52-week high of $151.27 it set in November 2009. With more than $600 million in net assets, the fund is the largest and oldest ETF following the euro…………………………………….Full Article: Source

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The Euro’s troubles are China’s troubles

Posted on 31 May 2010 by VRS  |  Email |Print

From Resourceinvestor.com: On one side of the Atlantic, there is a fundamentally broke European Union. On the other, the world’s largest debtor nation, these United States.

Rotate the globe and you discover China, the world’s most populous nation: a nation whose economy is desperately dependent on export revenues, without which its government may find it hard to meet the population’s soaring aspirations. And who is China’s largest trading partner? The European Union, that’s who…………………………………….Full Article: Source

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ACE all set to become national exchange

Posted on 31 May 2010 by VRS  |  Email |Print

From Indianexpress.com: The state will soon house one more national commodity exchange (NCE) as the Ahmedabad Commodity Exchange (ACE) is all set to get converted from regional to a national exchange. The Forward Market Commission (FMC) has given the ACE three months for conversion.
For this, the ACE will have to adopt new technology in place of the existing “Open Out Cry” system in trading ring, de-mutualisation of the exchange, and to create capital of Rs 100 crore…………………………………….Full Article: Source

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Algorithm selling across commodity futures market

Posted on 31 May 2010 by VRS  |  Email |Print

From Commodityonline.com: Fitch’s downgrade of Spain pushed the equity markets over the cliff after yesterday’s big relief rally on the news that the Chinese were going to stay with the Euro (what did people think they were going to say? “Oh yes – we are going to dump all of our Euro denominated debt tomorrow morning.”)

I am not particular sure why equities faded on this news as did the Euro since everyone and their mother expected it already, so to me it is not “news”. Still, it perhaps served to bring suspicions concerning the remainder of the PIIGS’s financial footing to the forefront of short-sighted traders’ minds once again…………………………………….Full Article: Source

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Higher costs and funds lifting China ag prices-NDRC

Posted on 31 May 2010 by VRS  |  Email |Print

From Reuters: Decreased land supply and the rising cost of agricultural labour is driving strong prices of Chinese agricultural commodities, the deputy head of the top planning agency told state media on Sunday.

Speculative funds looking for new investment channels as the stock market falls and tightening measures hit the property markets are also partly responsible, Peng Sen, deputy director of the National Development and Reform Commission, told the Xinhua news agency in an interview…………………………………….Full Article: Source

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Main Baltic index falls on slower cargo enquiry

Posted on 31 May 2010 by VRS  |  Email |Print

From Btimes.com.my: The Baltic Exchange’s main sea freight index, which tracks rates to ship dry commodities, fell on Friday as slower cargo enquiry took its toll. Brokers said the onset of India’s monsoon season was weighing on smaller ship sizes due to lower iron ore activity.

The index, which gauges the cost of shipping commodities including iron ore, cement, grain, coal and fertiliser, fell 1.88 per cent, or 78 points, to 4,078 points falling for a second day…………………………………….Full Article: Source

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Investing in commodities

Posted on 31 May 2010 by VRS  |  Email |Print

From Thehindubusinessline.com: It is only a matter of time before investments in commodities claim a larger share of the retail investor’s wallet. Some insights into this asset class so that investors can take informed decisions. For most of us, the word ‘commodity’ conjures up the image of rising prices and inflation. However, there is another side to commodities, the investment side!

After the dot-com bubble burst, investments in commodities displayed a significant uptrend. More and more prudent investors are leveraging on the negative relationship between commodities and equities…………………………………….Full Article: Source

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May commodities: Gold up, oil weak

Posted on 31 May 2010 by VRS  |  Email |Print

From Ibtimes.com: Gold rose in late trading on Friday after the Fitch cut of Spain’s debt ratings forced gold investors to cover short positions before the holiday long weekend. Spot gold firmed to $US1213.85 an ounce in late New York trade, from $US1211.10 on Thursday.

Comex August gold futures in New York finished with a 60 cent gain on the day at $US1215.0 an ounce…………………………………….Full Article: Source

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Investor demand surges for commodities

Posted on 31 May 2010 by VRS  |  Email |Print

From Commodityonline.com: Commodities prices received a boost late last week amid a respite in investor concerns over financial markets and economic conditions.

Euro zone sovereign debt problems remain, but the level of investor anxiety seen in previous weeks eased a bit…………………………………….Full Article: Source

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Traders embrace a little risk, commodities prices

Posted on 28 May 2010 by VRS  |  Email |Print

From AP: Commodities prices are rising after China says it’s confident that Europe’s efforts to restore financial stability will succeed. Prices for most metals, grains and energy settled higher Thursday as traders moved money back into riskier assets. Gold, often seen as a safe harbor investment, fell.
Investors are taking comfort in China’s statements in support of Europe because it is a huge consumer of commodities and a major holder of European government debt……………………………………….Full Article: Source

Don’t scapegoat speculators: exchanges

Posted on 28 May 2010 by VRS  |  Email |Print

From Reuters: Government meddling in financial markets risks price distortion and under-investment, and political attempts to tackle “speculators” are misguided, commodity exchanges told Reuters Global Energy Summit.
Executives of the world’s trading floors for oil and other raw materials say there is no evidence that speculators cause volatility such as the huge swings in oil in 2008 up to a record of almost $150 per barrel and down to a low of nearly $30……………………………………….Full Article: Source

Wall Street hikes pay for stake in physical commods

Posted on 28 May 2010 by VRS  |  Email |Print

From Reuters: Wall Street commodity desks are investing more money and time than ever in building up their physical business as banks and hedge funds look for ways to make money outside of derivative markets facing regulatory reforms.
Firms that once hardly ventured beyond the traditional bread-and-butter business of futures trading now boast of specialists who can buy and sell physical cargoes of liquefied natural gas, crude oil, iron ore and coal……………………………………….Full Article: Source

OPEC analyst: Oil futures contango likely to persist

Posted on 28 May 2010 by VRS  |  Email |Print

From Dow Jones: The contango structure of the oil futures curve is expected to persist for some time, according to Mohammad Alipour-Jeddi, head of the petroleum studies department at the Organization of Petroleum Exporting Countries.
Contango–a situation where near-term futures prices are cheaper than prices further into the future–is expected to boost oil inventories in storage, Alipour-Jeddi said at energy news and pricing agency Platts’ crude oil markets conference……………………………………….Full Article: Source

OPEC talking informally about oil drop

Posted on 28 May 2010 by VRS  |  Email |Print

From Maktoob.com: OPEC members are talking informally about the drop in oil prices this month, and are urging each other to comply more closely with agreed supply targets, Libya’s top oil official told the Reuters Global Energy Summit.
The comments add to indications this week that, while some members of the Organization of the Petroleum Exporting Countries (OPEC) are voicing concern about falling prices, the group has no plans for an early meeting to consider policy……………………………………….Full Article: Source

Oil chiefs predict long-term price strength

Posted on 28 May 2010 by VRS  |  Email |Print

From Tradearabia.com: Any dip in oil below $70 a barrel will almost certainly be brief as possible Opec action and the prospect of future supply limits prevent a sustained slide, industry executives told Reuters Global Energy Summit.
Analysts have cut their price outlooks in response to extreme nervousness across financial markets, but industry players, who traditionally take a long-term view, anticipated higher rather than lower prices……………………………………….Full Article: Source

Is gold bubble about to burst?

Posted on 28 May 2010 by VRS  |  Email |Print

From Commodityonline.com: As has frequently been the case of late, reports that surface one day regarding what China might or might not do about it vast forex reserves, were dismissed the following day by…China itself. In this case, Wednesday’s headline “China Reviews Eurozone Bond Holdings” (posted by the Financial Times, no less) turned into “China Stands Pat on Reserves Policy” (thank you, Reuters).
Perhaps someday, someone will figure out how book-talk becomes news. Until then we have speculators who enjoy an occasional ‘manufactured’ set of temporary conditions which play straight into their hands. ………………………………………Full Article: Source

Gold: Professor Wrong says “don’t buy” again

Posted on 28 May 2010 by VRS  |  Email |Print

From Resourceinvestor.com: “Gold has become the favored hedge against financial and monetary uncertainty,” said Niall Ferguson, Harvard’s financial history professor. “It’s certainly a time-tested way of coping with really turbulent markets.”
Oh cripes! Niall Ferguson – our tenured contrarian indicator – now says gold is a proven defense against investment stress. It’s taken 11 years and 356% gains in gold, but he’s finally got it. That’s the top. Sell!………………………………………Full Article: Source

Strong demand to lift gold above $1,500

Posted on 28 May 2010 by VRS  |  Email |Print

From Zawya.com: Gold prices will maintain rising trend and may cross $1,500 an ounce by the end of this year on strong demand in China and India, industry players said on Wednesday.
They said demand for gold would remain strong this year due to investors’ appetite for the yellow metal in the wake of worldwide economic instability, sovereign risk and the threat of a ‘double dip’ recession……………………………………….Full Article: Source

‘Decisive break-out to the upside’ for silver forecast

Posted on 28 May 2010 by VRS  |  Email |Print

From Mineweb.co.za: GFMS’ short-term forecast for silver “is that through to July silver will trade between $16.40-$19.50, broadly shadowing gold,” GFMS Chairman Philip Klapwijk predicted today.
In a presentation of “The World Silver Survey 2010″ Thursday morning to the Silver Institute in New York City, Klapwijk predicted that before the end of this year, “a more decisive break-put to the upside is probable, with a fair chance that 2008’s London-high of $20.92 will be exceeded.”………………………………………Full Article: Source

Government sales of silver down 50pct in 2009 - GFMS

Posted on 28 May 2010 by VRS  |  Email |Print

From Mineweb.co.za: In its World Silver Survey 2010, GFMS records that the net supply of silver from above-ground stocks dropped last year by 86% to just 20.2 million ounces or 629t.
The methodology employed in identifying the supply from above-ground stocks is different from the overall supply and demand analysis presented in the Summary chapter of the Survey and is devised in order to demonstrate a measure of the “net drain” on above-ground stocks, both in fabricated and bullion form, that was necessary to bridge the deficit between mine supply and fabrication demand. ………………………………………Full Article: Source

New upleg for gold GLD ETF

Posted on 28 May 2010 by VRS  |  Email |Print

From Marketoracle.co.uk: Is the “re-risk” trade back on for gold? Last week everyone was “de-risking,” remember? The pattern carved out in the SPDR Gold Shares since the May 12 all-time high at 122.24 argues that major “de-risking” (otherwise known as profit-taking) emerged into the May 21 low at 114.01 (-7%).
All of the action off the 5/21 low into yesterday’s high at 119.08 has the right look of a new upleg in the GLD that should revisit the May high in the hours/days directly ahead……………………………………….Full Article: Source

Oil ETFs: Down now, but what about the future?

Posted on 28 May 2010 by VRS  |  Email |Print

From Nasdaq.com: While the decline in oil prices to $70 a barrel has been good for drivers, if prices head any lower, it may attract the attention of OPEC. On the other hand, if OPEC tightens supplies, it could attract the attention of exchange traded fund (ETF) investors.
Analysts say that if oil hits $65 or less, OPEC says it will attract their attention. That’s not the lowest price OPEC would be comfortable with, but it’s a price at which they would begin to watch closely, report Fiona MacDonald and Anthony DiPaola for Bloomberg. For today, at least, oil prices are holding their own and are up 3% so far on a positive durable goods orders report……………………………………….Full Article: Source

Nickel Vs. Aluminum: Which shines brighter?

Posted on 28 May 2010 by VRS  |  Email |Print

From Hardassetsinvestor.com: If you overlaid a daily chart of the cash LME nickel market on that of LME aluminum, you’d scarcely see a difference in nickel’s and aluminum’s price trajectories over the past year. Except for a short-lived divergence between November 2009 and March 2010, aluminum and nickel have traded in virtual lock step with one another.
That’s reflected in the current 67 percent correlation between the Dow Jones-UBS Aluminum Subindex and its nickel counterpart……………………………………….Full Article: Source

China details plan to shut down more metals capacity

Posted on 28 May 2010 by VRS  |  Email |Print

From Globaltimes.cn: China, the world’s top producer of steel and some base metals, will close down more outdated metals production capacity this year, the Ministry of Industry and Information Technology said Thursday.
China has said it will close a total 300,000 tons of copper smelting capacity, 600,000 tons of lead and zinc capacity, 800,000 tons of aluminum capacity and millions of steel capacity under a three-year plan which started last year to reduce overcapacity and cut down pollution……………………………………….Full Article: Source

SMX August debut to include energy contract: CEO

Posted on 28 May 2010 by VRS  |  Email |Print

From Reuters: Singapore Mercantile Exchange (SMX) will start trading in August, launching one energy contract out of six initial securities, seeking to create Asian commodity benchmarks that serve the region’s specific trading and hedging needs.
Chief executive Thomas McMahon said on Thursday SMX aims to capture between 3 and 5 percent of Asia’s total derivatives market in terms of volume, including energy, metals, agriculture, currencies and commodity indices……………………………………….Full Article: Source

ACE gets 3 months time to convert itself into national bourse

Posted on 28 May 2010 by VRS  |  Email |Print

From Indiatimes.com: Commodity market regulator FMC on Thursday said it has given three months’ more time to the Kotak Group-promoted Ahmedabad Commodity Exchange (ACE) to convert from a national exchange to a regional bourse.
At present, there are four national level exchanges - MCX, NCDEX, NMCE and ICEX- and 19 regional bourses. ………………………………………Full Article: Source

Euro’s reserve role undermined by debt crisis

Posted on 28 May 2010 by VRS  |  Email |Print

From Marketwatch.com: China said it’s not reviewing its holdings of euro-zone bonds, but it can hardly be a surprise that reserve managers are nervous about their exposure to the troubled single currency, economists said Thursday.
A news report late Wednesday that China’s State Administration of Foreign Exchange, or SAFE, was looking to review its holding of euro-zone bonds put pressure on the euro. Moreover, it sharply undercut risk sentiment, knocking the wind out of U.S. stocks in afternoon U.S. trading……………………………………….Full Article: Source

Kan says G-20 may discuss effect of Europe woes on currencies

Posted on 28 May 2010 by VRS  |  Email |Print

From Bloomberg: Group of 20 finance ministers and central bankers may discuss the effect of the European sovereign debt crisis on currencies at next week’s meeting in South Korea, Japanese Finance Minister Naoto Kan said.
“Some nations may have an interest in discussing currencies,” Kan said at a news conference in Tokyo today. “I think discussion of the impact of the European situation on currencies will be on the main agenda,” as well as financial regulation and developments in the global economy, he said……………………………………….Full Article: Source

Brazil suggests IMF include yuan, real as conversion currencies

Posted on 28 May 2010 by VRS  |  Email |Print

From Peopledaily.com.cn: Brazilian Finance Minister Guido Mantega on Wednesday suggested the International Monetary Fund (IMF) include China’s yuan and Brazil’s real as conversion currencies for Special Drawing Rights (SDR) of the institution.
Mantega made the suggestion to IMF chief Dominique Strauss-Kahn, who was on a regular visit to the country……………………………………….Full Article: Source

Trade powers to push for Doha deal to boost economy

Posted on 28 May 2010 by VRS  |  Email |Print

From Reuters: Ministers from major trading powers decided on Thursday to redouble efforts for a deal in the stalled Doha round, arguing that opening up global trade would boost the world economy without hitting budgets.
They acknowledged the 8-1/2-year-old Doha round was at an impasse and that serious negotiations — away from the glare of the media and public diplomacy — were now needed to break the deadlock……………………………………….Full Article: Source

No price highs for commodities

Posted on 27 May 2010 by VRS  |  Email |Print

From Investordaily.com.au: Commodity prices will not see the heights of the pre-crisis years again, according to Legg Mason’s hedge fund arm The Permal Group. “Commodities were a bull market phenomenon, and the new normal is going to be a lower range of pricing,” Permal investment strategist Tim Schuler said yesterday at the Legg Mason Investment Symposium in Sydney.
But not all commodities will fall in price - Schuler believes the gold price will remain high. “Gold does not behave like other commodities in the market. Gold is a store of value - it is a Boeing in a sea of Fiats,” he said……………………………………….Full Article: Source

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Strong gold demand seen in 2010: WGC

Posted on 27 May 2010 by VRS  |  Email |Print

From Saudigazette.com.sa: The World Gold Council (WGC) expects that demand for gold will be strong during 2010, driven by growing demand for jewelry in China and India as well as an increase in European and US investment in the context of continued economic instability, sovereign risk and the threat of a ‘double dip’ recession.
According to WGC’s Gold Demand Trends report, published today, demand in India and China will continue to grow, driven by jewelry demand, in spite of high local currency gold prices. In Q1 2010, India was the strongest performing market as total consumer demand surged 698 billion to 193.5 tons……………………………………….Full Article: Source

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Gold likely to cross $1,249 in Q3

Posted on 27 May 2010 by VRS  |  Email |Print

From Business24-7.ae: Gold and precious metals have already factored in the economic woes of the European Union, and the dip in their prices has more to do with the strengthening summer which traditionally pulls down bullion demand every year, Dubai-based commodities analysts said.

One of the most prominent Dubai-based traders dealing in precious metals said that prices will grow steadily this week, oscillating between $1,160 (Dh4,260) and $1,200 an ounce in the medium term, and may touch a new high an ounce – beyond the recent $1,249 – in the third quarter when physical demand for the metal picks up……………………………………….Full Article: Source

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China, India battle for gold market supremacy

Posted on 27 May 2010 by VRS  |  Email |Print

From Commodityonline.com: Is gold demand in China slowing down compared to India? India and China are the world’s two largest gold consuming nations. China’s growing gold market has remained the most-talked about commodity news in recent times as several analysts and Chinese officials have been talking big about the dragon country’s plans to step up gold reserves.
The Chinese bullion market has been, of course, growing exponentially well, as the country was projected to overtake India in gold consumption……………………………………….Full Article: Source

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Rio Tinto upbeat on iron ore, base metals demand

Posted on 27 May 2010 by VRS  |  Email |Print

From Commodityonline.com: Rio Tinto whose aluminium product group was significantly affected by economic downturn while its copper and iron ore businesses showed robust earnings is confident of the growth in base metals group upto 2030.
In a transcript of the speech of Jan du Plessis, Chairman of Rio Tinto of the adjourned Annual General Meeting of the company, he said that “Over the next 15 years we expect consumption trends to lead to a doubling in demand for iron ore, aluminium and copper. We also expect substantial increased demand for energy. These trends will require a significant response from producers.”………………………………………Full Article: Source

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Rhodium commodity trading thoughts

Posted on 27 May 2010 by VRS  |  Email |Print

From Marketoracle.co.uk: Rhodium trading thoughts is about timely and profitable trading of precious metals. We do not believe every turn in the market can be called. Our goal is that our recommendations should be profitable. Profits are the goals, not trades. Do not expect all recommendations to be profitable. No system can achieve that lofty goal.
Our goal is simply to state whether conditions for a metal are favorable or not……………………………………….Full Article: Source

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OPEC talking informally about oil drop

Posted on 27 May 2010 by VRS  |  Email |Print

From Reuters: OPEC members are talking informally about the drop in oil prices this month, and are urging each other to comply more closely with agreed supply targets, Libya’s top oil official told the Reuters Global Energy Summit.
The comments add to indications this week that, while some members of the Organization of the Petroleum Exporting Countries (OPEC) are voicing concern about falling prices, the group has no plans for an early meeting to consider policy……………………………………….Full Article: Source

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