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Commodities Briefing - Archive | June, 2010

Commodities tumble most in 10 months on China, U.S. economies

Posted on 30 June 2010 by VRS  |  Email |Print

From Bloomberg: Commodities fell the most in 10 months, led by declines in industrial metals and energy, on economic concerns in the U.S. and China.
The Reuters/Jefferies CRB Index of 19 raw materials tumbled 2.8 percent, the most since Aug. 14. Only gold climbed. A measure of U.S. consumer confidence in June fell more than analysts forecast, and a gauge of China’s economy in April showed the smallest gain in five months. Equities from Shanghai to New York tumbled……………………………………….Full Article: Source

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OPEC June oil output falls -Reuters survey

Posted on 30 June 2010 by VRS  |  Email |Print

From Reuters: OPEC crude oil supply has fallen in June from the 17-month high reached in May because of lower supplies from Iraq, Angola and Nigeria, a Reuters survey showed on Tuesday.
Supply from the 11 members of the Organization of the Petroleum Exporting Countries with output targets, all except Iraq, has averaged 26.75 million barrels per day (bpd) this month, down from 26.90 million bpd in May, according to the survey of oil firms, OPEC officials and analysts……………………………………….Full Article: Source

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UK will miss carbon emissions targets ‘unless government takes urgent action’

Posted on 30 June 2010 by VRS  |  Email |Print

From Guardian: The new coalition government must introduce a string of climate policies over the next twelve months or risk Britain missing its legally binding targets to cut carbon emissions, ministers were warned yesterday.
David Kennedy, the chief executive of the Committee on Climate Change, said action was needed in four key areas. He said policies should be brought forward to reform the electricity market, and to make homes more energy efficient……………………………………….Full Article: Source

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UN confirms all-out ban on Bulgaria’s carbon emissions trade

Posted on 30 June 2010 by VRS  |  Email |Print

From Novinite.com: The United Nations Compliance Committee of the Kyoto Protocol has confirmed a previously expected measure effectively prohibiting Bulgaria from trading with greenhouse gas emission quotas.
Thus, the Kyoto Protocol Committee has upheld its preliminary conclusion from May 12, 2010, about revoking Bulgaria’s accreditation for participating in the Protocol mechanisms including the trade with carbon emission quotas……………………………………….Full Article: Source

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White House energy session changes no minds

Posted on 30 June 2010 by VRS  |  Email |Print

From Nytimes.com: The senators who emerged from a White House meeting with President Obama on energy policy on Tuesday made no effort to paper over the large differences that remain between them.
Democrats continued to insist on putting some sort of price on greenhouse gas emissions; Republicans continued to insist that to do so would be to impose a tax that would smother the economy……………………………………….Full Article: Source

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Copper, aluminum, zinc slump in quarter on economic concerns

Posted on 30 June 2010 by VRS  |  Email |Print

From Bloomberg: Copper, aluminum and zinc are heading for a quarterly slump on concerns about the strength of the global economy. Three-month delivery copper fell 0.4 percent to $6,471.25 a metric ton on the London Metal Exchange at 9:32 a.m. in Shanghai and has dropped about 17 percent this quarter.
Aluminum was unchanged at $1,947 a ton and has tumbled 16 percent this quarter. Zinc rose 0.7 percent to $1,755.25 a ton, after plunging 26 percent in the quarter……………………………………….Full Article: Source

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EU stakes claim on rare metals crucial to next-generation industries

Posted on 30 June 2010 by VRS  |  Email |Print

From Guardian: The European Commission is worrying about geology. Much as national governments and industry, Brussels is concerned about niobium, platinum group metals, rare earths and a dozen basic commodities.
This month, after 18 months of research, the commission published a list of 14 critical metals or groups of metals that are important for Europe’s economy, with the risk that supplies might be adversely affected by political tension or shortages……………………………………….Full Article: Source

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Strong fundamentals positive for platinum group metals - CPM

Posted on 30 June 2010 by VRS  |  Email |Print

From Mineweb.co.za: A combination of constrained supplies, rising fabrication and increased investor interest in PGMs is expected to drive these metals prices higher in the near future, New York metals consultants CPM said in a presentation Tuesday.
In CPM’s Platinum Group Metals Yearbook 2010, the analysts expect platinum demand to benefit from the global economic recovery this year……………………………………….Full Article: Source

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India 2010 gold imports likely down 40pct

Posted on 30 June 2010 by VRS  |  Email |Print

From WSJ: India’s gold imports will likely fall 40% in 2010 from 343 metric tons last year as prices climb to new highs, Bombay Bullion Association President Suresh Hundia said.
Spot gold prices in Mumbai, the country’s main bullion market, have surged to record levels of around 19,000 per 10 grams from an average of 14,800 rupees ($321.04) last July, eroding demand in the world’s largest consumer……………………………………….Full Article: Source

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The now and Zen of gold

Posted on 30 June 2010 by VRS  |  Email |Print

From Resourceinvestor.com: Monday’s double-digit losses in gold showed little in the way of reversal signs this morning as news that [revised] Conference Board calculations indicate a possible slowdown underway in the economy of the now largest exporter globally: China.
The corrected leading Chinese economic index figure showed an April gain of just 0.3% as compared to the previously reported 1.7% rise. The news undermined speculative appetite and dented a number of stock indices, commodities, and boosted the Japanese yen……………………………………….Full Article: Source

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Gold price manipulation - probably. Conspiracy - a matter of semantics!

Posted on 30 June 2010 by VRS  |  Email |Print

From Mineweb.co.za: Is the gold price being manipulated? There are those who say no, while others say yes - notably The Gold Anti Trust Association (GATA) - and on balance it looks to an impartial observer (relatively) that the answer is probably in the affirmative.
But perhaps no more so than any other commodities and some stock prices. There is a whole mammoth industry out there - the big banks, hedge funds etc. - whose whole purpose is to make money from money and the more you have in the first place the easier it is to do……………………………………….Full Article: Source

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Gold ETF swells to pass $50 bln milestone

Posted on 30 June 2010 by VRS  |  Email |Print

From WSJ: Amid all the market doom and gloom, the world’s largest gold fund is quietly celebrating another major milestone: SPDR Gold Shares, an exchange-traded fund backed by physical bullion, has recently surpassed $50 billion in assets.
Driven by concerns over the euro zone sovereign debt crisis and a double-dip recession, investors have plowed $5.4 billion of net cash into the fund during the first five months. At the same time, gold prices have continued to set records - gaining 13.4% so far this year - helping boost the fund’s size……………………………………….Full Article: Source

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Gold extends gains as ETF holdings hit record

Posted on 30 June 2010 by VRS  |  Email |Print

From Reuters: Gold gained on Wednesday after holdings in the world’s largest bullion-backed ETF hit another record as investors sought safety from tumbling stock markets.
Spot gold rose $4.55 to $1,242.55 an ounce by 9:01 p.m. EDT after volatile trade on Tuesday, when it dropped toward $1,220 before bouncing to around $1,241. Gold struck a record above $1,264 an ounce last week……………………………………….Full Article: Source

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Gold ETF holdings grow by 114pct in two years

Posted on 30 June 2010 by VRS  |  Email |Print

From Commodityonline.com: The steady rise in gold ETF investment since mid-Q4 2008 neatly symbolizes gold’s recovered defensive status against Big Fear. Gold ETF holdings have grown by 114% since early September 2008, to more than 65 Moz by 15 June 2010.
Since then (and up to 15 June) the UK ETF has grown from 1.6 Moz to 4.3 Moz; the SPDR, which accounts for about two-thirds of all gold ETF holdings, has risen by 113% to almost 42 Moz; and the Indian ETFs have managed to rise 143%, to 0.3 Moz and……………………………………….Full Article: Source

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Aluminum ETF girds for launch

Posted on 30 June 2010 by VRS  |  Email |Print

From Forbes: An exchange-traded fund based on aluminum could launch as soon as next month. The CEO of United Co. Rusal, the worlds largest aluminum producer, told reporters that the ETF would launch next month, and could help support metal prices as a hedge against currency and commodity price fluctuations.
There is no word on which firm will launch the ETF……………………………………….Full Article: Source

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When an ETF becomes too dominant in commodities

Posted on 30 June 2010 by VRS  |  Email |Print

From 247wallst.com: The gold trade is becoming too concentrated. For a nearly free-market mentality, this almost hurts to say. The SPDR Gold Shares has just become too large. The company’s website now shows over $50 billion in assets and it is becoming a simple a question to ask… “When does a commodity ETF become too big and too dominant in a commodity?”
It is arguable of course on both sides, but this is larger than most governmental central banks in the world……………………………………….Full Article: Source

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Hedge funds are down for the year

Posted on 30 June 2010 by VRS  |  Email |Print

From Time.com: You think you’ve got it rough. Consider the poor hedge fund manager, who has an awful lot riding on the percentage gains he or she is able to post for clients. The reason is that hedge fund skippers pocket about 20% of the fund’s gains in addition to their annual fee.
Of course, it’s a bit more complicated than that because to pocket a juicy cut of profits hedge funds must be above the high water mark in performance (i.e. the fund can’t be clawing its way back to its old high,) and there could still be many funds that are under that mark due to the devastating losses of recent years. But for the rest, 2010 could be a year of big payoffs………………………………………Full Article: Source

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Threadneedle launches enhanced commodities fund

Posted on 30 June 2010 by VRS  |  Email |Print

From Citywire.co.uk: Threadneedle has revealed a new fund which will invest across the commodity spectrum. The firms says it has launched the actively managed commodities fund in response to investor disillusionment caused by the underperformance of passive funds in 2009.
The new Threadneedle Enhanced Commodities fund will be run by David Donora, who joined the firm in September 2008 to set up a new commodities team……………………………………….Full Article: Source

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Funds tap into GCC’s carbon market

Posted on 30 June 2010 by VRS  |  Email |Print

From Business24-7.ae: As news of some clean development mechanism projects initiated by the GCC governments begins to spread, funds managed by banks and financial institutions are descending on the region to tap CERs, or Certified Emission Reduction units, that can be traded on European climate exchanges.
The GCC as a source of CERs is still at a fledgling stage and cannot be compared to Europe or even to China and India……………………………………….Full Article: Source

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The end of the box office futures business

Posted on 30 June 2010 by VRS  |  Email |Print

From Cnbc.com: Dead in the water: box office futures trading, years in the making, won’t even launch. That’s what Cantor Exchange is saying after securing approval from the Commodities Futures Trading Commission for its box office revenue derivatives.
Cantor Exchange’s president Richard Jaycobs is confident that the financial regulation legislation, along with a ban on trading contracts based on box office results, will be signed into law……………………………………….Full Article: Source

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Scrap dollar as sole reserve currency: U.N. report

Posted on 30 June 2010 by VRS  |  Email |Print

From Reuters: A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.
But several European officials attending a high-level meeting of the U.N. Economic and Social Council countered by saying that the market, not politicians, would determine what currencies countries would keep on hand for reserves……………………………………….Full Article: Source

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Yen near strongest since 2001 against Euro on slowing growth

Posted on 30 June 2010 by VRS  |  Email |Print

From Bloomberg: The yen traded near the strongest level in eight years against the euro as signs the recovery of the U.S. and Chinese economies is waning boosted demand for safer assets.
The yen was also close to an eight-week high against the dollar as Asian stocks declined before reports that economists said will show U.S. business activity expanded at a weaker pace and China’s manufacturing growth slowed……………………………………….Full Article: Source

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Agriculture: Out-of-the-box efficiency plays

Posted on 30 June 2010 by VRS  |  Email |Print

From Hardassetsinvestor.com: Sometimes we forget, but the earth is a finite resource. As the populations and economies in developing nations explode, demand will increase for energy, food, metals and other “essentials”—which will have dramatic effects on the planet’s ability to provide such needs.
With that in mind, it makes sense for the long-time-lined commodity investor to think outside the box a little, as some of the best opportunities lie outside the traditional broad-based bets on energy or gold. Instead, it may be time to get back to basics: farmland……………………………………….Full Article: Source

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China to sell sugar reserves to make up possible short supply

Posted on 30 June 2010 by VRS  |  Email |Print

From Chinadaily.com.cn: China’s top economic planner and ministries of commerce and finance said Tuesday the government would sell 100,000 tons of sugar from state reserves on July 6.
The stocked sugar was to be sold via public auction with the base price set at 4,000 yuan ($588.3) per ton, said a statement posted on the website of the National Development and Reform Commission (NDRC)……………………………………….Full Article: Source

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Gold may reach new high amid fears of double-dip recession

Posted on 29 June 2010 by VRS  |  Email |Print

From Guardian: The gold price could smash new records as investors pile into bullion on fears of a worsening economic outlook. The spot price today flirted with the all-time high of $1,264.90 (£838.93) reached last week.
“Debt on government balance sheets and worries that the world could be heading towards a double-dip recession are driving the gold price higher,” says Charles Cooper at Oriel Securities……………………………………….Full Article: Source

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Why the recent gold price surge is definitely not a bubble

Posted on 29 June 2010 by VRS  |  Email |Print

From Mineweb.co.za: Many market participants and commentators are obviously having a hard time distinguishing between a bull market and a bubble. More and more articles are referring to the imminent burst of the “gold bubble” and to an alleged “crowded trade”. But are the authors of these articles crying wolf?
The facts quickly put the fear-mongering into perspective. Currently some 0.8% of all global financial assets are invested in gold, gold shares, and ETFs……………………………………….Full Article: Source

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Gold price manipulation prior to options expiration exposed

Posted on 29 June 2010 by VRS  |  Email |Print

From Marketoracle.co.uk: Gold futures expire today, June 28th. If you follow the manipulation theories, it is just prior to expiration time, either in futures or options, that paper shorts increase their net short positions in order to manipulate precious metals (and stocks) downward.
This allows the manipulators to profit as the contracts they sold to unwitting investors expire worthless. The sudden drop in price also provides an opportunity for the shorts to cover their positions, profiting via paying back their creditors with lower priced gold or equities……………………………………….Full Article: Source

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Gold investment growing fast in China: WGC

Posted on 29 June 2010 by VRS  |  Email |Print

From Commodityonline.com: Chins’s consumer gold demand is expected to rise in double digits annually as people get richer, said a senior manager at the World Gold Council today.
“We expect gold demand in China to grow faster than its economic growth each year,” said Albert Cheng, Far East managing director of the World Gold Council……………………………………….Full Article: Source

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Government action can decimate your wealth: gold may be the answer

Posted on 29 June 2010 by VRS  |  Email |Print

From Mineweb.co.za: As global sovereign debt and large government deficits continue to influence the value of the major currencies, it appears that Britain is the first major western government to seriously address this problem. And, last week the British Chancellor of the Exchequer, George Osborne, unveiled his ‘emergency’ budget austerity plans.
The most significant part of Osborne’s speech was the part about all the tax changes……………………………………….Full Article: Source

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Silver: Best streak since 1980

Posted on 29 June 2010 by VRS  |  Email |Print

From Theaureport.com: Silver is attracting investors betting on both faster and slower economic growth, as prices extend the longest run of quarterly gains in three decades.
Doubling as a store of value for buyers concerned about the economy and an industrial material for those bullish on growth, silver is outperforming metals from copper to zinc this year and keeping pace with gold……………………………………….Full Article: Source

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Silver may outperform gold this year

Posted on 29 June 2010 by VRS  |  Email |Print

From Business-standard.com: The Indian appetite for silver is as legendary as it is for the more expensive precious metal gold. In fact, for both the metals, this country is counted as the world’s leading importer and user. Being a voluminous importer and at times surprising the world like in 2008, Indian moves have a significant bearing on world silver prices.
In the years since 2003, India’s silver imports have seen some major fluctuations. If the high point was reached in 2008 when imports totalled 160 million ounces, thanks largely to currency arbitrage inspired buying spurt in the second half, the next year saw imports dipping to 40 million ounces……………………………………….Full Article: Source

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Is copper a rational market?

Posted on 29 June 2010 by VRS  |  Email |Print

From Hardassetsinvestor.com: Last week, I took a look at gold miners, and pointed out the volatility alligators lurking beneath what seemed like a simple precious metals play. This week, I thought I’d turn to a different kind of miner: copper miners.
I laid out a lot of the current fundamentals back in April, when it seemed that the classic inventory story for copper finally began making sense again. But for years now, the real macroeconomic story driving copper has been China. And, as Lara Crigger covered in her most recent podcast, the story is still China……………………………………….Full Article: Source

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Why the age of oil is ending

Posted on 29 June 2010 by VRS  |  Email |Print

From Msn.com: Environmental disasters, nationalisations, swinging prices and political disputes all point to one thing: the impending end of the age of oil.
BP’s ill-fated oil well is still pumping its contents into the Gulf of Mexico. Some analysts are even concerned that what was one of the FTSE 100’s biggest companies a few short months ago could go bankrupt……………………………………….Full Article: Source

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OPEC urges US to ‘look again’ at offshore drilling ban

Posted on 29 June 2010 by VRS  |  Email |Print

From AFP: OPEC urged the United States on Monday to reconsider legal moves and ditch a ban on deep-water drilling slapped on the oil industry in the wake of the Gulf of Mexico disaster.
“We should not really ban it and we should not jump to conclusions without serious study,” OPEC secretary general Abdullah al-Badri said after meeting with European Union energy chiefs in Brussels……………………………………….Full Article: Source

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IEA raises 2009-2014 global biofuels production forecast

Posted on 29 June 2010 by VRS  |  Email |Print

From Agra-net.com: The International Energy Agency (IEA) in its Medium-Term Oil and Gas Markets outlook said biofuels production should grow to 2.4 mln barrels per day in 2015 from 1.6 mln in 2009.
2010 biofuels production was revised up by 55,000 barrels per day from the December 2009 forecast mainly due to sharp upward revisions in the United States, more favourable estimated biodiesel production in Europe and an upward revision to Chinese ethanol output carried through from 2008……………………………………….Full Article: Source

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Democrats struggle to find energy plan

Posted on 29 June 2010 by VRS  |  Email |Print

From WSJ: Congressional Democrats are still struggling to come up with a plan for energy legislation in response to the Gulf oil spill and are looking to a bipartisan meeting with President Barack Obama on Tuesday to produce some clarity about trade-offs the White House favors.
For its part, the White House wants to know what Republicans would be willing to support……………………………………….Full Article: Source

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EU delays action on carbon tax

Posted on 29 June 2010 by VRS  |  Email |Print

From Businessweek.com: European commissioners are in a holding pattern over whether to introduce a tax on carbon across the EU, a proposal that if backed by the EU executive could prove to be one of the most controversial and bitterly fought over pieces of legislation Brussels has mooted in years.
Under initial proposals by taxation commissioner Algirdas Semeta, from 2013, sources of greenhouse gases that are not currently covered by the EU’s flagship environmental endeavour, the Emissions Trading Scheme (ETS) – sectors such as agriculture, as well as transport and households – would see a flat, minimum fee of between €4 and €30 per tonne……………………………………….Full Article: Source

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Regulators approve movie futures for 2nd exchange

Posted on 29 June 2010 by VRS  |  Email |Print

From AP: Federal regulators on Monday paved the way for a second online exchange letting investors make bets on movies’ future box-office receipts, but the exchange said a congressional ban may force it to change its plans.
The Commodity Futures Trading Commission approved the proposed futures contracts for the new Cantor Futures Exchange. That allows the movie futures trading to proceed. The vote was 3-2. Two weeks ago, the agency also narrowly approved box-office futures contracts for the new Trend Exchange……………………………………….Full Article: Source

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TOCOM eyes rival exchange’s corn, soybean trades

Posted on 29 June 2010 by VRS  |  Email |Print

From Reuters: The Tokyo Commodity Exchange said on Monday it would be willing to consider taking on futures trading in corn, soybeans and coffee from an ailing rival exchange but is not interested in its other products.
Local media have reported that TOCOM and the Tokyo Grain Exchange are looking to integrate as more signs emerge that the nation’s struggling commodities exchanges are seeking to streamline their operations. TOCOM has denied the reports……………………………………….Full Article: Source

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Emirates Securities and Commodities Authority signs MoU with National Statistics Center

Posted on 29 June 2010 by VRS  |  Email |Print

From Ameinfo.com: The Emirates Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the National Statistics Center (NSC) to boost cooperation between them in the areas of data collection, management and analysis, aimed at setting up and developing a nationwide national database of statistics.
H.E. Abdullah Al-Turifi, SCA Chief Executive Officer, signed the MoU for his side, while H.E. Rashid Khamis Al-Suwaidi, NSC Director General, also signed the agreement for his outfit during a ceremony attended by officials from both sides……………………………………….Full Article: Source

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Yuan ETF: Time to expect big returns?

Posted on 29 June 2010 by VRS  |  Email |Print

From Etftrends.com: Last week, China announced that it would allow its currency to float. Analysts and investors were anticipating the news for quite some time, as evidenced by the dramatic inflow of cash to WisdomTree’s yuan exchange traded fund (ETF). But the yuan may not rise as much as people think.
The Economist reports that China decided to increase the flexibility of its currency. But the announcement was a bit vague, as it also pledged to keep the RMB exchange rate “stable at an adaptive and equilibrium level.”………………………………………Full Article: Source

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SSgA to join commodities ETF bonanza

Posted on 29 June 2010 by VRS  |  Email |Print

From Indexuniverse.com: State Street Global Advisors, the Boston-based fund sponsor of the SPDR family of ETFs, filed with the Securities and Exchange Commission to offer a new equities fund tracking the Standard & Poor’s Global Natural Resources Index, which has a lighter allocation to energy companies than one of the more popular ETFs it will compete against.
SSgA will enter a market of equity ETFs already occupied by iShares’ North American Natural Resources Sector Index Fund………………………………………Full Article: Source

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Chinese yuan likely tracking 15 currencies, Merrill says

Posted on 29 June 2010 by VRS  |  Email |Print

From MarketWatch: China is likely tracking more than a dozen currencies in addition to the U.S. dollar in setting the value of the yuan, though there’s no guarantee it will pay much heed to fluctuations apart from those of the greenback in setting the value of its currency, analysts say.
In a note Monday, Bank of America-Merrill Lynch economists headed by Ting Lu in Hong Kong cautioned that that “jury was still out” on whether Beijing will truly follow a basket-linked currency regime. Nevertheless, he offered estimates of the composition and weighting of the basket of currencies that China is using to set its daily trading range for the yuan……………………………………….Full Article: Source

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China yuan rate pegged at five-year high

Posted on 29 June 2010 by VRS  |  Email |Print

From BBC: China has set the exchange rate for the yuan at its highest level in five years, after previously saying it would make the currency more flexible.
The move follows the G20 summit in Toronto that took place over the weekend……………………………………….Full Article: Source

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China backstops commodities pricing

Posted on 29 June 2010 by VRS  |  Email |Print

From Theaustralian.com.au: China’s appetite for raw materials has again powered a strong commodity price recovery over the past financial year. This continues to offset the slump in Western economies.
Strong price gains across base metals and bulk materials were recorded for the 2009-10 fiscal year, with a 40 per cent jump in base metals prices, a 26 per cent gain in oil markets and an 82 per cent gain in the iron ore industry……………………………………….Full Article: Source

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Africa’s growth will be beyond commodities

Posted on 29 June 2010 by VRS  |  Email |Print

From Busrep.co.za: Africa’s recent growth surge has come with the help of a commodity boom. But the surge in commodity prices is only part of the reason the continent’s gross domestic product (GDP) rose by 4.9 percent a year, between 2000 and 2008, more than twice its pace in the previous two decades.
According to a report, released last week by the McKinsey Global Institute (MGI), Africa’s economic growth surge was “widespread across countries and sectors and its roots extend far beyond the global commodity boom”……………………………………….Full Article: Source

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G20 pledges fail to rally markets

Posted on 29 June 2010 by VRS  |  Email |Print

From Torontosun.com: G20 pledges to halve fiscal deficits within three years along with promises of stricter banking regulation to come did little to rally wary stock markets Monday, with some commentators saying the summit pointed more to disunity than global co-operation.
According to the final communiqué, the G20 acknowledges that there is no one-size-fits-all solution to the world’s economic problems and fiscal consolidation will be “differentiated to national circumstances.” Those with serious debt problems need to step up the pace, while Japan was given an exemption……………………………………….Full Article: Source

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U.N. warns about commodities-trading rules

Posted on 28 June 2010 by VRS  |  Email |Print

From WSJ: As U.S. lawmakers were fine-tuning their financial-regulatory overhaul, the United Nations cautioned against onerous restrictions on speculative investors in commodities markets.
Though the surge in food prices globally two years ago “might have been amplified by speculators in organized futures markets,” limiting or banning speculative trading—undertaken with the goal of profiting from successful anticipation of price moves—”might do more harm than good,” the U.N.’s Food and Agriculture Organization said in a policy brief last week……………………………………….Full Article: Source

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OPEC chief “comfortable” with oil prices

Posted on 28 June 2010 by VRS  |  Email |Print

From AFP: Oil prices are “comfortable” and there is no change in production strategy, OPEC Secretary General Abdalla Salem El-Badri said Sunday, despite the giant BP spill in the Gulf of Mexico.
“Current prices are comfortable,” the head of the Organization of Petroleum Exporting Countries said in Brussels, on the eve of a meeting with European Union officials……………………………………….Full Article: Source

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Iran fears falling oil sales – not UN sanctions

Posted on 28 June 2010 by VRS  |  Email |Print

From Guardian: The UN security council’s latest sanctions against Iran are the toughest to date. While the country’s public rhetoric has remained consistently defiant, Iranian officials admit in private that there is concern about the expected rise in costs and bureaucratic hassles for Iranian businesses.
But they are quick to add that the latest resolution won’t weigh down oil and gas projects much more than previous sanctions. The newest UN security council resolution will slow down development, but won’t cripple Iranian energy……………………………………….Full Article: Source

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