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Commodities Briefing - Archive | November, 2011

Think about silver before investing

Posted on 28 November 2011 by VRS  |  Email |Print

The Gold-Silver ratio: Throughout history the ratio between gold and silver has been in the range of 12:1 to 16:1. What this means is that for every ounce of gold you would be able to exchange it for 12 to 16 ounces of silver. This was generally the case because there is approximately 12 to 16 times more silver in the earth’s crust than there is gold.

Although this ratio has remained quite constant, the current ratio is 50:1. With one ounce of gold you can currently buy a whopping 50 ounces of silver………………………………………Full Article: Source

India silver imports to be lower in 2011: Scotia Mocatta

Posted on 28 November 2011 by VRS  |  Email |Print

Silver imports into India may be lower in 2011 as higher prices keep buyers at bay, an official of Scotia Mocatta said on Thursday. 2010 imports had stood at around 3030 tonnes.
Scotia Mocatta was chosen as the “Best Bullion Bank” for 2010-2011 by the Bombay Bullion Association. “Silver business is not that significant (by volume)…couple of months ago it was very good when prices had tapered off”, Rajan Venkatesh , Managing Director of Scotia Mocatta said………………………………………Full Article: Source

New oil reserves pose threat to OPEC dominance

Posted on 28 November 2011 by VRS  |  Email |Print

While the world remained focused on Tahrir Square — another revolution of its kind has been in the making — impacting, changing and altering the global energy dynamics.

The issue of global energy security seems changing nexus now, resulting in uncertain call on Saudi and OPEC oil in medium term. Large new, conventional and unconventional reserves in North America, and elsewhere, are questioning the dominant role of OPEC in meeting the global oil thirst. These new developments have also sapped the urgency to develop the Kingdom’s own reserves — further — at this stage……………………………………….Full Article: Source

World can’t do without Iranian oil: Tehran official

Posted on 28 November 2011 by VRS  |  Email |Print

Iran’s oil and gas reserves are so vast they cannot be excluded from the world market as France is urging the West to do, Mehr news agency Friday quoted the National Iranian Oil Company head as saying.
“Iran possesses massive oil and gas reserves… Thus ignoring Iran in oil and gas exchange will not be acceptable (by the international community),” said Ahmad Qalebani, who is also a deputy oil minister. France’s announcement that it would soon stop importing oil from Iran was hollow, he added………………………………………Full Article: Source

Iran official: OPEC to take up demand drop in 2012

Posted on 28 November 2011 by VRS  |  Email |Print

The next meeting of the Organization of Petroleum Exporting Countries due Dec. 14 is set to look into an expected drop in oil demand early next year, a top Iranian oil official said Saturday.

Muhammad Ali Khatibi, Iran’s OPEC governor, told Dow Jones, “In the second quarter of 2012, demand will be lower; it is seasonal demand.” “Usually, ministers look at it [demand] and decide what the ceiling should be,” he added……………………………………….Full Article: Source

Surplus oil harmful for global market: Iran’s OPEC governor

Posted on 28 November 2011 by VRS  |  Email |Print

The representative of Iran to the Organization of Petroleum Exporting Countries (OPEC) has said that any surplus of oil will be harmful for the global market. Mohammad-Ali Khatibi added that a balanced market will be beneficial for all the member states. “So, we should not allow any oil surplus to exist in the market.”
On November 21, Khatibi said in Riyadh he foresees a “positive” OPEC meeting next month. OPEC should be wary of a possible drop in demand next year, he added, Bloomberg reported……………………………………….Full Article: Source

Saudis fear climate talks will hurt OPEC oil income

Posted on 28 November 2011 by VRS  |  Email |Print

Saudi Arabia, OPEC’s largest crude producer, will seek to ensure climate talks starting this week in Durban, South Africa, won’t unfairly limit the exporter group’s income, the kingdom’s envoy to the negotiations said.

Saudi Arabia and its OPEC partners are being asked to bear too much of the burden of cutting greenhouse-gas emissions because their economies depend on oil and natural-gas revenue, Mohammed al-Sabban, said in a speech at the Energy Dialogue conference in the capital Riyadh on Nov 21……………………………………….Full Article: Source

How biomass can provide 25pct of global energy without affecting food production

Posted on 28 November 2011 by VRS  |  Email |Print

It is perfectly understood that no one renewable energy source will replace our dependence on fossil fuels. It will take an energy system mix where we rely on the combined input of many different renewable sources.
One such source is Biomass, the energy created by all living organisms. Biomass has always been relegated to the back of the queue of renewable energy sources because it requires large amounts of land and therefore would compete with food production and forests……………………………………….Full Article: Source

Energy and commodities - The coming supply threat

Posted on 28 November 2011 by VRS  |  Email |Print

Frenetic speculation on ever more opaque and complex, intensely rigged energy and commodity markets has generated a contango-dominated context where only high prices now, and higher prices further out can save the day - for market operators and players.
This applies almost across the board and with few exceptions. The so-called market neutral change-on-a-dime flexibility does not apply for pure and basic financial reasons: equities have taken a solid beating and the loss has to be made up somewhere else in the “seamless asset space”………………………………………Full Article: Source

What happened to commodity currencies in 2011?

Posted on 28 November 2011 by VRS  |  Email |Print

The Australian, Canadian and New Zealand Dollars – the so-called “commodity bloc” – have been the worst performers against their US namesake among the majors so far this year.
The outcome reflects the group’s sensitivity to global economic growth expectations and investors’ risk appetite at a time when the post-2008 crisis faces its most considerable headwinds yet, with output expansion increasingly expected to slow worldwide while the Euro Zone sovereign debt crisis threatens to unleash another credit disaster onto financial markets……………………………………….Full Article: Source

Single currency still remains a valid goal to pursue

Posted on 28 November 2011 by VRS  |  Email |Print

When the deadline for the introduction of a GCC single currency came and went last year, few were surprised. The project — much lauded on its launch in 2001 — has in many ways been doomed from the start. First there were the initial rows between Saudi Arabia and the UAE over the location of the central bank, then Oman and the UAE’s withdrawal from the project.

Even if that wasn’t enough, the dire straits that the euro finds itself in at the end of 2011 certainly hasn’t done much to restore faith in single regional currencies………………………………………Full Article: Source

LatAm currencies volatile on Europe concern

Posted on 28 November 2011 by VRS  |  Email |Print

Brazil’s real whipsawed in afternoon trading on Friday, as further negative developments in the euro-zone debt crisis and low trading volumes kept volatility high. Pressure has continued to build on the euro zone as talks by the heads of Germany, France and Italy on Thursday failed to find a solution as Germany opposed a joint euro-zone bond and a bigger role for the European Central Bank to stem the crisis.

Adding to that pressure, Italy paid a record 6.5 percent to borrow over six months on Friday and its longer-term borrowing costs soared far above levels seen as sustainable for public finances………………………………………Full Article: Source

Falling rupee adds to slowing Indian economy and high inflation

Posted on 28 November 2011 by VRS  |  Email |Print

For several months, India has suffered the double misfortune of a slowing economy and high inflation. Now, it has another problem: a rapidly depreciating currency.

The value of the rupee has fallen nearly 14 per cent, to 52.21 against the dollar, since the end of August as investors have stepped back from the Indian economy and many traders have stepped up bets against the currency. Less than three months ago, the rupee was trading at 45.79 to the dollar. ……………………………………..Full Article: Source

Today’s currency war may be tomorrow’s global crisis: book

Posted on 28 November 2011 by VRS  |  Email |Print

“Hold on, I’m in the middle of a Twitter war with Nouriel Roubini,” author James Rickards says as he answers the phone from his Manhattan office.

The martial metaphors come easily for Rickards, who argues in his new book, “Currency Wars,” that government attempts to devalue their currencies and inflate away their debts could set the stage for the mother of all financial crises, complete with a dollar collapse and the breakdown of all civil order……………………………………….Full Article: Source

Is a global agreement the only way to tackle climate change?

Posted on 28 November 2011 by VRS  |  Email |Print

As world leaders and scientists assemble next week for COP 17 in Durban, the main the focus of discussion, in the early sessions at least, will be the Kyoto protocol and the need for a binding international agreement on climate change. This is a redundant exercise.
The real driver for change in climate negotiations is the call for voluntary national commitments that was issued in 2009 at COP 15 in Copenhagen. Indeed, more has been achieved post-Copenhagen and Cancún through voluntary and nationally agreed carbon emissions reductions than in the 15-year circus of negotiations since Kyoto……………………………………….Full Article: Source

Is the global warming scare the greatest delusion in history?

Posted on 28 November 2011 by VRS  |  Email |Print

To grasp the almost suicidal state of unreality our Government has been driven into by the obsession with global warming, it is necessary to put together the two sides to an overall picture – each vividly highlighted by events of recent days.

On one hand there is the utterly lamentable state of the science which underpins it all, illuminated yet again by “Climategate 2.0”, the latest release of emails between the leading scientists who for years have been at the heart of the warming scare (which I return to below). On the other hand, we see the damage done by the political consequences of this scare, which will directly impinge, in various ways, on all our lives………………………………………Full Article: Source

Bank commodity staff turnover seen increasing as rules tighten

Posted on 25 November 2011 by VRS  |  Email |Print

Justin PearsonThe world’s biggest investment banks have greater staff turnover in commodities than in fixed-income and currencies because of tightening regulations on trading, according to Coalition, a London-based research company.

That reflects “general market confidence and demand from non-banking competitors including trading firms, which do not have the same levels of regulatory constraints,” Coalition said in an e-mail, without giving figures. Coalition, founded in 2002, uses company announcements, its own research, media articles and information from people in the market………………………………………Full Article: Source

Commodities prices fell in October

Posted on 25 November 2011 by VRS  |  Email |Print

Patricia MohrCanada’s major export commodities experienced further price declines in October thanks to ongoing European debt challenges and the failure of the U.S. Congressional Committee to agree on a deficit reduction package.

Scotiabank’s Commodity Price Index, which measures price trends in 32 of Canada’s major exports, lost further ground in October, declining 3.7%. The All Items Index has fallen 9.8% from its near-term peak in April. Yet this price correction remains mild compared with the Index’s 40% plunge in the second half of 2008………………………………………Full Article: Source

China hit hard by ballooning commodity prices

Posted on 25 November 2011 by VRS  |  Email |Print

China imported commodities at much higher prices in the first 10 months of 2011, with the prices of crops, refined and crude oil imports jumping by more than 30% compared to the same period a year ago, the National Development and Reform Commission said.

Between January and October, China’s imported grain prices were up 47.9% year on year to $377.7 per ton, imported soybean prices were up 29.8% year on year to $573.9 per ton, imported cotton prices were up 61.7% year on year to $2,972 per ton, imported edible vegetable oil prices were up 38.4% year on year to $1,175 per ton, and imported sugar prices were up 35.4% year on year to $689.2 per ton, customs statistics show………………………………………Full Article: Source

Gold prices to reach $2,000 by March 2012: Scotia

Posted on 25 November 2011 by VRS  |  Email |Print

Gold imports are likely to reach 1,000 tonne due to growing investment demand, while prices might touch USD 2,000 by March 2012 driven by global economic crisis, a senior SocotiaMocatta official said.

“Investor demand has compensated the decline in the jewellery consumption. The rising gold prices, which has boosted the investors appetite, may result in close to 1,000 tonne imports of the yellow metal,” Rajan Venkatesh, managing director, India bullion, SocotiaMocatta, part of the Bank of Nova Scotia, told reporters on the sidelines of FICCI ‘Gems and Jewellery Conference’ here………………………………………Full Article: Source

Is the gold price going to fall to $1,500?

Posted on 25 November 2011 by VRS  |  Email |Print

With the worsening Eurozone crisis and the failure of government to manage the U.S. debt responsibly, markets are fearful of a meltdown. Traders are driving prices down in the knowledge that many positions are geared [leveraged] and exposed to margin calls.
Other positions are protected by ‘stop loss’ instructions, so can be triggered by prices moving down through support levels. Potential buyers are in no hurry to enter the market, either because they feel there is further to fall or because the volumes dictating price moves are too thin to get the sort of positions they want. Overall, the investment climate is very wintery from the bottom of the financial structures right up to the markets themselves………………………………………Full Article: Source

Record gold hoard spurs bullish bets from traders: Commodities

Posted on 25 November 2011 by VRS  |  Email |Print

Gold traders are more bullish after investors accumulated the biggest-ever hoard of the metal, with Europe’s deepening debt crisis driving them to protect their wealth with this year’s second-best performing commodity.

Eighteen of 26 surveyed by Bloomberg expect bullion to rise next week. Holdings in exchange-traded products backed by gold reached a record 2,350.8 metric tons on Nov. 23, now valued at $128.5 billion, according to data compiled by Bloomberg. Hedge funds and other speculators increased their net-long position, or bets on higher prices, for four weeks, the longest stretch since March, Commodity Futures Trading Commission data show………………………………………Full Article: Source

Gold may drop as investors turn to dollar

Posted on 25 November 2011 by VRS  |  Email |Print

Gold may decline as investors seeking a protection of wealth during Europe’s sovereign-debt crisis turn to the dollar, curbing demand for the precious metal. Palladium dropped to a seven-week low.

Bullion for immediate delivery was little changed at $1,694.18 an ounce at 11:57 a.m. in Singapore, on course for a second weekly decline. February-delivery futures were also little changed at $1,697.90 on the Comex in New York, where floor trading was closed yesterday for the Thanksgiving holiday………………………………………Full Article: Source

Kazakhstan is now world’s largest uranium miner

Posted on 25 November 2011 by VRS  |  Email |Print

Kazakhstan’s international energy image is now that of one of the world’s rising oil exporters, an extraordinary feat given that, two decades ago its hydrocarbon output was beyond insignificant when the USSR collapsed. The vast Central Asian nation, larger than Western Europe, has now quietly passed another energy milestone.

Kazakhstan produces 33 percent of world’s mined uranium, followed by Canada at 18 percent and Australia, with 11 percent of global output. Kazakhstan contains the world’s second-largest uranium reserves, estimated at 1.5 million tons. Until two years ago Kazakhstan was the world’s No. 3 uranium miner, following Australia and Canada………………………………………Full Article: Source

World oil prices turn higher in Asian trade

Posted on 25 November 2011 by VRS  |  Email |Print

World oil prices turned higher in Asian trade Thursday on stronger US energy demand and as investors abandoned equities markets for crude, analysts said. New York’s main contract for January delivery gained 24 cents to $96.41 per barrel while Brent North Sea crude for delivery in January advanced 60 cents to $107.62.

The oil market was buoyed by the weekly US inventory report, which showed a larger-than-expected drawdown last week, said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore………………………………………Full Article: Source

Barclays: Sharp fall in crude inventories, taking them below 5 yrs avg

Posted on 25 November 2011 by VRS  |  Email |Print

Oil prices remain largely range-bound with the tug-of-war between solid fundamentals and faltering macroeconomic picture continuing. January Brent slipped by $2.01 to $107.02/bbl, while the equivalent WTI contract fell by $1.84 to $96.17/bbl, said Barclays Capital in a Briefing.

Though prices have recovered somewhat on Thursday, the pressure from uncertainty concerning the euro area, China and global growth in general is likely to weigh on prices. The key fundamental data release on Wednesday was the US weekly oil data release, which showed a sharp tightening in the crude market………………………………………Full Article: Source

OPEC to boost exports as refiners stock up, Oil Movements says

Posted on 25 November 2011 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries will boost shipments by 1.9 percent up to the middle of December as refiners replenish crude inventories before demand for winter fuels peaks, according to tanker- tracker Oil Movements.

OPEC will export 23.52 million barrels a day in the four weeks to Dec. 10, up from the 23.09 million barrels shipped daily in the month to Nov. 12, the Halifax, England-based researcher said today in an e-mailed report. The figures exclude Ecuador and Angola………………………………………Full Article: Source

Oil price could strangle economic recovery hopes: IEA

Posted on 25 November 2011 by VRS  |  Email |Print

The high oil price could “strangle” efforts to get the global economy back on its feet and may also hamper Asia’s ability to help the West exit its crisis, the International Energy Agency’s chief economist said on Thursday.

The IEA’s Fatih Birol said the world economy was in a more fragile state now than during the crisis of 2008-2009, when oil prices were lower………………………………………Full Article: Source

IEA warns against oil export blockage

Posted on 25 November 2011 by VRS  |  Email |Print

As more countries move to block the importing of oil from Iran, the International Energy Agency’s Chief Economist, Dr. Fatih Birol says Governments are not seeing the bigger picture.

In presenting the Agency’s World Energy Outlook on Thursday, Dr. Birol explained that bans can lead to under-investment in production allowing the country to meet demand a cycle of damage that the world cannot afford would begin. In spite of this, the IEA presented a rather predictable future………………………………………Full Article: Source

JP Morgan buys more sway in LME takeover battle

Posted on 25 November 2011 by VRS  |  Email |Print

JP Morgan has dramatically boosted its influence in the battle to acquire the London Metal Exchange by increasing its stake this week to become the biggest shareholder.

JP Morgan Chase now has stronger input into any changes proposed by suitors while making a tidy profit from any sale, but retains the option to team up with others to block a takeover, analysts and industry sources said………………………………………Full Article: Source

Beijing cracks down on trading houses

Posted on 25 November 2011 by VRS  |  Email |Print

China’s government on Thursday said it has increased scrutiny of trading houses, and that exchanges set up without Beijing’s approval will be banned from trading derivatives and other financial products.

The number of outfits trading commodities, artifacts, precious metals, and other items has grown in tandem with the rise in the number of wealthy people in recent years. In the January-October period, 58 trading houses were established, the state-run China Daily newspaper said Thursday………………………………………Full Article: Source

China to ban trading on unauthorized bourses

Posted on 25 November 2011 by VRS  |  Email |Print

China will ban trading of securities and futures on unauthorized exchanges to regulate the market and prevent financial risks, the State Council said.

Some of the trading activities have led to price manipulation and fund embezzlement by the exchange managers, China’s cabinet said in a statement dated yesterday. Such problems may cause regional financial risks and endanger social stability, the statement said………………………………………Full Article: Source

Death of a currency as eurogeddon approaches

Posted on 25 November 2011 by VRS  |  Email |Print

The defining moment was the fiasco over Wednesday’s bund auction, reinforced on Thursday by the spectacle of German sovereign bond yields rising above those of the UK.

If you are tempted to think this another vote of confidence by international investors in the UK, don’t. It’s actually got virtually nothing to do with us. Nor in truth does it have much to do with the idea that Germany will eventually get saddled with liability for periphery nation debts, thereby undermining its own creditworthiness………………………………………Full Article: Source

Commodity currencies underperformed in 2011. What happened?

Posted on 25 November 2011 by VRS  |  Email |Print

The Australian, Canadian and New Zealand Dollars – the so-called “commodity bloc” – have been the worst performers against their US namesake among the majors so far this year.
The outcome reflects the group’s sensitivity to global economic growth expectations and investors’ risk appetite at a time when the post-2008 crisis faces its most considerable headwinds yet, with output expansion increasingly expected to slow worldwide while the Euro Zone sovereign debt crisis threatens to unleash another credit disaster onto financial markets………………………………………Full Article: Source

India’s currency: Rupee and the bears

Posted on 25 November 2011 by VRS  |  Email |Print

The result of headless-chicken financial markets or a canary in the coal mine? India is grappling with this question. On November 22nd the rupee fell to an all-time low against the dollar. The speed of the rout (see chart) has been scary for a place that was supposed to be largely insulated from the rich world’s troubles. It is 20 years since India had a balance-of-payments crisis and for a long time the talk has been about it becoming an economic superpower.
But there lingers a memory of when it felt it was a financial hostage to the world, and this helps explain the whiff of panic now in the air. Mumbai’s financial types say that firms are scrambling to find dollars and that desperate euro-zone banks, which supply about half of India’s foreign loans, are cutting off credit lines………………………………………Full Article: Source

GCC: Why a single currency would attract investors

Posted on 25 November 2011 by VRS  |  Email |Print

The GCC should accelerate its efforts to introduce a single currency. Sceptics may draw parallels to what is happening to the euro, which may further delay the process, especially in a region where implementation of almost anything has never been on time.

People need to realise that Gulf countries are different from the euro zone ones. In addition to commonalities in religious, cultural and social preferences, the $1 trillion bloc has a common denominator driving its individual economies………………………………………Full Article: Source

Panic selling forces carbon prices to all-time low

Posted on 25 November 2011 by VRS  |  Email |Print

EU carbon fell 9 percent to an all-time low of 7.68 euros on Thursday on eroding faith in Europe’s economy, growing permit supply and a bout of automatic selling. EU Allowances for December delivery rose to 8.59 euros this morning before crashing down to the intraday bottom shortly before the Netherlands announced it had auctioned 2 million permits at 8.05 euros, further stoking the already oversupplied market.

The bellwether futures recovered somewhat in afternoon trade, climbing back to 7.87 euros by 1616 GMT, 57 cents below Wednesday’s settlement………………………………………Full Article: Source

It’s time for a carbon floor price-Gerard Wynn

Posted on 25 November 2011 by VRS  |  Email |Print

The European Union’s emissions trading scheme now needs rescuing, but only on new terms which better address its main aims and eradicate some of its failings, using a price floor. The scheme, launched in 2005, is at a cross-roads, as carbon prices plunge to record lows and the fact dawns on traders that there may be no strong recovery for more than a decade.

The EU carbon market is now irrelevant as an environmental policy but a price floor would reverse that, and could deliver additional tens of billions of euros to member states through 2020 from extra auction revenues………………………………………Full Article: Source

Carbon collapse shows weaker EU manufacturing: Energy Markets

Posted on 25 November 2011 by VRS  |  Email |Print

The slide in European Union carbon permits to their lowest level since 2007 is underlining how the region’s sovereign-debt crisis is hurting industrial production.

The December 2011 contract sank 6.5 percent today after dropping 7.3 percent yesterday, the biggest price decline in five months. European manufacturing shrank this month, London- based Markit Economics said yesterday. An EU statistics office report showed industrial orders fell 6.4 percent in September, the biggest drop in almost three years, signaling less need for fuels and, in turn, emission permits………………………………………Full Article: Source

U.S. banks grab commodities trade finance

Posted on 24 November 2011 by VRS  |  Email |Print

Colin HeritageU.S. banks are expanding fast in commodities trade finance as the dominant players, French banks, retreat, bankers told Reuters, with traders saying they feared it still would not be enough to save some small oil, coal and metals players from credit problems.
“The French banks are actively selling loan exposure as dollar liquidity in Europe has shrunk. So naturally U.S. banks are benefitting most. I personally bought into a few large and good trade finance loans,” said an executive at a major U.S. bank specialising in energy………………………………………..Full Article: Source

Why Jim Rogers is still a commodities bull

Posted on 24 November 2011 by VRS  |  Email |Print

Jim RogersIn a climate that has forced investors to look for more unusual places to put their money, many have gone into precious metals, especially gold, which hit multiple record highs this year, prompting some analysts to say it was overcrowded.
But famous investor Jim Rogers reiterated on Wednesday his view that investors will benefit from owning commodities whether the global economy improves or not………………………………………..Full Article: Source

Jim Rogers says decline in commodities is ‘artificial’

Posted on 24 November 2011 by VRS  |  Email |Print

Jim Rogers, CEO & Chairman of Rogers Holdings told CNBC on Wednesday that the recent decline in commodity prices have little to do with fundamentals, or concerns about the strength of the global recovery, and everything to do with the collapse of brokerage firm MF Global (MF).
According to Rogers, the sell-off is “artificial.” “With MF Global going bankrupt [MF Global declared bankruptcy nearly 4 weeks ago] – which was a gigantic commodities firm – there was a lot of artificial forced liquidation of commodities. People have to sell whether they like it or not. It’s artificial selling right now,” Rogers said………………………………………..Full Article: Source

Crumbling commodities

Posted on 24 November 2011 by VRS  |  Email |Print

With the notable exception of gold, most commodities have been in decline for a good portion of the year. And now that the U.S. dollar is once again on the move higher, even gold has succumbed to selling pressures lately.
It is hard to argue for inflation under such a scenario. With the major commodities indexes threatening to break down below respective bull-market trendlines, this asset class is now at a serious crossroads with significant economic implications………………………………………..Full Article: Source

Commodities confidence but no shine

Posted on 24 November 2011 by VRS  |  Email |Print

As we believe that the European debt crisis will linger in the next six to nine months, adversely impacting China’s growth, which is crucial towards demands of commodities. This is why we downgraded our forecasts on metal prices.
As most commodities have a high correlation with oil prices, we believe that tin prices would remain unexciting, in line with world economic outlook. However, we expect recovery in the middle of 2012, as Indonesia’s smelters will continue their export ban until tin prices recover to around the US$23,000 level………………………………………..Full Article: Source

China’s oil demand to surpass IEA forecasts, Barclays says

Posted on 24 November 2011 by VRS  |  Email |Print

China’s oil consumption by 2015 will be “significantly” higher than International Energy Agency forecasts, surging 35 percent from this year, as economic expansion spurs fuel demand, Barclays Capital said.
The world’s biggest energy user may need 13.6 million barrels a day of fuel, versus an IEA estimate of 10.5 million, based on growth in China’s energy demand versus income levels in the past decade, Miswin Mahesh, London-based analyst at the bank, wrote in a report……………………………………….Full Article: Source

OPEC to increase output-Iraq

Posted on 24 November 2011 by VRS  |  Email |Print

OPEC will likely decide to cut oil output at its Dec. 14 meeting in Vienna as global oil demand is expected to decline next year, Iraq’s oil minister said on Tuesday, a view in line with fellow member Iran but one which runs counter to mainstream expectations.
Industry observers say a cut in output is unlikely to find support among the Gulf Arab OPEC members while oil prices remain well above $100 a barrel………………………………………..Full Article: Source

IEA urges to expand renewable energy use

Posted on 24 November 2011 by VRS  |  Email |Print

The International Energy Agency (IEA) on Wednesday called for more efforts to expand the practice of deploying renewable energy, to face energy security and climate change challenges.
Countries must focus more on deploying renewable energy in a bid to realize sustainable development and growth, “especially given the world’s increasing appetite for energy and the need to meet this demand more efficiently and with low-carbon energy sources,” Maria van der Hoeven, IEA Executive Director said……………………………………….Full Article: Source

Metals prices fall on economic worries

Posted on 24 November 2011 by VRS  |  Email |Print

Metals prices fell Wednesday on worries that economic growth could slow because of Europe’s debt problems. Prices for industrial metals are closely tied to economic growth. Metals like copper and palladium are used as raw materials to make everything from automobiles to home computers.
Worries about an economic slowdown grew Wednesday when an auction of German debt didn’t draw enough bids to sell all of the 10-year notes being offered………………………………………..Full Article: Source

Gold settles shy of $1,700 as dollar weighs

Posted on 24 November 2011 by VRS  |  Email |Print

Gold eased below the $1,700 mark on Wednesday as investors moved to the dollar on euro-zone concerns, but futures recovered from their earlier losses as some traders viewed the declines as a good opportunity to buy.
The most actively traded gold contract, for December delivery, fell $6.50, or 0.4%, to settle at $1,695.90 a troy ounce on the Comex division of the New York Mercantile Exchange………………………………………..Full Article: Source

Should gold prices be higher?

Posted on 24 November 2011 by VRS  |  Email |Print

The US government’s announcement Monday that it’s bi-partisan, deficit reduction “Super” committee had failed to meet its target of $1.2 trillion in deficit cuts helped push confidence in Washington and stocks in the US lower.
This move is understandable given the pre-existing concerns about the country’s ability to repay its debt as well as the poor state of the debt situation in Europe………………………………………..Full Article: Source

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