Wed, Aug 27, 2014
A A A
Welcome kbr175@gmail.com
RSS

Commodities Briefing - Archive | November, 2011

Barclays’ 2012 forecasts: Gold to hit $2000, silver to hit $35/oz

Posted on 24 November 2011 by VRS  |  Email |Print

Barclays’ forecasts for precious metals in 2012 include gold, $2,000 an ounce; silver, $35; platinum, $1,835; and palladium, $860. Barclays’ 2012 forecasts for the base metals include aluminum, $2,544 a metric ton; copper, $10,075; lead, $2,506; nickel, $21,125; tin, $28,000; and zinc, $2,300.
According to Barclays Capital, base metals prices would plummet as dramatically as they did after the financial crisis of 2008, even if the economic-growth outlook worsens, that is because there are important differences between then and now………………………………………..Full Article: Source

China changing the global gold market

Posted on 24 November 2011 by VRS  |  Email |Print

While many investors have been distracted by the goings on in Europe, China has been making a dent in the global gold market by making it easier for investors to buy and invest in the yellow metal.
The goal: To dominate the global gold market and carve out a new role for its currency, the yuan………………………………………..Full Article: Source

India should add more gold to its reserves: RBI paper

Posted on 24 November 2011 by VRS  |  Email |Print

With Gold being a part of the forex reserves at just a mere7.9%, India should target buying more gold in the future, a Reserve bank of India (RBI) working paper advises. The ‘optimum level of gold’ as a part of the reserve however a difficult question to answer.
In the wake of the global economic crisis and economic uncertainty, central bank demand for gold has gone up. As such, India should not consider itself an exception. After the 200 tonne Gold purchase from the IMF in 2009, India has not added any significant quantity of gold into its reserves. But, the economic climate calls for further additions to the India’s gold reserves, even in small quantities………………………………………..Full Article: Source

Exempt commodity futures trading from stamp duty: FMC

Posted on 24 November 2011 by VRS  |  Email |Print

The proposal for stamp duty exemption for trading in commodity derivatives has suddenly found many supporters. The Forward Markets Commission (FMC), under the ministry of consumer affairs (MCA), has strongly recommended to the ministry of finance that futures trading in commodities should be exempted from stamp duty completely.
“We have written to the finance ministry to fully exempt commodity futures trading from all types of stamp duty,” said a senior FMC official………………………………………..Full Article: Source

RBI firefights rupee slide

Posted on 24 November 2011 by VRS  |  Email |Print

The Reserve Bank of India (RBI) on Wednesday announced a slew of measures to arrest the decline of the rupee, which has lost 14 per cent of its value this year and is the worst performer among Asian currencies. The regulator has also stepped up its surveillance with banks to keep a check on speculative activity by market participants.
The central bank has relaxed external commercial borrowing norms by raising the ceiling for interest rate the Indian corporate sector pays to raise overseas funds………………………………………..Full Article: Source

Rhodes sees currency wars in a ‘very volatile’ global market: Tom Keene

Posted on 24 November 2011 by VRS  |  Email |Print

Financial markets are “very volatile” as nations vie to keep their currencies cheap and maintain exports, said William Rhodes, a senior adviser at Citigroup Inc.
“In a sense we are somewhat in a currency war because everyone wants to protect their currencies in the sense of revaluing too much because that cuts into their trade,” said on Bloomberg Television’s “Surveillance Midday” with Tom Keene………………………………………..Full Article: Source

Carbon collapse shows weaker EU manufacturing: Energy Markets

Posted on 24 November 2011 by VRS  |  Email |Print

The slide in European Union carbon permits to their lowest level since 2009 is underlining how the region’s sovereign-debt crisis is hurting economic production.
Prices for the December 2011 contract sank 7.3 percent yesterday, taking their decline this year to 41 percent. European manufacturing shrank this month, London-based Markit Economics said……………………………………….Full Article: Source

JPMorgan World Bank veteran leaves, saying CO2 ‘died’

Posted on 24 November 2011 by VRS  |  Email |Print

Odin Knudsen, the JPMorgan Chase & Co. (JPM) managing director for environmental markets, resigned last month as the largest U.S. lender scaled back its climate-related practice.
Knudsen, 68, left the New York-based lender by mutual agreement after it became apparent the U.S. was not going to join a global system to trade carbon emissions, undermining the bank’s business plans, he said in a Nov. 21 phone interview. JPMorgan spokesman Brian Marchiony declined to comment………………………………………..Full Article: Source

Chocolate binge topping $100 bln boosts cocoa: Commodities

Posted on 24 November 2011 by VRS  |  Email |Print

Shrinking cocoa harvests in West Africa, the largest producing region, are diminishing a glut of beans just as sales of chocolate confectionery exceed $100 billion for the first time ever.
Global supply will decline 7.7 percent in the year to September, shrinking the surplus to 32,000 metric tons, from 434,000 tons a year earlier, according to Marex Spectron Group Ltd., which trades the beans in New York and London………………………………………..Full Article: Source

Funds battle banks over $300 trillion derivatives market

Posted on 23 November 2011 by VRS  |  Email |Print

Gary GenslerSome of the world’s biggest financial firms are locked in a battle over the control of large banks in the $300 trillion market for privately traded derivatives in the United States. The fight pits dealers such as JPMorgan, Morgan Stanley and Deutsche Bank against much of the rest of the financial industry.
At the heart of the dispute is a set of seemingly obscure rules that, however esoteric, may help decide the winners and losers in the industry, an opaque market blamed as a major contributor to the 2008 financial crisis………………………………………..Full Article: Source

Barclays: Commodity assets under management reach $412 bln

Posted on 23 November 2011 by VRS  |  Email |Print

Total assets under management in commodities reached $412 billion in October, just $39 billion short of the all-time records set in April, said Barclays Capital in a research note.
During October, the focus of market participants was yet again squarely on EU policymakers, on the US, where a slowdown in activity heightened fears of a double-dip recession, and on China, where a slowdown in Europe and possibly the US was seen as increasing risks of a hard landing………………………………………..Full Article: Source

JPMorgan downgrades commodities to underweight

Posted on 23 November 2011 by VRS  |  Email |Print

The U.S. congressional supercommittee’s failure to come up with a deficit reduction deal has prompted JPMorgan to downgrade its outlook on commodities. Colin Fenton, the investment bank’s head of global commodities research and strategy, warned clients that markets must now price the risk of more credit rating cuts for the United States.
“The primary implication is damage to confidence in the United States’ seriousness of purpose and the cost of that attitude,” he said in a report on Tuesday evening………………………………………..Full Article: Source

China’s appetite for commodities continued in October

Posted on 23 November 2011 by VRS  |  Email |Print

China’s appetite for commodities continued in October, with imports positive across the energy, metals and agriculture segments. Expectations of easing in monetary policy have led to further improvement in its appetite.
Along with Chinese imports of commodities, funds’ investments in commodities worldwide have also been increasing. According to data compiled by Barclays Capital, “Total commodity assets under management (AUM) continued to pull ahead and experienced another large month-on-month increase, taking AUM to $412 billion, just $39 billion short of the all-time high reached in April this year.” It is interesting to note that commodity funds’ AUM had shrunk in September………………………………………..Full Article: Source

US crony capitalism and the damage to commodity futures

Posted on 23 November 2011 by VRS  |  Email |Print

A clearing Exchange that looks increasingly reluctant to honour its vow of guaranteeing safety of transactions, a political system where politicians pile on cash based on their position in their country and the first victim of all the crony capitalism that ebbs through the power corridors of the US – private wealth is disappearing into the hands of the few.
Crony capitalism is a term describing a capitalist economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favouritism in the distribution of legal permits, government grants, special tax breaks, and so forth - wikipedia……………………………………….Full Article: Source

Oil up on Iran dispute, IMF lending moves

Posted on 23 November 2011 by VRS  |  Email |Print

Oil prices rose in choppy trading on Tuesday as efforts to strengthen sanctions on Iran and regional unrest hiked the geopolitical fear premium and offset worries about global economic growth.
The euro rallied against the dollar and helped boost dollar-denominated oil after the International Monetary Fund beefed up its lending instruments and introduced a new six-month liquidity line designed to help countries at risk from the euro zone debt crisis………………………………………..Full Article: Source

Don’t bet on big fall in oil even with slowdown

Posted on 23 November 2011 by VRS  |  Email |Print

With debt crises either side of the Atlantic, Europe flirting with recession and Libyan oilfields returning to production, it is tempting to be bearish on oil.
Tempting but risky. Despite all the financial and economic gloom, 2011 has been a record year for oil with Brent crude at its highest-ever average above $110 per barrel, and few analysts forecast a big drop in price, even those who expect an economic slowdown………………………………………..Full Article: Source

Oil market balanced, prices “comfortable” - Badri

Posted on 23 November 2011 by VRS  |  Email |Print

The global oil market is balanced and prices are “comfortable,” OPEC Secretary-General Abdullah al-Badri said on Tuesday.
The oil exporter group is due to meet in Vienna on December 14 to discuss production levels and the outlook for demand, with the eurozone crisis and tension over OPEC member Iran’s nuclear programme tugging prices in opposite directions………………………………………..Full Article: Source

A push to hold OPEC quotas

Posted on 23 November 2011 by VRS  |  Email |Print

The world’s biggest oil producers are signaling they want OPEC to stick to existing crude-output quotas, as prices have remained lofty.
The statements by top oil officials from Saudi Arabia and Iraq and by OPEC’s secretary general this week represent a shift in stance. As recently as September, the Organization of Petroleum Exporting Countries hinted in an oil-market report that some members could reduce production if the debt problems plaguing Europe create ripple effects that cut demand and if Libya rapidly resumes exports………………………………………..Full Article: Source

OPEC likely to cut output at Dec meeting -Iraq oil minister

Posted on 23 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 head: High oil prices for longer period will endanger econ recovery

Posted on 23 November 2011 by VRS  |  Email |Print

High oil prices for a longer period of time could endanger the global economic recovery, the executive director of the Paris-based International Energy Agency, Maria van der Hoeven, said Tuesday.
“If prices are for a long time at a relatively high level they then will endanger the economic recovery, especially in the poor countries and the emerging countries,” van der Hoeven told a conference in Saudi Arabia’s capital Riyadh………………………………………..Full Article: Source

Global copper demand remains strong - Aurubis

Posted on 23 November 2011 by VRS  |  Email |Print

Global copper demand remains firm despite fears of an economic slowdown and key consumer China is likely to raise imports again in November, Aurubis, Europe’s biggest copper producer, said on Tuesday.
“The general view that demand is suffering due to economic concerns does not seem to fit with the inventory trend in the metal exchange warehouses,” Aurubis said in a report. “Copper production does not meet the requirements.”……………………………………….Full Article: Source

Why is gold more than just a commodity?

Posted on 23 November 2011 by VRS  |  Email |Print

Gold is a rare metallic element with a chemical symbol, Au. The word is short for the Latin word for gold, ‘Aurum’, meaning ‘Glowing Dawn’. It has several properties that have made it very useful to mankind over the years. Why is gold special?
Gold is a unique asset based on few basic characteristics. First, it is primarily a monetary asset, and partly a commodity. As much as two thirds of gold’s total accumulated holdings relate to monetary asset holdings which include the central bank reserves, private investments, and high-caratage jewelry bought primarily in developing countries as a vehicle for savings…………………………………………Full Article: Source

Gold rebounds as outside markets steady

Posted on 23 November 2011 by VRS  |  Email |Print

Gold futures rebounded from four-week lows on Tuesday as relative calm in other markets and a weaker dollar drew buyers back to the precious metal. The most actively traded gold contract, for December delivery, rose $23.80, or 1.4%, to settle at $1,702.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
Futures on Monday settled below the $1,700 mark for the first time since late October, as investors moved to cash amid worries about a potential credit crunch in the euro zone……………………………………….Full Article: Source

Why silver long term price is pegged at $20/oz

Posted on 23 November 2011 by VRS  |  Email |Print

Silver is often called gold’s ugly sister because historically it presents itself as a very volatile metal, price-wise. Silver demand is typically determined by two main influences. First, silver as a store of value, much like gold. Second, silver is valued as an industrial metal.
Right now, there’s a lot of concern about demand for silver as an industrial metal, about the lack of demand for silver for industrial fabrication. The interplay between these two demand uses contribute to its price volatility………………………………………..Full Article: Source

Silver’s cloudy lining

Posted on 23 November 2011 by VRS  |  Email |Print

Monday’s near-$50 loss in gold elicited some modest physical buying in the Asian markets but the evening hours were still showing plenty of nervousness in the market with occasional dips to levels as low as $1,665 per ounce.
Attempts to patch some of the price damage with a corrective rebound were manifest in the early morning hours as well as at the opening of trading action in New York. The precious metals complex exhibited mixed prices however, as gold and platinum advanced, and as silver and palladium did not initially join the gainers’ club………………………………………..Full Article: Source

Bullion investing as you’ve never seen it

Posted on 23 November 2011 by VRS  |  Email |Print

This isn’t your father’s bull market in gold. It most certainly ain’t your grandfather’s either. Getting a handle on gold investing amid the Great Depression was all about the same three T’s as it had been for centuries – teeth, trinkets and terror.
But freed from fixed-price control as the last vestige of the Gold Standard collapsed, the gold market then morphed by the end of the 1970s into KFC – a finger-lickin’ combination of Krugerrands, futures, and those “certificates of confiscation” that were government bonds paying way less than inflation………………………………………..Full Article: Source

Gold ETF assets in India soar

Posted on 23 November 2011 by VRS  |  Email |Print

It has been a good year for gold exchange traded funds (ETFs). With assets under management almost tripling at the end of October, following the festival season of Diwali, from the year ago period, financial planners across India are advising their clients to add gold ETFs to their portfolio.
Clients have been advised that the strong investment demand will continue well into the new year. Data shows that even as sales of real gold has plunged 26% in the quarter ended September, given the high price of gold, ETFs have nearly tripled………………………………………..Full Article: Source

Hong Kong bourse to introduce commodities trading, CEO says

Posted on 23 November 2011 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd., the world’s biggest bourse by market value, aims to introduce commodities trading, Chief Executive Officer Charles Li said in Hong Kong today, without giving a timetable.
China is the biggest consumer and producer of many commodities and Hong Kong should help in setting prices, Li said today at a forum in the city. China is the world’s No. 1 copper consumer, and the second-largest gold buyer after India………………………………………..Full Article: Source

Commodity exchange: Rwanda makes markets work for the farmer

Posted on 23 November 2011 by VRS  |  Email |Print

The commodity exchange works like a stock market because the seller offers a price and if the buyer is comfortable with it, a deal is sealed. Unlike spot markets where middlemen control the information and distort the price, the middlemen at the commodity exchange act as brokers and they are fully licensed by the regulator.
“The purpose of these exchanges is to guarantee availability of the product and helping in the process of price discovery,” explains Robert Mathu, the executive director of the Capital Markets Authority (CMA). “The second role is to transfer the true value of the farmer’s produce directly to the farmer. Having a commodity exchange helps to alleviate poverty, and improve the welfare of the producers.”……………………………………….Full Article: Source

Indian rupee dives to lifetime low

Posted on 23 November 2011 by VRS  |  Email |Print

The rupee continued its free fall and touched a nadir of 52.73 against the dollar, before recovering a little to close at 52.32, amid indications from RBI and the government that there was little that authorities could do to prop up the currency.
The Indian currency closed 16 paise lower compared to Tuesday’s close which was a record low. The steep fall on Monday morning trade was due to heavy dollar demand from oil companies. Expectations of a further decline are also prompting importers to buy dollars, dealers said………………………………………..Full Article: Source

Where is rupee headed Vs dollar?

Posted on 23 November 2011 by VRS  |  Email |Print

The rupee on Tuesday touched an all-time low of 52.73 to the dollar, and speculation is rife that it could slide further for two reasons. Given the strong demand for the dollar globally (because of the turmoil in the eurozone), the greenback is expected to climb further vis-a-vis most other currencies. Specifically to India, foreign institutional investors are in no hurry to invest in our equity market due to a combination of domestic and global concerns.
Thankfully, FIIs have not sold shares aggressively despite the weakness in both the rupee as well as equities. But should the rupee slide further for whatever reason, it could trigger a vicious circle wherein FIIs would start pulling out money from shares, which in turn would weaken the rupee, and in turn spark more selling from other foreign investors………………………………………..Full Article: Source

New Zealand dollar rises from 8-month low as commodities gain

Posted on 23 November 2011 by VRS  |  Email |Print

New Zealand’s dollar rose from the lowest level since March versus the U.S. dollar as raw-materials prices advanced for the first time in four days.
The currency, nicknamed the kiwi, was also supported after a report showed credit-card spending in the nation rose last month. The Australian currency advanced for the first time in seven days versus the yen before HSBC Holdings Plc releases a gauge of Chinese manufacturing for November………………………………………..Full Article: Source

“Carbon” becomes dirty word for climate investors

Posted on 23 November 2011 by VRS  |  Email |Print

In a sign of the tough times facing the carbon sector, the Carbon Markets and Investors’ Association last month dropped the word “carbon” from its name.
The group, which represents more than 50 firms that finance and invest in emissions reduction, is now the Climate Markets and Investors’ Association (CMIA)………………………………………..Full Article: Source

Fitch: Carbon credit revenues likely to fall post 2012

Posted on 23 November 2011 by VRS  |  Email |Print

Fitch Ratings said, in a just published comment, that that Indian companies may face a decline in revenue from certified emission reductions (CER)/carbon credits post 2012.
CER prices have fallen recently due to several factors: The ongoing eurozone debt crisis; potentially lower acceptance of CERs after 2012; and the lower probability of developed and industrialised countries agreeing to binding commitments after the first commitment period of the Kyoto Protocol (ending December 2012)………………………………………..Full Article: Source

China to pilot carbon trading scheme: NDRC

Posted on 23 November 2011 by VRS  |  Email |Print

China’s top economic planner confirmed on Tuesday that it has approved a pilot greenhouse gas emission rights trading scheme in seven provincial regions in an effort to encourage carbon emission reductions.
The municipalities and provinces given the green-light include Beijing, Tianjin, Shanghai, Chongqing, Shenzhen, Hubei and Guangdong, an official with the National Development and Reform Commission (NDRC) told Xinhua under the condition of anonymity………………………………………..Full Article: Source

Commodities fall globally on sombre news

Posted on 22 November 2011 by VRS  |  Email |Print

Gold rose marginally in the domestic market due to a depreciating rupee even as global crude and metal prices beat a retreat on fresh fears of a global slowdown with China warning of a recession. US lawmakers added to the global gloom by their inability to forge a consensus on a $1.2 trillion debt reduction plan.
In the international spot market, gold was down 0.8%, $1,711 an ounce at around 7.30PM IST, off an intra-day low of $1,699. It fell 3.5%, and traders are betting on a further fall. But with the rupee depreciating against the dollar, there may not be too much to cheer for Indian consumers during the current marriage season………………………………………..Full Article: Source

Global growth still supportive for commodities in 2012

Posted on 22 November 2011 by VRS  |  Email |Print

During the autumn we have seen a pronounced change in financial sentiment. The combination of the serious escalation of the European debt crisis that it likely to have pushed the eurozone into recession, the fear of a more severe global slowdown and a stronger dollar have dented optimism. This environment has pushed risky assets including most commodities significantly lower.
However, the sell-off in energy, in particular, has in fact been modest compared with equities and base metals, which have suffered badly………………………………………..Full Article: Source

How gold performed in 2011

Posted on 22 November 2011 by VRS  |  Email |Print

For thousands of years, mankind has been charmed by gold, and the desire to own it has led to fervent gold rushes, dastardly deeds and greed-driven wars. Today, the precious metal is sought after for both jewelry and investment purposes, as well its industrial applications in certain electronic and medical devices.
The economic downfall of the last several years has helped ignite an increased interest in gold prospecting and investing. Gold prices, which have fluctuated within a $500 range thus far in 2011, can be affected by a number of factors, including:……………………………………….Full Article: Source

The hottest commodity on earth

Posted on 22 November 2011 by VRS  |  Email |Print

Investors seeking safe havens amid falling stock markets have often looked to gold, especially over the past 10 years as the yellow metal has seen its price move from less than $300 per ounce to as high as $1,900.
But more recently, commodity investors have turned to copper as a way to play a combination of favorable macroeconomic trends, ranging from investor demand for real tangible assets to the continuing infrastructure buildout in emerging-market countries around the world………………………………………..Full Article: Source

Gold will shine at $3000 in 2-3 yrs

Posted on 22 November 2011 by VRS  |  Email |Print

From the commodity space, Johann Santer, the COO of Superfund Financial India Pvt Ltd, is extremely bullish on gold and advices his investors to remain invested in the yellow metal. He expects gold to touch USD 3,000 per ounce in the next couple of years.
Regardless of the price, we recommend our clients to look at gold. We don’t believe gold would be overpriced at the current level of trading around USD 1,700 per ounce. Our mid to long-term price goal is USD 3,000 per ounce within the next two to three years. We started investing in gold when gold was trading at USD 470………………………………………..Full Article: Source

Gold triple play – volatility, currencies & Europe

Posted on 22 November 2011 by VRS  |  Email |Print

Resurgent investment lifted global gold demand 6% from the previous year to just over 1,000 tons during the third quarter of 2011, according to the latest Gold Demand Trends Report from the World Gold Council (WGC).
The potent cocktail of inflationary pressures in the emerging world and the European sovereign debt fiasco left investors searching for a safe haven – they looked for it in gold………………………………………..Full Article: Source

Silver to bounce back and outperform gold in 2012

Posted on 22 November 2011 by VRS  |  Email |Print

As we all know, the Silver soared earlier this year only to fall dramatically in the spring. However, silver rebounded and has been holding its ground ever since, while volatility raged around it.
Jewelry demand of white metal remains high, possibly due to the higher price of gold, and demand for silver coins is also rising noticeably. Industrial demand for silver is likely to increase by at least 4% in 2011, going into 2012………………………………………..Full Article: Source

When gold and silver could re-emerge as money

Posted on 22 November 2011 by VRS  |  Email |Print

We are at the edge of a major economic crisis. Our monetary system is the underlying cause of this major crisis. The massive debt bubble created by our monetary system is about to burst. The demonetization of Gold and silver, has over the years diverted value from these metals, to all paper assets (such as bonds) linked to the debt-based monetary system.
The process of the devaluation of gold and silver, started by the demonetization of gold and silver, is about to reverse at a greater speed than ever before………………………………………..Full Article: Source

Why silver for a monetary collapse?

Posted on 22 November 2011 by VRS  |  Email |Print

We are at the edge of a major economic crisis. Our monetary system is the underlying cause of this major crisis. The massive debt bubble created by our monetary system is about to burst. The demonetization of gold and silver, has over the years diverted value from these metals, to all paper assets (such as bonds) linked to the debt-based monetary system.
The process of the devaluation of gold and silver, started by the demonetization of gold and silver, is about to reverse at a greater speed than ever before………………………………………..Full Article: Source

How pure is your platinum ring…

Posted on 22 November 2011 by VRS  |  Email |Print

Platinum is a precious metal, rarer and more valuable than gold. It is typically used in a very pure form, often as high as 95%. Platinum jewellery falls into three categories of purity, each with its own marking: Platinum, Plat/Pt, and Platinum Group Metal Mixtures.
Jewellery that contains at least 95% platinum (or 950 parts per thousand) can be sold as platinum. A piece of this jewellery is marked ‘Platinum’. Jewellery that is 85% or 90% pure is marked as ‘Plat’ or ‘Pt’, with part per thousand being 850 or 900. For example: ‘900Pt.’ or ‘850Plat.’……………………………………….Full Article: Source

Is rust setting into the steel market?

Posted on 22 November 2011 by VRS  |  Email |Print

Continued weakness in the price of steel is leading analysts to question if we could see a relapse similar to that of 2008 when prices plummeted.
In 2008, the steel billet price (three month, US$/tonne) dropped sharply by 81% over a four month period from June to October. The steel billet price has dropped from US$595/t to US$ 525/t (-11.8%) over a six week period spanning September and October and has remained flat, closing on US$527.50 on 18 November. A December price predicates a further drop to US$520/t………………………………………..Full Article: Source

World crude steel production rises 6.2pct in Oct

Posted on 22 November 2011 by VRS  |  Email |Print

World crude Steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 124 million metric tons (mmt) in October 2011. This is 6.2% higher than October 2010. China’s crude steel production for October 2011 was 54.7 mmt, an increase of 9.7% compared to October 2010.
Elsewhere in Asia, Japan produced 9.5 mmt of crude steel in October 2011, a slight decrease of -0.3% compared to the same month last year. South Korea’s crude steel production for October 2011 was 6.1 mmt, 17.8% up compared to October 2010………………………………………..Full Article: Source

IEA head says OPEC is pumping enough crude to meet current needs

Posted on 22 November 2011 by VRS  |  Email |Print

OPEC, which pumps 40 percent of the world’s crude, currently provides global markets with a sufficient supply, International Energy Agency Executive Director Maria van der Hoeven said.
Most members of the Organization of Petroleum Exporting Countries are producing at close to their output capacity, according to data compiled by Bloomberg………………………………………..Full Article: Source

Iran says oil market in balance, echoing OPEC rival Saudi Arabia

Posted on 22 November 2011 by VRS  |  Email |Print

Iran’s governor to OPEC Mohammad Ali Khatibi said global crude markets are in balance, echoing comments from Ali al-Naimi, oil minister of rival Saudi Arabia.
Al-Khatibi said in Riyadh he foresees a “positive” meeting of the Organization of Petroleum Exporting Countries next month. There is no oversupply, al-Naimi said in the Saudi Arabian capital yesterday, adding today that he is “very happy” with crude prices……………………………………….Full Article: Source

Saudis say OPEC is asked to pay more than fair share on climate action

Posted on 22 November 2011 by VRS  |  Email |Print

Saudi Arabia and its OPEC partners are asked to bear too much of the burden of cutting greenhouse- gas emissions because of their economic dependence on oil and gas exports, the kingdom’s climate envoy said.
“Climate policies on the international level are mainly targeting the transportation sector, so they will impact the demand for oil,” Mohammed al-Sabban, the country’s chief negotiator at talks on global climate change, said today in Riyadh. Saudi Arabia should “take seriously” the potential impact of oil demand peaking in 2050, he said………………………………………..Full Article: Source

November 2011
S M T W T F S
« Oct   Dec »
 12345
6789101112
13141516171819
20212223242526
27282930