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Commodities Briefing - Archive | June, 2013

Citi leads challenge to Big Five in commodities trading

Posted on 28 June 2013 by VRS  |  Email |Print

An exclusive club of banks that has long dominated commodities trading is opening up as some big players shrink, allowing rivals to expand their trading teams in anticipation of better profits when the global economy picks ups.
Higher costs due to tighter regulations and rapidly inflating pay for dealers have combined in recent years with an overcrowded market and low price volatility to undermine profitability in trading oil and metals………………………………………..Full Article: Source

Why is Citigroup building its commodities team as other big banks pull out?

Posted on 28 June 2013 by VRS  |  Email |Print

Citigroup Inc. is building up its commodities teams while “big players” such as Morgan Stanley and Deutsche Bank reduce their trading interest because of poor returns. New York-based Citigroup, which had to retreat during the financial crisis along with a number of other major financial institutions, is now actively building up its commodities teams in anticipation of improved profits as the global economy recovers.
During the past few years, higher costs, tighter regulations, and inflated dealer salaries have had an impact in overcrowding the market, contributing to low price volatility and reducing the profits in trading commodities such as oil and metals………………………………………..Full Article: Source

Anglo American chief fears China cash crunch will hurt commodities demand

Posted on 28 June 2013 by VRS  |  Email |Print

The new chief executive of Anglo American PLC said he fears a cash crunch in China will curb investment in the world’s second-largest economy, hurting commodities demand at a time when mining companies are grappling with high costs and low prices.
In an interview with The Wall Street Journal, Mark Cutifani said the fallout from Beijing squeezing the Chinese financial system as a warning to overenthusiastic lenders was a concern, though he added policy makers needed to act swiftly to prevent a credit bubble………………………………………..Full Article: Source

Commodities investors focus on fundamentals as ebbing correlation brings market ’sea change’

Posted on 28 June 2013 by VRS  |  Email |Print

A new survey from Credit Suisse finds investors are focusing on fundamental strategies to generate benchmark beating returns as the correlation between commodities and other asset classes breaks down. Credit Suisse conducted the survey as part of its third annual New York City Commodities Day on Tuesday, June 25, attracting about 300 clients covering a wide cross section of hedge funds, institutional investors, distributors and mutual funds to showcase the bank’s competitive differentiation in areas ranging from energy and metals to investor products and business servicing.
“To have this kind of turnout on a day during a week of extreme market turbulence is a testament to Credit Suisse’s ability to deliver the type of products and thought leadership that top investors are looking for,” said Oscar Bleetstein, Head of Americas Institutional Sales for Commodities at Credit Suisse. “The market is in a sea change and across the bank we’re providing investors with new products to meet the challenge.” (Press Release)

Will oil prices break $100?

Posted on 28 June 2013 by VRS  |  Email |Print

During the past four days, the price of light sweet crude oil has risen and is slowly pushing toward the $100 mark again. That has sparked my interest in taking a closer look at oil following my May 31 examination, again using the U.S. Oil Fund (USO) as a proxy.
First things first. For a little perspective, let’s look at a long-term chart of the light sweet crude futures contract. The chart looks back to 2009, showing a sturdy uptrend with support in June 2012 and again in April 2013. At the same time, the trading range has undergone a fair amount of tightening so far this year, wedging the price of oil between the 2011 downtrend resistance and the aforementioned support line………………………………………..Full Article: Source

OPEC to boost shipments as demand peak nears, Oil Movements says

Posted on 28 June 2013 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries will raise shipments by 1.9 percent through the middle of July as summer demand for driving fuels in the northern hemisphere nears its highest point, Oil Movements said.
The group that supplies about 40 percent of the world’s oil will ship 24.03 million barrels a day in the four weeks to July 13, up 450,000 a day from 23.58 million in the previous period to June 15, the tanker tracker said in an e-mailed report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador………………………………………..Full Article: Source

EIA: OPEC June oil output down 300,000 barrels a day vs May

Posted on 28 June 2013 by VRS  |  Email |Print

Crude-oil output from the Organization of the Petroleum Exporting Countries fell by 300,000 barrels a day in June from May, to 30.1 million barrels a day, the Energy Information Administration estimated in a report released Thursday.
The EIA figure would put the group near its committed level of 30 million barrels a day, which OPEC ministers reinforced at an end-May policy meeting. Output from Libya dropped 200,000 barrels a day in the month, to 1.4 million barrels a day, while Nigeria’s flow slowed by 100,000 barrels a day, to 1.9 million barrels a day, the EIA data show………………………………………..Full Article: Source

Gold prices could tumble further — Duke Professor

Posted on 28 June 2013 by VRS  |  Email |Print

Gold prices fell to roughly $1,220 an ounce Wednesday, nearly a three-year low, and further downside may be possible for the metal. That downside could be a longer-term move for gold, too, as the metal may be moving back to its fair value, according to Campbell Harvey, professor at Duke University’s Fuqua School of Business, who has done academic research regarding the value of gold.
Harvey’s research puts the long-term fair value of gold at $800 an ounce, which is about $400 an ounce lower than current prices. Fair value is “an average, so to get to the average, there are prices above and below it. We’ve been above it for a number of years,” Harvey told Kitco News………………………………………..Full Article: Source

Gold price falls below critical $1,200-level: Bullion bloodbath ahead?

Posted on 28 June 2013 by VRS  |  Email |Print

Spot gold prices fell below $1,200/oz in late evening trade, breaching that psychologically critical level for the first time in three years.
An ounce of the yellow metal changed hands (electronically speaking) for $1,199.29 at 11.30pm UAE time (7.30 GMT) as positive data from the US housing market had investors worried that the US Federal Reserve is getting the fodder that to needs to taper off its infamous stimulus programme later in the year………………………………………..Full Article: Source

Gold prices decrease $700 in three years

Posted on 28 June 2013 by VRS  |  Email |Print

Gold prices decreased almost $700 in the past three years. In September of 2011, gold prices got close to $2,000. The price just dropped to a little more than $1,200, and that’s about a 35 percent drop. One gold dealer in the area said he doesn’t know how much further the price will drop, but he said lowering the price may indicate the economy is improving.
“It’s the uncertainty in the times that makes gold and silver go up. So if they are uncertain about what is going on in the world, it might rise or what’s uncertain about the dollar, about jobs, or about their home. That’s what makes gold go up,” said Rocky Simonetti, the owner of Rocky’s Gold and Silver………………………………………..Full Article: Source

Gold traders split as rout resumes in bear market: Commodities

Posted on 28 June 2013 by VRS  |  Email |Print

Gold traders are divided on the outlook for prices, with some judging that the slump to a 34-month low following the Federal Reserve’s comments on tapering stimulus will spur demand for coins and jewelry.
Fifteen analysts surveyed by Bloomberg expect prices to rise next week and 14 were bearish. Three were neutral. Gold fell 13 percent in the past two weeks, reaching $1,196.98 an ounce yesterday, the lowest since August 2010. The metal is poised for the biggest quarterly drop in at least nine decades after investors cut bullion holdings to a three-year low………………………………………..Full Article: Source

Don’t cry for the gold bugs: When gold’s a good investment, the economy sags

Posted on 28 June 2013 by VRS  |  Email |Print

Running a leveraged hedge fund with a long position in gold has not been a lot of fun lately. The price of gold closed in New York at $1,225.20/oz on Wednesday. This was down by 4.1% on the day, lower by 18.6% year-to-date, and down by more than 35% from gold’s peak on September 6, 2011.
I have never owned gold. For years, people have asked me if gold is a good investment. My answer has always been the same: “It had better not be.” This is because if gold is a good investment, neither America nor ordinary Americans are likely to do very well………………………………………..Full Article: Source

Won’t get fooled again: Physical gold buyers sit out this price rout

Posted on 28 June 2013 by VRS  |  Email |Print

In April, after gold dived more than $200 an ounce in two days, an unprecedented scramble to buy everything from coins to jewellery at “bargain” prices helped arrest the plunge, tempering fears of a prolonged rout.
But not this time, say dealers and jewellers, who report that consumers across the world are reluctant to buy even after a price decline of almost $200 in 10 days as investors rushed to liquidate their gold in anticipation of the Federal Reserve’s scaling back its bond-buying stimulus since November 2008………………………………………..Full Article: Source

Gold’s next stop is $1,100: Ned Davis Research

Posted on 28 June 2013 by VRS  |  Email |Print

As gold’s price is perched this afternoon at just above $1,200 per ounce, Ned Davis Research sends over the argument by commodity analysts John LaForge and Warren Pies for why we may see $1,100 before long.
Short answer: Speculators are pushing. Hard. And they’re getting close to the long-term trendline. Here’s NDR’s chart of exchange-traded fund outflows plus the notional value of large speculators’ net positioning in gold futures………………………………………..Full Article: Source

New WGC gold cost guide should have investors dancing in the streets

Posted on 28 June 2013 by VRS  |  Email |Print

The World Gold Council’s (WGC) announcement of a Guidance Note on “all-in sustaining costs” and “all-in costs” metrics, should have investors dancing in the streets. Its unlikely to happen because gold miners aren’t renowned for public displays of dancing - especially with markets as depressed as they are, but it is a cause for celebration.
Admittedly it is not a binding measure, but it is a definite move toward greater clarity on the issue of gold mine cost reporting, something Mineweb has been clamouring for, for a long time………………………………………..Full Article: Source

Silver underperforms gold in 2013 but expected to regain upper hand

Posted on 28 June 2013 by VRS  |  Email |Print

Silver has underperformed gold so far in 2013, but analysts figure the grey metal eventually will regain the upper hand.
They say if the U.S. economy is in fact recovering, which is the basis for ideas that the Federal Reserve could start tapering quantitative easing, then industrial demand for silver should pick up and allow it to fare better than gold. Some look for both metals to eventually rise again on more financial and economic disarray, and they point out that silver tends to outperform in rising markets………………………………………..Full Article: Source

Global agenda: Less-precious metals

Posted on 28 June 2013 by VRS  |  Email |Print

The gold bugs are in total disarray. After crowing about how gold must rise to stratospheric levels, they are at a loss intellectually, although not financially, since most of them bought at much lower prices.
The primary feature of the financial markets this week – and, indeed, for many weeks past – has been the very high level of volatility. Price swings far in excess of anything considered normal in a given market have now become commonplace, to the point that if they continue, the accepted notions of “normal” will have to be adjusted or thrown out entirely………………………………………..Full Article: Source

Rare earth prices on the rise

Posted on 28 June 2013 by VRS  |  Email |Print

Even as new measures to consolidate the rare earth industry in China are on the cards, prices for the 17 elements have jumped 10% over the past two weeks. The report has indicated that prices of praseodymium-neodymium oxide stood at around $43,000 (270,000 yuan) per tonne on June 25, about $3,237 (20,000 yuan) higher than the price recorded two weeks ago, according to the Shanghai Securities Journal.
Prices of dysprosium oxide and terbium oxide, on the other hand, were quoting at $218,571 (1.35 million yuan) and $420,989 (2.6 million yuan) per tonne respectively on June 25, each higher by $3,237 as compared to a fortnight ago………………………………………..Full Article: Source

Moscow exchange launches first precious metals trading

Posted on 28 June 2013 by VRS  |  Email |Print

The stock exchange is going to start trading gold and silver by the end of this year, and platinum and palladium in 2014. Trading physical metals is expected to boost liquidity in the market and attract more participants.
Russia has so far only been trading futures on gold and silver, not dealing with real metals. Gold has been occasionally sold on the over-the-counter market and the only benchmark for price was the Central bank’s quotations, Gazeta.ru reports. Now gold will get the market price in rubles………………………………………..Full Article: Source

US investors caught in the global crunch

Posted on 28 June 2013 by VRS  |  Email |Print

Americans bailed out of domestic stocks at just the wrong time, plowing recklessly into emerging markets in a vain pursuit of faster growth. Emerging markets have taken it on the chin this year, but U.S. investors who piled into them are really feeling the pain.
The iShares MSCI Emerging Markets Index ETF has lost 16% of its value since its recent high in January — and unlike U.S. indexes, which have made all-time highs this year, it’s still a third below its 2007 peak………………………………………..Full Article: Source

Canadian dollar up slightly as commodities edge higher

Posted on 28 June 2013 by VRS  |  Email |Print

The Canadian dollar is modestly higher Thursday morning, as commodity prices and commodity currencies firm in response to encouraging economic data from China. The U.S. dollar is trading at C$1.0462 Thursday from C$1.0472 late Wednesday, according to data provider CQG.
Commodity currencies rallied overnight on the back of encouraging Chinese industrial profits release, currency strategists at Scotibank said in a report………………………………………..Full Article: Source

Vietnam devalues its currency, the dong, to aid economy

Posted on 28 June 2013 by VRS  |  Email |Print

Vietnam decided to devalue its currency 1% versus the dollar and cut the ceilings on deposit rates in an effort to give momentum to economic growth. The State Bank of Vietnam said in a statement the devaluation of the currency, the dong, is meant to improve the country’s trade balance and boost state foreign-exchange reserves. Effective Friday, one dollar will bring 21,036 dong, compared with 20,828 dong now, the level since November 2011.
The central bank said it will also lower the interest-rate ceilings on short-term dong-denominated bank deposits to 7.0% from 7.5%. That will reduce banks’ funding costs, allowing them to lend at lower rates………………………………………..Full Article: Source

Climate-change policy in America, Europe and China: Tepid, timid

Posted on 28 June 2013 by VRS  |  Email |Print

This is an unusually busy moment in the unhappy history of efforts to curb climate change. In two weeks at the end of June the world’s three biggest polluters unveiled carbon-reducing measures. In China and America these are more ambitious than previous policies. But they fall far short of what is needed to rein in the relentless rise in global carbon emissions.
The centrepiece of the changes was the announcement, on June 25th, of new controls on American greenhouse-gas emissions, “one of the most important decisions we make as a nation”, Barack Obama boasted………………………………………..Full Article: Source

Obama’s climate plan may boost carbon trade

Posted on 28 June 2013 by VRS  |  Email |Print

President Barack Obama’s climate plan, unveiled this week, may boost regional schemes to cut greenhouse gas emissions, known as cap and trade, four years after the United States failed to pass legislation for a nationwide programme.
Unlike Europe, the United States has no national cap and trade scheme to combat carbon emissions. The U.S. Congress considered but ultimately failed to bring in a national scheme in a climate bill which stalled in the Senate in 2009………………………………………..Full Article: Source

Commodities traders call end of the supercycle

Posted on 27 June 2013 by VRS  |  Email |Print

The commodities “supercycle” is dead. If anyone was still in doubt about whether the era of ever-rising prices driven by rapid Chinese growth was over, events of the past week have surely dispelled it.
The dollar rally after the Federal Reserve’s hints about tapering its “quantitative easing” programme, together with fears about a liquidity crunch in China, have sent a ripple of fear through the commodities industry………………………………………..Full Article: Source

Commodity ’super-cycle’ suspended, not ending

Posted on 27 June 2013 by VRS  |  Email |Print

Another tough day at the office for metals continues to fuel questions about whether or not the “commodity super-cycle” over the last decade is coming to an end. Driven largely by Chinese appetite for commodities, the 2000s saw a commodities boom with both precious and base metals prices rising to record highs.
With sharp drops across the metals board in the last three months, some analysts have begun to believe this commodities boom, dubbed the “commodities super-cycle,” is at an end. John Turner, partner and head of Global Mining Group with international business law firm Fasken Martineau, does not believe the super-cycle is over, but simply stalled………………………………………..Full Article: Source

Bargains in commodities, cyclicals: Pro

Posted on 27 June 2013 by VRS  |  Email |Print

If you believe real global growth will improve, look for bargains in commodities and cyclical companies, NYU finance professor Aswath Damodaran said Wednesday.
“I think in a sense you’ve got to play the cycles, commodity-price cycles and economic cycles, so I would go to commodity companies and cyclical companies,” he said. “Not all of them are cheap, but I think your best chance of finding bargains are in those segments.” Damodaran said that he had bought stock in Petrobras as a play on Brazil and oil………………………………………..Full Article: Source

Price of oil

Posted on 27 June 2013 by VRS  |  Email |Print

Oil is one of the most important commodities in our global economy. Similar to any other commodity traded in the free market, oil prices fluctuate over the time. Even more, the price of oil changes more frequently compared to other commodities. Moreover, the oil price impacts the vigor of the world economy.
Higher oil prices since 1999 contributed to the global economic decline in the year 2000 to 2001 and are slowing the current cyclical upturn. Due to the effect of oil price on world economy, it is important to study the factors impacting the oil price………………………………………..Full Article: Source

Oil below $100 exposes widening divide in OPEC pain thresholds

Posted on 27 June 2013 by VRS  |  Email |Print

Oil’s fall below the $100 a barrel favoured by OPEC exposes the deepening divide between countries in the group better able to cope with a lower price and those most hurt by it, making collective action to halt any further price slide harder. The price of oil dropped below $100 this week from a 2013 high of $119.17 in February, pressured by lacklustre demand and ample supply.
While a sustained sub-$100 Brent is bearable for Saudi Arabia, it puts a strain on others such as Iran. There is no immediate prospect of the Organization of the Petroleum Exporting Countries cutting supply to boost the price, not least because top producer Saudi Arabia — which would lead any cutback — has financial reserves that will help it endure oil at $80 or $90………………………………………..Full Article: Source

No need for emergency OPEC meeting over oil price decline, says UAE’S Mazroue

Posted on 27 June 2013 by VRS  |  Email |Print

There is no need for OPEC to hold an emergency meeting over declining oil prices, UAE Oil Minister Suhail al-Mazrouei said Wednesday. “Oil price fluctuation is natural. The current price is fair and acceptable to producers and does not deter required oil industry investment in producing countries,” Mazrouei said at a media briefing at the ministry in Abu Dhabi, the official WAM news agency said.
“At its May ministerial meeting in Vienna, OPEC set its production target at 30 million b/d until the end of this year. I do not see the need to adjust the level of production. It provides an adequate supply of oil to the market, in balance with global demand for OPEC oil,” he said………………………………………..Full Article: Source

Clean energy to run past nuclear, gas by 2016: IEA

Posted on 27 June 2013 by VRS  |  Email |Print

Renewable power will eclipse natural gas and nuclear as a source of electricity by 2016, with the sector expected to surge by 40 percent in the next five years, the International Energy Agency said Wednesday.
Even as governments curtail public subsidies and tax credits for hydro, wind and solar projects, the IEA study cited renewables as “the fastest-growing power-generation sector” and said it expects them to comprise a quarter of the world’s power mix by 2018………………………………………..Full Article: Source

Renewable energy use gaining worldwide:IEA

Posted on 27 June 2013 by VRS  |  Email |Print

Renewables like solar and wind power represent the fastest-growing source of energy generation and will make up a quarter of the global power mix by 2018, the International Energy Agency IEA says.
The IEA said that in 2016 renewable energy will overtake natural gas as a power source and will be twice that of nuclear, and second only to coal as a source of power. The growth of renewables has been bolstered by increased competitiveness with conventional energy………………………………………..Full Article: Source

Gold price sinks to near three-year low

Posted on 27 June 2013 by VRS  |  Email |Print

Gold prices have dropped to almost a three-year low after positive news on the American economy increased the chances of an end to the US Federal Reserve’s stimulus policies. Figures released overnight showed US house prices had their biggest rise in seven years, while consumer confidence jumped.
There was also good news on the manufacturing sector. Spot gold has tumbled more than eight per cent since last week, when Federal Reserve chairman Ben Bernanke outlined a plan to gradually wind back aggressive bond-buying policies………………………………………..Full Article: Source

Gold price exposed to further falls, set for biggest quarterly drop: Analysts

Posted on 27 June 2013 by VRS  |  Email |Print

Gold is braced for more pain after sliding 26 per cent so far this year, with chart patterns showing the precious metal’s latest fall exposing prices to deeper losses. Spot gold plummeted to its lowest in nearly 3 years on Wednesday at $1,223.54 an ounce, putting the market on track for its biggest quarterly loss on record.
Gold’s technical picture has looked weak since prices crashed more than $200 in just two days in April after long-term support just above $1,520 - where the lows of September 2011, December 2011 and May 2012 are located - gave way………………………………………..Full Article: Source

Dip below $1,000/oz could see gold miners cut dividends - Fitch

Posted on 27 June 2013 by VRS  |  Email |Print

Recent writedowns in the gold mining sector are a non-cash, non-credit event, said Fitch Ratings, as “companies have already announced changes to capital expenditure plans and/or operations associated with the gold in gold prices and lower valuation multiples in the sector.”
Nevertheless, in an article published Tuesday, Fitch cautioned that lower gold prices “may cause some companies to write down the value of their assets when they report annual results.”……………………………………….Full Article: Source

ABN Amro lowers 2013, 2014 year-end precious metals price view

Posted on 27 June 2013 by VRS  |  Email |Print

ABN Amro on Wednesday lowered its 2013 and 2014 year-end price forecasts for precious metals on expectations of softening prices and liquidation from investors due to lack of gains. “We expect investors to continue to liquidate positions this year also because technical indicators have turned negative on all precious metals,” ABN Amro analyst Georgette Boele said in a note.
“There is no reason for investors to hold precious metals as the outlook for capital gains are dim and they pay no income.” The bank lowered its 2013 year-end gold forecast to US$1,100 an ounce from US$1,300 and 2014 year-end price to US$900 from US$1,000………………………………………..Full Article: Source

Small gold, silver miners poised to close if price plunge continues

Posted on 27 June 2013 by VRS  |  Email |Print

Gold and silver miners are beginning to shut down money-losing mines. And if prices do not recover soon, many more are poised to close in the months ahead, in Canada and elsewhere.
A vast portion of the gold industry is struggling to make any money at the current price of US$1,230 an ounce, according to analysts. While precious metal prices are plunging, costs are not falling nearly as fast………………………………………..Full Article: Source

Precious metals life cycle nears an end: Final stage of denial

Posted on 27 June 2013 by VRS  |  Email |Print

The life cycle of most things, no matter what it is (living, product, service, ideas etc…), go through four stages and the stock market is no different. Those who recently gave in and bought gold, silver, mining stocks and coins will be entering this stage of the market in complete denial. They still think this is a pullback and a recovery should be just around the corner.
Well the good news is a recovery bounce should be nearing, but if technical analysis, market sentiment and the stages theory are correct, then a bounce is all it will be, followed by years of lower prices and dormancy………………………………………..Full Article: Source

Australia’s commodity forecaster sees 2013 iron ore exports up, prices down

Posted on 27 June 2013 by VRS  |  Email |Print

The Australian government’s commodities forecasting unit has upgraded the amount of iron ore it expects the country to export this year but downgraded its prediction for metallurgical coal exports in its latest quarterly report released Wednesday.
Canberra-based Bureau of Resources and Energy Economics now expects Australian iron ore exports to reach 571 million mt in 2013, compared with a forecast of 554 million mt in its March report. This would be 16% higher than the 494 million mt of iron ore exported from Australia in 2012, due largely to increased production from Rio Tinto, BHP Billiton and Fortescue Metals Group………………………………………..Full Article: Source

S&P revises 2013 metals price outlook; iron ore, copper still favored

Posted on 27 June 2013 by VRS  |  Email |Print

Standard & Poor’s has revised its 2013 metals price outlook, predicting generally favorable copper and iron ore prices to continue in 2013 and 2014, while aluminium and nickel prices will be constrained, it said in a report Wednesday.
S&P has maintained its price assumption of $120/mt for iron ore in 2013 and $110/mt in 2014. “Despite higher average prices of about $140/mt so far in 2013, we factor into our forecast new capacity in the second half of 2013 and 2014 that could exert some pricing pressure,” the report said………………………………………..Full Article: Source

Miners caught in bond rout as commodities extend slide

Posted on 27 June 2013 by VRS  |  Email |Print

The bond market rout is sending shock waves through the corporate credit market, but mining companies are taking a particularly hard beating as commodity prices tumble.
Corporate and government bond prices have fallen sharply since the Federal Reserve last week said it could pull back on its extraordinary bond buying program. Now commodity prices are extending their slide, creating an added level of anxiety among investors in bonds issued by some mining companies………………………………………..Full Article: Source

Gold ETFs continue to plunge

Posted on 27 June 2013 by VRS  |  Email |Print

Since the beginning of the year, gold has been moving deep into negative territory, plunging 26% so far. Gold has broken its major support level of $1250 per ounce, suggesting a bearish outlook for the yellow metal. This marks the biggest annual decline in more than three decades.
Gold gained immense popularity over the past twelve years, but now that a QE3 exit appears to be on the horizon, it could be a game changer for bullion. The worries over the early end of the Fed’s stimulus program as a result of an improving economy is keeping the metal under pressure, tempering its safe haven appeal………………………………………..Full Article: Source

ETFs: A hive of activity

Posted on 27 June 2013 by VRS  |  Email |Print

The difference in usage patterns of equity and fixed income ETFs is driven by familiarity with the products, the array of available products and investor’s views on which asset classes and areas of the market they want to be allocating new assets to or reducing their exposure.
The very first ETF was listed just over 23 years ago in Canada on 9 March 1990 on an equity index. Ten years later the very first fixed income ETF was listed on 20 November 2000 in Canada………………………………………..Full Article: Source

London Stock Exchange mulls expansion in commodities futures

Posted on 27 June 2013 by VRS  |  Email |Print

The London Stock Exchange may look to develop more commodity futures contracts after launching a durum wheat contract earlier this year, an exchange spokesman said on Wednesday.
“Expanding our range of commodity derivatives is something we’re considering, but we haven’t made announcements on any products beyond our durum wheat futures,” a spokesman said. The exchange launched a contract for durum wheat in January and volumes so far have been light………………………………………..Full Article: Source

LME and HKEx plan to grab China’s metal market

Posted on 27 June 2013 by VRS  |  Email |Print

It’s no secret that gaining access to China was the primary reason Hong Kong Exchanges & Clearing (HKEx) bought the London Metal Exchange, but the vision is a long way from reality.
As is usual with these deals, the theory looks sound. Putting together the venerable LME with a dynamic Asian company on China’s doorstep looks like a perfect recipe to enter the world’s largest metals market, which so far has been largely closed to foreign traders and investors………………………………………..Full Article: Source

Analysts turn bearish in emerging-market currency forecasts

Posted on 27 June 2013 by VRS  |  Email |Print

So much for the gains analysts were counting on for emerging-market currencies this year. As this month’s market rout pushed currencies like the Turkish lira, Indian rupee, and Brazilian real to multi-year or all-time lows against the dollar, analysts have been downgrading their forecasts for many of these currencies.
The shift is a stark one: Many emerging-market currencies have already weakened past their mid-year forecasts from various banks. And now, some analysts expect significantly more losses by the end of the year………………………………………..Full Article: Source

Bangladeshi plans to set up commodities exchange in Burma

Posted on 27 June 2013 by VRS  |  Email |Print

Wali-ul-Maroof Matin, currently the Chairman and Managing Director of the Bangladesh based Alliance Capital Asset Management Limited, is setting up a commodities exchange in Burma that will be open to international investors, according to a company statement.
“Seeing the opportunity I took the initiative six months ago to run the commercial operations for the commodities exchange in Burma for at least nine months,” said Matin. Burma’s commerce ministry has recently approved the project. A commodity exchange is a marketplace where various commodities and derivatives products are traded………………………………………..Full Article: Source

Bangladeshi plans to set up commodities exchange in Burma

Posted on 27 June 2013 by VRS  |  Email |Print

Wali-ul-Maroof Matin, currently the Chairman and Managing Director of the Bangladesh based Alliance Capital Asset Management Limited, is setting up a commodities exchange in Burma that will be open to international investors, according to a company statement.
“Seeing the opportunity I took the initiative six months ago to run the commercial operations for the commodities exchange in Burma for at least nine months,” said Matin. Burma’s commerce ministry has recently approved the project. A commodity exchange is a marketplace where various commodities and derivatives products are traded………………………………………..Full Article: Source

‘King of commodities’ dies in Switzerland, aged 78

Posted on 27 June 2013 by VRS  |  Email |Print

Marc Rich, the trader known as the “King of Commodities” whose controversial 2001 pardon by President Bill Clinton just hours before he left office unleashed a political firestorm of criticism in 2001, died on Wednesday. He was 78.
Rich died in Switzerland, where he lived, according to his Israel-based spokesman Avner Azulay. He did not give further details, but said Rich would be buried in Israel on Thursday………………………………………..Full Article: Source

US climate plan may boost cap and trade: Wynn

Posted on 27 June 2013 by VRS  |  Email |Print

President Barack Obama’s climate plan, unveiled this week, may boost regional schemes to cut greenhouse gas emissions, known as cap and trade, four years after the United States failed to pass legislation for a nationwide programme.
Unlike Europe, the United States has no national cap and trade scheme to combat carbon emissions. The U.S. Congress considered but ultimately failed to bring in a national scheme in a climate bill which stalled in the Senate in 2009. After this failure, there is no hope of a repeated attempt any time soon. But Obama’s new climate plan could enhance the regional cap and trade markets and cement their future………………………………………..Full Article: Source

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23242526272829
30