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Commodities Briefing - Archive | September, 2013

Saudi Arabia OPEC governor Mufti said to leave by end of 2013

Posted on 26 September 2013 by VRS  |  Email |Print

Yasser Mufti, Saudi Arabia’s governor to OPEC, is stepping down after more than a year in his post at the producer group, according to three people with knowledge of the matter. Mufti, who serves as chairman of the board of governors for the 12-member Organization of Petroleum Exporting Countries, is leaving by the end of this year, the people said, declining to be identified because Mufti’s departure hasn’t been announced publicly.
Officials in the media department of the Saudi Ministry of Petroleum & Mineral Resources in Riyadh didn’t answer phone calls for comment after normal business hours………………………………………..Full Article: Source

Iran sanctions: Why oil is where Tehran feels the pain

Posted on 26 September 2013 by VRS  |  Email |Print

The last four years of economic sanctions by the U.S., the European Union and other western partners have ground down the Iranian economy.
At this time last year, the Iranian rial had plummeted 80% from its peak, inflation had shot up, poultry and bread were in short supply and there were numerous reports of layoffs in the state manufacturing sector. But the most glaring example of the pain exerted has to be in the energy sector………………………………………..Full Article: Source

Are gold equities worth their weight?

Posted on 26 September 2013 by VRS  |  Email |Print

If investors can stomach the volatility, stronger management could mark gold equities as an opportunity. Gold has had a torrid time of it so far this year. Its price fell to $1,191.21 an ounce in June, the lowest price since August 2010 and representing the worst quarter for gold since 1968 but since then has recovered somewhat while remaining volatile.
But despite its volatility, there are some fund managers who believe the commodity, and particularly gold equities, represent a good opportunity………………………………………..Full Article: Source

Why Indians love it when government makes gold expensive

Posted on 26 September 2013 by VRS  |  Email |Print

Government of India makes gold more expensive by hiking duties four times in 20 months, hoping this will deter citizens of India from holding more gold. But not only does gold remain attractive for Indians, expectations of a high price regime have increased its attractiveness.
This is not a perverse outcome. It’s more a case of wrong official logic. Economics 101 says high prices dampen demand for a product or a service. But Investing 101 says expectations that an asset class will get pricier can increase demand for that asset. Gold is an asset class………………………………………..Full Article: Source

Mining shares seen outperforming gold in rising price environment

Posted on 26 September 2013 by VRS  |  Email |Print

Gold-mining stocks are likely to outperform gold itself if the metal returns to a rising price environment, said fund managers and mining analysts attending the Denver Gold Forum.
Historically, this has been the case. But there was a spell during gold’s long bull run when the metal was outpacing mining shares………………………………………..Full Article: Source

Thai gold buyer doubles imports after bear slump: Southeast Asia

Posted on 26 September 2013 by VRS  |  Email |Print

YLG Bullion International Co., Thailand’s biggest domestic gold importer, expects to more than double purchases this year after the bear market in prices spurred a surge in demand for physical metal.
The company may import as much as 200 metric tons in 2013, from 92 tons last year, Chief Executive Officer Pawan Nawawattanasub said in an interview yesterday. First-half shipments advanced to 112 tons, accounting for 60 percent of the country’s total, she said. A ton is valued at $42.6 million………………………………………..Full Article: Source

Silver price-manipulation probe closes

Posted on 26 September 2013 by VRS  |  Email |Print

U.S. commodity regulators closed a five-year-long investigation of silver-market manipulation claims without filing charges, the latest setback for authorities cracking down on alleged trading abuses.
The Commodities Futures Trading Commission said there is no “viable basis” for a case that had its roots in emails commissioners received from investors amid market volatility in 2008. The decision to close the case amounts to a victory for J.P. Morgan Chase, a large silver trader that was the subject of manipulation allegations………………………………………..Full Article: Source

Silver prices headed south, likely to see major decline in 2013: Citi

Posted on 26 September 2013 by VRS  |  Email |Print

A group of analysts at the major financial services firm Citi believes that the increased investor interest in white metal is not enough to overcome weak supply and demand fundamentals. Silver remains to be a bearish call for Citi. It predicts the silver prices to decline further during the remaining quarters of the financial year.
Silver futures declined sharply, following Fed Reserve policy decision announcing no reduction to stimulus program. The prices of silver are on track to post a loss of nearly 29% in 2013………………………………………..Full Article: Source

Fast facts for buying bullion

Posted on 26 September 2013 by VRS  |  Email |Print

The word “bullion” may conjure up images of pirates pillaging treasure chests or the military patrolling the golden bunkers of Fort Knox — but bullion isn’t just for the criminal class and the government. In fact, buying bullion is a great way to diversify your portfolio and (often) realize a great rate of return.
How exactly do you buy bullion? 1. Start with the basics. Bullion — from the old French word bouillon meaning “boiling,” which was a term used for a mint or boiling house — refers to gold bars, silver bars and other precious metals. Traditionally, bullion didn’t include coins, but these days, gold and silver bullion coins are minted by governments and private mints………………………………………..Full Article: Source

Are ETFs the new mutual funds?

Posted on 26 September 2013 by VRS  |  Email |Print

An investment sea change has been occurring in the past few years: Mutual fund investors have been shifting some or all of their assets to passively managed vehicles.1 For many, exchange-traded funds (ETFs) have become the vehicle of choice.
“An increasing number of investors are turning to ETFs to gain exposure to specific markets or to complement other holdings in their portfolios,” says Mariana F. Bush, CFA, a senior analyst with Wells Fargo Advisors………………………………………..Full Article: Source

BlackRock offers way to cash in on ETF boom

Posted on 26 September 2013 by VRS  |  Email |Print

Independent money managers are the Rodney Dangerfields of the investment world. Sometimes, we just can’t get any respect.
In meeting potential clients, I am often told that what I do is easy. (How I wish it were.) Everyone watches CNBC, BNN and reads investment blogs, so everyone feels they’re a market expert, rattling off price-earnings ratios, book values and other conventional metrics of stock performance………………………………………..Full Article: Source

Currency chaos is on its way

Posted on 26 September 2013 by VRS  |  Email |Print

First, let’s check the markets. Again, the Dow sold off a little – down 66 points. And again, gold sold off too – down $10. In August, our guess was that we would see falling stocks and rising gold as the dominant trends of the autumn season. So far, we haven’t seen much in the way of trends at all.
The Fed announcement of last week should have been followed by robust increases in both stock and gold prices. But what happened? After the first day, both headed down………………………………………..Full Article: Source

Global currency trade reaches $5.3 trillion a day on Yen turnover

Posted on 26 September 2013 by VRS  |  Email |Print

Foreign-exchange trading surged to an average $5.3 trillion a day in April 2013, boosted by greater yen volumes, the Bank for International Settlements said.
Trading increased 33 percent since the same period in 2010, the BIS said, citing a survey of currency traders it runs every three years. That’s an acceleration from a 20 percent increase in the three years through 2010………………………………………..Full Article: Source

German election seen as boost for EU emissions trading scheme fix

Posted on 26 September 2013 by VRS  |  Email |Print

The results of this week’s German federal elections could pave the way for a fix of the European Union’s carbon emissions trading scheme, analysts say.
The European Commission is seeking emergency measures to “backload” carbon allowances from the market in a bid to bolster their low prices, which is hamstringing their ability to persuade polluters to invest in green technologies………………………………………..Full Article: Source

Europe alone on emissions trading

Posted on 26 September 2013 by VRS  |  Email |Print

The IPCC is meeting in Stockholm in a much-changed political climate compared with its last such gathering in 2007. Then, before the onset of the economic crisis, there was an expectation that a binding emissions-reduction deal could be reached in Copenhagen in 2009. Politicians from left and right were gushing over the potential for a market mechanism to solve the climate crisis through global emissions-trading schemes (ETS).
Six years on, such optimism has long since evaporated. Economic woes have crowded climate concerns out of the public consciousness, and emissions-reduction schemes have stalled after the collapse of the Copenhagen talks. Perhaps most damagingly, the market approach that everyone was so excited about is in serious trouble………………………………………..Full Article: Source

Equities set to keep edge over commodities-analysts

Posted on 25 September 2013 by VRS  |  Email |Print

Investment flows into commodities are improving, but broad sector indexes are unlikely to consistently outperform equities for at least another year, until global growth gathers more momentum, analysts and fund managers say.
Strong commodity gains in August together with a breakdown in correlations between commodities and other asset classes like equities is helping to spark interest from investors. “The view on commodities was pessimistic at best a few months ago. That seems to have changed, especially after August,” David Hemming, portfolio manager in commodities at Hermes, told a recent conference………………………………………..Full Article: Source

Wall Street hijacks yet another commodities market

Posted on 25 September 2013 by VRS  |  Email |Print

Wall Street, with all its so-called genius and ingenuity, now has the ability to screw around with the price of your gasoline. That’s not all. Loosely regulated commodities markets appear to be more and more the apple of Wall Street’s eye, even as the major stock market indices on Wednesday hit all time highs.
Banks’ focus on commodities is particularly worrisome, as commodities are extremely volatile and can whipsaw and wipe out investors on the wrong side of a trade in the blink of an eye. But with the stock market roaring, why are Wall Street banks more keenly focused than ever on commodities trades?……………………………………….Full Article: Source

BHP warns on commodities

Posted on 25 September 2013 by VRS  |  Email |Print

BHP Billiton Ltd has warned of short-term downward pressure on commodity prices, but expects more balanced global growth over the longer term. In the group’s annual review, BHP chairman Jac Nasser noted increased supply has exerted downward pressure on many commodity markets and said the miner expects that trend to continue over the short term.
“While lower rates of investment across the industry will ultimately lead to more balanced markets, all resources companies will need to improve productivity and be flexible enough to adapt to change in this more challenging environment.”……………………………………….Full Article: Source

A triple witching hour for oil prices in 2014?

Posted on 25 September 2013 by VRS  |  Email |Print

The Fed’s decision last week not to begin the tapering off of its Quantitative Easing saw oil prices shoot up about $2 a barrel. If the minds of commodity traders were linear (insert your comment here), then that would imply that about $15 of the current oil price of $105 a barrel was due to the pump priming (financial, not physical) of the Fed.
This would conform to the current futures strip, which puts the mid-2015 price at about $90………………………………………..Full Article: Source

Supply concerns ease in oil market

Posted on 25 September 2013 by VRS  |  Email |Print

West Texas Intermediate crude oil prices held to less than $104 per barrel in New York Tuesday as price pressures have shifted in the past week.
Crude oil prices dropped for a fifth consecutive trading sessions as worries over a potentially supply disrupting military intervention in Syria have abated. Increased oil flow from Libya has also taken pressure off of the market, analysts say………………………………………..Full Article: Source

UAE’s oil output rises by 1.8 pct in Q2 2013

Posted on 25 September 2013 by VRS  |  Email |Print

The UAE’s oil output rose by 1.8 per cent to 2.72mn bpd in Q2 2013, compared with 2.67mn bpd during Q1 2013, according to data from the International Energy Agency (IEA). The IEA report showed that the country’s oil output in August, however, fell marginally to 2.72mn bpd compared to its average output of 2.75mn bpd in July.
The agency also noted that the UAE has a sustainable oil production capacity of 2.9mn bpd and its crude supply averaged 2.69mn bpd in the first half of 2013………………………………………..Full Article: Source

Gold Vs. oil: Which commodity has more upside potential?

Posted on 25 September 2013 by VRS  |  Email |Print

From a look at the commodities’ charts, it’s clear that the connection between light crude and gold has changed in recent days. Last week, after the Fed said that it would stick to its stimulus plan for now, the yellow metal gained more than 4%, leading the rally in commodities, and it rose to a new one-week high. At the same time, crude oil extended earlier increases and finally gained over 2% on Wednesday.
However, during this euphoric rally, investors overlooked the fact that it was fueled by a weaker economic outlook from the Fed. Therefore, the improvement didn’t last long, and we saw a quick profit-taking during the last two sessions of the week. Gold then gave back almost 60% of the previous sessions’ gains and dropped to $1,325 per ounce on Friday………………………………………..Full Article: Source

Gold bullion sees “explosion” in China’s demand, “bargain buying” in India

Posted on 25 September 2013 by VRS  |  Email |Print

Gold Bullion prices retreated to low at $1315 per ounce in London trade Tuesday morning, drifting down as world stock markets and commodity prices also slipped. The US Dollar extended its rally on the FX market, nudging the Euro back towards 1-week lows beneath $1.3450.
That move held gold bullion prices for Eurozone investors around €975 per ounce, some 4% below last Thursday’s 1-week highs. Major government bonds ticked higher, meantime, nudging the yield on 10-year US Treasury debt down to a 6-week low of 2.68%………………………………………..Full Article: Source

Gold price $2000 “Inside a year”

Posted on 25 September 2013 by VRS  |  Email |Print

During the recent downturn in the gold price, there was significant buying from places like Asia. The Chinese and its counterparts continue to buy gold and silver when the price comes off, as we saw this past spring, and also as stocks rise.
Fundamentally, everything looks very good for gold. The pullback in the gold price, from the high of $1921 per ounce to $1180, is reminiscent of 1974 to 1976. During that time, there was a big pullback of almost 50% in the gold market followed by a rise from $100 per ounce in 1976 to $850 in 1980………………………………………..Full Article: Source

Platinum and palladium appear strong amid uncertain commodities market

Posted on 25 September 2013 by VRS  |  Email |Print

Platinum and palladium are two metals that could prosper as other commodities falter amid economic uncertainty, says Carlos Sanchez, director of commodities at New York’s CPM Group. “I think you’re going to have a resurgence of investor interest in these two metals,” Sanchez predicted.
He cited a recovery in the automobile sector, which uses the two metals to reduce toxic emissions, alongside strong demand from electronics manufacturers, who also use the two industrial metals………………………………………..Full Article: Source

Why the price of palladium is headed higher

Posted on 25 September 2013 by VRS  |  Email |Print

With the recent shock of the latest Federal Reserve meeting now beginning to subside, the implications can now be extrapolated. By holding its foot on the accelerator, the Federal Reserve is opening the door to further price appreciation in many asset classes, including precious metals.
One of the precious metals I like is the little-mentioned palladium. While many of the precious metals covered by the mainstream (i.e. gold and silver) have been under pressure all year, palladium is actually positive for the year. Because so much of palladium is used for industrial purposes, the negative investor sentiment seen with other precious metals did not have as much of an impact on palladium………………………………………..Full Article: Source

Uranium price headed for $50 in 2014, taking stocks higher

Posted on 25 September 2013 by VRS  |  Email |Print

The uranium spot price has not moved as quickly as we were forecasting. However, uranium equities have shown some strength over the past year or so, as investors started buying ahead of the uranium spot price moving. Spot prices depend more on utilities and their short-term requirements, which translates into their activity in the spot market.
However the spot market accounts for a small portion of the total market. Most transactions occur in the long-term prices, and the long-term contract price is at a healthier level in the $50/lb range. We believe the uranium spot price is currently below the marginal cost of production and therefore unsustainable, as half the producers around the world are losing money………………………………………..Full Article: Source

ETF providers position funds for rising interest rate environment

Posted on 25 September 2013 by VRS  |  Email |Print

Exchange-traded fund companies are coming to market with a rash of new products and strategies designed to protect income investors from the dangers of rising interest rates.
Even though the Federal Reserve deferred the start of a rising rate era when it held policy steady last week, “the narrative still holds,” said Matt Tucker, head of fixed income strategy at BlackRock’s iShares. Investors still expect interest rates to rise when the central bank starts to reduce its bond-buying in the months to come, Tucker said………………………………………..Full Article: Source

Currency: The U.S. is dominant, Europe is fading, and China is irrelevant (For now)

Posted on 25 September 2013 by VRS  |  Email |Print

Every day, people around the world trade $5 trillion worth of currency. That’s an astonishingly large number; it’s equivalent to about four months of economic output for the entire U.S. A new report shows how that $5 trillion is spread among the world’s currencies — and how the breakdown has changed over the past few years.
The U.S. dollar is still the currency of choice for most international transactions, accounting for 44 percent of the global currency trade. In fact, its share of all transactions has actually increased over the past few years………………………………………..Full Article: Source

How currency works

Posted on 25 September 2013 by VRS  |  Email |Print

Whether we pull out paper bills or swipe a credit card, most of the transactions we engage in daily use currency. Indeed, money is the lifeblood of economies around the world.
To understand why civilized societies have used currency throughout history, it’s useful to compare it to the alternative. Imagine you make shoes for a living and need to buy bread to feed your family. You approach the baker and offer a pair of shoes for a specific number of loaves. But as it turns out, he doesn’t need shoes at the moment………………………………………..Full Article: Source

Carbon pricing is the best first step to address global warming

Posted on 25 September 2013 by VRS  |  Email |Print

The essential first step is to put in place a functioning carbon price. Europe has had this since 2005 in the form of the European Union Emissions Trading Scheme (EU ETS). California, Québec, British Columbia, Australia and New Zealand have all recently established carbon pricing of one sort or another.
South Korea, Japan, and Switzerland appear to be moving toward carbon markets. Even China has started pilot carbon trading in Shenzhen, and it plans to add programs in Beijing, Tianjin, Shanghai, Chongqing, Guangdong and Hubei………………………………………..Full Article: Source

Abbott may lack company support for killing Aussie carbon price

Posted on 25 September 2013 by VRS  |  Email |Print

Australia’s new prime minister can’t count on big polluters to support his plan to stop charging them for greenhouse-gas emissions, according to the Carbon Market Institute.
While business groups such as the Minerals Council of Australia have criticized the carbon price as a “dead weight on the economy,” few individual companies have spoken up to endorse Tony Abbott’s plan to scrap what he calls a carbon tax, said Peter Castellas, chief executive officer for the Melbourne-based institute, which surveyed about 200 of the country’s largest emitters before the Sept. 7 election………………………………………..Full Article: Source

Commodities to extend loss on moving average: Technical Analysis

Posted on 24 September 2013 by VRS  |  Email |Print

Commodities measured by the S&P GSCI Total Return Index may extend losses after falling from an 11-month high last month as the gauge nears a 200-day moving average, according to Commerzbank AG.
The index lost more than 5 percent since touching 5,155.80 on Aug. 28, the highest since September last year, after failing to rise above 5,165 and 5,185 on Fibonacci studies, London-based analysts Karen Jones and Axel Rudolph said in a report on Sept. 17. Rudolph confirmed their views remained unchanged today and would only be revised if the index rose above last week’s high of 4,998.70…………………………………..Full Article: Source

Jim Rogers: The 3 most exciting investment opportunities right now

Posted on 24 September 2013 by VRS  |  Email |Print

Commodities guru Jim Rogers lives in Singapore and is a well-known China bull, but the contrarian investor travels all over the world (and has circumnavigated the globe twice). So we asked where he sees exciting economic opportunities for average investors now.
Rogers tells The Daily Ticker there are great opportunities in Africa – he names Angola and Ethiopia specifically. He also is focusing on the South American country of Uruguay. “I said to my wife, ‘let’s move to Angola – we could live like kings,’” Rogers, the author of Street Smarts: Adventures on the Road and in the Markets, tells us in the video above. “She said, ‘you move to Angola; I don’t want to live like a queen in Angola’…but you could!”………………………………….Full Article: Source

Roubini bearish on gold, but optimistic about U.S. and Japanese stocks

Posted on 24 September 2013 by VRS  |  Email |Print

Prominent economist Nouriel Roubini, who is known as “Dr. Doom,” on Monday offered a negative take on gold and certain emerging markets, along with kind words for U.S. and Japanese stocks and the dollar.
“Why are we bearish on gold? Several reasons,” he said while delivering the keynote address at IndexUniverse’s Inside Commodities Conference in New York…………………………………..Full Article: Source

Gartman: ‘Agnostic’ on gold, except in yen terms; US energy boom to continue, Japanese quantitative easing is boon for commodities

Posted on 24 September 2013 by VRS  |  Email |Print

Influential investor Dennis Gartman is “agnostic” on gold, given recent market volatility, according to remarks at a New York commodities conference on Monday. Contrary to what gold bugs claim, gold is simply not a safe haven of value, said Gartman, because prices have fluctuated 2 to 3 percent within a single trading day, as has happened often in the past year.
Despite a longtime bearish view on gold, Gartman said he remains bullish on the precious metal but only in Japanese yen terms…………………………………..Full Article: Source

Gartman: Gold is the “dumbest commodity” in history

Posted on 24 September 2013 by VRS  |  Email |Print

Anyone who tells you gold is a commodity and a “safe haven” is a “charlatan at best” and “a liar at worst,” newsletter publisher Dennis Gartman told advisors and other professional investors this morning at the annual Inside Commodities conference in New York City. There is also a reasonable chance they are “a cheat,” Gartman declared.
Gold is the “dumbest commodity” in history primarily because it is a currency, not a commodity, Gartman said. Commodities like coffee, copper, crude oil and sugar have practical uses; gold is used only in jewelry, which is hardly a necessity…………………………………..Full Article: Source

Despite reputation, gold is no safe haven: Gartman

Posted on 24 September 2013 by VRS  |  Email |Print

Buy gold if you like, but don’t think it’s part of building a safety net in your portfolio. That’s the message from Dennis Gartman, the widely followed Gartman Letter author and hedge fund manager, who said Monday that the widely popular yellow metal is also generally misunderstood even by the people who swear by it.
“It’s the dumbest commodity in the history of man,” Gartman said during the IndexUniverse Inside Commodities Conference in New York. “It’s a currency, not a commodity. If it is understood as a currency, it is easier to understand what gold is.”………………………………….Full Article: Source

Morgan Stanley: Gold price Fed rally ‘just delaying the inevitable’

Posted on 24 September 2013 by VRS  |  Email |Print

The gold price on Monday gave up more of the gains it enjoyed last week after the US Federal Reserve shocked markets by indefinitely delaying cutbacks to its economic stimulus program. In after hours trade the metal was changing hands for $1,323, down some $50 an ounce from highs last week following the announcement by the US central bank that its asset purchase program would continue at a rate of $85 billion a month.
US investment bank Morgan Stanley on Monday added to the negative sentiment, forecasting the gold price to average $1,200 to $1,350 next year before heading lower:………………………………….Full Article: Source

Bullish sentiment may return to precious metals market

Posted on 24 September 2013 by VRS  |  Email |Print

Gold prices, like many other commodities on the stock market, are largely affected by world events even though we may not initially realize it. The truth is that any type of global affair can affect public perception, trickling down to the stock market where gold prices either grow or decline depending on public confidence.
Gold prices have made a steady climb into a three-month high in London according to reports at MoneyNews, introducing what many experts believe could be the beginning of a bullish market for gold commodities. Prices climbed after speculation mounted over an attack against Syria, causing the demand for the precious metal to increase accordingly. Silver also rose to a four-month high…………………………………..Full Article: Source

Where are gold bullion prices going from here?

Posted on 24 September 2013 by VRS  |  Email |Print

The key to a great investment opportunity is to get in before everyone else. As most readers who follow the markets know, the results of the latest Federal Reserve meeting were quite a surprise, as the central bank determined that now was not the time to reduce its asset purchase program.
That news was a green light for people to pile into the markets. Gold bullion made its largest jump in over a year. However, those people who were waiting for the right investment opportunity to get into gold bullion should have been looking for a better risk-to-reward entry-point earlier in the year…………………………………..Full Article: Source

Copper leads industrial metals lower after Chinese imports fall

Posted on 24 September 2013 by VRS  |  Email |Print

Copper led declines in industrial metals, falling by most in more than a week as lower imports by China suggested demand by the largest consumer may be weaker than estimated.
The metal for delivery in three months on the London Metal Exchange dropped 1.3 percent to $7,188.50 a metric ton at 10:09 a.m. in Singapore, the biggest drop since Sept. 12. Nickel slid 1.3 percent and tin fell 1.2 percent…………………………………..Full Article: Source

Mining industry (ferrous & non ferrous) outlook

Posted on 24 September 2013 by VRS  |  Email |Print

Factors including population growth, urbanization in the Asian countries and the increasing requirements of the developed countries have led to increased demand for minerals and metals. The metals & mining industry addresses this ever-rising demand.
The metal industry is divided into two broad parts: ferrous (steel, iron and alloys of iron ) and non-ferrous (metals that do not contain an appreciable amount of iron such as aluminum, copper, lead, nickel, tin, titanium and zinc, and alloys like brass)…………………………………..Full Article: Source

Oil markets will be watching US-Iran body language at UN

Posted on 24 September 2013 by VRS  |  Email |Print

The oil market will be watching President Barack Obama and Iranian President Hassan Rouhani Tuesday for signs the thawing in relations between the two countries could lead to meaningful negotiations about Iran’s nuclear program.
“With the Iranians putting on a charm offensive, I think a lot of oil traders will be watching to see if there’s anything new that comes out of what happens there,” said Addison Armstrong of Tradition Energy. “I think the rhetoric has to be backed up by some confidence building measures, and we’ll see if any of those are on offer. The ball is in Iran’s court. They’re the ones that have been squeezed and they’re the ones that have to show they’re willing to make some concessions.”………………………………….Full Article: Source

iShares to close 15 equity and commodity ETFs

Posted on 24 September 2013 by VRS  |  Email |Print

iShares has announced the closure of 15 equity and commodity exchange traded funds (ETFs) due to low investor demand for the funds. The group acquired Credit Suisse’s ETF business in July this year and has begun integrating its funds.
The funds include eight iShares funds and seven legacy Credit Suisse ETFs. The group said the combination of the two fund lines resulted in 10 identical exposures. iShares has harmonised the pricing for these to ensure holders in each range are treated equally…………………………………..Full Article: Source

Coal ETF rally in danger on waning Chinese demand

Posted on 24 September 2013 by VRS  |  Email |Print

For the most part, 2013 has been a glum year for coal stocks, but the Market Vectors Coal ETF (KOL) has been a strong performer since early August.
That is when KOL found support around $17.50, making a double bottom formation in the process. KOL has gained 10.2 percent since August 1, which is great, but the $177.3 million ETF is still down 23 percent year-to-date, a decline that puts the fund firmly in bear market territory…………………………………..Full Article: Source

RI commodity exchange fails to sell refined tin

Posted on 24 September 2013 by VRS  |  Email |Print

The Indonesia Commodity and Derivatives Exchange failed to get any buyers for physical tin in Jakarta on Monday, according to a statement on its website.
Indonesia, the largest shipper, requires ingots of a minimum 99.9 percent purity to be traded on a domestic exchange before export with effect from Aug. 30. PT Timah, the country’s biggest producer, Toyota Tsusho Corp. and Noble Resources Ltd. are among companies that trade tin on the ICDX…………………………………..Full Article: Source

India to strengthen corporate governance of commodity exchanges

Posted on 24 September 2013 by VRS  |  Email |Print

India’s commodity regulator has moved to strengthen corporate governance of commodity exchanges by issuing guidelines to restrict board representation by promoter members. Under the guidelines, a promoter of an exchange cannot have board representation higher than their total shareholding, capped at 26 percent at the end of the fifth year of operation, the Forwards Market Commission said.
These revised guidelines follow the National Spot Exchange Ltd (NSEL), MCX-SX’s affiliated commodity exchange, abruptly suspending trading in August. NSEL has since struggled to square off outstanding contracts worth over 55 billion rupees ($868.81 million)…………………………………..Full Article: Source

Citigroup sees worst over for Asian currencies

Posted on 24 September 2013 by VRS  |  Email |Print

The world’s biggest foreign- exchange traders say it’s time to buy Asian currencies as outflows from the region ebb and the US Federal Reserve’s decision to maintain its record stimulus helps reverse a four-month slide.
The Bloomberg-JPMorgan Asia Dollar Index has risen 1.6 per cent since August 30, set for the best month since January 2012. Investors pumped $1.4 billion into equity funds in Asian emerging markets in the week ended September 18, the second straight period of inflows, according to EPFR Global data. They pulled $91.2 million from bond funds that week, compared with $310.8 million in the previous period…………………………………..Full Article: Source

Airlines IATA pushes for global carbon trading scheme rather than patchwork regulations

Posted on 24 September 2013 by VRS  |  Email |Print

The global airline industry will urge countries around the world, including Canada, to adopt a mandatory carbon emissions trading scheme for airlines starting in 2020 at a meeting of the International Civil Aviation Organization this week in Montreal.
The International Air Transport Association, which represents 240 of the world’s largest airlines, including Air Canada and Air Transat, said Monday it would push for the global carbon scheme as an alternative to seeing a patchwork of regulations…………………………………..Full Article: Source

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