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Commodities Briefing 21.Oct 2008

Posted on 21 October 2008 by VRS |  Email |Print

From Bloomberg: National Australia Bank Ltd., the nation’s biggest by assets, said commodity prices may decline “sharply” amid expectations global economic conditions will continue to deteriorate.

“Global commodity prices are already falling and their elevated starting levels shows the potential for them to fall sharply and still be high by historical standards,” the Melbourne-based company said today in a statement. The bank, the largest lender to Australian farmers, today reported full-year profit dropped 11 percent….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Bi-me.com: The commodity bull market will last longer as a consequence of the global financial crisis, Jim Rogers CEO of Rogers Holdings, told Commodity Online in an exclusive interview.

”We have had 8-9 periods of forced liquidation over the past 100-150 years wherein everything was liquidated without regard to fundamentals. This is such a period,” Rogers said. Rogers, said the commodities market is these days hit by the prospects of growth slowdown in countries like China and economic pessimism in the US and Europe….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From BBC: EU environment ministers are meeting in Luxembourg amid pressure to revise EU plans to cut greenhouse gas emissions because of the cost to industry.

EU leaders aim to finalise an EU climate change package by December, but Italy and Poland are among a group of countries voicing doubts about it….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Emii.com: Latin American economies are likely to suffer from the global economic slowdown amid a continued drop in commodity prices.

So far, emerging governments have tackled the impact of the global financial crisis by intervening in their foreign exchange markets selling dollars and by keeping interest rates unchanged….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Xinhuanet.com: Gold futures market was reopened in Hong Kong on Monday after being suspended for a decade. Globally, gold has increasingly been in the headlines as a safe harbor amid these turbulent times, with the price more than doubling in the past five years.

“This is an ideal time to have gold futures in Hong Kong not only because of the interest in the commodity, but also because of the greater volatility we are seeing in its price,” said Ronald Arculli, chairman of the Hong Kong Exchanges and Clearing Limited (HKEx), at the opening ceremony…… Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From People.com.cn: China’s top economic planning agency on Monday said it would raise the minimum purchasing price for wheat by as much as 15.3 percent starting next year.

The move by the National Development and Reform Commission (NDRC) aims to boost rural income and grain output. The country, with a population of more than 1.3 billion, relies mainly on domestic production for food….. Full Article: Source

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From Gulf-news.com: With all the current economic turmoil around the world, a decision to reduce oil production by the Organisation of Petroleum Exporting Countries (Opec) is only going to be damaging.

Sure, oil prices have plummeted from a high of $147.27 (Dh541) a barrel in July. But the price for a barrel of crude is sitting at around $71 to $72 a barrel. That is comfortably below that once-mythical $100 per barrel price….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Marketoracle.co.uk: Zinc has proven to be a valuable, irreplaceable commodity over the centuries. While the global economy has slowed, the usage of zinc remains high. This has forced inventory levels to be persistently near ten-year lows.

Fundamentally, as Asian and other emerging markets upgrade their infrastructure and improve their lives, massive amounts of zinc will be used for medical, battery, and construction applications….. Full Article: Source

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From Cattlenetwork.com: Ed Morse, former managing director and head of commodities research at Lehman Brothers, is joining Louis Capital Markets, a brokerage.

Barclays PLC (BCS) acquired much of Lehman Brothers’ U.S. assets, including its commodities team, after the bank filed for bankruptcy protection in September. Morse headed Lehman’s commodities research group starting in 2006. He previously worked at Hess Energy Trading Co. and is a former chief executive of Energy Intelligence Group, a publisher of industry newsletters….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Moneycontrol.com: The Forward Markets Commission (FMC) hopes the ban on trading of eight commodities on exchanges will go in November. ” We will take a call after studying the situation in mid-November and recommend suspension of the ban on four commodities (rice, wheat, urad and tuar),” B.C. Khatua, Chairman of FMC, said.

While the ban of trade in rubber, chana, soya oil and potato would come to an end automatically in November, the ban on rice, wheat, urad and tuar has no time frame for suspension….. Full Article: Source

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From Thepeninsulaqatar.com: It has been another semana horribilis in commodity markets with the CRB commodity index down by around 5 percent and the energy heavy GSCI down by nearly 6 percent. Fear of Recession and Redemptions continues to be the main theme. As a consequence markets has been rising and falling in line with stock markets.

Crude Oil had one of its worst weeks on record as WTI fell by more than 9 percent and in the process retraced more than 50 percent from the highs last seen in July 2008. All week we saw wild fluctuations with a 19 percent swing from high to low….. Full Article: Source

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From Huliq.com: Eurex, the international derivatives exchange, today announced that it will extend its product offering, with new futures and options based on commodity underlyings in Q1 2009. As a first step, it will launch futures and options on gold on 2 February.

The US dollar denominated contracts will be based on the benchmark gold fixing of the London Bullion Market, referenced to the largest gold spot market in the world. Further, Eurex signed a license agreement for the use of the Dow Jones-AIG Commodity Index family. Eurex aims to list the first products in the first quarter of 2009….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Business-standard.com: Agricultural commodity trading on exchanges is likely to drop about 50 per cent to touch Rs 6.5 lakh crore this year as compared with Rs 13 lakh crore in 2006-07 due to the slowdown in the global economy, said Forward Markets Commission (FMC) Chairman BC Khatua.

At a media briefing here, Khatua said the bullion accounted for 42 per cent of commodity trade, and agriculture 23 per cent….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Irishtimes.com: European equities extended their gains yesterday, lifted by stronger energy and metals stocks and a solid performance on Wall Street.

Following a 4.2 per cent surge on Friday, the FTSE Eurofirst 300 added 3.8 per cent to 928.29, although shares were still some 40 per cent down from their January peak. France’s CAC 40 index rose 3.7 per cent to 3,448.51, while the Xetra Dax in Germany was up 1.1 per cent at 4,835.23….. Full Article: Source

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From Thestar.com.my: Asian currencies rose Monday against the US dollar following initiatives by the respective governments in the region to cushion their economies from the impact of the global financial turmoil.

But economists warned that the currency market would remain volatile and gains in regional currencies against the greenback short-lived as the continued repatriation of funds back to the US would strengthen the greenback in the near term….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Reuters: Oil company stocks have seen their fortunes turn from good to bad as the prices of crude oil and natural gas tumbled about 50 percent from their peaks in July. The Standard & Poor’s Energy company index has dropped more than 36 percent since the beginning of the year.

With some OPEC members hoping to get agreement for a cut in crude exports at their meeting later this week and natural gas producers eyeing cutbacks to drilling, will energy prices rebound, and are the companies now a good bargain?…. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Xinhuanet.com: Crude oil went up on Monday as investors predicted that the OPEC will almost certainly decide to cut crude output at an emergent meeting later this week. Light, sweet crude for November delivery rose 2.40 U.S. dollars to settle at 74.25 dollars a barrel on the New York Mercantile Exchange. The futures rose as high as 76.12 dollars a barrel during the trading.

Crude mainly gained on OPEC’s decision of production cut. OPEC President Chakib Khelil said Sunday the organization plans to announce a “substantial” output cut at the meeting held on Friday in Vienna….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Indiatimes.com: Singed by the rough and tumble of the equities markets, jobbers —traders who enter and exit trades for small but frequent profits — have shifted focus to the nascent currency futures markets, which have been witnessing a slow but sure increase in volumes.

Both the National Stock Exchange (NSE) and MCX Stock Exchange (MCX-SX), promoted by MCX, provide platforms for active trading in rupee-dollar futures….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Domain-b.com: With the global economic slowdown, the prices of various primary commodities have been taking a hammering, specially of those ‘normal goods’, which had scaled unprecedented heights in recent months. These, such as some food grains, metals, and crude oil, are now in a free fall.

At their dizzying highs, these prices were the cause of food riots in over three dozen countries, that was deafened only by the global uproar….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Bloomberg: Copper prices dropped after China’s economy, the biggest contributor to global growth, expanded at the slowest pace in five years.

China’s gross domestic product rose at a 9 percent annual rate in the third quarter, the weakest performance since 2003, the national statistics bureau said in Beijing today. The Asian country is the world’s biggest metals user. Copper has lost half of its value since touching a record in May as the financial crisis hampered global growth….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Ibtimes.com: CME Group today announced ithas completed the staffing process related to its August 2008 acquisition ofNYMEX Holdings, Inc.

NYMEX will continue to maintain its world and national headquarters at OneNorth End Avenue in New York City, with the senior leadership team for NYMEXoperations housed in the headquarters facility. The company will continue allNYMEX floor trading operations from its One North End Avenue headquarters….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Bloomberg: Investor Jim Rogers bought gold coins in Frankfurt last week, added more agriculture commodities today and is considering industrial metals and crude oil.

“Agriculture is cheap,” Rogers, chairman of Rogers Holdings, told reporters at an ETF Securities Ltd. meeting in London today. “The fundamentals for most commodities are not impaired.” …. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From FT: Algeria said the oil market was oversupplied by 2m barrels a day, making clear it favoured Opec making a deep reduction in its output when the producers cartel meets on Friday.

“It is not clear that we will take the decision to reduce supplies by 2m barrels per day, but it is very likely that we will take a reduction decision this time and another decision later on to ensure price stability,” Chakib Khelil, Algeria’s energy minister and Opec president, told Algerian state television….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From ABC: Greening Australia says agriculture should be included in the Federal Government’s carbon trading scheme as soon as possible. The scheme is due to be introduced in 2010, but a decision about agriculture’s participation is yet to be made.

Organisations such as Greening Australia will be able to create carbon credits through tree and vegetation planting and sell them to companies unable to reduce their emissions by other means…. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Vietnamnet.vn: Consumers cannot explain why input material prices have decreased sharply but producers have not slashed sale prices accordingly.

Breeders hope animal feed prices decrease. Housewives are still waiting for consumer product prices to decrease, even though producers have confirmed input material price decreases….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Theaustralian.news.com.au: OZ Minerals chief executive Andrew Michelmore today said the perceived commodities slowdown was not based on fact, and the market was responding in an “emotional” way.

Mr Michelmore said OZ Minerals had not had any contracts cancelled, or witnessed reduced demand for its products. Concern has grown in the mining industry that demand for commodities has slowed, and some junior players have rescheduled operations….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Washingtontimes.com: Corn and soybean prices rose sharply Monday as a rebounding oil market prompted investors to shift money back into commodities. Wheat prices fell.

Corn for December delivery rose 15.5 cents to settle at $4.185 a bushel on the Chicago Board of Trade, while soybeans for November delivery added 34 cents to settle at $9.4075 a bushel….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Globeinvestor.com: Traders in soft commodities are keeping a close eye on events in parts of the developing world where food supply shortages and skyrocketing prices have sparked riots.

The World Bank says 33 nations may face “social unrest” as a result. Already in Haiti four people died in two days of rioting. In some countries, hording is punishable by jail terms or even death….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Carbon-financeonline.com: Carbon market participants are braced for the effects of a dramatic reduction in risk capital available to the sector, as the full impact of the credit crisis and a looming recession make themselves felt.

Concerns are growing that carbon prices could be set for substantial short-term falls, having held up well in comparison with other commodity markets. But, while the credit crisis has injected considerable uncertainty into the near-term outlook for carbon, longer-term policy questions are still causing the most anxiety….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Mineweb.com: Polymetal, Russia’s largest silver miner, cut its forecast for output of the metal on Monday due to a rapid fall in its price and said it would consider revising its investment plan for 2009.

Polymetal said in a statement its new Albazino/Amursk project in the Russian Far East would take priority when allocating next year’s investment budget, although the expansion of its existing Dukat and Vorontsovskoye mines was on track….. Full Article: Source

Posted on 21 October 2008 by VRS |  Email |Print

From Ottawabusinessjournal.com: As commodity prices increased strongly Monday, North American stock markets recorded robust gains, with the the S&P/TSX index closing up by 688.91 points, to 10,521.40.

Oil prices rose by more than US$2 ahead of an anticipated production cut by the Organization of Petroleum Exporting Countries (OPEC) this week, closing at $74.25 per barrel on the New York Mercantile Exchange, while gold gained US$2.50 to close at $787.60 per ounce. The Dow Jones industrial average, meanwhile, added 413.21 points to close at 9,265.43, and the Nasdaq was up 3.43 per cent to 1,770.03….. Full Article: Source

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