Tue, Oct 21, 2014
A A A
Welcome kbr175@gmail.com
RSS
Commodities Briefing 10.Nov 2008

Posted on 10 November 2008 by VRS |  Email |Print

From Bloomberg: Wheat prices fell for a third straight day on speculation that global production will outpace demand. Worldwide output may be forecast to surpass an October estimate on Nov. 10, when the U.S. Department of Agriculture issues new crop projections, analysts said.

Last month, the USDA said farmers will collect a record 680.2 million metric tons in the year ending May 31. Wheat futures have tumbled 61 percent from a record $13.495 a bushel in February….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Washingtonpost.com: Government officials are considering stimulus packages as a way to put more money in consumer pockets. But if commodity prices continue their decline, consumers may not need the extra boost quite so much.

Prices of commodities, which are the raw materials that go into the goods consumers use, have fallen precipitously over the past three months. The most dramatic move has been in the price of oil, which peaked at $147 a barrel on July 11 and closed November 5 at $65.39….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Zawya.com: Commodity prices saw mixed fortunes this week, with crude oil falling in value and metals switching between losses and gains on world markets as recession fears intensified.

The US unemployment rate rose to its highest level since 1994 in October as it touched 6.5 percent, official data showed Friday, while analysts forecast it to increase further in Barack Obama’s first year as president….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Mineweb.com: The recent collapse in commodities prices, and correspondingly even greater falls in the values of commodities stocks, is, ironically, leading towards another global commodities bubble - starting in perhaps as soon as a couple of years depending on how fast the global economy can move from reverse gear to a growth phase again.

Furthermore the longer global growth remains in the doldrums, the more steep and rapid the rise in commodity prices is likely to be when the markets turn - as they inevitably will…. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 32.26 million barrels per day (b/d) of crude oil in October, according to a Platts survey of OPEC and oil industry officials just released. This is a 210,000 b/d decline from the September level of 32.47 million b/d.

Excluding Iraq, production from the 12 members hitherto bound by output agreements fell by 220,000 b/d, to 29.96 million b/d from 30.18 million b/d, the survey showed.
When Indonesia, which will leave OPEC at year end is also excluded, the survey shows a 210,000 b/d drop in production from the so-called OPEC-11, to 29.11 million b/d in October from the previous month’s 29.32 million b/d….. Full Press Release: Source

Posted on 10 November 2008 by VRS |  Email |Print

From SMH: Oil prices were steady on Friday after the week’s giant sell-off, despite a government report showing the unemployment rate hit a 14-year high last month and predictions from an international energy agency that put the price of crude at $US200 per barrel by 2030.

Light, sweet crude for December delivery rose 27 cents to settle at $US61.04 a barrel on the New York Mercantile Exchange. But the contract dropped below $US60 in overnight electronic trading for the first time in 19 months….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Thehindubusinessline.com: The global sugar deficit in 2008-09 may be smaller than the earlier forecast of 3.90 million tonnes as sliding crude oil prices may encourage many Brazilian mills to produce sugar than diverting the crop for ethanol. Weakening Brazilian real will also increase exporters’ realisation.

According to the International Sugar Organisation (ISO) forecast, the global sugar production may fall by 7.4 mt to 161.6 mt in 2008-09. Brazil has a sophisticated technology to switch over production between ethanol and sugar according to the demand….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Seekingalpha.com: In March, Barron’s warned that the commodities bull market looked toppy. In September, it warned of a “further weakening” in the “forces that caused commodities to be overbought,” which it warned “could turn into a rout.” It did.

Prices are down 53% from their July 3rd peak, which many blame on the weak global economy. Perhaps, Barron’s says, but the previous commodity bear happened amid the economic boom of the 1990s. More likely is that the burst bubble when ‘hot money’ - i.e. index funds “marketed to naive investors who were persuaded that commodities are in a permanent long-term bull trend” - put on the brakes….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Alibaba.com: The price of gold has not fallen as sharply as the price of crude oil and other cyclical commodities during the global financial crisis, and bullion should strengthen relative to other commodities as economic troubles deepen.

Gold bullion has dropped 16 percent since October after a recent wave of fund deleveraging. But its oil purchasing power, a key gauge of economic strength, is at its highest in nearly two years and is holding up relative to equities and other asset classes…… Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Reuters: India may resume futures trade in four suspended agricultural commodities from December as prices soften, while the decision would be delayed for four others, a top official with the commodity futures regulator said.

In May, the federal government bowed to demands from its Leftist allies to suspend trading in soyoil, chickpea, rubber and potato futures for four months, alleging these futures played a major role in stoking inflation. The ban was further extended till November due to inflationary pressures….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Theage.com.au: The Australian share market was stronger at noon, up more than two per cent, driven by China’s massive economic stimulus plan, which has boosted appetite among local investors for commodity based stocks.

Also, the Reserve Bank of Australia has indicated there is more work to be done in cutting interest rates as it tries to strike the balance between stemming slower economic growth and curbing inflation….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Bloomberg: Producer-price inflation in China cooled to the slowest pace in eight months on falling energy and commodity costs, making the central bank more likely to keep cutting interest rates.

Factory-gate prices rose 6.6 percent in October from a year earlier, the statistics bureau said today, after gaining 9.1 percent in September. That was less than the 8 percent median estimate of 15 economists surveyed by Bloomberg News….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Seekingalpha.com: This was a strange week where U.S .equity markets fared badly, except for Friday’s closing half-hour. The German and UK markets, which closed up on Friday, missed the full extent of the late session rally in the U.S., and so closed down on the week.

The U.S. retail stores sales data was terrible. Traders are not thinking mañana; they sold Consumer Discretionary stocks (XLY) down -8.8%. Bankers too were being squeezed as T-Bill yields dropped almost to zero (annual yield of +0.22%). People fall into two camps: (i) no money, or (ii) unwilling to risk the money they do have….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Bloomberg: NRG Energy Inc., the second-largest power producer in Texas, rejected an unsolicited $6.1 billion takeover offer from Exelon Corp., the largest U.S. utility owner.

The offer “significantly undervalues NRG and is not in the best interests of NRG’s shareholders,” Princeton, New Jersey- based NRG said in a statement today. “The Board thoroughly reviewed Exelon’s proposal and reached its decision after careful consideration with its independent financial and legal advisers.” …. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Ecosystemmarketplace.com: Renewable Energy Credits are designed to spur the development of renewable energy by selling the rights to its environmental benefits. Carbon credits often aim to do much the same thing. Can the two get along?

The commodity price for electricity was often determined by coal plants. Unlike new wind farms, these plants had often paid off their capital costs years ago. They also didn’t have to pay for much of the pollution they generated. Harmon simply couldn’t build his farms for the price….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Forbes: As we approach the end of the year, a few things are ringing clear in investors’ heads. We now know who our President of the United States will be. We also know who his chief of staff will be as well.

One thing is for sure: there will definitely be change in Washington, which could spell major change on Wall Street. It has been several months since I looked at Gold as a viable investment option, but it’s looking good for several reasons right now….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Istockanalyst.com: In a busy port city in northeastern China, the Dalian Commodity Exchange is quietly coming of age as the reference point for the global soy trade. Dalian has grown in less than two years from a small regional exchange to a soy futures market that rivals CME Group’s Chicago Board of Trade.

It is increasingly a hedging tool for foreign- invested soy crushers and a price indicator for Asia.On Wednesday, NYSE Euronext, the world’s biggest exchange, signed cooperation agreements with the Dalian exchange and its smaller rival, the Zhengzhou Commodity Exchange….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Theglobeandmail.com: China and India should have restrained Myanmar from sending naval and prospecting vessels this week to a natural-gas-rich patch of the Bay of Bengal that is also claimed by Bangladesh. The tense maritime standoff brought a risk of war between two failed states.

The two Asian powers are the principal export markets for Myanmar’s ample natural resources. Like much of sub-Saharan Africa, Myanmar is a focus of intense Chinese efforts to lock up supplies of oil, gas and other commodities….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Gulf-daily-news.com: Bahrain-based Gulf Finance House (GFH) yesterday unveiled the master plan for Energy City Libya. The $5 billion Energy City Libya, the latest in their series of Energy City projects in Qatar, India and Kazakhstan will take shape on 6sq/km of land on the shores of the Mediterranean city of Sabratha.

With approximately 40bln barrels of oil reserves, Libya boasts the largest proven reserves in Africa in addition to considerable gas resources, offering a multitude of commercial opportunities to the world’s leading names in the energy sector….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Commodities-now.com: Sources close to the three US regional greenhouse gas emissions trading schemes said they won’t let up in efforts to implement their programmes according to their timelines, despite fresh assurances that the US will adopt a federal system.

State officials will also be watching closely to make sure federal legislation does not interfere with the progress they are making at the state level, sources said….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Ninemsn.com.au: London nickel leapt 11 percent on Monday and Shanghai copper hit its upside limit as industrial metals surged in the wake of China’s plans to inject $600 billion to shore up the world’s fourth-largest economy.

London Metal Exchange nickel rose $1,225 to $12,200 at 0230 GMT on Monday, up 11.2 percent from Friday. Shanghai copper rose 1,190 yuan to its upside threshold at 31,100 yuan ($4,557), chasing an 8 percent surge in LME copper and steep gains in other metals….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Asianage.com: Buoyed by the RBI’s proactive steps, Indian markets closed higher for the second successive week. On the BSE, the Sensex swung in a wide band of 1,300 points before closing at 9,964 with a gain of 176 points. The Nifty on the NSE logged 87 points to end the week at 2,973.

CNX Midcap and the BSE Small Cap indices have also clo-sed higher by 6.1 per cent and 3.6 per cent reflecting a modest renewed interest in some of the badly battered stocks. Pre- and post-election movements of US markets clearly indicate that more abysmal economic news is in the offing. Central banks across the world slashed interest rates in an attempt to infuse life into recessionary economies and strained money markets….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Reuters: PanAust Ltd boosted its 2009 copper production forecast by nearly 10 percent from its mine in Laos to 65,000 tonnes, based on a new ore reserve estimate.

The Australian-listed miner also said gold production in concentrate and in ore from the Phu Kham mine was expected to be between 70,000 ounces and 80,000 ounces and silver production between 400,000 ounces and 600,000 ounces….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From GTSA: Donald Coxe, Global Portfolio Strategist, BMO Financial Group is convinced that we are in the midst of the greatest commodities bull market of all time. His hunger: food.

hough he launched the Coxe Commodity Strategy Fund this past summer, right before commodities took a nose dive, Coxe remains convinced that we are in the midst of the greatest commodities bull market of all time….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Theage.com.au: The Australian dollar stretched gains today, lifted by better risk appetite and higher metal prices and despite some dovish comments by the Reserve Bank.

In early afternoon trade, the Australian dollar was at $US0.6905/10, up two US cents, or three per cent, from Friday’s close of $US0.6701/07. During the morning, the unit traded between a low of $US0.6807 and a high of $US0.6925….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Agweekly.com: Gold and other precious metals prices rose Monday as bargain-hunting investors trickled back into the beaten-down commodities market. Grain prices also rose, while energy futures fell. Precious metals and other commodities were hit hard in October by a strengthening U.S. dollar.

Investors tend to buy commodities as a hedge against inflation when the dollar is weak and sell those investments when the greenback rises.Gold for December delivery rose $8.60 to $726.80 an ounce on the New York Mercantile Exchange, after rising as high as $739.50 earlier in the session….. Full Article: Source

Posted on 10 November 2008 by VRS |  Email |Print

From Star-techcentral.com: Trading ­activities between Asean ­countries will be easier and more cost-effective when an electronic trading system is implemented by year end. The system, called the Asean Single Window (ASW), is used to process cargo clearance tasks when Asean countries trade with each other.

ASW requires each country to have a National Single Window (NSW) system and Malaysia’s is on schedule for completion by December….. Full Article: Source

See more articles in the archive

banner
October 2014
S M T W T F S
« Sep    
 1234
567891011
12131415161718
19202122232425
262728293031