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Commodities Briefing 12.Nov 2008

Posted on 12 November 2008 by VRS |  Email |Print

From Mineweb.com: The global credit crunch is stifling physical coal trade around the world, slicing volumes and prices, with even large utilities struggling to raise short-term finance to operate normally.

The VM Group said in its latest Fortis Energy Monthly that European power utilities reported in early October that they had stopped trading coal swaps and physical cargoes with some banks….. Full Article: Source

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From Reuters: The pound fell to a fresh 12-year low against a basket of currencies on Tuesday and close to record lows against the euro as investors shunned riskier assets and after another batch of weak economic data.

One report showed a measure of home sales at their lowest in October since the series began 30 years ago, and another showed the biggest drop in retail sales for three years….. Full Article: Source

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From FT: Imagine you could design a new asset to invest in. You would want it to offer returns uncorrelated with equity and bond markets and it would be a bonus if it made you feel better about your role in the world.

The carbon emissions trading market seems to promise both these things to canny investors. The general rhetoric around climate change and the increasing consumer emphasis on “carbon footprints” or “green energy” seem to point to this as the way of the future….. Full Article: Source

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From Euromoney: The Securities and Exchange Commission has approved a request from Barclays Global Investors to construct exchange-traded funds that invest in other ETFs, clearing the way for other ETF providers to begin launching their own offerings.

BGI plans to launch a lineup of iShares target-date retirement funds in the next few weeks that will use the structure. Paul Justice, ETF strategist at Morningstar, said the approval benefits investors and expects to see more firms launch ETFs of ETFs….. Full Article: Source

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From Guardian: Wild swings on metals markets have created cash flow uncertainty for producers, but high costs are expected to deter them from using hedging, or selling forward, to protect their revenues.

An exception could be the biggest commodity market oil, where the downside price risk is limited by OPEC’s willingness to intervene, which has moderated the slide. In other markets, declines have been tempered as firms have shut loss-making output, but few are ruling out further falls….. Full Article: Source

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From Forbes: Industrial metals tumbled, with copper falling 6.5 percent, as persistent economic gloom dented the demand outlook.

Resurfacing recession fears sent global markets lower across the board. European shares lost ground, while oil and gold also traded in negative terrain….. Full Article: Source

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From Mineweb.com: Contrary to general trends and price direction, the spot price of uranium oxide, or yellow cake, has been firming in the past two weeks, to current levels around USD 48 a pound, according to specialists TradeTech, and to a little less than that, according to Ux Consulting.

While resources stocks generally remain deeply in the price doldrums, investors have for some weeks shown an enthusiasm for uranium names, where the choice runs to dozens of stocks, from the big established producers, to a plethora of juniors hoping to make the next big hit….. Full Article: Source

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From Theaustralian.news.com.au: Gold and other precious metals fell sharply in New York amid commodity-wide weakness as the US dollar surged. They also linked some of gold’s weakness to a decline in equities, with long liquidation continuing.

Funds were among the sellers, said George Gero, vice president with RBC Capital Markets Global Futures. December gold fell $US13.70 to $US732.80 an ounce on the Comex division of the New York Mercantile Exchange. December silver lost US41.5 cents to $US9.805….. Full Article: Source

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From FT: Exelon launched a hostile takeover battle for rival NRG Energy yesterday, after NRG rejected its unsolicited $6.2bn offer to combine the companies into the largest US power producer.

The power sector has recently turned into fertile ground for potential transactions. Dynegy, another US power company, also hired Goldman Sachs and Greenhill to advise on its strategic options, an insider said….. Full Article: Source

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From Thestar.com.my: Commodities-linked funds in Malaysia have been the worst performers for the past one year and the outlook is not encouraging.

Economists said commodity prices would continue to come under pressure, going forward, given the current bullishness of the US dollar. “The strengthening of the US dollar, to some extent, explains the weakness of commodity prices,” said Nor Zahidi Alias, chief economist of Malaysian Rating Corp Bhd….. Full Article: Source

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From AP: Gold and other commodities prices tumbled in tandem with the stock market Tuesday as more signs of economic weakness drove concerns about a slowdown in demand for raw materials.

In recent weeks, the futures markets have mirrored the direction of equities as investors, worried about a deep and protracted recession, pulled money out of both stocks and commodities….. Full Article: Source

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From Structuredproductsonline.com: ETF Securities has cross-listed 13 exchange-traded funds (ETFs) on the London Stock Exchange (LSE) which offer equity exposure to commodity markets as well as US equity market exposure.

The funds, which were already listed on the Dublin Exchange and Euronext Amsterdam, have been designed to offer exposure to equity-based sectors that are not covered by the provider’s exchange-traded commodity (ETC) offering….. Full Article: Source

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From Guardian: With sentiment again dominated by thoughts of recession, Russia-focused Imperial Energy bucked the downward trend despite the tumbling crude price.

The oil explorer’s shares have been volatile in recent days as investors fretted whether ONGC would proceed with its £12.50-a-share bid. With oil more than halving since the bid was unveiled in August, there was concern the Indian bidder might try to renegotiate terms….. Full Article: Source

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From Livemint.com: US crude was trading 21 cents lower at $59.12 by 8:15am (IST). In the last session, the market settled down $3.08 at $59.33 a barrel, its lowest settlement in 20 months.

Oil inched lower on Wednesday, after falling 5% a day ago to close below $60 for the first time since March 2007, as weakening energy demand more than offset news of more supply reductions….. Full Article: Source

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From WSJ: After years of small-scale experiments in using so-called emissions trading to reduce pollution, China is taking steps to set up a nationwide system.

In recent months, three cities — Shanghai, Beijing and Tianjin — have begun creating emissions exchanges modeled after a system pioneered in the U.S. to reduce emissions that caused acid rain….. Full Article: Source

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From Indiatimes.com: Countless Indian traders have been trapped by a brutal commodity market. Consider these examples: A small-time importer in Coimbatore is fighting bankruptcy after placing an order for two shiploads of iron scrap.

By the time the cargo reached India in little over a month, prices had crashed 70%. Across the spectrum of commodities — scrap, iron ore, sulphur, solvents, dyes, soda ash and even edible oil — local traders have been caught on the wrong foot….. Full Article: Source

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From Seekingalpha.com: A new industry report claims sun and wind energy may interrupt the power grid, creating a new set of obstacles for inventors, investors and ETFs within the industry.

By adding electricity generated by the sun and the wind to the nation’s power grid, the reliability of the current system and the frequency of blackouts are at stake….. Full Article: Source

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From Jckonline.com: Dubai Multi Commodities Centre on Tuesday opened its new premises and trading floor for the Dubai Diamond Exchange at the Almas Tower, located in Jumeirah Lakes Towers.

DDE is now operational from its new facilities on the second floor of Almas Tower. This move allows DDE to expand its benefits and services for its members. DDE will house public trading facilities, private viewing rooms, technical instruments to inspect diamonds, automated vaulting facilities, and digital market information….. Full Article: Source

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From BBC: One of the world’s leading authorities on energy supply says the era of cheap oil is over and prices could soon be back up to $100 a barrel.

The International Energy Agency (IEA), in its World Energy Outlook for 2008, says prices could soar as high as $200 a barrel by 2030. The immediate risk to supply, it says, is not one of a lack of global resources….. Full Article: Source

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From FT: Oil prices tumbled below $60 a barrel, their lowest level in 20 months, amid worries that the global economy was slowing more rapidly than expected.

The drop led a broad retreat in commodity markets, with the Reuters-Jefferies CRB commodity index down 3.5 per cent to its lowest level in almost five years. The fall will further reduce inflationary pressures as central banks slash interest rates….. Full Article: Source

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From IHT: The dollar rose against other major currencies in morning trading Tuesday as U.S. stocks tumbled on signs of further deterioration in key sectors of the economy.

Strapped U.S. automakers and continuing woes in the housing and retail sectors drove stocks down. In morning trading, the Dow Jones industrials fell more than 270 points, while European and Asian markets were mostly lower….. Full Article: Source

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From Marketoracle.co.uk: In order to build a major bottom in physical commodity prices, there will need to be continued calm in short rate markets.

We will also need to get beyond the late September/early October data, and see crude oil prices build a base above $65.00 and gasoline prices base above $1.40. A December dollar below 84.50 might signal an end to extreme flight to quality focus, and there will also need to be less negative weekly gasoline demand readings from the EIA….. Full Article: Source

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From Bloomberg: Corn fell to a one-year low and soybeans dropped the most in five sessions as a slowing global economy eroded demand prospects for U.S. crops used in livestock feed, fuel and food.

Stocks fell worldwide, with the MSCI World Index dropping as much as 4.5 percent to the lowest since Oct. 29. More than $28 trillion has been erased from the value of global equity markets as credit losses and writedowns topped $920 billion in the worst financial crisis since the 1930s….. Full Article: Source

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From Commodities-now.com: BSP (Borzen SouthPool) Regional Energy Exchange, a joint venture of Borzen and Eurex Frankfurt AG, formally started to organize the trade with cleared day-ahead products for electricity delivered in the Slovenian and Serbian market.

Trading with products on the Slovenian electricity day-ahead market is carried out in continuous and auction trading sessions, in contrast to the Serbian electricity day-ahead market, where trading is organised in continuous trading sessions….. Full Article: Source

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From Guardian: The International Energy Agency is to call today for an energy revolution and a “major de-carbonisation” of global fuel sources as the world confronts tighter oil supplies caused by shrinking investment.

The energy watchdog is warning for the first time that oil output could pass its peak as power shifts from “super-majors” to national companies controlled by producer states. It highlights a potential oil-supply crunch….. Full Article: Source

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From Biodieselmagazine.com: The November USDA World Agriculture Supply and Demand Estimate projects the national average soybean yield at 39.3 bushels per acre – producing 2.92 billion bushels of soybeans.

That figure is down 17 million bushels from the previous month’s corrected estimates. The soybean crush is reduced 15 million bushels to 1.74 billion bushels due to lower values for soybean oil and soybean meal. Projections for soy oil use for methyl ester were unchanged from the previous month at 3.1 billion pounds….. Full Article: Source

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From Guardian: The Montreal Climate Exchange aims to become the central Canadian marketplace for carbon emissions trading, even before the government finalises the climate change legislation required to kick-start the market.

Canada’s conservative government, re-elected in October, introduced climate change proposals last year that would see a nationwide emissions trading scheme start in 2010….. Full Article: Source

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From Journalstar.com: The head of the federal agency that oversees commodities trading wants to replace it and the Securities and Exchange Commission with three new regulators to better deal with an increasingly complex financial system.

“I believe the United States should scrap the current outdated regulatory framework in favor of an objectives-based regulatory system consisting of three primary authorities: a new systemic risk regulator, a new market integrity regulator and a new investor protection regulator,” said Walter Lukken, acting chairman of the Commodity Futures Trading Commission….. Full Article: Source

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From Marketwatch.com: Gold futures dropped nearly $14 an ounce Tuesday, giving up gains made in the previous session as other metal futures registered steep losses.

Silver, platinum and copper futures all tumbled 4% or more. “Gold and commodities as a whole are continuing their almost-perfect correlation to the stock market,” said Zachary Oxman, senior trader at Wisdom Financial….. Full Article: Source

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From Mineweb.com: Since around mid-May 2008, the world’s top 100 mining stocks, measured by value, have lost two-thirds of their market value, measured on a weighted basis.

This is equal to a contraction of USD 1.7 trillion. By now, reasons for the fall, from the global financial markets crisis, to chilled to frozen debt markets, and a slowing world economy, are as well talked about as climate change….. Full Article: Source

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