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Commodities Briefing 21.Nov 2008

Posted on 21 November 2008 by VRS |  Email |Print

From FT: Oil sank below $50 a barrel, reaching its lowest point since May 2005 amid fears over the outlook for demand in the face of a global recession.

The drop in oil prices led a broader retreat in raw materials, with the Reuters-Jefferies CRB commodity index, a global benchmark, falling to a five-year low….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Guardian: Motorists are likely to see petrol prices come down by a further 7p a litre before Christmas after the price of oil last night dropped through the $50-a-barrel level for the first time in three and a half years.

Amid growing fears for the health of the economy, the cost of a barrel of benchmark Brent crude fell by almost $3 to $49.83 on commodity markets. US light crude, which tends to be slightly dearer than Brent, briefly dipped below the $50 level in New York trading….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Arab News: Oil markets are facing a major slump — for a number of reasons — and continue to stream further down. As I write these lines, prices are already in the vicinity of $50 a barrel. Rather than seeking a ceiling, crude markets now appear looking for a floor — somewhere — at respectable levels.

What a transition indeed. And indeed this transformation is not without ramifications, of considerable magnitude, one can easily deduce. Crude markets have entered a phase where, due to low prices, the incentive to invest in the industry is getting less and less….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Reuters: The Arctic offers new energy and fishing resources as a result of global warming and new technology, the European Union said on Thursday. Melting ice also presented new navigation possibilities such as a short route to the Pacific Ocean, the EU executive said.

The rapid recession of sea ice, snow cover and permafrost were helping to accelerate global warming and the loss from the Greenland ice sheet would bring a swift rise in sea levels, it said in a paper….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Bloomberg: Tumbling prices for crude oil, aluminum and soybeans sent the Reuters/Jefferies CRB Index of 19 raw materials down more than 50 percent from a record in July as the global recession sapped demand.

Crude fell 7.5 percent to the lowest close since May 2005, leading gasoline and heating oil lower. Soybeans sank 4.6 percent and copper touched the lowest price since July 2005. The CRB slid 4.2 percent to 230.35, the lowest since April 29, 2003. The index touched 473.97 on July 3, its highest ever….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From The Aureport: Of late, I have read a number of analysts, Jim Rogers even, who have expressed the view that gold could dip to the mid- to low $600 level.

Could happen, but I think not. Already, buyers of physical gold are finding anything near $700 to be cheap and so are helping to build a floor under the monetary metal. On that topic, a friend sent this item along last week……. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Global Pensions: Norway’s global pension fund, the largest equity investor in Europe, has no plans to buy commodities, according to its operator Norges Bank Investment Management (NBIM).

“We have the possibility to invest in commodities, but we don’t have any current plans” for that in 2009, NBIM chief executive officer Yngve Slyngstad told reporters in Oslo. “It doesn’t lend itself to our long-term investment strategy.”…. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Investopedia: One of the largest pension funds in the U.S. has positioned itself to take advantage of falling commodities prices. The $178.8 billion (as of November 17) California Public Employees’ Retirement System (CalPERS) initially announced a $500 million pilot program for adding commodities investments in 2006.

Last February, CalPERS went a step further by setting a target exposure rate of 1.5%, or approximately $2.67 billion of its current value, for commodities. Investors thinking of bolstering their portfolio with commodities should consider the following reasoning and commodities-focused investments….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From BBC: US Congressman Henry Waxman has unseated John Dingell to become chair of the powerful energy committee of the House of Representatives. Democratic members of Congress voted 137 to 122 for Mr Waxman, 69, to take up the committee chairmanship.

Mr Dingell, 82, a representative from Michigan, had been viewed as a strong ally of the US car industry….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Ictsd.net: US President-elect Barack Obama pledged on Tuesday to “engage vigorously” on climate change issues upon entering office in January. “Climate change and our dependence on foreign oil, if left unaddressed, will continue to weaken our economy and threaten our national security,” he said.

“Too often,” Obama said, Washington has failed to match the leadership displayed by various US governors and required on an international level in order to confront the challenges posed by climate change….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Channel News Asia: The Singapore Commodity Exchange or SICOM is tapping on industry experience for its new board members. It has named nine board members, including prominent members of the commodities industry as well as two senior members of the rubber trading community.

Among the prominent members from the commodities industry are well-known investor Jim Rogers; Michael Coleman, managing director of Aisling Analystics, who has 26 years of commodity trading and trading management experience; and Sridhar Krishnan, senior managing director of Olam International….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From CNN: US Senate Agriculture Committee Chairman Tom Harkin, D- Iowa, plans to introduce a bill Thursday that would force all over-the-counter derivatives, including credit-default swaps, onto regulated futures exchanges.

The bill, if eventually made law, would essentially mean that all derivatives would be defined and traded as futures contracts. In forcing them to be traded this way, it would grant the U.S. Commodity Futures Trading Commission sole regulatory jurisdiction. It would also put to rest recent questions over which federal regulator should have oversight of complex swap products….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Mondovisione.com: The Securities & Investment Institute (SII) has announced the introduction of the first globally available benchmark qualification in Commodity Derivatives.

The announcement of the SII Certificate in Commodity Derivatives was made at the launch at the London Metal Exchange on 19th November in the presence of Martin Abbott, the Exchange’s Chief Executive and Simon Culhane FSI, Chief Executive of the SII….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Mat They: ETF Securities announced yesterday (19th November) that it intends to launch three new exchange-traded commodity (ETC) products on the Australian Stock Exchange before the end of the year.

The company confirmed that it will begin trading a physically-backed precious metals basket incorporating silver, platinum and palladium at some point during December….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From IB Times: There is little doubt that were it not for gold exchange traded funds listed on exchanges in the US the price of gold would not have reached such dizzy heights as it has.

The same could be said of silver, which arguably enjoyed a rebirth as a precious metal due solely to the listing of its first ETFs few years ago. The silver price suddenly soared through ten dollars on its way to twenty immediately after listing….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Metal Markets: Demand concerns sent base metals prices lower again Thursday. March copper was down 4 cents to $1.57 per pound in afternoon trade in New York while three-month copper fell $110 to $3,480 per tonne in London on inventories in London Metal Exchange warehouses that have increased by nearly 40,000 tonnes just since the beginning of November.

Aluminium and lead, both used in the manufacture of automobiles, were also hurt by uncertainties about the soundness of US automakers….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Guardian: Investments in oil and gas activities off Norway remain high and may grow next year despite the global financial crisis and a lower oil price, state agency the Norwegian Petroleum Directorate (NPD) said.

“So far, we haven’t seen any effects (of the financial crisis) on capex plans for the Norwegian shelf, although it is still unclear how this crisis will play out in the real economy,” NPD Deputy Director General Kjell Agnar Dragvik said….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Market Watch: High-yielding currencies like the Australian dollar and the British pound tumbled against the U.S. dollar Thursday as investors fretted about declining stock markets and an unraveling world economy.

Sterling dropped 1.5% to $1.4734, and the Australian dollar plunged 4.1% to 61.04 U.S. cents….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From FT: Emerging market currencies in Asia came under renewed pressure on Thursday, with the South Korean won and the Indonesian rupiah falling to their lowest levels since the Asian financial crisis of 1998.

Analysts said that fears over a sharp slowdown in global growth prompted a renewed downward shift in risk appetite. This drove wary foreign investors into repatriating funds from the region, piling pressure on local currencies….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Euractiv: Despite improved efficiency in electricity and heat production and a cleaner energy mix, the power sector still produces 80% of European greenhouse gases, putting significant strain on the climate, a new European Environment Agency (EEA) study shows.

“Energy from fossil fuels is the root cause of human induced climate change. The commitment of Europe to a post-carbon economy and sustainable renewable energy is essential for energy security and tacking climate change,” said Jacqueline McGlade, the EEA’s executive director….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

FCStone Carbon, LLC has signed an agreement to license the ClimateSuite(TM) enterprise platform from TeraVista Systems, LLC. ClimateSuite is an on-demand back office system that manages emerging carbon offsets by automating the enrollment, verification, registration and aggregation workflow, as well as interaction with exchanges.

“Utilizing the ClimateSuite application will not only assist in verification and automation of carbon credits, but will also reduce costs of managing and registering carbon credits,” said FCStone Carbon President Mike Knobbe. “Additionally, the platform will add value and revenue to our large grain elevator network and producers through streamlining our services at a localized level.”…. Full Press Release: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Bloomberg: Crude oil fell to the lowest since May 2005, trading almost $100 a barrel below its July peak as a deepening recession slows demand for autos and prompts factories to curb output.

Oil dropped for a fifth day, set for a 15 percent decline this week, after U.S. jobless claims jumped more than estimates and Singapore and Taiwan cut their growth forecasts. Toyota Motor Corp. reduced North American vehicle production and Isuzu Motors Ltd. and Hino Motors Ltd. said they’ll make fewer trucks in Japan. …. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Reuters: Prices of aluminium and copper sank to their lowest levels in more than three years on Thursday as rising stock levels and anxiety over the health of the U.S. auto industry fanned concerns about demand prospects for industrial metals.

The transportation sector makes up between 10 percent and 25 percent of base metals demand, said analyst Michael Widmer at BNP Paribas in a research note….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From Bloomberg: Brazilian stocks trading in the U.S. fell to the lowest in three years, led by miner Cia. Vale do Rio Doce and oil company Petroleo Brasileiro SA, on speculation that earnings may contract because of the slump in commodity prices.

Vale, the world’s biggest iron-producer, dropped for a fifth day after JPMorgan Chase & Co. cut its forecast for iron-ore prices in 2009 by 30 percent. Petrobras American depositary receipts sank 8 percent after crude oil fell below $50 a barrel for the first time in almost two years….. Full Article: Source

Posted on 21 November 2008 by VRS |  Email |Print

From IHT: Gold prices moved higher Thursday as volatility in the stock market pushed some investors toward the traditionally “safe-haven” investment.

But other commodities, including energy and agriculture futures, tumbled as investors were hit with a barrage of dour economic news. Investors have been fleeing both stocks and commodities on fears of a severe and protracted economic slump….. Full Article: Source

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