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Commodities Briefing 25.Nov 2008

Posted on 25 November 2008 by VRS |  Email |Print

Portfolio manager Uys Meyer told Opalesque about BlueAlpha’s new launch. BlueAlpha Investment Management rolled its agricultural commodity trading strategy into a new fund, the PolarStar Fund, last month with AUM of $9m.

BlueAlha has been managing the strategy for the last 2.5 years achieving annualized returns in excess of 30%. The fund trades in agricultural product financial contracts listed on regulated global commodity exchanges. The PolarStar Fund employs a fundamental and relative value investment process, driven by supply and demand. The strategy will trade intra- and inter commodity and exchange spreads. Down-side risk is minimized by the active management style of the fund.

BlueAlpha Investment Management is based in Cape Town, South Africa. It is an owner managed investment firm, currently managing assets in excess of R2bln on behalf of a broad range of institutional and high net worth clients, in both hedge fund and unit trust products. BlueAlpha’s other hedge funds are the MayFlower Fund, the Flying Cloud Fund, and the Anthem Fund….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Theage.com.au: Investment firm BlackRock says China is starting to recover from a downturn after the introduction of stimulus packages.

BlackRock portfolio manager manager Evy Hambro said the company was starting to see ”the green shoots of recovery” in China following the introduction of stimulus packages to combat the global financial crisis….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Seekingalpha.com: We all need water to live. As useful as oil, copper and corn may be, we could get by without them for a while. But water? Water is a necessity. And for some, this makes it the ultimate commodity.

People invest in commodities for a lot of reasons: for diversification; as a way to play growth in the developing world; because they think demand growth will outstrip supply….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Theaustralian.news.com.au: A weaker US dollar and a global rally in equities renewed investor confidence in many asset classes, lifting commodities nearly across the board.

All commodities settled in the black, except for frozen concentrated orange juice, which ended the day with modest losses. Among the big movers were crude oil, natural gas, cotton and silver….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Guardian: Miners are being supported by a recovery in the copper price, which is now up nearly 8% after earlier suffering another dip.

The rebound follows news that Chinese trade data showed the country was a net importer of base metals last month, easing some of the concerns about falling demand….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Zawya.com: Crude oil prices bounced back above 50 dollars a barrel on Monday ahead of a weekend meeting of OPEC which could see the oil producers’ cartel decide to reduce output, traders said.

Light sweet crude for delivery in January rose 45 cents to 50.38 dollars a barrel on the New York Mercantile Exchange (NYMEX). On London’s InterContinental Exchange (ICE), Brent North Sea crude for January climbed 40 cents to 49.59 dollars a barrel….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Mineweb.com: Impala Platinum’s “cold feet” announcement of 17 October over its 2 October offer for Northam, and its parent company Mvela Resources, has raised more questions than answers.

There are big exogenous worrying factors all right, given the collapse in commodity prices - platinum is 64% off its highs - and the associated crash in listed resources stocks across the world. The world’s top 100 mining stocks have declined by an average of 74%, measured on weighted market values….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

SuperDerivatives, the benchmark for derivatives, has upgraded its energy and commodities offering to provide accurate valuation of electricity derivatives, improving best practice and increasing liquidity in a traditionally volatile market.

SuperDerivatives’ SD-CM platform now offers real time accurate pricing of options on electricity prices, risk management, mark to market valuations and pre trade analysis tools. Initially the system will support deregulated European markets, before expanding into America and Australia….. Full Press Release: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Reuters: India’s Multi-Commodity Exchange (MCX) is planning to launch imported coal futures pending regulatory approval, a top official said.

“We are working towards launch of an imported coal contract,” Joseph Massey, chief executive of MCX, told Reuters on the sidelines of a conference on Sunday….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Guardian: George Bush is behaving like a furious defaulter whose home is about to be repossessed. Smashing the porcelain, ripping the doors off their hinges, he is determined that there will be nothing worth owning by the time the bastards kick him out.

His midnight regulations, opening America’s wilderness to logging and mining, trashing pollution controls, tearing up conservation laws, will do almost as much damage in the last 60 days of his presidency as he achieved in the foregoing 3,000….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Bloomberg: Copper prices surged more than 7 percent after a U.S. government rescue of Citigroup Inc. boosted investor confidence and eased global-recession concerns.

Citigroup got $306 billion of U.S. government guarantees for troubled mortgages and toxic assets. Before today, copper tumbled 48 percent this year amid bank losses, tighter credit and slumping manufacturing….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Khaleejtimes.com: The 7th edition of the Chinese Commodities Fair Sharjah (CCFS), which is the Middle East’s largest sourcing platform for Chinese products and services opens in Sharjah from December 1-4.

The four-day event is jointly supported by China Ministry of Commerce and Sharjah Chamber of Commerce and Industry and organised by Chinamex….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Financial-planning.com: Legislation that would require swaps and other over-the-counter derivatives to be traded on an exchange is overreaching and would thwart the use of the products to hedge risk, officials from two industry groups said.

Representatives of the International Swaps and Derivatives Association Inc., the largest trade group for the privately negotiated derivatives industry, and the Securities Industry and Financial Markets Association were reacting to the Derivatives Trading Integrity Act, introduced Thursday by Sen. Tom Harkin, D-Iowa, to bring the massive over-the-counter, or OTC, derivatives market under federal regulation….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Guardian: Kazakhstan slashed its 2009 oil price forecast by a third to $40 on Monday, bracing itself for more economic pain as the global financial crisis continued to take its toll on Central Asia’s biggest oil producer.

Kazakhstan has announced a $21 billion rescue package — equivalent to roughly 20 percent of the economy — to help its fledging banking sector survive the crisis but falling crude prices have threatened to erode some of these efforts….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Commodities-now.com: The Chancellor’s Pre-Budget Report has fallen a long way short of leading Britain out of the economic downturn by investing in a low carbon economy, Friends of the Earth said.

The environmental campaign group welcomed investment in insulating homes and buildings and funding for new trains - but said the Government proposals only scratch the surface of what is required to simultaneously tackle the enormous economic and environmental challenges that Britain faces….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From FT: Commodity markets rallied strongly across the board on Monday after the US government announced a rescue plan for Citigroup, the embattled bank. News of the bail-out strongly boosted European equities and prompted short-covering in commodity markets.

Gold surged above $800 a troy ounce as investors sought a haven from ongoing volatility in the financial markets….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Livemint.com: For Antwerp, the world’s biggest gem trading hub, diamonds may not be its best friend after all .Exports of uncut rocks from the square mile adjacent to the Belgian city’s central railway station plunged 36% to $619 million (Rs3,100 crore today) in October from a year earlier, according to the Antwerp World Diamond Centre (AWDC).

Buying and selling have all, but dried up this year after sales of Antwerp diamonds abroad rose 15% in 2007….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Mineweb.com: Société Générale’s latest hedge book points out that the current financial environment will make it difficult for some miners further to reduce hedge cover by any means other than by delivery of mine production; also the complexion of the dehedging activity changed slightly in the third quarter.

The latest edition of the Société Générale hedge book (compiled for the bank by GFMS Ltd) reports a slowing in the contraction of the global gold mine hedge book, with the third quarter seeing a reduction of 63 tonnes or 11%, taking the total delta-adjusted book to 16.92 million ounces or 526 tonnes….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From AP: Gold and other commodities surged Monday, buoyed by a weakening dollar and a rally on Wall Street that lifted the Dow Jones industrials nearly 400 points.

The dollar fell against the euro and the British pound after the government unveiled a plan to rescue Citigroup Inc. The bailout plan could lead to the Treasury’s issuing more bonds to fund the plan, and that in turn could feed inflation, which undermines the dollar. Investors often use commodities as a hedge against inflation, so a falling dollar tends to lift prices….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Ninemsn.com.au: The world’s steel makers are in a severe de-stocking phase, lowering demand for raw materials such as iron ore and coking coal, said Evy Hambro, manager of the world’s largest commodities fund, the BlackRock World Mining Fund.

Miners in turn are expected to continue cutting production to better match supply and demand, he said in a media teleconference….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Mineweb.com: The platinum price could rise slightly if further supply problems occur or economic gloom starts to lift. There is also hope for palladium as carmakers appear to have entered the market again.

The platinum price could make modest gains if there were signs of further problems with supply or economic gloom starts to clear….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Chinadaily.com.cn: China’s grain yield this year will “definitely” hit a record high despite shortages in the world, a senior agricultural official said.

It will be the fifth consecutive year of high grain yield. The output this year is likely to break the record of 512 million tons established in 1998. Last year, the yield was 501.5 million tons….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Mhwmagazine.co.uk: Fears that China’s pre-Olympics carbon reduction initiatives were little more than a Games-related PR exercise have been dashed as observers note that far from reverting to previous practices, the Chinese government has heard the carbon message and is actively promoting a new responsibility towards climate change and the environment.

Just returned from a month-long speaking tour of Asia, Barloworld Optimus’ Global Business Development Director Fraser Ironside says that widely-publicised measures to limit traffic flows in Beijing remain in place more than two months after the close of the Games, while pollution in the city has improved dramatically as a direct result….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From McKinsey Quarterly: The demand for data center capacity worldwide has led to a sharp rise in IT costs and a steady increase in carbon emissions. A new efficiency metric provides companies with a clear yardstick for measuring progress.

Data center efficiency is a strategic issue. Building and operating these centers consumes ever-larger portions of corporate IT budgets, leaving less available for high-priority technology projects…… Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Yourguide.com.au: Putting in a solar hot water system, driving a smaller car, or turning off the lights will not help the environment at all under the proposed emissions trading scheme, the Australia Institute says.

The logic of emissions trading means that when households reduce consumption, big polluters will have an incentive to increase their emissions, the think tank says in a report published today….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Bloomberg: Uranium gained for a fourth week, the longest winning streak this year, as producers curb development of mines and utilities bought on concern prices will keep rising.

Uranium-oxide concentrate for immediate delivery rose $2 to $55 a pound, Denver-based pricing service TradeTech LLC said in a report Nov. 21. Weekly demand totaled 6.5 million pounds, about 2 million pounds more than supply. Last week saw nine deals for 1.4 million pounds, 8 percent more than the previous week….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Guardian: Oil surged 9 percent to over $54 a barrel on Monday on expectations that OPEC will cut output again and as stock markets rallied off the U.S. government’s plan to rescue U.S. bank Citigroup.

U.S. crude rose $4.57 to settle at $54.50, while Brent crude settled up $4.74 at $53.93. Oil has tumbled from record highs over $147 per barrel in July — hitting a 3-1/2 year low of $48.25 on Friday — as the global economic crisis dented demand in consumer nations….. Full Article: Source

Posted on 25 November 2008 by VRS |  Email |Print

From Forbes: On Monday, U.S. grain, soybean and oil futures rallied off last week’s sell-off, while the dollar and Treasury prices slipped. Stocks surged on renewed confidence after the government said it would bail out Citigroup.

Wheat for December delivery rose 40 cents, to $5.39 a bushel, on the Chicago Board of Trade after falling to an 18-month contract low last week. December corn rose to $3.56 a bushel after falling to a 13-month low on Friday. January soybeans climbed 54 cents to $8.94 a bushel….. Full Article: Source

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