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Commodities Briefing 02.Dec 2008

Posted on 02 December 2008 by VRS |  Email |Print

From Asianinvestor.net: A top level meeting attended by leaders of the Gulf Corporation Council from Bahrain, Kuwait, Qatar, Saudi Arabia and United Arab Emirates in Lebanon last week has resulted in plans to create a common central bank for the region.

Leaders who attended the meeting say there are plans to create a common currency for the region by 2010 upon a successful creation of the central bank….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Energyrisk.com: JP Morgan has launched its Commodity Curve Index Energy Light Fund.The open-ended fund has been designed to replicate the performance of the JP Morgan Commodity Curve Index Energy Light Total Return, the most recent index to be added to the JP Morgan Commodity Curve Index product suite.

JP Morgan says the diversified index has a capped allocation of 33% to energy “to better represent the underlying trends in broader commodity markets”, and reflects diversification for each commodity along its futures curve….. Full Article: Source

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From Cattlenetwork.com: Agricultural commodities are expected to outperform metals and oil in 2009, benefitting from a secure demand outlook and tight supplies, after the dust settles from the selloff across commodities triggered by the global financial crisis.

Unlike oil and metals, agriculture is more resilient in an economic downturn; regardless of the gloomy macroeconomic outlook, people still need to eat….. Full Article: Source

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From Mineweb.com: J.P. Morgan metals analysts John Bridges in the U.S. and Steve Shepard in South Africa said that while they realize the difficulties gold miners face, “we feel they have probably underperformed enough for now, and we’d be buying the gold space for the run into the holidays.”

In a recently published commentary on gold, Bridges and Shepard advised that “the tighter gold supplies and counterparty risk could give gold (and thus directly the equities) a lift through year end.”…. Full Article: Source

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From Whatinvestment.co.uk: Investors are becoming increasingly bullish on the oil price outlook, finds ETF Securities (ETFS).

The exchange-traded commodities (ETCs) provider has seen strong inflows into long oil ETCs, which has corresponded with falling interest in ETFS Short Crude Oil….. Full Article: Source

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From Egovmonitor.com: Commissioner Stavros Dimas, EU Commissioner for Energy, sets out the European agenda for addressing the challenge of climate change.

I would now like to look, in particular, at the role of the UK and her European partners in setting the agenda for addressing the challenge of climate change….. Full Article: Source

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From Bloomberg: Gold tumbled the most in eight months on speculation that the slumping global economy will damp demand for commodities. Silver plunged more than 8 percent.

Equities in Asia, Europe and the U.S. fell following reports that showed manufacturing in China contracted last month by the most since at least 2005. Industrial declines in Europe and the U.K. also deepened. Gold is headed for an annual drop after seven straight yearly gains. …. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Indiatimes.com: Gold lost more than $20 an ounce on as prices failed to surpass a resistance near $820 while weakening dollar and strengthening crude oil prices led it to fall below a key $800 mark.

Currently December future on COMEX (Commodities division of New York Mercantile Exchange) are trading near $792 an ounce, losing nearly 3 percent from Friday’s close….. Full Article: Source

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From WSJ: Trading exchange-traded funds in a rocky market can be tricky, but there are things investors can do to minimize the risk.

Investors have come to love ETFs — which resemble ordinary mutual funds but trade throughout the day like stocks — as simple and efficient ways to buy and sell baskets of stocks or other securities….. Full Article: Source

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From FT: China said on Monday it would spend about $3bn buying 1m tonnes of base metals, from aluminium to tin, in an effort to cushion its mining and smelting industry from plummeting demand and prices.

The announcement triggered a brief rally in the base metal sector in London and Shanghai, sending tin prices up to 10 per cent higher. But later prices dropped amid traders’ doubts about the plan and a new bout of gloom about prospects for the global economy….. Full Article: Source

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From Resourceinvestor.com: Thanks mostly to the three-month rise of the dollar against the rand, the rand gold price reached a record high of R8,649/oz last week while the dollar price put on 5%. The dollar is extremely overbought.

Dolloping out dollars has renewed jitters on the real value of the U.S. currency. The dollar is still at dizzy heights, but it has given a short-term sell signal against the euro, and is nudging similar signals against the sterling and the Japanese yen….. Full Article: Source

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From Bloomberg: Investment banks may reduce compensation for commodity traders as much as 75 percent as prices of oil and copper fall the most in at least two decades.

The best paid metals and energy traders may earn $1 million to $1.5 million in salary, bonus and related pay this year, down from $5 million to $8 million in 2007, according to estimates by London- based recruitment company Kennedy Associates….. Full Article: Source

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From Pennenergy.com: Although there were no production adjustments at their Nov. 29 consultation in Cairo, members of the Organization of Petroleum Exporting Countries did note the rapid deterioration of demand prospects since their Oct. 24 agreement to reduce production effective Nov. 1.

In the Houston office of Raymond James & Associates Inc., analysts saw it as a “clear implication” that another production cut is coming, probably at OPEC’s Dec. 17 meeting in Oran, Algeria….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Indiatimes.com: Futures trading in four commodities — soya oil, potato, rubber and chickpeas (chana) — is likely to resume this week after more than six months. The trading suspension order on these commodities lapsed on November 30.

The exchanges are awaiting the regulatory go-ahead to launch new contracts in these commodities and have submitted their proposals to Forward Markets Commission, the commodity market regulator….. Full Article: Source

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From ABC: Most Australian farmers say they aren’t feeling the pinch of the credit crunch. According to Rabobank’s most recent rural confidence survey, 69 per cent of farmers say they have felt ‘no impact’ from the global credit crisis.

Confidence remains subdued, but mainly because of the drought and high production costs…. Full Article: Source

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From Ittefaq.com: The government is going to set up a commodity stock exchange in Dhaka considering the growing importance of the price volatility of major international commodities, said Commerce Secretary Feroz Ahmed at a function in the city.

In this regard, he said, the Ministry of Commerce has already initiated a study to examine it in the backdrop of the ongoing international financial crisis and the continued price instability of essentials, which could be a major concern to Bangladesh….. Full Article: Source

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From Independent: The UK must cut its greenhouse gas emissions by at least 34 per cent by 2020, the committee set up to advise the Government on climate change recommended today.

The Committee on Climate Change, chaired by Adair Turner, also said emissions should be cut by even more if an international deal on reducing greenhouse gases is agreed. …. Full Article: Source

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From FT: Shares in Fortescue Metals Group surged as much as 42 per cent yesterday on speculation that the Australian iron ore miner could be the target of a takeover bid by a group such as BHP Billiton or see a Chinese group take a stake.

The stock rose as much as 87 cents to A$2.93 yesterday before easing to close up 21 per cent at A$2.50….. Full Article: Source

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From Monitor.co.ug: The regulatory authority for warehouse receipts in Uganda, the Uganda Commodity Exchange [UCE] has started an exercise to recruit and train commodity brokers to trade in beans, maize and paddy rice for Kampala based operations.

According to a statement from UCE, brokers preferably with the existing farmers group and grain trade contracts will have an opportunity to work from the commodity exchange under the contract with the buyers and sellers of the three commodities which will be deposited and receipted in UCE license warehouses around Uganda….. Full Article: Source

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From BBC: A major international study says palm oil plantations reduce plant and animal diversity, and do little to reduce carbon emissions.

Researchers say tropical forests are increasingly cleared to make way for palm oil crops, leading to a reduction in habitats for many rare species….. Full Article: Source

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From Guardian: The U.S. dollar and the yen rose on Monday, benefiting from safe-haven flows after weak economic data heightened fears about a deep economic slowdown around the world.

The yen was broadly higher, reaching a one-month high versus the dollar as plunging equity prices prompted investors to reverse risky trades. The yen performed best against currencies of countries where central banks are expected to slash interest rates later this week, …. Full Article: Source

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From ABC: The Hunter Business Chamber says more than $1 billion in investment has been put on hold in the region because of the uncertainty over the emissions trading scheme.

A Hunter Valley research foundation survey has found the industries that will be most affected by emissions trading include aluminium, steel, electricity, beef cattle and black coal….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Bloomberg: Copper prices fell as global manufacturing contracted, heightening concern that demand will wane for the metal used in appliances, cars and electronics.

Purchasing managers’ indexes in Europe, Russia, China and South Africa showed record declines, and India’s exports in October fell for the first time in seven years….. Full Article: Source

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The Energy Hedge Fund Center (EHFC), the only web community focused on energy and environmental alternative investments, announces that it has added a ‘green’ hedge fund directory to its product inventory.

EHFC’s Directory of Energy Hedge Funds has been in constant demand since it was launched four years ago, but with the avid interest in ‘green’ hedge funds, the company has created a new green directory for investors. The directory includes carbon, renewable, cleantech, forestry, water and weather derivative funds……Full Press Release: Source

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From Nasdaq.com: Australia and the European Union signed a deal at Brussels Monday that would phase out the use of Europe’s protected wine names by Australian drink producers within one year, while further opening European markets to wines from Down Under. The current deal replaced the one signed in 1994.

Australian wine producers will thus be banned from making use of names such as champagne, port, and sherry for their products….. Full Article: Source

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From Efinancialnews.com: Generation Investment Management, the boutique fund manager chaired by former US vice president turned environmental activist Al Gore, has picked up its second multi-million dollar green mandate in as many months, as the push for environmentally sustainable investing continues despite the ongoing financial turmoil.

Generation has been awarded a £150m ($230m) brief by the Church of England’s Commissioners’ Fund, adding to the £50m contract it was awarded in September by the UK’s Environment Agency’s pension scheme…… Full Article: Source

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From Allafrica.com: In an effort to create a unique brand for Africa, pan-African commodities and derivatives exchange operator Multi-Commodity Exchange of Africa (MCX Africa) has changed its name to Bourse Africa ahead of operating from Botswana in the next financial year.

This was confirmed by the CEO of the Botswana International Financial Services Centre (IFSC), Alan Boshwaen in an interview on Wednesday….. Full Article: Source

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From Nasdaq.com: Wheat saw its biggest drop in more than three weeks on Monday, following the lead of other commodities, amid ongoing concerns economic woes will hurt demand. March-dated wheat fell 33.25 cents to $5.28 a bushel. Prices touched as low as $5.225 in intraday trading.

Department of Agriculture data released Monday showed wheat inspections were at 19.808 million bushels for the week ended Nov. 27. This is slightly above expectations of 14-19 million bushels and 2.6 million bushels above last week’s levels….. Full Article: Source

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From Forbes: Investors dumped European stocks on Monday, with commodity-related equities bearing the brunt of renewed bearishness surrounding the global economic outlook.

The Dow Jones Euro Stoxx index of 50 leading shares fell 5.8%, to 2,288.39 points, at the close. Britain’s FTSE 100 fell 5.2%, while France’s CAC-40 fell 5.6% and Germany’s DAX fell 5.9%. Leading shares in Italy fell by 6.3%….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Businessweek.com: Gold prices and other commodities tumbled Monday, as confirmation that the nation is in a recession further unnerved investors already concerned about a drop off in demand for raw materials.

The National Bureau of Economic Research, considered the arbiter of when the economy is in recession or expanding, said Monday that the U.S. recession began a year ago, in December 2007….. Full Article: Source

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From Guardian: Oil plunged more than 9 percent to $49 a barrel on Monday after OPEC deferred a decision on new supply cuts at a meeting over the weekend.

The producer group delayed a decision on output until later this month as Saudi Arabia and other Gulf members called for greater compliance with existing cuts agreed to since September to help stem oil’s fall from highs over $147 a barrel struck in July….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Forbes: Crude oil traded below $50 a barrel in New York Monday for the first time since the spring of 2005 as talk of an OPEC production cut later this month failed to convince jittery investors.

Oil futures slid 10.3%, or $5.63, to $48.80 per barrel, on the New York Mercantile Exchange, dragging down shares of the major oil companies with it. American depositary receipts of BP (nyse: BP - news - people ) fell 10.5%, or $5.12, to close at $43.57, in New York, and ADRs of Royal Dutch Shell (nyse: RDSA - news - people ) slumped 10.2%, or $5.45, to close at $48.00….. Full Article: Source

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