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Commodities Briefing 04.Dec 2008

Posted on 04 December 2008 by VRS |  Email |Print

From AFP: The world market in greenhouse gases was worth 38 billion euros (48.26 billion dollars) in the first half of 2008, an increase of 41 percent over the figure for the same period in 2007, the UN climate conference heard on Wednesday.

The estimate, published by the International Emissions Trading Association (IETA), highlighted a fast-growing industry which is expected to expand even further if the United States establishes a national carbon market under Barack Obama….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Wealth-bulletin.com: A surge of investors betting on an end to recent commodity price falls has sparked the largest weekly inflow into an exchange traded commodities fund for almost five months.

ETF Securities, the leading provider of exchange traded commodity funds – listed index funds which track the prices of commodities – in Europe, reported that it had $185m (€145.9m) of inflows last week alone….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Gulf-times.com: Opec will cut oil output at its next meeting on December 17 in Algeria, Qatar said. “For sure we will cut in Oran (Algeria),” Deputy Premier and Energy Minister HE Abdullah bin Hamad al-Attiyah said. “I don’t know by how much. We will discuss it there.”

Oil prices rose 1% yesterday after a US government report showed an unexpected drop in fuel stocks in the world’s biggest energy consumer….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Livemint.com: Investment is always fraught with risk. And with most investments losing value in recent times, many people have begun looking at gold again. But is it safe to invest in gold? There are three ways to answer this question.

The first is the price at which it is bought. Like any commodity, there are highs and lows. If gold is purchased at the high level in its price cycle, it will take some time to recover cost of investment….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From FT: China said yesterday 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 prices dropped later amid traders’ doubts about the plan and a new bout of gloom about the prospects for the global economy….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From USnews.com: Security, transparency, low costs: It’s the mantra of the exchange-traded fund industry, and by and large, most ETFs do live up to the promise of offering cheap and easy ways to invest. Still, when something seems so safe, it’s tempting to get complacent.

ETFs may trade just like any other run-of-the-mill stock or bond, but being aware of a few pitfalls unique to the sector can help you avoid losses and even enhance your returns….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Enquirerherald.com: Gold and other precious metals prices fell Wednesday as investors again flocked to safer investments like cash and Treasurys in response to more bleak economic data. Oil prices fell, while agriculture futures traded mixed.

“I’m afraid we’ve seen further liquidation throughout most of the metals,” said James Steel, precious metals analyst with HSBC in New York. “There just seems to be more of a demand for cash and liquidation of hard assets seems to continue, and no doubt it’s related to anticipation of a slower economy.”…. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Albawaba.com: The Dubai Mercantile Exchange Limited (DME) announced today that more than 500,000 lots of its benchmark DME Oman Crude Oil Futures Contract have traded since the launch of the Middle East’s premier energy futures and commodities exchange on 1 June 2007.

At the close of trading on 2nd December 2008, the DME Oman Crude Oil Futures Contract had traded a total of 500, 495 contracts, equivalent to 500.495 million barrels of oil…. Full Article: Source

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From Business24-7.ae: A fall in the dollar depressed the UAE dirham against most major currencies in the first half of 2008 to extend a steady decline over the past two years and stoke inflation in the Gulf country.

Official data showed the dirham plunged against the euro, the Japanese yen, the Swiss franc and the Special Drawing Rights (SDR) unit but edged up against the British pound for the first time in nearly two years….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Indexuniverse.com: ProFunds Group launched on Wednesday the first exchange-traded funds in the U.S. to provide short or leveraged exposure to gold or silver.

Last week, ProFunds made a splash when it launched the majority of the new 200% inverse and leveraged commodities and currency ETFs on the NYSE Arca. Those ETFs covered the DJ-AIG Commodity Index, crude oil, the euro and the yen—offering 200% long and short versions of each….. Full Article: Source

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From Contrarianprofits.com: While China may blame the rest of the world for its dramatic decline in exports, Beijing has no one else to blame but itself for the steep drop in dairy exports.

An article in today’s China Daily reported that the country’s dairy exports “have ground to a halt” in the wake of the tainted-milk scandal….. Full Article: Source

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From Business-standard.com: Commodity exchanges will resume futures trading in natural rubber, soybean oil, potatoes and chickpeas after the government lifted a seven-month old ban.

“The regulator has given permission to all the exchanges to begin trading from tomorrow,” Unupom Kausik, chief business officer at the National Commodity & Derivatives Exchange, said….. Full Article: Source

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From Resourceinvestor.com: The spot price of gold has fallen more than 20% from its all-time high, reached in March of 2008. But if you think thatmeans demand has declined, think again.

Gold demand has in fact exploded, and not just here and there. Everywhere. Around the world, customers have been queuing up to strip coin shops’ shelves bare. Mints have been running 24/7 and still have been forced to ration coin shipments to their dealers. ETF vaults are bulging….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Timesonline.co.uk: Commodity traders in Asia believe that there could be huge distortions across a range of metals prices amid rumours that the Chinese Government is preparing an unprecedented multibillion-dollar buying spree to build reserves and rescue local smelters from oblivion.

As well as introducing short-term twists in metals trading, Beijing may be setting itself up for giant trading losses, dealers say….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Business-standard.com: Sugar trade volume on the National Commodity & Derivatives Exchange (NCDEX) declined 77 per cent in the last five months on waning traders’ interest because of uncertainty over cane prices in Uttar Pradesh, India’s largest sweetener producing state.

According to the latest report by the National Institute of Commodity Research (NICR), a research wing of the NCDEX, total volume declined to 573,550 tonnes in November from 2,455,400 tonnes in July….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From CNN: The U.S. dollar gained against most major currencies Wednesday, ahead of expected interest rate cuts by European central banks this week and amid volatile global equity markets.

The 15-nation euro traded at $1.2705, down from $1.2714 late Tuesday. The British pound slid to $1.4772 from $1.4919….. Full Article: Source

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From AFP: President George W. Bush’s outgoing administration promised Wednesday to leave options open at next week’s UN climate talks in Poznan, Poland on president-elect Barack Obama’s possible environment plans.

“We hope that Poznan can produces a deeper understanding of … priorities and expectations,” said US Undersecretary of State for Democracy and Global Affairs Paula Dobriansky….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Menafn.com: Developing its portfolio of innovative products, The Dubai Gold & Commodities Exchange (DGCX) today announced the launch of the world’s first region-specific plastic futures on 5 February, 2009.

DGCX will offer plastic futures contracts on Linear Low Density Polyethylene (LLDPE) and Polypropylene (PP), creating a new and transparent pricing mechanism specific to two regions – the Middle East and South East Asia. Ahead of the launch, DGCX has approved leading warehouses and Delivery Point Operators….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From AP: The deepening world economic crisis and a possible spat over currency levels hung in the air as the United States and China sat down Thursday to discuss the future of their economic relations.

U.S. officials say Treasury Secretary Henry Paulson will press Beijing to let its yuan rise against the dollar to ease trade tensions at the two-day Strategic Economic Dialogue. American companies contend that China keeps the yuan undervalued, giving its exporters an unfair advantage and adding to its swollen trade surplus….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Forbes: Mexico aims to slash its greenhouse gas emissions by around 15 percent and wants to increase carbon trading as part of a global push to combat climate change, the environment minister said Wednesday.

The country has a plan to cut the amount of carbon dioxide it releases into the atmosphere by between 75 million and 110 million tons a year, Environment Minister Juan Rafael Elvira said….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Mineweb.com: Citi Investment Research predicted Tuesday that “steel production cuts will push coking coal into deep and persisting surplus.”

Global Commodities analysts Alan Heap and Alex Tonks said, “We expect coking coal prices to fall 50% to US$150 next year.” They predicted that seaborne coke prices will remain under pressure “given reduced demand and large stockpiles in India.”…. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From AP: The amount of U.S. greenhouse gases flowing into the atmosphere, mainly carbon dioxide from burning fossil fuels, increased last year by 1.4 percent after a decline in 2006, the Energy Department reported Wednesday.

The report said carbon dioxide, the leading pollution linked to global warming, rose by 1.3 percent in 2007 as people used more coal, oil and natural gas because of a colder winter and more electricity during a warmer summer….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Mineweb.com: Many oil and mining companies are slashing investments as commodity prices collapse. For their own sake, the socio-political fall out will need to be sensitively managed.

After several years of headlong expansion, big oil and mining companies are pulling up abruptly. Soaring commodity prices, which during the past year have broken records in markets from crude oil to copper, have slumped across the board since July….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Bloomberg: Wheat prices fell as commodities tumbled to the lowest in six years on signs the global recession is deepening, eroding demand for grain.

Service industries in the U.S. last month contracted the most in at least 11 years, and a measure of private payrolls showed job losses accelerated. The Reuters/Jefferies CRB Index of 19 raw materials touched the lowest level since November 2002. Wheat has dropped 61 percent from a record in February as consumer spending slowed. …. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From News.com.au: Industrial metals prices have fallen further in this global slowdown than they did in the Great Depression, according to research by UK bank Barclays Capital.

Barclays commodities strategist Kevin Norrish said the average fall in the price of copper, lead and zinc had been about 60 per cent since the peak in July this year, based on traded prices on the London Metals Exchange….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Bloomberg: Brazil’s real sank to an eight-week low as falling commodity exports and mounting speculation the central bank will cut interest rates sparked capital flight.

The real fell 3.6 percent to 2.4975 per dollar at 3:21 p.m. New York time, after earlier touching 2.5115, the weakest since Oct. 8. It has tumbled 7.7 percent this week, the biggest decliner in the world after the Zimbabwean dollar, and 38 percent from a nine-year high reached on Aug. 1….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Guardian: Oil prices rose 1 percent on Wednesday after a U.S. government report showed an unexpected drop in fuel stocks in the world’s biggest energy consumer.

The modest rebound came in the midst of a dramatic slump in crude prices that has shaved about $100 off the cost of a barrel since July as an economic crisis hits demand….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Bloomberg: Copper prices fell to the lowest since July 2005 on mounting concern that the global recession may further weaken demand for the metal used in pipes and wires.

Freeport-McMoRan Copper & Gold Inc., the world’s largest publicly traded copper producer, suspended its dividend and said it will reduce output in the next two years. The price of the metal has plunged as much as 64 percent from a record in May. The Reuters/Jefferies CRB Index of 19 raw materials slipped as much as 1.2 percent, touching the lowest since November 2002….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From FT: Commodity markets remained under pressure on Wednesday with the Reuters-Jefferies CRB index, a global benchmark, sinking at one point to its lowest level since November 2002.

The CRB index later recovered to trade 0.3 per cent lower at 228.3 points, down almost 52 per cent since reaching an all-time high in July….. Full Article: Source

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