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Commodities Briefing 08.Dec 2008

Posted on 08 December 2008 by VRS |  Email |Print

From FT: As equities suffered their worst ever monthly losses in many markets in October, trading volumes in exchange traded funds reached a record high as investors sitting on large cash balances moved to ETFs.

A report from Barclays Global Investors said average daily trading volume had increased by 125 per cent to $136bn (£93bn, €107bn) in the year to date (to October 30)….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From AP: Oil markets should brace for a surprise decision on output cuts when OPEC meets Dec. 17, the cartel’s president said Saturday, suggesting that reductions could be deeper than expected.

“A consensus has formed for a significant reduction of production levels” by the 14-member Organization of Petroleum Exporting Countries, OPEC President Chakib Khelil said….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Scotsman: US farming plunged into its very own depression: crops went unharvested; milk was undelivered and all commodity prices collapsed.

The Great Plains of the Midwest endured a calamitous drought for several years in the 1930s and many farmers, particularly the poor people of the Deep South, simply abandoned the land….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From IBTimes: With the flow of economic data remaining decidedly negative, Barclays Capital thinks investors are pricing into commodity markets a greater deterioration in conditions than was experienced during the Great Depression of the 1930s.

Add in the fact that credit market conditions are currently very tight and it sends a signal things could get even worse than they are now….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Moscow Times: Russia, the world’s third-largest thermal coal exporter, has little option but to cut production and become a reluctant global swing producer next year, said senior industry sources in Moscow and beyond.

Any sizeable cut in Russian exports next year may help support coal prices despite weak demand. Coal has plunged over 50 percent to around $75 to $80 a ton delivered into Europe from a peak of nearly $200 in the summer….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From The West: The collapse in demand for base metals is by far the biggest anyone can recall, say analysts.

Mine suspensions and project deferrals are gathering pace as the mining industry deals with the sharpest slowdown in living memory, with more WA operations facing cutbacks over the next few months….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Live News: The slowing world economy has brought another downgrade in estimates of oil use over the next five years; a year after a surge in economic activity produced some gloomy estimates on a likely shortfall.

The new International Energy Agency forecast came as oil prices dropped to four-year lows on markets in Europe and the US to $US41.81 in New York, the lowest since late 2004….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Mineweb: Most countries in the world are in recession. China is no exception; its economy has been spiralling downwards since the Olympic Games.

Talking to industry friends in the country is not a happy experience; the message is pretty well uniform. Downsizing, restructuring, workouts, litigation etc. arising out of order books suddenly falling off a cliff, whether domestic or export; contractual defaults, postponed or cancelled orders are all a common theme….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Commodity Online: Can India’s mega economic package announced by Prime Minister Manmohan Singh on Sunday help beat the global meltdown effects on the country’s industrial sectors?

The measures, coming just six months before the general elections, means mega tax cuts and reforms that is expected to stimulate growth, help spur the stock and commodities markets….. Full Article: Source

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From FT: A vehicle for funding clean energy projects in the US has stopped functioning, jeopardising the continued development of large-scale wind and solar projects.

The so-called “tax equity markets”, in which banks and others invest in renewable energy projects in exchange for tax credits, are struggling because the investors no longer have profits that will be taxed….. Full Article: Source

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From The Australian: THE business leaders of 140 global companies are calling for immediate deep and rapid cuts in greenhouse gas emissions as UN talks on climate change enter their second week.

They have rejected arguments the global economic downturn is reason to tread softly, saying decisive action now will stimulate economic activity….. Full Article: Source

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From Seeking Alpha: IntercontinentalExchange (ICE) was featured as Barron’s cover story this weekend in an extremely positive three page article detailing three big trends driving securities trading.

The first is the shift from manual to electronic systems, which made trading faster and cheaper, swelling volume….. Full Article: Source

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From Joongang Daily: An ugly duckling becoming a swan - you might think of that when seeing a China fund post a 36 percent return over the past month.

But the China Dragon A-Share Equity Fund managed by PCA Investment Trust Management has done just that….. Full Article: Source

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From Bloomberg: Vietnam, the world’s biggest coffee grower after Brazil, will harvest 4 percent less than forecast because dry weather earlier this year cut the size of beans, said Luong Van Tu, Vietnam Coffee and Cocoa Association chairman.

The country will produce 17 million bags, down from a previous estimate of 17.5-18 million bags and the same amount as last year, Tu said in an interview. That compares with trade estimates as high as 21 million bags. Each bag weighs 60 kilograms (132 pounds)….. Full Article: Source

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From Fiji Times: Promoting economic growth through trade does not have to be only through protective tariffs on imports or quota restrictions.

In these days of free trade rhetoric, a country can manipulate its exchange rate and achieve the same objective of promoting exports and discouraging imports, thereby improving the trade balance….. Full Article: Source

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From AP: Deutsche Boerse rebuffed rumors that it might join with NYSE Euronext to create the world’s leading stock exchange, issuing a statement Sunday flatly declaring it had nothing to report.

The remarks from the Frankfurt, Germany-based owner of the German stock exchange followed a report in the leading German weekly, Der Spiegel, that talks on a merger were under way. Deutsche Boerse said that even if talks had taken place, “they ended without any results.”…. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Reuters: Shanghai copper futures fell by the 6 percent downside limit at the open on Monday, chasing sharp drops in the last session on the London Metal Exchange to below the psychological $3,000 a tonne level.

Shanghai copper SCFc3 dropped to 23,260 yuan ($3,382) a tonne at the opening, 6 percent lower than its settlement price
on Friday, while London Metal Exchange copper gained $25 to $3,075….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Guardian: The government has blown a hole in its climate change plans by misdrafting a key piece of legislation covering the introduction of “green” fuel for motorists.

The Department for Transport admitted last night that there was an “error” in the law governing the Renewable Transport Fuels Obligation (RTFO) and it was going to have to put it right….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From FT: Anglo American and Rio Tinto, the mining companies, will this week announce that they are slashing their capital expenditure budgets for next year and delaying building new mines until demand for commodities recovers.

Anglo is expected to cut its spending for 2009 from a previous forecast of about $10bn (£6.8bn) to between $4bn and $5bn, according to a person close to the company, in response to a collapse in commodity prices and a need to conserve cash….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From WSJ: Possible interest from one of China’s biggest coal-mining companies in the takeover of an Australian rival highlights how China’s appetite for resource deals shows no signs of being diminished by global financial turmoil.

An official at Yanzhou Coal Mining Co., which is listed in both Hong Kong and Shanghai, said the company’s executives have visited Australia’s Felix Resources Ltd. to investigate the quality of its coal assets….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Market Watch: Exchange-traded funds that let investors bet on energy prices and stocks are among the most popular offerings judging by their considerable trading volume, but some of these funds have been slammed by the severe correction in crude-oil prices.

Oil futures continued their precipitous decline during last week’s nosedive, hitting their lowest levels in about four years as the worsening economic picture stoked fears of weak demand….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From The Hindu Business Line: Commodity markets continue to be battered by steady flow of negative reports on global economic growth prospects. World Bank has lowered 2009 global GDP forecast to one per cent.

The latest OECD composite leading indicators for October 2008 signal a deepening slowdown across industrialised and emerging countries….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Watoday.com.au: Nanjing Iron & Steel United Co., the Chinese steelmaker part-owned by billionaire Guo Guangchang, said steel prices in the world’s biggest user of the alloy have bottomed and output may recover on the state’s stimulus package.

Lower raw-material prices will allow producers to raise output, Chairman Yang Siming said today in an interview in Shanghai, where he’s attending an industry conference….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From The Herald: Since the economic crisis broke earlier this year this column has never knowingly understated its severity.

But I make no apologies for having dwelt on doom and gloom. For most of 2008, government, regulators and monetary authorities were in denial about the severity of the crisis….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Business24-7.ae: It’s that time of the year when research departments at all the main investment banks crank out their forecasts for the coming year – applying a longer-term focus for investors.

Most years such publications are rather tedious – a run round the main obvious issues and then a rough guesstimate of where prices might be headed over the next 12 months….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From AP: Could the world solve part of its climate crisis by simply burying the problem? Backers say carbon capture and storage could make an important contribution to cutting emissions by mid-century.

The idea involves capturing carbon dioxide as power stations spew it out, then pumping it into empty gas and oil wells or aquifers, where it will remain forever….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Financial Express: The wholesale price index has declined steadily over the last six weeks by as much as 4.5 percentage points. The latest figure is 8.4%.

Food prices, on the other hand, are rising again and food price inflation reached a calendar year high of 10.5% in the week ending November 22 ….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Tehran Times: OPEC president Chakib Khelil says oil markets should prepare for a “surprise” output cut after the organization’s Algeria meeting.

“A consensus has formed for a significant reduction of production levels” by the 14-member Organization of Petroleum Exporting Countries, Khelil said….. Full Article: Source

Posted on 08 December 2008 by VRS |  Email |Print

From Bi-me.com: Crude oil fell for a sixth day, capping the biggest weekly drop since the Persian Gulf War in 1991, on concern demand will decline after a report showed US employers cut jobs in November at the fastest pace since 1974.

Oil is down 25% since 28 November as the recession deepened in the US, Europe and Japan. Payrolls fell by 533,000 last month, the Labor Department said today. …. Full Article: Source

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