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Commodities Briefing 22.Dec 2008

Posted on 22 December 2008 by VRS |  Email |Print

From Businessweek.com: Despite its bluster about cutting production, the cartel has been unable to marshal its members to halt oil’s sliding price.

Why is OPEC’s reputation taking such a hit? The market views it as having let things get out of control when prices were surging. Now the cartel can’t seem to contain a downward slide, either….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Timesonline.co.uk: A sudden collapse in the price of crude oil is forcing energy companies to slash budgets and reduce exploration and oilfield development programmes.

The cutbacks in spending are expected to hit the American oil industry hard, according to a survey by Barclays Capital, which is forecasting that upstream budgets in the US oil and gas industry will be reduced by a quarter in 2009….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Menafn.com: Organisation of Petroleum Exporting Countries’ (Opec) decision to cut oil production by 2.2 million barrels a day sounded drastic, but obviously failed to impress the market.

Oil prices, which at their peak of about $147 in July were seven-times higher than their 2002 levels, dropped to around $40 and are expected to fall further as the bet is that fewer barrels would be needed to fuel a shrinking global economy. …. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Thenational.ae: Opec’s oil export revenue is set to tumble more than 50 per cent next year to a five-year low due to the combined effect of sharply lower crude prices and production cuts.

In a new forecast released late last week, the US government projected the group’s net revenue from oil exports would slump to US$444 billion (Dh1.63 trillion) next year, after narrowly failing to break through the trillion-dollar threshold this year….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From FT: Britain will not ban the construction of coal-fired power stations while new technology is being developed to cut their carbon emissions, Ed Miliband, the UK energy secretary, has said.

Mr Miliband will decide next year on Eon’s application to build a coal-fired power station at Kingsnorth, Kent….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Tradearabia.com: Despite stronger production and falling prices for many food staples in the second half of 2008, the risk of food supply shortages remains acute in world markets.

These supply shortage risks stem from reduced producer incentives – and ability - to boost food production, according to a Commodity Online report….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Marketoracle.co.uk: Should you not really have or bear the time with me to go thru technical explanations, which is most likely to happen under the given Christmas mood, here is an appropriate overall rundown on current issues:

The peak to be expected in about 8 weeks with the US $ should mark the end of the temporary relief from hyperinflation after it was nurtured worldwide over the last months by massive bailout plans with TRILLIONS of paper money printed out of thin air and passed on to future generations thru governmental indebtedness….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Indianexpress.com: Iron-ore demand has fallen due to the global slowdown, and prices have corrected sharply. Sesa Goa’s story is negative today, but long-term investors could bet on the stock’s cyclical nature.

Sesa Goa is into mining and export of iron ore. Almost 66 per cent of its ore is exported to a single country, China. …. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Independent: Smaller companies across the commodities sectors are facing a difficult new year as capital remains hard to come by and prices show little sign of resurgence.

Ernst & Young’s index of top 20 mining companies on the Alternative Investment Market (Aim) plummeted by 77 per cent over the course of the year, as March’s record high was more than cancelled out by an all-time low in November…… Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Alibaba.com: Trade-related issues are likely to be important for commodities in the coming year says Rabobank commodity analyst Michael Whitehead.

The ongoing Doha round of talks are an area to watch, and he expects action from the WTO on cotton, corn, sugar and ethanol, with many of those disputes driven in part by Brazil. ….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Efinancialnews.com: Banks’ revenues from carbon emissions trading could see a tenfold jump to the €3bn ($4.3bn) to €5bn range by 2020, while the market may grow to $2 trillion over the same period, according to two reports on the sector.

However, the incoming Obama administration will have to pave the way for “cap-and-trade” in the US via regulatory reforms….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Recordnet.com: Mexico has done something virtually none of the world’s rich, industrialized countries - including the United States - so far has been willing to do: begun a plan to cap greenhouse gas emissions.

Mexico’s move, announced 10 days ago in Poland at a gathering of 145 environmental ministers and other leaders, is seen as an attempt to prod others to action….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Mineweb.com: The latest metals monthly report from Fortis/VM Group suggests that the majority of the metals markets must expect further price declines in the first quarter of next year, before a recovery that will take prices higher by year-end; although gold will be more robust.

The Group’s price forecasts expect gold to be, at $850, at the same level in twelve months’ time as it is now (and, for that matter, as it was twelve months ago, more or less), while looking for $12 silver, $900 platinum and $180 palladium, an increase of 13% for silver, of 6% for platinum and no change for palladium. …. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From News.com.au: More than a third of Australia’s 800-odd publicly-listed mining and exploration companies may not survive the crash in commodities markets.

This is the dire warning from a big four accounting firm. The impact of the global financial crisis has hit hard in the nation’s vital resources sector, with a long list of mines shut indefinitely, expansions put on hold and approximately 5000 workers laid off in the past few months alone….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Canadianpress: Few Canadian resource industries fared well in what turned out to be a dismal year for commodities, but base metal miners were hit particularly hard as credit markets tightened, global demand slumped and prices for everything from zinc and copper to iron ore and aluminum plummeted.

And one analyst predicted some of Canada’s big mining companies will go bankrupt before conditions start to improve….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Mineweb.com: International demand for gold coins has picked up as people strive to take charge of their own financial destinies in an uncertain investment world.

Sales manager at the South African Gold Coin Exchange Len Sham says the demand for Krugerrands and collector coins such as the Mandela Coin has been phenomenal over the past five years as the rand weakened and the gold price strengthened….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Livemint.com: Chinese gold demand may be 360 tonnes compared with a record 362 tonnes last year, the China Gold Association said this month.

China, the world’s largest producer of bullion, is set to overtake India as the biggest physical gold market this year as mine production increases and investment demand grows, according to research company GFMS Ltd….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Theglobeandmail.com: Though Switzerland is not a gold miner, it is home to some of the world’s largest refineries, which process an estimated 40 per cent of all newly mined gold.

Argor-Heraeus is part-owned by the Austrian Mint and a subsidiary of Germany’s Commerzbank AG. Commercial and central banks are its chief customers and it says it processes some 350 to 400 tonnes of gold and 350 tonnes of silver per year….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Thehindubusinessline.com: Even 2008 draws to a close, it is becoming increasingly clear that all commodities market participants - traders, investors and others – will remember the year for the extraordinary price performance, gyrations and volatility.

Commodity prices - be they of energy, metals or agriculture - not only hit multi-year record highs at one time, but they also plunged to great depths in a matter of weeks, if not days, precipitating a crisis….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Mineweb.com: Once again, precious metals were in 2008 the only commodities with a negative correlation to equities; while investors are swinging from short oil positions to long.

In its review of commodities for 2008, ETF Securities Limited points out [even though it might not currently feel like it] that commodities outperformed most equity benchmarks, with gold standing out as a particularly strong performer….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Seekingalpha.com: While gold investors fared well as gold went from $250/oz in 2001 to $1,000/oz in early 2008, oil investors reaped stupendous profits as oil prices topped $145/barrel in July 2008, up from $22/barrel in 2002.

The fortunes of gold and oil have reversed 180 degrees since July, when we witnessed the most speculator fall in oil’s history in the last 100 years. The oil price plunged over $110, or 75% from $147 to $37 a barrel….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Trend.az: The meeting of energy ministers of oil importer and exporter countries is devoted to cooperation of these countries, especially to arrangement of direct dialog and stabilization of oil prices in the world market.

As Trend News correspondent was informed in Azerbaijani embassy to UK, UK PM Gordon Brown said that at the opening ceremony of the meeting, which was attended by ministers of 30 countries, International Energy Agency (IEA) and International Energy Forum (IEF)….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Bloomberg: Sugar slumped the most in five months as the strengthening dollar curbed the appeal of U.S. commodities and on speculation that supplies will be enough to prevent shortages.

The dollar climbed the most against a basket of six major currencies in 11 weeks, rebounding from an 8.1 percent drop this month through yesterday that made commodities cheaper for buyers with other currencies. …. Full Article: Source
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Posted on 22 December 2008 by VRS |  Email |Print

From Gulfnews.com: Freight derivatives are falling out of favour as traditionally conservative ship owners and brokers back out of the sort of speculation on volatile freight rates that has just claimed its highest-profile victim.

Speculative capital has evaporated, and the econ-omic crisis has sapped the bullishness that fuelled activity and led to heavy inflow of money from banks’ proprietary desks and institutional investors into commodities up until earlier this year….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Bdafrica.com: The global financial crisis has dimmed short-term prospects for developing countries and the volume of world trade is likely to contract for the first time since 1982, the World Bank says in a new report.

It says a sharp slowdown of the global economy has caused commodity prices to plummet, ending a historic five-year boom….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Nbr.co.nz: The Government is moving to establish university courses in measuring the carbon footprint of primary products. Agriculture Minister David Carter said the Government was seeking proposals from universities to establish a professorship and courses in “life-cycle science”.

It would provide $1.5 million over five years to kickstart the programme….. Full Article: Source

Posted on 22 December 2008 by VRS |  Email |Print

From Thejakartapost.com: This year was encouraging, although ultimately disappointing, for the country’s commodity-heavy economy.

Following the continually rising trend in the global price of crude oil over the past two years, commodity prices soared too, setting some records during the boom this year…… Full Article: Source

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