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Commodities Briefing 05.Jan 2009

Posted on 05 January 2009 by VRS |  Email |Print

From Dispatch.com: In the first six months of 2008, commodities appeared to be the savior of investors who were losing money in the stock market. In the second half, particularly for those who had invested in oil, futures contracts were their undoing.

At the start of 2009, commodities have little appeal. Most analysts expect prices to remain under pressure as worldwide demand continues to wane for basic materials of all kinds……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Seekingalpha.com: What a crappy year 2008 was for commodities! Will they rebound in 2009? If you believe, as I do, that we are in the middle of a secular bull market for commodities, then current prices represent a tremendous buying opportunity.

Jim Rogers has been saying it best lately - that you want to buy assets where the fundamentals are unimpaired. And the only asset class where the fundamentals are currently unimpaired is commodities - in fact, the fundamental story for many commodities has even improved since the financial crisis took hold, as there is a lot of supply coming off the market……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Bullionvault.com: Gold has continued to show its value as a crisis metal in the first trading day of the New Year. Although the yellow metal slipped one per cent in Europe on Friday (January 2nd), it avoided the five per cent slide experienced by oil as the dollar strengthened against the euro, according to Reuters.

The metal is priced at just over $870 per ounce but is expected to hold its value and even strengthen as the year goes on……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Greenfaucet.com: At Zeal we welcomed the new year by publishing the latest edition of our Favorite Gold-Producing Stocks Research Report. And looking back a lot has happened in the gold stock arena since the last installment.

In fact in just over a year the environment in which we trade these stocks has radically changed. While some of the environmental forces have occurred from the inside out, the most impactful are external in nature and have really caught investors off guard……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Mineweb.com: With more than 20 years of experience in the investment industry, Sheldon Inwentash, chairman and CEO of both Pinetree Capital and Mega Uranium sheds some light on the future of gold and navigating the “murky and tricky” junior space.

Look at the gold argument-gold has no liability against it, it’s a brand, it’s a currency, and it will appreciate in value if you believe in the whole supply-demand model and so therefore, will provide a real rate of return as well……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Commodityonline.com: Where are silver prices headed? Will silver prices follow gold in these days of economic meltdown? Yes, silver prices are all set to follow gold prices mainly due to investment demand and ratio play, says a 2009 silver forecast report from Mumbai-based Commtrendz Risk Management Services.

According to the report, unlike gold, silver also serves as an industrial metal and hence gets consumed unlike gold. The recent slowdown in global economy has seen silver prices being battered more unlike gold……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Seekingalpha.com: Is 2009 going to be an exciting year for oil? Institutional investors don`t think so. Their estimates are very similar - much of Wall Street expects oil prices to average about $50 a barrel in 2009. Some of the firms and their specific forecasts:

Deutsche Bank predicts an average price of $47.50 for all of 2009; the chief energy economist of Deutsche Bank, Adam Sieminski, said recently that the demand for oil in 2009 will drop more than any other time in the last quarter of a century due to the weak economy. …..Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Theadvertiser.com: Oil prices settled year-end at $44.60 a barrel, down nearly 50 percent from the beginning of 2008, and down 30 percent from the July 2008 record high of $147 a barrel.

At one point in December, prices plummeted to $33.87 a barrel, the lowest since May of 2004. Some analysts forecast 2009 oil prices to average $40 plus a barrel where others forecast prices in the high $60s to $70s a barrel……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Reuters: Iran’s oil minister said OPEC member states needed to show determination to prevent oil prices from falling further, the Islamic Republic of Iran Broadcasting (IRIB) website reported.

The Organization of the Petroleum Exporting Countries agreed in Algeria last month to reduce output by a further 2.2 million barrels per day from Jan. 1, bringing total cuts by the group from its September 2008 production levels to 4.2 million bpd……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Gulf-times.com: The global economic downturn is expected to reduce world oil demand by 0.2% in 2009, Opec’s latest oil market report said. The world oil demand, according to Organisation of Petroleum Exporting Countries, will fall to 85.7mn barrels per day (bpd) this year.

The worsening world economy is expected to have a “strong impact” on oil demand next year especially in the Organisation of Economic Co-operation and Development (OECD) countries……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Seekingalpha.com: I’ve followed water stocks for five years now, starting before any water-focused funds or ETFs were available. Water is considered by some to be the “ultimate” commodity, since we literally cannot live without it, and there is a limited supply in the world.

Some of the largest global players in water are European conglomerates like Veolia……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From WSJ: Tax efficiency is a major selling point of exchange-traded funds. But in recent weeks, many ETF investors have learned they’ll be paying a fat tax bill come April.

More than 40 ETFs offered by Rydex Investments and ProFunds Group have made hefty capital-gains distributions to investors……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Herald.co.zw: African mining companies which have been battling to keep afloat due to the challenges in the economy and falling metal prices might have some relief this year as international metal prices are expected to rise in the short-term.

South African-based online mining edition, Miningmix said gold which closed the year at an average US$850 per ounce on the international market is expected to surge to about US$1000 per ounce in the first quarter of 2009……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Business-standard.com: Base metals may remain volatile this week on short covering and profit booking. Active participants on the commodity bourses may continue short covering to mark the beginning of 2009. However, any upward march in base metals from the current levels may prove an opportunity to book profit for speculators.

Most of the metal procurement and hedging contracts expired by December-end. These contracts will take another week or two for renewal……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Bjreview.com.cn: On December 12, the People’s Bank of China and the Bank of Korea jointly announced a bilateral currency swap arrangement worth 180 billion yuan ($27 billion), or 38 trillion Korean won. The three-year deal aims to provide liquidity for the financial systems in the two countries and keep their currencies stable.

Setting up such a currency swap was the core of the Chiang Mai Initiative, established in 2000 to encourage bilateral swap agreements between countries in the ASEAN+3-the 10 members of the Association of Southeast Asian Nations plus China, Japan and South Korea. …..Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Zawya.com: The Central Bank of Kuwait devalued the Kuwaiti Dinar this morning to 0.27785, following the sharp increase of the US Dollar last week,according to the weekly monetary report issued by the National Bank of Kuwait.

As to foreign currencies, the US Dollar entered the first trading day of 2009 on a firm footing. Amid holiday-thinned and choppy trade, the Dollar posted gains against the Sterling and Euro on Friday, reversing some of its recent sharp losses……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Xinhua: China imported 240 million tonnes of major energy commodities (oil, refined products, natural gas and coal) in the first 11 months of 2008, up 3.7 percent year-on-year, according to a report released on Sunday by the General Administration of Customs.

The growth rate was 9.7 percentage points below the year-earlier level. These imports were valued at 158.6 billion U.S. dollars, up 74 percent, and they accounted for 14.9 percent of total imports for the 11 months……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Seekingalpha.com: The Carbon Trading Index rallied over the past month along with the overall market, although the gains were less than the overall market and the index has declined by more than 50% in the past six months.

With the launch of AirShares Carbon Fund (ASO) in mid-December, investors have another option to trade the price of carbon along with the iPath Global Carbon ETN (GRN) already on the market since early July……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Thehindubusinessline.com: In 2008, commodity markets witnessed extraordinary volatility between the two extremes of the price spectrum.

First, a huge bull run took prices of a wide range of commodities - energy products, precious metals, base metals, industrial metals, polymers and agriculture - to stratospheric heights, only to be followed by an equally unprecedented slump in prices when a combination of events hit the world……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Thestar.com.my: Commodity hedging would ensure certainty in an asset class that is the most volatile, said Standard Chartered Bank managing director and head of financial markets Sandeep Bahl.

StanChart, which started to offer commodity hedging services two years ago, saw the number of its customers in the commodity sector double from 2007 to last October……Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Commodities-now.com: President-elect Obama and his family seem to be pretty well rested after having spent the Christmas holiday season vacationing in Honolulu where he was raised. It’s a good thing because in 19 days he’ll be inundated with the world’s problems.

Before the economy hit a tailspin last October, energy had been one of the hottest topics on the campaign trail: To implement an aggressive global warming strategy or to sit tight until things get better; to use more federal dollars to support green energy technologies or to let the private sector handle all of that …..Full Article: Source

Posted on 05 January 2009 by VRS |  Email |Print

From Mineweb.com: It is a hazardous business trying to predict positive investment sectors in the current financial climate, but some commodities more than others do look as though they offer potential.

As most commentators will be aware, after a disastrous 2008 for commodities, and even more so for many commodities stocks, prediction is a hazardous business……Full Article: Source

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