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Commodities Briefing 12.Jan 2009

Posted on 12 January 2009 by VRS |  Email |Print

From Nytimes.com: For much of this decade, investing in commodities was akin to striking a backyard oil gusher. But that well ran dry in the fourth quarter.

Even during the boom years, many advisers recommended using natural resources funds sparingly — if at all — in your portfolio….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Zawya.com: Oil prices could average around $50 (Dh183) a barrel in 2009 but are expected to rebound in 2011 as the world begins to recover from the current financial crisis.

London-based Oxford Economics said higher prices would entice Opec to embark on capacity expansions to meet world demand in the long term and this would push output up to 48 million bpd by 2030….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Tradearabia.com: Oil prices are expected to rise in coming days as Opec’s output cuts kick in and demand rises because of cold weather, a Kuwaiti oil official said in remarks published on Sunday.

The Organization of the Petroleum Exporting Countries (Opec) agreed last month to its deepest ever single supply cut of 2.2 million barrels per day to halt a plunge in oil prices of more than $100 from a peak last July that topped $147 a barrel….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Dawn.com: When Arab oil producers used crude supplies as a weapon during the 1973 Yom Kippur war between Israel and Arab armies, those were distinctly different times.

And hence during times of crisis, voices calling for using oil as a weapon could definitely be heard in certain quarters. However, the fact remains that the use of oil as a weapons has been dead. Long, long ago….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Gulf-news.com: Top exporter Saudi Arabia plans to cut oil output by up to 300,000 barrels per day (bpd) below its agreed Opec target - a proactive step to prop up a collapsing market, industry sources said on Sunday.

The most influential member of the Organisation of the Petroleum Exporting Countries (Opec) has lowered supply this month to eight million bpd, meeting its target under Opec’s pact to reduce overall production by a record amount from January 1….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Livemint.com: The gas crisis has taken a heavy toll on a dozen states in central Europe and the Balkans, leaving thousands of homes without heat and forcing factories, schools and public facilities to close.

Russia and Ukraine prepared on Sunday to restart gas supplies to the European Union (EU) after a deal was signed on deploying international monitors to help adjudicate in Moscow and Kiev’s gas conflict….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From AP: Teams of EU monitors traveled to gas pumping stations along Ukraine’s extensive pipeline network Sunday, as Russia prepared to resume natural gas shipments through Ukraine to Europe.

Ukraine signed a deal early Sunday to allow European, Russian and its own experts to track the flow of Russian gas through Ukraine pipelines….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From FT: Hopes of an immediate resumption of Russian gas deliveries to Europe were set back on Sunday after Gazprom, the Russian gas giant, said it had not yet received a copy of a monitoring agreement signed late on Saturday night by Ukraine.

“Gazprom has not yet received even a facsimile copy of the document signed overnight in Kiev,” Gazprom said in a statement….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Reuters: European Union energy ministers will meet in Brussels on Monday to seek ways to shield their countries from a repeat of the mid-winter energy crisis sparked by Russia’s decision to cut gas supplies via Ukraine.

Moscow, Kiev and the EU struck a monitoring deal on Sunday which could see Russian gas flowing to Europe by Tuesday, but with Ukraine still locking horns with Russia over the price of supplies, Europe’s troubles could still flare up again….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Seekingalpha.com: The Obama administration has made a big deal about renewable energy. Over the next several years, the new President has plans to spend roughly $150 billion promoting and enabling its growth.

And with $700 billion flowing from the United States into OPEC’s pockets every year, I don’t think you’ll get much of an argument from anyone about the timeliness or the need for renewables….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Wizbangblog.com: Let’s face it, the anthropogenic global warming hypothesis is a politician’s wet dream. An existential threat to humanity, invisible and insidious, whose computer-predicted effects won’t be validated or rejected until long after today’s most junior Senator has left office decades from now.

It is a crisis which can only be averted through massive and sustained government mandate and there are legions of true believers chomping at the bit to castigate and slander anyone who dares question AGW dogma….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From The Australian: Performing two Google searches from a desktop computer can generate a similar amount of carbon dioxide to boiling the kettle for a cup of tea, according to new research.

While millions of people tap into Google without a thought for the environment, a typical search generates about 7g of carbon dioxide. Boiling a kettle generates about 15g….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Thehindubusinessline.com: The big question facing every commodity trader and investor around the world is whether the surprise rallies that greeted the New Year would sustain. But the flow of economic data strongly suggests it may be too early to expect any significant and sustained bounce-back in commodity prices.

Rising inventory levels and lacklustre demand continue to haunt the markets. When exactly in 2009 would economic data start to improve is increasingly becoming a matter of conjecture. …. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Marketoracle.co.uk: “Au” and “Pt” may be dull chemical elements, but gold and platinum have certainly played their respective parts during the unfolding of the financial crisis.

Revisiting the metals’ movements, it is clear from the table below that gold’s decline was much smaller than that of platinum - as platinum suffered from the deterioration in the auto industry - but the recovery of gold has also been lesser than that of platinum….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Smh.com.au: By now the global financial crisis has hopefully taught investors that just like property prices, metal prices do not always go up.

But it is also important to note that not all metal prices move in tandem. Even among base metals during the boom, nickel, copper, zinc and aluminium each reached their peaks at separate times, often a year or so apart….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Business24-7.ae: Experts have called for major production cuts amidst a sharp drop in international aluminium prices even as smelters across the GCC are pondering over their outputs for 2009.

Slumping demand over the past few months has pushed aluminium prices down by more than half – from a record high of $3,380 (Dh12,414) a tonne on July 10 to about $1,500. Lower prices are behind massive outputs in the industry, particularly in China….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From FT: Investors in the UK and Europe have been piling into exchange traded funds in the past year as outflows have risen from hedge funds and traditional long only funds.

BGI iShares, the biggest ETF provider, attracted net new assets of $25bn (£16bn, €18bn) in Europe in 2008, up more than 200 per cent on net inflows of $7.5bn in 2007. This offset the effect of falling markets on assets under management, which ended the year at $56bn, down from $58bn a year earlier….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Seekingalpha.com: The best performing ETF/ETN of 2008 gained +484%. However, it has escaped the attention of investors and it doesn’t show up on most of the “best of” lists. That’s because the best performing ETF/ETN of 2008 was an IPO.

Sometimes it’s all about the product. Sometimes it’s all about timing. The best performing exchange-traded product of 2008 had both going for it – it was the right product at the right time, and it also had the right leverage….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Economic Times: Commodity futures business has clocked a turnover of over Rs 50,00,000 crore ($1.02 trillion) in 2008 within a span of six years after futures trading was allowed by the government.

The total turnover of three national and 19 regional exchanges rose by 28% at Rs 50,33,857 crore in last calendar year, as against Rs 39,32,403 crore in 2007, a release from the Forward Markets Commission, which regulates futures trading in the country, said….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Economic Times: Commodity market regulator Forward Markets Commission (FMC) is hoping that the Forward Contracts (Regulation) Amendment Bill 2006 that
expands the regulator’s audit and infrastructure capacities will be passed in the forthcoming session of Parliament to be held next month.

The need has become more relevant after the Satyam episode where the promoters inflated the balance sheet and the role of auditors is under the scanner….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Hindu.com: NCDEX and Forward Markets Commission are at loggerheads with the country’s second largest commodity bourse questioning the market regulator’s authority in dealing with trading in electricity futures.

In a petition with Central Electricity Regulatory Commission (CERC), an NCDEX subsidiary Power Exchange India (PXI) has said electricity was not a commodity and therefore FMC could not have any jurisdiction over its futures trading….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Livemint.com: The software arm of the National Stock Exchange (NSE) is set to start electronic auction of tea by this month-end, and is working on a system that would ensure delivery within a week.

Currently, the weekly tea auctions are conducted manually and delivery from the warehouses typically takes three weeks….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Vanguardngr.com: Europe’s single currency has been a haven in recent financial storms. But as capital markets become more discriminating, it no longer affords shelter from reform.

Paul Volcker once likened global capital markets to a vast sea that cannot escape the occasional big storm. Mr Volcker, a former chairman of the Federal Reserve, who is now an adviser to Barack Obama, counselled that when the waters got choppy, it was far safer to be on a big ship….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Businessweek.com: With exports suffering and consumers at home not spending, the government may have to intervene to hold down the currency and prop up the economy.

The Japanese economy contracted 0.6% in 2008 and may fall a further 4.6% this year, according to Barclays Capital (BCS). The Tokyo bourse finished 2008 down a record 42%. And as the yen has surged in value in recent months, global demand for Japanese cars, TVs, and other products has plummeted….. Full Article: Source

Posted on 12 January 2009 by VRS |  Email |Print

From Theglobeandmail.com: Canadian commodities guru Eric Sprott has decided to kill off his pioneering molybdenum fund less than two years after launching it, in the wake of plunging prices and dismal prospects for the steel-hardening metal.

Sprott Molybdenum Participation Corp. said yesterday that following a strategic review announced last month, its board of directors has determined that distributing its assets to shareholders would be in their and the company’s best interests….. Full Article: Source

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