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Commodities Briefing 17.Feb 2009

Posted on 17 February 2009 by VRS |  Email |Print

From Sciencedaily.com: New research by the Carbon Disclosure Project (CDP) with responses from 80 of CDP’s signatory investors across the globe revealed that three-quarters factor climate change information into their investment decisions and asset allocations.

Of these, more than 80% consider climate change to be important relative to other issues impacting their portfolio. Interestingly, some of the institutions surveyed revealed a willingness to go beyond requesting disclosure on climate change, such as asking companies to reduce their greenhouse gas emissions….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Reuters: Economic slowdown and the recent collapse in oil prices is slowing investment in alternative energy, needed to wean the world off dependence on hydrocarbons, the International Energy Agency (IEA) said on Monday.

IEA Executive Director Nobuo Tanaka told Reuters in an interview the sharp decline in the oil market, which has seen prices collapse by more than 70 percent from a peak of almost $150 per barrel last year was also slowing the search for new sources of oil as existing fields were depleted….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Indiatimes.com: The slowdown in the global growth engine has impacted asset classes across the board, and commodities are no exception. Barring gold, both hard (metals, crude oil, etc) and soft (farm) commodities have fallen from record high levels witnessed in the first-half of 2008.

For example, crude oil, which soared to an all-time high of $147 a barrel in July last year, is currently traded at $30 levels. While the commodities bull run commenced in the early part of this decade, many investors, who put their money into commodity funds towards the end of 2007, have seen their wealth all but evaporate and now fight shy of viewing commodities as an asset class….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Reuters: China’s taste for cheap commodities showed no sign of flagging on Monday, with government bodies preparing to buy up aluminium, corn and sugar while a state-run firm bid for an Australian zinc miner.

Demand from China drove the boom in commodities and now that prices are far from their peaks, the government is stocking up on strategically important materials….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Marketoracle.co.uk: While the rest of the world is grappling with the global slowdown, China is figuring out ways to exploit it. China has capitalized on the financial turmoil that has paralyzed the world’s “developed” economies by stocking up on cheap commodities, weeding out competition to its largest state-run companies, and acquiring even more foreign assets.

Indeed, with China’s economic growth projected at an enviable 8% for this year, that country’s government has been able to spend less time promoting immediate growth and liquidity, and more time preparing for the economic renaissance that almost certainly seems to be the Asian giant’s destiny….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Reuters: The government stayed away from any announcements on the commodity futures market in the 2009/10 interim budget fearing a political backlash as general elections are due in a few months, industry watchers said.

“It’s was necessary for the government to avoid issues like relisting of rice, wheat futures and CTT (commodity transaction tax), to avoid controversies before elections,” said Amar Singh, head of research, Angel Commodities Broking Pvt Ltd….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From CNN: The International Energy Agency said on Monday there could be an oil supply crunch from 2010 once global demand recovers and the impact of delayed investment crimps future supplies.

The agency, which advises 28 industrialized countries, is concerned that some oil producers are deferring projects to expand supply. It expects oil demand growth to resume next year after its first drop in a generation….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From IHT: U.S. oil prices hung below $37 a barrel on Tuesday as bleak economic indicators in Asia returned focus to the worldwide oil demand slump.

Following Monday data showing Japan’s economy shrank by the most in 35 years, a Reuters poll showed confidence among manufacturers remained mired near record lows and service sector sentiment fell to its poorest ever….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Smh.com.au: As soon as there’s a lull in the reporting season, the stories will start about OPEC planning to cut production next month in an effort to boost oil prices. Let’s hope it succeeds.

While not overtly anti-Muslim, there will at least be an undercurrent in some of the American commentary about sneaky Arabs, evil cartels and national security. On Fox News, it probably will be overt. They might even go right over the top and ask the Alaskan Governor for her opinion….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Businessgreen.com: The European Commission (EC) published an initial blueprint of how it envisages aviation being included in the EU emissions trading scheme (ETS) last week, detailing plans that would see each member state allocated a number of airlines from which to collect payments for emission allowances.

Aviation and shipping are not currently included in the ETS, but under legislation agreed late last year, they are to be included in the scheme from 2012 and will have to comply with a cap on their emissions or buy extra carbon allowances to cover excess emissions, just like other European heavy industries….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Businessgreen.com: Disappointment over an apparent lack of progress at the latest round of informal UN-backed climate talks last week were tempered by the news US Secretary of State Hillary Clinton is determined to begin work to break the deadlock between the US and China over emission targets on her trip to the country this week.

Clinton, who arrived in Tokyo today on her first international trip since taking up her post in Barack Obama’s administration, said that brokering a US-Sino climate change pack would be near the top of her agenda when she visits China later this week….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Brandrepublic.com: British Gas is repositioning itself as a green energy company through a multi-channel marketing campaign featuring Terry Gilliam-esc imagery.

A new TV ad campaign, created by CHI&Partners, focuses on the insight that ‘your home is your home’ and brought to life by showing people’s homes as individual planet….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Commodities-now.com: Hard times are hitting the ethanol sector. But such short term distress will eventually give way to economic prosperity. Industry assets will then operate at capacity and boost ethanol production in the process.

That, in turn, will push this country toward energy security while helping to serve the overall environment….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Timesoftheinternet.com: A gold rush that involved the golden ears of corn processed into ethanol has proved to have an Achilles heel, an agriculture economics professor said.

Ethanol prices are tied to the price of energy commodities, which have dropped sharply in the past year. Oil prices, for example, were at $147 per barrel in July and have dropped to less than $40 per barrel recently. The price of corn, meanwhile, is less than record prices but relatively high, the News Bureau at the University of Illinois, Urbana-Champaign reported Monday….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Business24-7.ae: Gold would continue to enjoy the status of a safe haven during the current economic turmoil, analysts said. The view, however, comes with a rider. Intermittent flow of good news and rumours typical to the gold markets will ensure that the gold prices that have recently adopted a less aggressive course find support at $930 an ounce or $880 an ounce levels.

Yesterday, the Gold futures contract meant for expiry in June at Dubai Gold and Commodities Exchange (DGCX) traded at $941.76 an ounce….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Commodityonline.com: Even as equity markets slump and people invest more and more money into hot commodities like gold and silver, there has come a silver lining for silver exchange traded funds (ETFs).

Last week, silver closed higher as it extended the rally off October’s low and silver had a higher opening on Monday in global commodity exchanges. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term on silver….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From FT: Investors searching for a safe haven have pushed gold prices to $950 a troy ounce. In their rush to safety, they have also boosted the price of silver, platinum and palladium.

In fact, the well-reported 7.5 per cent rise in gold prices this year pales against the 20.5 per cent gain in silver, 14.5 per cent rise in platinum and 15.6 per cent increase in palladium….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Marketwatch.com: Something was indeed stirring in the precious metals pond, as I reported a week ago. Key investment letters say it still is. With some wild swings, gold gained about 3% on the week, closing Friday at $941.

The Phx Gold Silver Index picked up 4.8% to 130.88. The Amex Gold Bugs Index added 1.36% to 311.16. The stock market, in case you missed it, lost ground….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Theaustralian.news.com.au: China Minmetals Corporation, the country’s largest metal trader, has been trying for years to land a big foreign target.

It failed in 2006 in a long drawn-out bid for Toronto-based miner Noranda, which instead merged with its Falconbridge subsidiary and was then acquired by Swiss-based Xstrata….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Bloomberg: Global lead output exceeded demand last year for the first time since 2002 and the surplus in zinc widened, according to the International Lead and Zinc Study Group.

Global output of refined lead, used to make batteries, rose 7.5 percent, resulting in a surplus of 19,000 metric tons, figures on the Lisbon-based group’s Web site today show. The market had a 67,000-ton deficit in 2007. …. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Channelnewsasia.com: The dollar gained against the euro on Monday as currencies in central Europe were hit by a sharp fall that analysts said was due to the high levels of debt in those countries.

The euro was trading at 1.2767 dollars late on Monday in London compared to 1.2856 dollars late on Friday….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Reuters: Sterling fell against the dollar on Monday as concerns over Britain’s Lloyds Banking Group heightened banking sector worries and after the Group of Seven finance ministers made no comment on the currency.

British Finance Minister Alistair Darling said on Sunday that banks were best left in the private sector, in an effort to cool speculation that Lloyds (LLOY.L), which issued a shock warning on Friday about problems at its recently bought HVBOS arm, could be fully nationalised….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Asianinvestor.net: The Tokyo Stock Exchange (TSE) has set a goal of having 100 exchange-traded funds listed by the end of 2010, says Yasuyuki Konuma, head of research and business development for the TSE’s corporate planning department.

The TSE now has 58 ETFs, compared with only 13 at the start of 2007. Assets under management have risen to nearly ¥500 billion ($54 billion)….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Reuters: The international derivatives exchange Eurex announced today, that it will launch four new commodity index futures on 30 March.

Europe’s largest derivatives exchange will be the first European exchange to enable trading in commodity index derivatives….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Citywire.co.uk: Deutsche Bank has launched the UCITS III-compliant DB Platinum Commodity Harvest fund. The fund tracks the Deutsche Bank Platinum Commodity Harvest Index which was developed and launched by Deutsche Bank in 2007….. Full Article: Source

Posted on 17 February 2009 by VRS |  Email |Print

From Bloomberg: Crude oil fell below $37 a barrel in New York on speculation a deepening recession in Europe and Asia will stifle demand for fuels.

Brent crude, a benchmark for European, Africa and Russian grades, slumped to a three-week low yesterday after U.K. bank stocks dropped and the Bank of England said the economy’s first quarter contraction may match last quarter’s 1.5 percent decline….. Full Article: Source

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