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Commodities Briefing 05.Mar 2009

Posted on 05 March 2009 by VRS |  Email |Print

From FT: Stocks and commodity prices rose around the world yesterday amid hopes that China’s leaders would unveil their second economic stimulus package in four months at today’s opening of the National People’s Congress.

The Shanghai Composite, China’s leading stock market index, rose more than 6 per cent in its biggest one-day gain since November, after a senior official said Wen Jiabao, premier, would outline new spending plans to combat the global downturn at the NPC, China’s legislature….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Bloomberg: Commodities jumped the most this year on speculation that China will increase stimulus spending to bolster economic growth, reviving demand for energy, metals and crops. Crude oil led the rally, soaring 9 percent.

An official said Chinese Premier Wen Jiabao may announce new measures to spur expansion, adding to a 4 trillion yuan ($585 billion) spending plan. A U.S. government report today showed an unexpected decline in petroleum inventories last week as OPEC cut production. Oil futures rose to a five-week high….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Resourceinvestor.com: Worldwide depression? Maybe for those over-leveraged in the auto industry, housing, and other fixed assets with huge debt loads but definitely not for those involved in worldwide industrial projects from what I read and see happening.

Many investors are obviously running scared and you can’t blame them with the endless media fear-mongering going on and especially from the new U.S. President and his so- called dream team….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Moneyweek.com: Anyone with doubts about the voracity of the collapsing global economy, only needs to look at the CRB Index, an index of commodities, to see that something truly important and very serious has happened.

Since December last year, a base formed as commodity prices stopped falling. That base has now been violated and unless it recovers quickly, is almost certainly a harbinger of further global economic decline. Of all the charts we look at, for the time being we think this is key….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Reuters: Commodity producing companies with low-cost operations are undervalued and offer potential for high returns even if commodity prices stay low, a U.S.-based fund manager said on Wednesday.

Mackenzie Davis, a co-portfolio manager of the RS Global Natural Resources Fund, said investors don’t need a view on the direction of prices to find good investment opportunities among companies in the natural resources sector….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: If they can get oil at $60 to $70 a barrel, that’s certainly going to help retard the push toward alternative fuels, because regardless of the 911 school or the Al Gore school, if oil goes back, or gasoline goes back to $4 a gallon, if home heating oil goes back to $4, you know what?

You can put the environment to the side – Americans are going to want the cheaper energy source. That is the one balancing act that both the governments and OPEC now have to try to play off one another….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From BBC: Oil prices have risen nearly 9% after the US government reported an unexpected drop in crude stocks and an increase in demand for petrol. Prices were also supported by a rise in China’s manufacturing index. China is the second biggest oil consumer.

US light crude rose by $3.73 to $45.38. Brent crude added $2.42 to $46.12. …. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Peakoil.com: Ecuador sees no need for OPEC to cut oil output during its next meeting on March 15, Oil Minister Derlis Palacios said on Wednesday.

Palacios said state oil company, Petroecuador, had cut the OPEC member’s production by 10,000 barrels per day to comply with the cartel’s decision to reduce world supply to lift oil prices. He said another 8,000 bpd in state production will follow. …. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Guardian: Hard-pressed energy consumers face a “worryingly high” bill of £4.7bn to pay for the cost of hooking up wind farms and new nuclear power stations to the UK’s electricity grid network over the next decade, it was made clear today.

A report from a joint government, industry and regulatory group said that 1,000 kilometres of new cables were needed in what would be the biggest expansion in the network for half a century….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Zawya.com: March price for propane will be at USD 470 per metric ton and that for butane will be at USD 450, said Kuwait Petroleum Corporation (KPC) on Wednesday.

In a press release announcing the new prices for liquefied petroleum gas (LPG) in March, KPC said propane was being sold at USD 35 less than its February price, which was USD 505….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From FT: In the commodity pits and the electronic dealing rooms that are supplanting them, US natural gas traders require an extra dose of intestinal fortitude to deal with sometimes astounding volatility.

They will need it this spring and summer as an epic bust is likely to get even worse when heating demand fades. A smaller-than-normal drawdown of stockpiles this winter threatens a summer glut….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Metro.co.uk: A “clean energy crunch” may come hard on the heels of the credit crunch as the impact of recession hits attempts to hold back global warming, say experts. World economic growth is no longer on track to avert the worst impact of climate change, according to new research.

Reduced carbon emissions due to lower economic activity will be outweighed by the negative effect of clean energy funding drying up, said a report from leading clean energy and carbon market analysts New Energy Finance (NEF). …. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Nationalpost.com: Canada and the United States will ensure there is co-ordination and no duplication in $7-billion worth of technology projects — $3.5-billion on each side of the border — aimed at reducing carbon emissions from coal-fired power plants and the Alberta oil sands, Jim Prentice, the Environment Minister, said yesterday.

He made the comment during a news conference in Washington, where he announced Canada-U. S. government working groups will be established to follow up on the “clean-energy dialogue” agreed to during U. S. President Barack Obama’s recent meetings with Prime Minister Stephen Harper in Ottawa….. Full Article: Source
A SQUARE’s recent webinar on carbon-led investing - with voice-over (which non-A SQUARE subscribers can purchase individually) can be accessed here:
http://www.opalesque.com/asquare/509/Webinar_Carbon_Led_Investing.html

Posted on 05 March 2009 by VRS |  Email |Print

From Stuff.co.nz: Climate Change Minister Nick Smith says changes to the Government’s emissions trading scheme (ETS) may be necessary to prevent an exodus of industry across the Tasman.

Dr Smith told a parliamentary select committee reviewing the scheme, and 266 public submissions made on it, that the ETS needs to be “harmonised” with Australia’s….. Full Article: Source

A SQUARE’s recent webinar on carbon-led investing - with voice-over (which non-A SQUARE subscribers can purchase individually) can be accessed here:
http://www.opalesque.com/asquare/509/Webinar_Carbon_Led_Investing.html

Posted on 05 March 2009 by VRS |  Email |Print

From Weeklytimesnow.com.au: The carbon express is rolling. While a political brawl over emissions trading gets more farcical, events at home and abroad keep us focussed on the rapid developments in this new industry.

An Australian Farm Institute study released last week found the Federal Government’s Carbon Pollution Reduction Scheme could cost the farm sector $2.4 billion a year by 2020, and $10.9 billion a year by 2030….. Full Article: Source
A SQUARE’s recent webinar on carbon-led investing - with voice-over (which non-A SQUARE subscribers can purchase individually) can be accessed here:
http://www.opalesque.com/asquare/509/Webinar_Carbon_Led_Investing.html

Posted on 05 March 2009 by VRS |  Email |Print

From Commodityonline.com: A further tempering of investment demand brought gold prices closer to the lower end of their overnight trading range and the metal appeared poised to test $900 once again, as a result. At least for today, such a test may have to wait.

A global rally in equity markets turned would-be gold buyers into actual stock buyers following China’s unveiling of another Great Wall (of Money) intended to stem the slippage in its economy….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Telegraph: The gold price rose today, halting a seven-session losing streak and leading other precious metals higher, on signs that the US recession is deepening. “The capital-market environment and real economy prospects are not very favourable,” making it a good time to invest in gold, Bayram Dincer, a commodity analyst at Dresdner Bank in Zurich, said.

“Gold investment demand will start its dynamics again and push prices well into four- digit levels. It is just a matter of weeks when gold races over the record top.” …. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Mineweb.com: The past 12-month performance of 947 listed resources stocks around the world shows unequivocally that gold and silver stocks not only dominate relative outperformance within the broader resources sector, but that these stocks also qualify to rank as the top outperformers across all equity subsectors.

On the flip side of the coin, there are some very sorry looking underperformers at the other end of the scale among 18 resources subsectors….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Reuters: Molybdenum prices will stay low at between $10.50-$11 a lb this year because of weak demand from steel makers, but in 2011 it will rise to above $20 as demand rebounds, U.S.-based CPM Group said on Wednesday.

Douglas Horn, commodity analyst at CPM said global stimuli packages will help boost prices of molybdenum, a byproduct of copper, to around $16 in 2010….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From FT: Copper led a rally for the base metals sector yesterday amid expectations that China would announce new spending plans for infrastructure and manufacturing today on top of the stimulus plans which were unveiled in November.

Copper jumped 6 per cent to $3,750 a tonne yesterday, up 22.1 per cent since the start of the year. Copper stocks at London Metal Exchange warehouses fell 4,850 tonnes yesterday and have dropped 22,000 tonnes over the past week….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Dubaichronicle.com: The metals ended the New York trading day broadly lower and prompted by the need of traders to raise capital for the massive margin calls generated by yesterday’s steep stock market decline.

Silver ended the day at $12.72 off 36 cents.Gold was down $26.00 to $912.00. Palladium continued to trade in calm fashion losing $1.00 at $196.00. Platinum closed at $1029.00 down $38.00 per ounce.Trading volume was moderately heavy….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Commodityonline.com: Were exchange traded funds (ETFs) and speculative funds responsible for the sharp jumps and volatility in commodity prices seen last year?

It is no surprise that huge chunks of speculative money flooded the crude oil futures market in 2008 sparking a bull run for black gold and sending the commodity’s price all the way up to $147 per barrel, only to see it fall back down to around $45 per barrel, probably closer to its intrinsic value….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Smartmoney.com: Bullish investors bought stocks Wednesday, putting the S&P 500 back over the 700 level and reversing five straight down trading sessions. The rally was sparked overnight by revelations China may soon announce another stimulus plan to kickstart the world’s third-largest economy.

Traders also got fresh details on a new White House mortgage rescue plan….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Xinhua: The dollar fell against most major currencies on Wednesday. The euro bought 1.2639 dollars in late New York trading compared with 1.2590 dollars late Tuesday. The pound rose to 1.4156 dollars from 1.4077 dollars.

The dollar fell to 1.2737 Canadian dollars from 1.2880 Canadian dollars, and fell to 1.1715 Swiss francs from 1.1748 Swiss francs. …. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From IHT: As the British government prepares to unleash a flood of cash in a bid to restart the economy, the pound may stagger to lows against the dollar not seen for a quarter-century.

The pound has remained resilient in recent weeks but fresh economic headwinds are dictating a new decline against a broadly bullish dollar. The catalyst for that may come when the Bank of England embarks on unconventional measures to keep borrowing costs low….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Reuters: Two major Indian commodity exchanges have changed their trading hours due to sun outage, circulars on their Web sites said.

National Commodity and Derivatives Exchange will extend the trading session for agri commodities (except robusta cherry coffee) by 45 minutes from Monday through Saturday, between March 5 and March 20….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

Phoenix Partners Group, a leading interdealer credit and equity derivatives broker, announced today the initiation of environmental brokerage services for the renewable energy and emissions markets worldwide. The unit is based in New York and will launch a London desk shortly.

The environmental broking services (EBS) unit provides a full range of products and services designed to enable corporations, financial institutions and project developers to implement optimum trading strategies in the voluntary and compliance environmental markets worldwide….. Full Press Release: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Mondovisione.com: Oslo Børs has approved the admission to listing of the securities funds ABG Sundal Collier Oil Derivative Long and ABG Sundal Collier Oil Derivative Short. These funds are what are known as exchange traded funds, and are the first funds based on commodity prices to be listed on Oslo Børs.

As an important exchange for energy-related securities, Oslo Børs is confident that investors will find funds of this type to be an attractive product. The first day of listing for the two funds will be 5 March 2009….. Full Article: Source

Posted on 05 March 2009 by VRS |  Email |Print

From Reuters: Canadian Scotiabank on Wednesday said it has acquired select assets and 60 employees from UBS Energy, including trading technology.

The terms of the deal, which does not include any of the Swiss UBS subsidiary’s trading books of business or regulatory licenses, were not immediately available….. Full Article: Source

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