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Commodities Briefing 17.Mar 2009

Posted on 17 March 2009 by VRS |  Email |Print

From Bloomberg: Commodities and emerging market stocks and currencies are likely to lead any further rebound in markets, Merrill Lynch Global Wealth Management said.

Raw materials may benefit from production cutbacks and consumers running down stockpiles, Gary Dugan, chief investment officer for Europe, Middle East and Africa, said in an e-mailed report today. …. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Reuters: Commodity costs may be off their record highs and consumers may be struggling, but that doesn’t mean food manufacturers are about to slash prices.

Many companies such as Campbell Soup Co and Hormel Foods Corp are still locked into contracts struck when prices of ingredients such as wheat, corn, beef, pork and packaging materials were at sky-high levels….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Examiner.com: Oil and Gold have been putting on a bit of a bull run. OK, this isn’t news on Gold, but Oil has been a little surprising. Interesting note on both of these charts is that the GLD etf just bounced off of its 50 day moving average and Oil is fighting to get above the 50 dma.

I trust gold here more than oil. But the analysts in the video talk about a “reflation” story - and if that happens, get long oil….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From AFP: China’s long-term growth will remain a major driver of demand for commodities despite the dramatic global economic downturn, mining giant Rio Tinto said Tuesday.

Economic growth in China is expected to slow further in 2009 before investment starts to gain strength in the second half of the year, the Anglo-Australian company said in its annual report….. Full Article:

Posted on 17 March 2009 by VRS |  Email |Print

From MSN: The Mexican government plans to raise duties on U.S. commodities such as rice, beans, wheat and beef by $2.4 billion in retaliation for Congress denying Mexican longhaul trucks access to U.S. roads.

Republican members of the House Ways and Means Committee announced the increased duties Monday. Spokesmen for Democratic members and for the Mexican ambassador to the U.S. were not immediately available….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Thestreet.com: Exchange-traded funds that invest in commodities, particularly precious metals, are holding their own this year after being pounded in 2008.

Inflation-fearing investors are turning to these funds as the economy fights its worst decline since the Great Depression….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Commodityonline.com: The City of Gold — Dubai — witnessed a major event last week when Nasdaq Dubai and World Gold Council launched its first gold exchange traded fund (ETF).

Considering the increased demand for gold across the globe, the Dubai Gold ETF , which is both Shariah- compliant for Islamic investors and 100 per cent backed by physical, allocated gold, is expected to lure a lot of investors soon….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Bigtrends.com: The relationship between Gold and Oil prices has long been examined and there are many theories about it. Let’s take a look at the recent relative performance of these 2 key bellwether commodities and see if any trend changes are emerging.

We will use USO as a proxy for Oil, USO is the U.S. Oil Fund ETF which seeks to reflect the spot price of West Texas light sweet crude oil. For Gold, we will use GLD, which is the SPDR Gold Shares ETF that emulates thte Gold Bullion price….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: OPEC producing about 3.36 million barrels per day less currently than it was in September – and oil prices have settled into a somewhat steady level of $35 to $45 per barrel.

OPEC members can’t be happy about that – but they are in some ways stuck between a rock and a hard place. Yes, oil prices are low, but they could be worse. Compared to December 22’s closing price of $30.81, Friday’s close at $46.25 is manna from heaven….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From FT: Oil prices rose on Monday after Opec decided to maintain its current output quotas at its weekend meeting in Vienna but left the door open for more supply cuts this year if the market remained weak.

Abdalla el-Badri, Opec secretary-general, said: “We took into consideration what is happening in the world.” He warned that the cartel could take “drastic action” at its next meeting in May if prices stayed low….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Arabianbusiness.com: OPEC oil producers may be forced to take a “drastic decision” when they meet again in May if oil prices are still very low, OPEC Secretary-General Abdullah Al Badri said on Monday.

Badri told Reuters Financial Television in an interview that oil prices, now trading between $40 and $50 per barrel, were well below the level needed by the oil industry to allow vital investment….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Commodities-now.com: It may seem contradictory. But according to both industry and environmental groups, the discrepancies in policies can be explained. At issue: cap-and-trade.

Those strategies use the free market to reduce air emissions. And while the Obama administration supports such an approach when it comes to cutting carbon dioxide (CO2) emissions, it does not do so as it relates to mercury emissions. …. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Commodityonline.com: Global meltdown has affected investments in projects to curb Greenhouse gases in poorer regions as many of the renewable energy projects in developing nations such as India and China need huge investments for implementation.

This in turn has also hurt the carbon emissions trading market which is expected to grow at 33% in 2009 compared to 84% in 2008 and 107% in 2007….. 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 17 March 2009 by VRS |  Email |Print

From Guardian.co.uk: The government ran into a storm of criticism yesterday after quietly closing its grant programme for solar energy last week, which campaigners said made a mockery of its commitment to build a low-carbon economy.

The controversial low-carbon buildings programme is a grant system aimed at boosting renewable energies including wind, biomass and solar. It was due to close this summer….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Fleetstreetinvest.co.uk: Take a walk to the end of the pier in the port of Newcastle, in New South Wales, Australia, and you’ll see something strange… There’s no stream of ships being loaded with freights of raw materials, as there was last summer. Now they’re lying, empty and idle offshore. It’s a sign of the times…

In Australia, commodities are the life blood of the economy. So it’s little wonder that there have been long faces down there. The price of coal has tumbled 60% from its peak a year ago….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Reuters: Sentiment on the LME metals complex is still trapped between the conflicting signals coming from East and West, resulting in choppy, consolidatory price action last week.

However, downside momentum has stalled across the board with predators now looking for “relative value” plays with one eye firmly on the stale short positions ccumulated by the CTA fund community….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Mondaq.com: The past year has been a volatile one for the global metals industry—to say the least. Plummeting commodities prices, frozen credit markets, and diminishing demand has caused many metals manufacturers to take drastic measures in order to survive.

What lies ahead for the sector? To find out, Deloitte Touche Tohmatsu’s (”Deloitte”) Global Manufacturing Industry Group turned to a panel of metals industry leaders, including Nick Sowar, Claude Martin, and Dick McLaughlin, for perspectives on the state of the global metals industry—and what to expect down the road….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Yourindustrynews.com: Mining and metals sector fundamentals continue to be compelling. A rundown in inventories and infrastructure-intensive stimulus packages around the world are likely to contribute to a new rally in the sector.

Released today, Ernst & Young’s annual review of mergers, acquisitions and capital raising in the sector, 2008: The year when cash was king, highlights the impact of the global financial crisis on the sector….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Mineweb.com: Ernst & Young’s annual review of M&A and financing in the mining sector forecasts that mining megadeals will continue to slow, while niche deals will increase.

In their report, which was made public Sunday, Ernst & Young also predicted a renewed focus on the mining sector by specialist funds….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Reuters: ETF Securities said inflows into its long-oil exchange-traded commodity (ETC) holdings rose by $90 million last week, bringing its total holdings to a record high $1.4 billion.

The company has seen inflows of $898 million into the ETC since the beginning of the year, head of research Nick Brooks told Reuters….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Bloomberg: Brazil’s real rose to one-month high as higher commodity prices boosted speculation that trade flows to Latin America’s biggest economy will increase.

The currency strengthened 1.1 percent to 2.2806 per U.S. dollar at 4:33 p.m. New York time, from 2.3051 on March 13. …. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Travelbite.co.uk: The big chill in February, along with tightened purse-strings, looks to have spurred UK travellers to escape the UK for destinations offering both value and warmth according to the latest currency trends from International Currency Exchange (ICE).

For example, the ICE monthly currency report features a new entry from the East Caribbean Dollar and puts the Brazilian Real in 7th position - with orders up 85 per cent on average….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From .Themoscowtimes.com: The Kremlin published its priorities Monday for an upcoming meeting of the G20, calling for the creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.

The International Monetary Fund should investigate the possible creation of a new reserve currency, widening the list of reserve currencies or using its already existing Special Drawing Rights, or SDRs, as a “superreserve currency accepted by the whole of the international community,” the Kremlin said in a statement issued on its web site….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Allafrica.com: We wish to continue from last week on the august discourse on the monetary institutes and policies that will ultimately see West Africa integrated under a single currency. This week we seek to proceed with the role and functions of the West African Monetary Institute (WAMI), thus:

The role and functions of the West African Monetary Institute (WAMI). 4- exchange rate mechanism and conversion rate…. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Nytimes.com: President Barack Obama’s choice to head the Commodity Futures Trading Commission, a nomination which raised concern among some lawmakers, cleared a hurdle toward Senate confirmation on Monday.

The Senate Agriculture Committee approved the nomination of Gary Gensler as chairman of the federal agency, sending it on to the full Senate. Though senators on the committee were polled individually, there was no customary vote count for and against, just a recording of no negative votes….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Indiatimes.com: The commodity market regulator FMC is taking steps to increase delivery volumes in the futures market where a bulk of the trade is settled in cash. It has decided to allow delivery of bulk commodities like sugar which are traded on the commodity futures exchanges, from warehouses or factory premises of the mills.

At present, deliveries take place through exchange accredited warehouses which involve a higher cost. According to Rajeev Agarwal, member, FMC, these premises may be declared as accredited warehouses by the exchanges only after they follow certain checks and balances….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Business-standard.com: Financial Technologies India (FTIL), promoter of the Multi Commodity Exchange (MCX), on Monday said that it would look at bringing in foreign partners to its stock exchange, but the bourse would have an India-focussed model.

FTIL, whose group entity MCX is the largest commodity exchange in the country, with about 90 per cent market share, set up its stock exchange, MCX-SX, recently….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Nazret.com A proposal of a scheme that entitles the Ethiopian Commodity Exchange (ECX) to facilitate inventory financed loans to small level farmers and suppliers has been devised.
Warehouse receipts will be used for loan guarantees in the proposal that is to be tabled to the board of directors. The idea is for the scheme to encourage those engaged in the grain exchange and other stakeholders who couldn’t access loans from financial institutions….. Full Article: Source

Posted on 17 March 2009 by VRS |  Email |Print

From Guardian.co.uk: The deteriorating outlook for economic growth and demand means the overall mood in commodity markets is sombre but sugar is an exception because supply is a problem, a fund manager told Reuters on Monday.

Adam Taylor, an analyst at Liongate Capital Management, said sugar stands out because there has been upward pressure on prices as India and the European Union are becoming net importers from net exporters….. Full Article: Source

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