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Commodities Briefing 18.Mar 2009

Posted on 18 March 2009 by VRS |  Email |Print

By Benedicte Gravrand, Opalesque London: Swiss commodity funds house Krom River launched the Krom River Commodity Systematic Fund on 2nd March with $16m. Krom traded the systematic strategy within their flagship fund, the Krom River Commodity Fund, during 2008, and then launched the program as a separate fund open to new investors.

The returns from live trading of the strategy which received an allocation of 2% of assets of the otherwise discretionary Krom River Commodity Fund amounted to 10.73% from Jan-08 to Feb-09, with an annualised volatility of 11.55%….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Reuters: There is virtually no euphoria about the sharp fall in inflation in the past six weeks. That is because, for most people, there has been a steep increase in the cost of living.

Inflation had reached its peak in August when prices were rising at the rate of more than 13 per cent. Until October inflation remained at double digit level and in January touched the acceptable 5 per cent, dropping further to 2.4 per cent by the end February. …. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Istockanalyst.com: China’s commodity market is prepared for a bull run that may last three to five months on fundamental supports from macro economy as well as from industries, said an analyst with Xinhu Futures, adding the past period of panic selling has gone over.

Economic indicators are improving. China’s PMI reached 49 in February, up 3.7 points over the previous month. It has climbed by three straight months after touching the bottom of 38.8 in November last year. The February industrial added value increased 11 percent year on year….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Amm.com: China’s demand for metals is expected to rise at a “single-digit rate” in 2009, far below growth rates of more than 20 percent in recent years, Anglo-Australian miner Rio Tinto said in its annual report.

This “will not be enough to offset a much bigger decline in consumption in other markets,” it said, painting a bleak commodity price outlook for the rest of the year….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Reuters: The impact of recession on the global carbon market was evident at a Point Carbon emissions trading conference this week, with attendance down about a fifth from recent boom years.

Like equity, debt and other commodity markets, the value of emissions permits has sagged in the last six months, sapping momentum from one of the world’s newest markets which has almost doubled in value year on year since its inception in 2004….. 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 18 March 2009 by VRS |  Email |Print

From Bloomberg: United Nations emissions trading needs to be less “patchy” to win U.S. backing, an EU official said today at the Carbon Market Insights conference in Copenhagen.

The UN clean development mechanism, the second-biggest emissions trading market, “needs to be administratively less cumbersome” and “more ambitious,” said Jos Delbeke, deputy director general of the European Commission’s environment unit….. 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 18 March 2009 by VRS |  Email |Print

From Mondaq.com: On 6 March 2008, the UK government (BERR and DECC) launched the ‘Low Carbon Industrial Strategy: a Vision’. A public consultation on the draft paper began on Friday and aims to gather responses from stakeholders to inform the final strategy paper, which the government intends to publish this summer.

The government intends the above to be used to help define government policy going forward and impact a wide variety of industries….. 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 18 March 2009 by VRS |  Email |Print

An alarming 60 percent of respondents to a recent carbon market survey, all of whom work within companies with carbon trading operations, report having scaled back, delayed or cancelled carbon credit project investments as a consequence of the economic slowdown.

Some 87 percent of the respondents predicted a European Union Allowance (EUA) price of below €25 ($32) in 2010….. Full Press Release: 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 18 March 2009 by VRS |  Email |Print

From Timesonline.co.uk: Royal Dutch Shell provoked a furious backlash from campaigners yesterday when it announced plans to scale back its renewable energy business and focus purely on oil, gas and biofuels.

Jeroen van der Veer, the chief executive, said that Shell, the world’s second-largest non-state-controlled oil company, was planning to drop all new investment in wind, solar and hydrogen energy. …. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Indiatimes.com: The Organization of Petroleum Exporting Countries (OPEC), responsible for nearly 40 per cent of global oil supply, has decided to keep its crude oil production quota unchanged in its latest meet.

However, if the member countries adhere to the compliance ratio–the compliance of group members to practice decided production cut–the short term supply squeeze is expected to support the prices well. …. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Allafrica.com: Global oil demand forecast appears at the verge of a further review of their estimates for this year as the global economy continues the plunge.

The American energy industry watchdog, International Energy Agency (IEA), which advises 28 industrialized countries, appears set to release its monthly report on this week, reflecting estimates for world economic growth by the International Monetary Fund (IMF)….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Laht.com: According to the Venezuelan government, OPEC’s goal is to get the price of oil up to at least $50 dollars a barrel by the end of May, when the organ will hold a new meeting to evaluate the market’s behavior. The Organization of Petroleum Exporting Countries (OPEC) decided on Sunday to maintain unchanged current oil output.

“The goal isn’t just to stop the tumble in oil prices but to recuperate them,” Venezuelan President Hugo Chavez said Sunday in his weekly television address. “We’ve halted the tumble in prices. They were on their way below $30.”…. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

The Hennessee Group LLC, an adviser to hedge fund investors, believes silver is currently underpriced relative to gold and is therefore advising clients to accumulate positions in the precious metal. Charles Gradante, Co-Founder of the Hennessee Group, stated “While we see both gold and silver as safe haven investments, particularly as a hedge against the longer term risk of hyper-inflation, we believe gains in silver will outpace gold.”

Gradante added, “The gold to silver ratio has reached elevated levels in recent months due in large part to gains in gold. And while we expect gold to continue experiencing gains, we anticipate silver to outperform on a relative basis and lead to a reversion in the gold to silver ratio.” …. Full Press Release: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Bloomberg: Gold futures fell for the second straight day on speculation the economy will improve, eroding the appeal of the precious metal as a haven. Silver also declined.

U.S. housing starts surged last month from the lowest level ever, a signal that the real-estate slump may be nearing an end….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Livemint.com: India’s gold demand was weak on Tuesday as buyers stayed away on hopes of more falls, traders said.
“We are not able to sell even one gram of gold. The local demand is very bad and everyone is waiting for lower prices,” said Ranjeeth Rathod, a director with Chennai-based wholesaler, MNC Bullion….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Bloomberg: Platinum gained in New York on speculation that demand for the metal may increase as U.S. housing starts unexpectedly surged in February and wholesale prices rose. Palladium fell.

Work began on 583,000 homes, on an annual basis, up 22 percent from January, the biggest jump since 1990, as multi- unit building surged, the U.S. Commerce Department said today. …. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Bloomberg: Copper fell from a four-month high on signs that metal inventories may rise as imports outpace demand in China, the world’s biggest user.

Canceled warrants, or the amount of copper set to be taken out of warehouses monitored by the London Metal Exchange, plunged 58 percent in the past six days, signaling stockpiles may gain. Supplies in South Korea rose today, snapping 17 straight declines….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Marketoracle.co.uk: The PowerShares DB Commodity Index ETF (DBC) has gapped up this morning, mostly because the energy complex is up significantly, but so are the grains, too, which has propelled the index above key near-term resistance at 19.50 – on the way to test a “flattening” 50 DMA (now at 19.85).

Let’s keep in mind that 55% of the DBC is comprised of crude and heating oil, which enables us to participate in the energy complex. Key near-term resistance resides at 19.85-20.00, which if hurdled and sustained should trigger additional strength the projects to 21.25/50 thereafter….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Commodityonline.com: With oil prices plunging, there was a huge inflow of funds into oil exchange traded funds (ETCs) of ETF Securities Ltd even outpacing the flow of funds into ETFS physicaly-backed gold ETCs.

Since the beginning of the year oil ETCs have seen $898mn of inflows and $1.3bn since 1 November 2008. Flows into oil ETCs have surpassed even the $1.2bn of flows into ETFS’ physically-backed gold ETCs since November, highlighting extremely bullish investor sentiment towards oil returns….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Ttglive.com: The Thai baht was the third most-bought currency by British holidaymakers in February, according to one foreign exchange provider.

It was the first time the currency had broken into the top three and showed Brits were seeking destinations offering value and warmth, said International Currency Exchange….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Pravda.ru: Russia unexpectedly supported George Soros’s idea to turn the drawing rights of the IMF into the world’s supercurrency. The idea is clear: the dollar is too risky to become the stronghold of the financial system. One should not forget who runs the show at the IMF.

Russia plans to ask the International Monetary Fund to study the possibility of creating the sub-national reserve currency. The plans also stipulate the diversification of the currency structure of reserves, operations of national banks and international financial organizations….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From China Knowledge: The Shanghai Futures Exchange (SHFE) will test a system for reinforcement-bar and wire-rod futures trading from Mar. 19 to Mar. 25, in a move to expand the range of contracts it provides, the Shanghai Daily reported.

The test will involve simulations without any real trade taking place, said SHFE in a statement on its website, adding the exchange will set a daily fluctuation cap of 5%….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Theaustralian.news.com.au: Seven years ago, Warren Buffet famously likened derivatives to “weapons of mass destruction”. Today the billionaire investor is back in the derivatives game and making his own bets.

The Berkshire Hathaway chairman revealed last month that the company was now party to 251 derivative contracts and applying long-term bets on a range of stock market indices and credit default swaps on individual companies. …. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

From Bloomberg: Corn fell from a seven-week high on speculation that demand is slowing as U.S. farmers, the world’s biggest growers, increase sales from last year’s harvest to pay bills before planting the 2009 crop.

Inspections of corn for export fell 34 percent in the week ended March 12, U.S. Department of Agriculture data show. As demand slows, farmers may have stepped up sales to take advantage of a rally in the price of supplies for immediate delivery….. Full Article: Source

Posted on 18 March 2009 by VRS |  Email |Print

Macquarie Group today announced that Jan Stuart will join Macquarie as Global Oil Economist, further strengthening Macquarie’s growing specialist equities platform in North America. The senior appointment will offer deep expertise and valued analysis to clients of Macquarie’s equities and commodities businesses around the world.

Jan Stuart is globally regarded as a leading and influential oil economist and analyst. Mr Stuart brings a depth of experience in commodities research leadership roles, most recently as Global Oil Economist at UBS Securities. …. Full Press Release: Source

Posted on 18 March 2009 by VRS |  Email |Print

Aqua Resources Fund Limited, the closed–ended investment company managed by FourWinds Capital Management established to invest in global water opportunities, announced today that it has entered into certain arrangements with regard to an investment of up to approximately 15 per cent of the fully diluted share capital of Bluewater Bio International a company incorporated in the Cayman Islands and involved in the design and marketing of an advanced biological solution for the treatment of wastewater.

BBI focuses on selling its proprietary wastewater technology, HYBACS, to both the municipal treatment sector and to industrial consumers and polluters of water….. Full Press Release: Source

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