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Commodities Briefing 30.Mar 2009

Posted on 30 March 2009 by VRS |  Email |Print

From WSJ: A proposal by U.S. commodity-market regulators to toughen oversight could change how some of the biggest traders operate. The Commodity Futures Trading Commission this past week published a so-called concept release, usually an early step toward a new regulation, that raises the possibility of capping the positions that certain financial traders can take.

The release comes after months of criticism leveled against the agency by lawmakers, who said the CFTC’s lack of action to rein in excessive speculation last summer propelled prices on energy and agricultural commodities to record highs…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Moneyweek.com: “A wave of bullish sentiment” has swept the raw-materials markets, says Barclays Capital. The benchmark CRB index jumped by more than 7% last week and has hit a two-month high. Oil and copper have led the advance, reaching four-month highs above $50 a barrel and $4,135 a tonne respectively.

The red metal has gained more than 30% this year. Softs have risen too, with corn and soybeans at five-week highs…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From The Australian: The Australian share market closed higher yesterday as the big miners drove the bourse into positive territory. The benchmark S&P/ASX200 index rose 25.7 points or 0.7 per cent to 3672.3, while the broader All Ordinaries gained 29.3 points or 0.82 per cent to 3615.6.

At the close of day trading on the Sydney Futures Exchange the June share price index contract was 12 points higher at 3677, on a volume of 21,076 contracts…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: I like the Asian currencies, the Japanese yen and the Singapore dollar. In Europe I like the Norwegian kroner and the Swiss franc. I also like the New Zealand dollar and the Australian dollar. I also favor any currency that’s pegged to the dollar, as long as it unpegs.

We believe the U.S. dollar is in a major long-term bear market, and as such, recommend keeping exposure to the dollar at an absolute minimum…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Farmersguardian.com: World prices for dairy commodities could stabilise – or potentially increase – in the wake of falling production. While acknowledging the possibility markets could come back into better balance, DairyCo however, points out significant stocks of recently accumulated product, would still need to be cleared before prices could increase significantly.

As already reported, UK production is looking like being 12 per cent (12,750 million litres) below quota…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Worldcurrencywatch.com: Any type of inflationary cycle is bad news for the buck, and all the other dollar-based investments in your retirement plan. But there’s another foreign currency you can use to minimize your exposure to the buck.

Remember, the best “anti-dollar” out there is the euro. Since the U.S. Fed is bent on printing money, and there’s nothing that you or I can do to stop it, we might as well benefit from the outcome by essentially selling dollars and buying euros…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Timesonline.co.uk: The current turmoil in the world’s stockmarkets has prompted a rush for safe havens where investors can shelter from the financial storms.

One of the favoured safe havens is gold, which has been much in demand in recent times. The bullion price has been pushed close to $1,000 a troy ounce in the past six months as investors have switched their money out of shares…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Insidefutures.com: While not the safe haven it used to be for traditional investors, the gold market is a good place for Option Writers to collect high percentage premium in early 09.

For the traders among us who want to write puts but are not totally convinced that commodities have made a low, the Gold market may be your salvation…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Resourceinvestor.com: Gold gets most of the press and silver always seems to be in second place, and it will probably stay that way until we get to the blow-off phase of this precious metals bull market. During the panic buying phase or mania that accompany the blow-off phase, gold will be outside the price range of many people.

Anyone seeking any protection from the destruction of the U.S. dollar will buy whatever they can, and that is silver…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Gulfnews.com: Platinum rose to a six-month high in London on speculation that demand for the metal used in autocatalysts will strengthen. Gold was little changed.

Aquarius Platinum Ltd, the fourth-biggest platinum producer in the world last year, rose the most in four months in London trading on plans to raise as much as $249 million (Dh914 million) from bond and share sales to buy Ridge Mining Plc…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Mineweb.com: Few metals - or commodities - have bounced by 50% or more from trough prices, typically seen around October 2008; among them may be counted platinum, silver, lead (a small base metal) and cocoa.

For platinum miners, the return to some respectability of key platinum group metal (PGM) prices may have averted a general and painful disaster within the specialised global subsector…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Theglobeandmail.com: Copper ended down Friday, backing away from a near five-month peak, as a general commodity downturn and uncertainties about the strength of real demand from manufacturers, particularly in China, weighed on values.

“We seem to have a little commodity malaise that’s everywhere today, from gold to cocoa,” said Sterling Smith, vice-president with FuturesOne in Chicago. “They all had little bumps lower, which I think was just some money coming off the table.”….Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Mineweb.com: There’s no question that over the past month, listed copper stocks have attracted the strongest positive investor portfolio flows in the mining space of global equity markets, with leading lights including the likes of Yunnan Copper, Jiangxi Copper, and copper-gold names First Quantum and Pan Australian.

The MSCI Barra Dollar Index for all global equities has risen by a stiff 23% from multi-year lows seen earlier this month; listed copper stocks, by contrast, have bounced by an impressive 143% over a slightly longer period…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Bloomberg: Deutsche Bank AG raised 2009 price targets for most base metals including copper on expectations the global economy will stabilize, while cutting calls for next year and 2011 on “a slower than previously expected recovery”.

Copper may average $3,288 a metric ton this year, 17 percent higher than an earlier forecast, the bank’s analysts led by Michael Lewis wrote today in a quarterly report…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Zawya.com: Opec ruled out a fourth output cut at its meeting early this month because it does not want to trigger a sharp rise in prices that would further damage global oil demand, a key energy research centre said yesterday.

Instead, the world’s oil superpower Saudi Arabia and other key members of the 12-nation Organisation of Petroleum Exporting Countries stressed the need for compliance with recent decisions on output reduction to prevent a further slide crude prices, the London-based Centre for Global Energy Studies (CGES) said in its monthly market report…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Building.co.uk: Renewable energy heads were dismayed by a speech given by UK energy minister, Mike O’Brien, yesterday and accused him of leaving the future of renewables firms hanging in the balance.

Instead, the minster asked industry to trust that government was listening to their concerns and would make an announcement shortly…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Climatechangecorp.com: Boom and bust cycles - the signature of the financial markets - threaten to destabilse the carbon price say FOE.

Friends of the Earth have put together a new report on the carbon market, criticising it for its lack of long-termism…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Xinhua: China’s first environmental resources exchange opened Friday in Wuhan, capital of central China’s Hubei Province.

It is the country’s first business to facilitate transactions of companies’ pollutant quota. For example, a company has limits to how much it can pollute. If it does not reach that limit, it can now sell it’s excess allowance to smaller companies…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Chinadaily.com: Central bank governor Zhou Xiaochuan’s recent call to replace the US dollar with a new global currency is gaining traction within the international community.

Joseph Stiglitz, a Columbia University economics professor who heads a United Nations expert panel, said a reserve currency system based on an International Monetary Fund (IMF) unit instead of the US dollar, like what Zhou has proposed, could be phased in within a year…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Cbc.ca: China wants to create a new currency for international finance reserves to help deal with the global credit crunch.

Now, some economics watchers see that notion as self-serving, others as timely. But whatever the majority opinion of China’s grand idea, the single currency theory certainly isn’t new…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Forbes: Investment funds are a bit like suits. Some fit just fine off the rack, others need a few alterations. Unfortunately, you can’t call your mutual fund manager and ask him to make a few changes to the fund’s portfolio to suit your tastes.

But you can do the next best thing: use exchange-traded funds as building blocks to create a customized portfolio of your own design. International ETFs are especially interesting in this respect. It wasn’t long ago that countries like Turkey, Chile or Malaysia were essentially off limits to small investors…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Etfexpress.com: Exchange-traded commodities experienced a large rise in inflows last week, with total inflows up USD168m and assets under management up USD690m, according to ETF Securities.

Net inflows have risen by USD3.3bn since mid-November, more than compensating for USD1.8bn of outflows during the financial market meltdown in the second half of last year…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Reuters: Noncommercial or speculative investment funds on the New York Mercantile Exchange increased their net short natural gas futures exposure by more than 5,800 contracts for the week ended March 24, the Commodity Futures Trading Commission said on Friday.

The report showed funds holding 121,018 net short futures, up 5,831 contracts from the previous week’s total of 115,187…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Structuredproductsonline.com: Lyxor Asset Management, a wholly owned subsidiary of Société Générale (SG) has launched its first exchange-traded note (ETN), the Lyxor ETN Long Gold, which is listed on the London Stock Exchange (LSE). The note is designed to track, in real time, the performance of the gold spot price quoted in US dollars per troy ounce.

Lyxor ETNs are secured notes guaranteed by SG and 100% collateralised with Standard & Poor’s AAAf-rated euro government bond funds or government bonds from the Euro zone…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From WSJ: India’s fourth national commodities exchange and a new currency exchange are likely to start operations in June and July respectively, MMTC Ltd., a partner in both the ventures, said Friday.

The state-run trading house is partnering Indiabulls Financial Services in the commodities exchange…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Nawindpower.com: Phoenix Partners Group, an interdealer credit and equity derivatives broker, has introduced an electronic trading platform for renewable energy certificates (RECs).

The Web-based platform provides a real-time forum for buyers and sellers of RECs to review available inventory and place bids or offers for all tradeable REC programs from a single online screen…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Allafrica.com: The exchange was established in 2001. It is a conversion of the Abuja Stock Exchange to commodity exchange. We were able to put together the spot market which started operation on the 25th of July 2006. We are trading in six commodities and the trading was running at both Abuja and Kano.

The problem we are faced with since we started has to do with market liquidity. The market has been illiquid. What I mean here is that the transaction that goes through the floor of the exchange is very few. And we need to do a lot to improve on the volume of transaction…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

CME Group Inc., the world’s largest and most diverse derivatives exchange, today announced the E-miniR gold kilo and E-mini silver 1,000 ounce futures contracts, scheduled to begin trading on April 19 for trade date April 20. These contracts are listed with, and subject to, the rules and regulations of NYMEX. The products will be available only on the CME GlobexR electronic trading platform.

“As CME Group continues to globalize its innovative product mix, the new E-mini gold and silver contracts will now allow a broader customer base, including institutional trading firms based in Asia, to hedge its risk in the precious metals markets,” said Joe Raia, CME Group Managing Director of Energy and Metals Products and Services. “In addition, our customers continue to seek the security of CME Clearing and the capital efficiencies of cross-margining against our benchmark gold and silver futures contracts to manage their risk in these volatile economic times.”….Full Press Release: Source

Posted on 30 March 2009 by VRS |  Email |Print

From Bloomberg: Global sugar consumption may exceed production by 2.5 million metric tons in the year that starts April 1, researcher Kingsman SA forecast today.

Worldwide use will reach 166.21 million metric tons as production rises to 163.71 million tons, Kingsman said today in a report. The Lausanne, Switzerland-based company’s forecast was the first for the 2009-2010 marketing year that begins next week…..Full Article: Source

Posted on 30 March 2009 by VRS |  Email |Print

From BBC: The UK economy shrank even more than expected in the last three months of 2008, revised official figures show. The Office for National Statistics (ONS) said the economy shrank by 1.6% compared to the third quarter.

That was the biggest fall in GDP (gross domestic product) since 1980 and more than an earlier 1.5% estimate…..Full Article: Source

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