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Commodities Briefing 01.Dec 2009

Posted on 01 December 2009 by VRS |  Email |Print

From Canada.com: Gold could test US$1,300 and commodities will remain strongly bid in 2010 as the U.S. dollar continues to weaken, Scotiabank commodities specialist Patricia Mohr says.

Strength in commodities was evident in October as prices recovered from their September swoon to rally 6.8%, according to Scotiabank’s monthly commodity-price index, released on Monday…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Ninemsn.com.au: Commodities prices struggled for direction on Monday, supported by India’s stronger-than-expected economic growth in the third quarter but weighted down by Dubai’s debts problems .

Traders are paying extra attention to Dubai because emerging markets are the main driver of growth in demand for commodities and its debt woes could be a sign that other nations could run into problems…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Monstersandcritics.com: Major US stock indices booked gains Monday as prices for oil and metals lifted the energy and commodities sectors.

Easing worries about the global impact of a possible default by Emirates-owned conglomerate Dubai World helped raise investor confidence…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Investmentweek.co.uk: Supply of commodities is affected by the gap between the cost of production and the price at which that commodity has been trading

Commodities are different from most other financial assets. Unlike equities and bonds, they do not generate income in themselves – for example in the form of dividends or fixed income yield…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Livemint.com: Commodity investors put fears of a Dubai-fueled debt crisis and a surge in the dollar to the back of their minds on Monday as last week’s rollercoaster ride for industrial raw materials turned into a gentle undulation.

Hopes that the fallout from Dubai’s debt standstill will be limited helped Asian stocks recover from sharp falls last week, while the dollar fell 0.6% against major currencies after climbing more than 1% the previous session…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Seekingalpha.com: Why do nations including the U.S. seem hell bent on spending hundreds of billions of dollars trying to develop commercial-scale carbon capture and sequestration technology (CCS) while spending very little on developing technology for converting CO2 into a useful product?

Wake up, Mr. Obama. You just hit the jackpot. Your own Sandia National Laboratories just made a breakthrough that has the potential to convert CO2 into gasoline, diesel and jet fuel on a commercial scale and at a reasonable price…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Commodityonline.com: Global oil and gold markets will be pushed back to second and third positions to carbon market in the next decade or two, said experts.

According to top players at the EU Emission Trading Scheme, carbon market could become double the size of the vast oil market…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Indiatimes.com: Demand for oil after 2010 could increase significantly and this may pose a risk to global recovery, International Energy Agency (IEA) chief economist Fatih Birol said on Monday.

“In 2010, there are signs there will be a small green sign (improvement). After 2010, with the improvement in the global economy, we may see a very strong increase in oil demand, which may pose a risk for the global recovery,” Birol said in Warsaw…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Reuters: Russia will take part as an observer in the Organization of the Petroleum Exporting Countries’ (OPEC) Dec. 22 meeting in the Angolan capital Luanda, a spokesman for Angola’s oil minister said on Monday.

“There are five non-OPEC member countries coming to the summit, Russia is one of them,” the spokesman said…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Forbes: OPEC oil supply rose in November to its highest this year, boosted by increased output from Nigeria, the United Arab Emirates and Saudi Arabia, a Reuters survey showed on Monday.
Supply from the 11 members of the Organization of the Petroleum Exporting Countries bound by output targets, all except Iraq, rose to 26.52 million barrels per day (bpd) from a revised 26.43 million bpd in October, according to the survey of oil firms, OPEC officials and analysts…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Presstv.ir: Iran’s envoy to the Organization of the Petroleum Exporting Countries (OPEC) says there is currently no big difference between demand for OPEC oil and the group’s supply.
“The figures show a balance between supply and demand in the oil market,” Mohammad Ali Khatibi told the semi-official Mehr news agency on Monday…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Bloomberg: Crude oil traded near $77 a barrel after rising yesterday as traders bought back futures contracts amid speculation credit losses in Dubai won’t derail the global economic recovery.

Oil advanced 1.6 percent yesterday after the Institute for Supply Management-Chicago Inc. said its business barometer climbed to 56.1, the highest level since August 2008…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Marketwatch.com: China should use the shockwaves created by the Dubai crisis as an opportunity to buy gold and oil, a senior Chinese official who helps oversee some of the nation’s biggest enterprises was quoted as saying Monday.

Ji Xiaonan, chairman of the supervisory board for large firms at State-Owned Assets Supervision and Administration Commission (SASAC), said the purchases could be funded by China’s foreign exchange reserves, although it wasn’t clear how much prices for these commodities would be affected by the crisis…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: You’d have to be Rip Van Winkle to have missed the news of the fresh highs scored by gold recently. And just as Van Winkle is quintessentially American, for a long time, so too were gold’s price records; gold measured in dollars scored 16 record-high days out of November’s 18 trading sessions prior to the U.S. Thanksgiving holiday.
The run-up in the yellow metal’s value has been pooh-poohed by some observers as being more symptomatic of a dollar bear market than of gold’s innate bullishness…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Reuters: Gold was mostly steady around $1,180 per ounce on Tuesday taking a break from a rally to record highs late last week, although the precious metal’s appeal as a safe haven is expected to continue to attract buying.

The yen fell against the dollar on Tuesday on news that the Bank of Japan would hold an extra policy meeting at 2 p.m. (0500 GMT), but the news only had a moderate impact on the gold market…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Resourceinvestor.com: The announcement of a surprisingly large US trade deficit for September had some assuming the US consumer is back in a buying mood. Alas, the much watched Michigan consumer confidence index for November quickly followed, and it is off a large 4.6 points, from 70.6 in October to 66.0 now.
The import gains were largely for crude oil, and there was some gain from the “declunkering” auto sector…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Seekingalpha.com: Dubai’s inability to repay debts reflects upon the leveraged commercial property market across the world. In China, the Mideast or the US, newly constructed commercial properties are suffering from low occupancies and thus unbearable pain for leveraged builders.

Dubai’s problem is neither new nor sticky. Abu Dhabi’s “case by case” help could ease the short-term crisis…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From WSJ: A new exchange-traded fund promises to mimic hedge-fund strategies in an easily traded and lower-fee vehicle, but investors may want to see how this second-generation ETF fares in the real world before rushing in.

IQ ARB Merger Arbitrage ETF (MNA), which listed on the NYSE Arca earlier this month, is one in a growing field of ETFs that blur the lines between active and passive management…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Investopedia.com: November has produced an interesting shakeup among the top-performing ETFs for the month. Inflationary concerns and a rejuvenated healthcare sector have been two key drivers behind some of the best-performing ETFs.
Here are four top-performing ETFs for investors to watch:……………………………Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Yonhap: North Korea has sharply raised the value of its currency, its first such move in 17 years, in an apparent bid to tackle inflation and curb black market trading, sources said Tuesday.
North Korean sources who engage in trade with China in the eastern Chinese city of Shenyang told Yonhap News Agency that the North Korean government implemented the currency reform as of 11 a.m. Monday and the exchange for the new currency began at 2 p.m…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From BBC: Chinese Prime Minister Wen Jiabao has rejected European pressure to let its currency rise against the Euro.
Speaking at a summit with EU leaders in Nanjing, Mr Wen said it was unfair of Europe to demand exchange rate changes while maintaining trade protectionism…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Cri.cn: The dollar fell slightly against most major currencies on Monday as investors’ risk appetite recovered from Dubai debt crisis.

Dubai asked lenders last week for a six-month reprieve on payments for about 60 billion U.S. dollars in debt. Investors had been worried that the debt problems in the middle-east emirate would spill over to the world, hampering the global economic recovery…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Reuters: Currency speculators increased bets against the U.S. dollar in the latest week to the most since the period ending Oct 20, according to Commodity Futures Trading Commission data released on Monday.

The value of the dollar’s net short position rose to $18.65 billion in the week ending Nov. 24 from a net short position of $15.85 billion in the prior week…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Reuters: Money managers trimmed their net short natural gas futures positions by about 5,700 contracts in the week ended Nov. 24, the U.S. Commodity Futures Trading Commission said in a report on Monday.

The report, which usually comes out on Friday, was delayed one day due to the U.S. Thanksgiving Day holiday on Thursday…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From WSJ: The Commodity Futures Trading Commission approved a change to the Chicago Board of Trade’s wheat futures contract that is designed to narrow the gap between futures and cash wheat prices, the CME Group said Monday.

The CME, which is the parent company for the CBOT, proposed a variable storage rate for its wheat contract to help the futures and cash markets come together during the futures delivery period…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Emii.com: In recent years, there has been a dramatic increase in both commodity prices and the amount of institutional assets dedicated to commodity investments.
While some market participants assume that these investment flows have directly led to the rising prices, there are stronger forces at work…………………………….Full Article: Source

Posted on 01 December 2009 by VRS |  Email |Print

From Marketoracle.co.uk: There are those in the camp that successful commodity trading can be achieved from research. Honestly I am in the camp of being a trend follower…having no opinions..and simply reacting to price with a strong focus on risk.
The approach of trend following is not looked upon as favorably as one who looks at the fundamentals and spends countless hours researching…………………………….Full Article: Source

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