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Commodities Briefing 02.Dec 2009

Posted on 02 December 2009 by VRS |  Email |Print

From Bloomberg: Commodity funds pulled in more than $1 billion in investments for a second straight week, pushing inflows for the year to $14.6 billion, according to EPFR Global.

Investments fell slightly in the week ended Nov. 25 from the record $1.34 billion placed in commodity funds in the previous week, Cambridge, Massachusetts-based EPFR said today in a report sent by e-mail……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Forbes: The Reserve Bank of Australia’s (RBA) index of commodity prices rose 1.4 percent in November in special drawing right (SDR) terms, after an 0.8 percent increase the previous month, the central bank said on Tuesday.

In Australian dollar terms, the index was estimated to have risen 0.6 percent in November, following a 3.5 percent fall in October……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From WSJ: Commodities prices resumed climbing Tuesday as investor fears about the potential global fallout from Dubai World’s debt restructuring eased.

Global markets were slammed last week by Dubai’s announcement that it was seeking a six-month standstill on debt of its flagship conglomerate Dubai World……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Amm.com: Base metals jolted back to life in Tuesday trading on the back of a weaker U.S. dollar and a slew of positive economic data, but some market insiders said a year-end correction might still be in store for the industrial metals complex.

Zinc and copper led the rally on the London Metal Exchange, with three-month zinc clambering 3.7 percent higher vs. Monday to end second-ring trade at $2,335 per tonne, and copper rising 2.7 percent to a 14-month high of $7,016 a tonne……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Thestandard.com.hk: Gold jumped to a record above US$1,200 (HK$9,360) an ounce in New York yesterday as declines in the US dollar and higher commodity prices spurred investor demand for an inflation hedge.

Gold futures for February delivery advanced US$18.20 to US$1,200.50 an ounce on the New York Mercantile Exchanges’ COMEX division……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Thestreet.com: It’s been one of the biggest financial stories of the year and, now, the holiday season: Gold. Apart from the fake foil stuff that dangles from Christmas tree branches, December may prove a banner month for the shiny yellow metal.
(Of course, November also proved a banner month, with gold prices rising 14%, their sharpest monthly increase in a decade.) Already, on the first day of the last month of the fourth quarter, futures prices surmounted the $1,200-per-ounce level and looked to be going higher……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Resourceinvestor.com: Scotiabank economist Patricia Mohr forecast Monday that gold may test the US$1,300 during a time she referred to as a new gold rush.

Mohr noted Scotiabank’s Metal & Mineral Index showed “broad-based strength in base metals, a surge in gold & silver prices and slight gains in sulphur and uranium prices more than offset somewhat softer steel-alloy prices (molybdenum and cobalt).”…………………………..Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Cbc.ca: Fear of inflation and the worldwide competition by each country to devalue currencies has people looking for someplace “real” to put their money. South of the border, U.S. gold eagles are flying out the door so fast that the U.S. mint has announced it will stop selling them this month.

The Royal Canadian Mint will keep selling its Maple Leaf gold coins……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Theaureport.com: Silver has been overlooked, in part due to the onslaught of short positions by a select few major houses on the Comex. So far, that’s suppressed silver from sharing in the major run-up we’ve seen in gold and platinum, but I think silver’s turn to lead is near.

So something in the silver area would be interesting……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Bloomberg: Copper rose to the highest price since September 2008 as manufacturing in China, the world’s biggest user, expanded at the fastest pace in five years and the dollar extended a slump.

A purchasing managers’ index released by HSBC Holdings Plc gained to a seasonally adjusted 55.7 last month from 55.4 in October……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: The revival of interest in nuclear power in the wake of record-high oil prices and despite environmentalists’ opposition will prove a boon for uranium-producing nations. Current global production of uranium is approximately 40,000 tons annually.
The math of the analysts quoted above on China’s needs means that without increased production, China alone would consume 55 percent of current world output within a decade……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From AP: Oil prices rose above $78 a barrel Tuesday, driven by positive economic data from China, the dollar’s weakness against the euro and optimism on world stock markets.

By early afternoon in Europe, benchmark crude for January delivery was up 85 cents to $78.13 in electronic trading on the New York Mercantile Exchange……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Arabianbusiness.com: The Organization of Petroleum Exporting Countries increased crude-oil production in November to the highest level in 11 months as members took advantage of rising prices, a Bloomberg News survey showed.

Output averaged 28.9 million barrels a day last month, up 110,000 barrels from October, according to the survey of oil companies, producers and analysts……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Heraldsun.com.au: Iran’s oil minister today warned world powers Iran may stop exporting crude oil if economic sanctions continue to be enforced on the Islamic republic.

“Iran is one of the world’s major oil producers and any cut in Iran’s supply of crude will, undoubtedly, cause prices to surge,” the semi-official Mehr news agency quoted Masoud Mirkazemi as saying……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Marketoracle.co.uk: John Hess, the Chairman of the US independent producer Hess Corporation, issued a warning last month to global governments claiming a “devastating oil crisis” looms large on the horizon if global action is not instituted.
In a speech delivered at the Money & Oil conference, Hess said that once economic growth recovers, it is likely the world will return to the market conditions of one year ago:…………………………..Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Petroleum-economist.com: The International Energy Agency (IEA) has stressed that the need for significant investment in oil and gas will not change even if a comprehensive climate-change agreement is reached at UN climate-change talks in Copenhagen this month.

Launching its World Energy Outlook 2009 (WEO 09) in November, the agency said the world needs to tap oil reserves equivalent to four times those of Saudi Arabia just to maintain production at 2008 levels and in the case of gas, four new Russias would be needed……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From UPI: Australia’s newly elected opposition Liberal Party leader Tony Abbott vowed Tuesday to delay or block the government’s carbon emissions trading scheme.

The bill — rejected by the Senate in August — aims to reduce Australia’s greenhouse gas output by between 5 percent and 15 percent from 2000 levels within 10 years……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Tvnz.co.nz: New Zealand’s amended emissions trading system was passed into law last week, amid much political debate.

But, what does it mean for the New Zealand firms who may in the future have to offset emissions with carbon credits?…………………………..Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Reuters: U.S.-based liquidity provider Knight Capital Group has opened an emissions trading desk, with Daniel G. Braun appointed head of carbon trading, the company said on Tuesday.

The company plans to hire additional emissions traders in London in 2010, a spokeswoman told Reuters……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Bloomberg: India’s rupee rose the most in more than two weeks on speculation accelerating growth will boost the attraction of the nation’s assets for overseas investors.

The local currency and benchmark Bombay Stock Exchange’s Sensitive Index both advanced for a second day after a government report yesterday showed Asia’s third-largest economy grew at the fastest pace in six quarters in the three months ended Sept. 30……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Etfdb.com: India reported surprisingly strong GDP growth for the third quarter, posting 7.9% growth in the July through September period.
These numbers surprised both analysts and government officials: the growth was higher than even the most bullish analyst forecast, and the Reserve Bank of India said that it will likely revise upward future forecasts……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Usatoday.com: Investors in some exchange traded funds might be getting a little something extra this year: a bigger tax bill.

Profits from the vast majority of mutual funds get taxed at capital gains rates, just as profits from stocks and bonds. Long-term capital gains are taxed at a maximum 15%……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Bloomberg: Limits on the Commodity Futures Trading Commission’s authority over wholesale power markets must be made explicit as the U.S. Congress writes legislation that expands oversight of derivatives, energy industry groups said.

The Electric Power Supply Association and Edison Electric Institute will tell a House of Representatives subcommittee tomorrow that the Federal Energy Regulatory Commission should have exclusive jurisdiction over those markets, according to their prepared testimonies……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Financialexpress.com: MCX India Ltd on Tuesday started an exchange of futures for physicals (EFP) transactions in 12 commodities. An EFP transaction is one where two parties who have agreed to a physical transaction at a future date then enter into a similar transaction in futures on the bourse.

As per market experts EFP in simple terms is defined as a futures contract provision, involving an agreement for delivery of physical product, that does not necessarily conform to contract specifications in all terms, from one market participant to another, and a associated assumption of equal and opposite futures positions by the same participants at the time of the agreement……………………………Full Article: Source

Posted on 02 December 2009 by VRS |  Email |Print

From Theaureport.com: Will 2010 be a 1930 or, comparable to 1937? Is it different this time? When one nation state of a formerly high productive stature destroys itself with inflation, the untouched others can soften the blow and in time bail out the fallen one.
This was Germany’s fate in the 1920’s. In our current instance, most all of the world’s economies are on their knees with some hurting worse than others. Who can help with recovery this time? There is no one……………………………Full Article: Source

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