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Commodities Briefing 03.Dec 2009

Posted on 03 December 2009 by VRS |  Email |Print

From Investmentnews.com: Regulatory fears about the exchange-traded offerings will fade, says chief investment officer at United States Commodity Funds
Exchange-traded commodities funds will continue to prosper despite regulators’ concerns that they may have helped fuel the run-up in oil prices last year…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Smh.com.au: Commodities can be a difficult asset to invest in. It is cumbersome to buy tonnes of wheat or copper, store it safely, and sell at a profit to a buyer who is possibly thousands of kilometres away.

This is probably why so many derivative products have emerged to enable investors to make money out of the fluctuating prices of commodities, without having to handle dusty metals or frozen pork bellies…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Asianinvestor.net: Last week, Dubai World asked its bondholders for a six-month delay in payments. So far this week the plight of the government-linked developer has put Dubai, the United Arab Emirates, and frontier markets in a pickle. But whether it has any impact on fund flows remains to be seen.

It was certainly unanticipated, because in the week ending November 25, the last day before the American Thanksgiving holiday, commodity sector funds took in over $1 billion for the second week in a row, according to EPFR Global…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Indiatimes.com: Francisco Blanch, head of Global Commodity Research at Bank of America-Merrill Lynch is considered one of the finest minds in the commodities space, calling the $147.27/bbl record level for crude oil almost to the dot, last year.

He is now of the view that crude oil prices will break through $100/bbl as we approach 2011 and that gold will cross $1,500/ounce by the first half of 2011…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Reuters: The Baltic Exchange’s main sea freight index .BADI, which tracks rates to ship dry commodities, rose on Wednesday helped by fresh cargo interest, reversing a weaker trend seen in recent sessions.

Brokers said volatility was expected to continue in the coming weeks as global demand for commodities remained subdued…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Thepeninsulaqatar.com: Copper, aluminium and lead yesterday hit their highest levels in more than a year, boosted by a combination of strong investor flows, a weaker US dollar and signs of strong economic growth in China and elsewhere in Asia.

JBC Energy, the Vienna-based consultancy, said that the speed at which commodities markets had recovered from news about Dubai World’s delayed debt has been remarkable………………………….Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Reuters: Copper and aluminum rose to their highest levels in over a year on Wednesday, as investment buying momentum picked up pace amid receding fears about Dubai’s debt problems and upbeat data that bolstered the recovery picture.
Copper for March delivery HGH0 on the New York Mercantile Exchange’s COMEX division ended up 2.75 cents at $3.2585 a lb, after dealing between $3.2075 and $3.2730, a new high dating back to late August 2008…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Reuters: U.S. spot gold prices rose to a record high above $1,203 per ounce on Wednesday, marking an all-time high for the second straight day as weakness in the dollar spurred buying of the precious metal as an alternative investment.

Following are some of the key factors that drive the market…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Smh.com.au: Gold surged to a record for a second straight day as investors stepped up purchases to protect their wealth against currency depreciation. Silver also gained.

Gold futures touched an all-time high of $US1218.40 an ounce in New York and bullion priced in sterling, euros and Swiss francs also set records…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Dow Jones: The price of gold hit another record high Wednesday, as investors continue flocking to the metal in hopes of capitalizing on a rally that has seen gold close higher in 20 of the last 22 sessions.

Over that stretch the metal has gained around 15%–more than double the Standard & Poor’s 500’s gains–as investors pile into gold on sheer momentum…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Bloomberg: Gold may reach a peak of $1,300 an ounce next year as more investors purchase bullion to preserve wealth against a declining dollar, UBS AG said.

Central bank purchases will also support bullion prices, Dominic Schnider, head of commodities research at the bank’s Wealth Management Research, said today…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Commodityonline.com: December 2 will be coined as another memorable day in the history of bullion market and gold. Today, gold soared to an all-time record of $1218 per ounce, proving right several global commodities analysts like Jim Rogers and Marc Faber who have predicted a boom in gold prices upto $2000.

But December 2, Wednesday will be remembered for another ‘disturbing utterance’ from China. The Chinese central bank—the People’s Bank of China—said that gold market may be on an asset bubble…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Mineweb.com: Gold’s successive run-ups to record highs are underpinned by hopes for central banks to further diversify reserves, particularly China’s, a topic set to dominate a two-day industry gathering in Shanghai from Thursday.

News that the central bank of India bought 200 tonnes of gold from the International Monetary Fund, about half of what was on offer, reinforced views that gold has established its status as an investment asset, as well as an alternative currency…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Mineweb.com: Gold prices are currently high and markets should be careful of a potential asset bubble forming, a senior official at China’s central bank said on Wednesday, as prices for the precious metal hit a record high.

“We must keep in mind the long-term effects when considering what to use as our reserves,” Hu Xiaolian, a vice-governor at the People’s Bank of China, told reporters in Taipei, when asked if China had plans to increase its gold holding in its foreign exchange reserves…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Bloomberg: Crude oil traded below $77 a barrel in New York after a government report showed a gain in U.S. stockpiles as consumption declined in the world’s biggest energy consumer.

Oil fell 2.3 percent yesterday as supplies of gasoline climbed 4 million barrels to 214.1 million, the Energy Department said. Prices also declined as the dollar rose against the euro, limiting investors’ need for physical assets such as commodities to hedge against inflation…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Timesonline.co.uk: A glut in global supplies of natural gas threatens to undermine British investment in low-carbon sources of electricity, including nuclear and wind power, according to the chief executive of Britain’s biggest energy supplier.

Sam Laidlaw, chief executive of Centrica, said that an expected surplus of global gas supplies over the next five years could force down wholesale prices to a level where energy companies may be discouraged from investing in more costly alternative sources of energy, such as nuclear reactors and offshore wind farms — particularly if this was accompanied by continued weakness in the price of carbon emissions permits…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Guardian: Uganda is on course to become one of the top 50 oil producers in the world. But will the proceeds change the lives of the country’s poorest?
Economically, these are interesting times for the 30 million people living in Uganda…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Independent: From April 2010 British businesses will be legislated into the front lines of the country’s battle to reduce its carbon footprint.

As world leaders begin to stack up in the hotels of Copenhagen and the final rounds of backroom diplomacy reach fever pitch, it is becoming clear that deeper international targets for the reduction of developed nations’ carbon footprint beyond 2012 will have to be agreed…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Guardian: Defeat of carbon trading bill delivers blow to government that had hoped to set an example at international climate change talks in Copenhagen
Australia has dumped its plan to cut the nation’s carbon emissions for the second time this year after climate sceptics seized control of the conservative opposition…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Mineweb.com: Over the past year, with the possible exception of the Kazakhstan tenge, the dollar ranks as the world’s worst performing currency, among 50 used around the world, and that includes the Icelandic krone, which two years ago looked like it would disappear under an island of ice.
Currency volatility is the global order of the day, creating uncertainties everywhere, turning planning and budgeting exercises into epic headaches…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Etftrends.com: The weaker U.S. dollar isn’t just bolstering gold, silver and oil prices. It’s also giving a wake-up call to coffee prices and the coffee exchange traded note (ETN).

Coffee prices just got a little bolder, thanks to a weaker U.S. dollar and concerns about the quality of beans coming from Brazil’s top producer after the government turned away supplies from the farmers, reports Marcy Nicholson for Reuters. The March arabica contract rose to $1.41 a pound…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Channelnewsasia.com: The Singapore Mercantile Exchange (SMX) has received in-principle regulatory clearance from the Monetary Authority of Singapore (MAS) to operate the first Pan-Asian multi-product commodity derivatives exchange.

It will be the first such commodity derivatives exchange to be based in the region and will offer unrestricted cross-border trading to market participants in Asia and across the world…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Reuters: Singapore Exchange, Asia’s second-largest listed bourse, will launch contracts for gold, fuel oil and coffee in the first quarter of 2010, the firm’s CEO said on Thursday.

“Come first quarter next year, we will be launching the fuel oil 380-CST futures, and Sicom will be expanding their product base to include oil, coffee and the clearing of OTC rubber contracts,” newly appointed CEO Magnus Bocker said…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Financialexpress.com: The Multi Commodity Exchange (MCX), the biggest commodity bourse in the country, has been ranked sixth, amongst the global commodity futures exchanges in terms of the number of contracts traded during January - June 2009 surpassing London Metal Exchange (LME), the latest report of Futures Industry Association (FIA), a US-based global body said.

During the first half of this year MCX had recorded a volume of 77.74 million contracts, the Chicago Mercantile Exchange (CBE) group (including Chicago Board of Trade and New York Mercantile Exchange) with a combined volume of 204 million contracts occupied the top position as per FIA ranking. ………………………….Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Bloomberg: Revenue at JPMorgan Chase & Co., the second-largest U.S. bank, may drop by as much as $3 billion should most derivatives trades be moved to exchanges, a Sanford C. Bernstein & Co. analyst said.
That could mean a reduction in earnings per share of up to 20 cents in a “worst case” situation, analyst John McDonald said today in a research note after meeting Steven Black, vice chairman of the investment bank…………………………..Full Article: Source

Posted on 03 December 2009 by VRS |  Email |Print

From Indiatimes.com: Global cotton prices are likely to rise by nine per cent to 67 cents per pound in the 2009-10 season due to shrinking global stocks and increasing consumption, the International Cotton Advisory Committee (ICAC) said today.

Increase in global cotton rates will add to the woes of the domestic garment industry, reeling under falling demand from importers and high domestic cotton prices…………………………..Full Article: Source

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