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Commodities Briefing 04.Dec 2009

Posted on 04 December 2009 by VRS |  Email |Print

From WSJ: Exchange-traded funds that bet on rising commodity prices are back in fashion with investors, who poured nearly $3 billion into long-only commodity ETFs in November, according to the National Stock Exchange.

The net cash flow was more than triple October’s total, and the biggest influx since the summer, when fears of an impending crackdown by regulators on commodity ETFs began to scare off potential investors…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: You want a commodity allocation without having to open a futures account? You could buy the stock of a commodity producer, such as Archer Daniels Midland. Or you can cast a wider net with an investment in an industry fund, like the Market Vectors Agribusiness ETF.
Alternatively, you can try an index product that holds the commodities themselves (or, rather, futures as commodity proxies), such as the PowerShares DB Agriculture Fund…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Ifaonline.co.uk: Commodities will be the main focus of investors’ strategies next year, driven by demand from developed economies, according to Fidelity asset allocation director Trevor Greetham.
In his outlook for 2010, Greetham says although commodity analysts are “fixated by China”, developed countries will show unexpectedly strong growth…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Commodityonline.com: The US dollar is increasingly getting battered by global investment pundits. Singapore-settled billionaire commodities investor Jim Rogers says it is high time small-time and big-time investors dumped the American currency. Instead, Rogers says, investors should shift their money from dollar to commodities.

Rogers, who has been consistently saying that the US dollar is losing the reserve status as a currency, said during a recent investors’ conference: “The US dollar is a flawed currency. Dollar has no future. So if you want your money to be secure, invest in commodities.”……………………………Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Thisislondon.co.uk: Commodity stocks should keep rising next year, but the best is behind the financials. That’s the opinion of Goldman Sachs, whose strategy suggestions for 2010 were being circulated in the City today.

The City heavyweight has downgraded the banking sector to neutral after its recent strong performance, although it continues to favour the large global retail banks…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Reuters: Goldman Sachs said on Thursday it had revised up its forecasts for copper for 2010 because of a tighter supply picture and that it expects low U.S. interest rates to support gold this year and next.

“Specifically, given the anticipated strong pick-up in the global economy in the first half of 2010 and correspondingly more buoyant investor sentiment, we expect base metals to make new highs by the middle of next year,” it said in a note…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Bullionvault.com: Gold hit yet another record high against all major currencies bar the Aussie Dollar and Japanese Yen in Asian trade on Thursday, peaking at US$1226.80 around lunchtime in Hong Kong.

“Volumes are thin. There is less buying in the physical market, and scrap seems to be entering the market faster,” says Walter de Wet at Standard Bank…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From AP: Gold touched another record Thursday and settled higher. Gold for February delivery jumped to a record $1,227.50 before settling up $5.30 at $1,218.30 an ounce on the New York Mercantile Exchange.

Investors have been pushing into gold for much of 2009 to protect against an eventual rise in prices brought by a sliding dollar. The advance Thursday occurred even while the greenback rose…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Seekingalpha.com: One-way bets against the US-dollar have been building-up over the past eight-months, and are now estimated to total about $550-billion, in what’s popularly dubbed the US-dollar “carry trade.”
Its predecessor, the infamous “yen carry” trade, also gained a lot of notoriety, when the Bank of Japan pegged its interest rates far below those of any other economy on the planet…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Etftrends.com: As gold continues to climb up the markets, is there ever an apex in which the precious metal simply can’t get any higher? Are exchange traded funds (ETFs) subject to this as well?

Gold is seemingly unstoppable, today hitting records of $1,227 an ounce. The metal continues to lure investors who are looking for an inflation hedge, a dollar alternative and a safe haven…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From WSJ: The world’s largest miners are pushing for increases of 10% to 25% over this year’s contract prices for iron ore and coal, people familiar with the nascent negotiations said, which would raise costs for the steel used in cars, construction, appliances and other goods.
China, which consumes about 65% of the world’s seaborne iron ore, is trying to use its size to push for lower or flat prices on iron ore and coal—two chief ingredients in steel…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From WSJ: The House Agriculture Committee is investigating whether independent electric wholesale operators should be abiding by federal commodity trading laws — a move that will likely launch a major turf battle on the Hill and between regulators.

The investigation seeks to determine if certain financial contracts regulated by the Federal Energy Regulatory Commission should actually be overseen by the Commodity Futures Trading Commission…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Bloomberg: Goldman Sachs Group Inc. expects crude oil to average $110 a barrel in New York in 2011 as demand from developing markets exhausts spare capacity, the bank said in its Commodities Outlook today.

West Texas Intermediate oil will average $90 a barrel next year with prices rising toward the end of 2010, the New York- based bank said. Crude oil traded near $76 on the New York Mercantile Exchange today…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From AFP: Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah said the emirate does not want any change to OPEC production quotas and believes there is a consensus to keep output unchanged.
Asked about Kuwait’s position at OPEC’s ministerial meeting later this month, Sheikh Ahmad said: “No change” in production…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Guardian: Europe’s flagship carbon trading scheme suffered a blow today as the Danish government was forced to rush an emergency law through parliament to clamp down on a virulent form of VAT fraud.

On the eve of the Copenhagen climate talks, which will attract world attention to emissions trading schemes, police and tax investigators across Europe are believed to be investigating hundreds of millions of euros worth of fraud involving carbon quotas originating in Denmark…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Euromoney.com: Attention at the Copenhagen summit on climate change this month will mostly be focused on the US. But in terms of emissions trading the most influential place, and the one most likely to be affected by any change in a global framework for climate change, is Asia, and especially China.

The most important vehicle in carbon trading is the clean development mechanism, or CDM. This is the deal struck under the Kyoto protocol which allows industrialized countries, with commitments to reduce their greenhouse gas emissions, to invest in projects that reduce emissions in the developing world…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Time.com: While carbon trading has helped lower overall global emissions, some argue the CDM system has significant flaws that need to be addressed in Copenhagen. One problem, critics say, is that the mechanism is subject to manipulation and creates undeserving winners.
For example, the UN body in charge of managing carbon trading reportedly has suspended approvals that would have awarded credits for the construction of dozens of wind farms in China…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Kiplinger.com: Commodities have been strong this year, but not as strong as the return suggested by Pimco CommodityRealReturn Strategy.
Year-to-date through November 30, the fund, a member of the Kiplinger 25, gained 38.3%, a stunning 22 percentage points more than the benchmark it purports to follow, the Dow Jones–UBS Commodity Index. How to explain?……………………………Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Reuters: Risk aversion in the wake of Dubai’s massive debt woes caused investors to slow their move into emerging market equity and riskier bond fund groups in the week ended Dec. 1, EPFR Global said on Thursday.
The Boston-based fund tracker said that investors did not completely run for safety after government-owned Dubai World requested a payment standstill on a maturing Islamic bond as it works out how to restructure $26 billion worth of debt…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Bloomberg: K. Geert Rouwenhorst and Gary Gorton, the Yale University professors whose research earlier this decade helped spur a commodities rush, joined UBS AG’s former head of commodities trading to start a new firm.

SummerHaven Investment Management LLC may offer managed futures accounts, exchange-traded and mutual funds, as well as private funds…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Reuters: Credit ratings and indices provider Standard & Poor’s said on Thursday it has launched an index that gives investors exposure to the equities market while using gold to protect against a decline of the U.S. dollar.
Standard & Poor’s said that it has licensed UBS Investment Bank to create and launch investment products based upon the new index, namely the S&P 500 Gold Hedged Index ……………………………Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Bloomberg: Nigeria plans to start a commodities exchange, said Ndi Okereke-Onyiuke, chief executive officer of the Nigerian Stock Exchange.

The exchange will be based either in Abuja, the capital, or the northern city of Kano, Okereke-Onyiuke said at an African stock exchanges conference in the Abuja today. She didn’t provide a timeframe for the creation of the bourse…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Business-standard.com: With more competition lined up, comexes are focusing on delivery-based contracts. The buzz on innovation has got louder in commodity exchanges.
Reason: the country now has four national exchanges after the Indian Commodity Exchange (ICEX), promoted by India Bulls Financial Services, started operations last week. And the list is expected to grow longer…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Business-standard.com: The National Multi-Commodity Exchange (NMCE), one of the leading commodity exchanges in India, is inching closer to the launch of its agri-commodity spot exchange in Gujarat.
The comex has recently received the state government’s nod to start the operations of the planned spot exchange called National APMC…………………………….Full Article: Source

Posted on 04 December 2009 by VRS |  Email |Print

From Asiaone.com: Asia’s second-largest listed bourse, the Singapore Exchange (SGX), will launch contracts for gold, fuel oil and coffee in the first quarter of next year, as the firm sees interest in commodities trading driving growth.

Newly-appointed chief executive Magnus Bocker said that the exchange will continue its focus in improving its technology and a derivatives clearing engine will be launched on Monday…………………………….Full Article: Source

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