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Commodities Briefing 07.Dec 2009

Posted on 07 December 2009 by VRS |  Email |Print

From Mineweb.com: Leading up to the latest sharp fall in the gold price, which so far has dropped it back more than $60 an ounce, many nonspecialist commentators have been warning investors that the rapidly rising price was a bubble waiting to burst.
Now the gold investor has to decide whether indeed this is the case and the price will come crashing down further, or the fall is a temporary correction opening up the market for buying at prices which may not return back to these levels for some time to come…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Resourceinvestor.com: Precious metals have been posting impressive gains over the past three months, with a successive series of all-time highs pushing gold up 28% since the start of September.
Silver has posted a similar 3-month gain, but has yet to eclipse its previous 2008 high of $21. With such strong gains in precious metals in such a short time frame, investors are asking the obvious question: Is it correction time for precious metals?……………………………Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Theage.com.au: Gold’s best year in three decades has yet to match the returns of an interest-bearing checking account for anyone who bought the most malleable of metals coveted for at least 5000 years during the last peak in January 1980.

Investors who paid $US850 an ounce back then earned 44 per cent as gold reached a record $US1226.56 on December 3 in London…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Tehrantimes.com: Gold’s performance over the past month has truly been epic. Since late October, it has soared 18.2% higher.
Over a 21-trading-day span, no fewer than 16 days achieved closes at new nominal all-time-record highs! Even the perpetual gold disdain from Wall Street and the financial media is fading…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Livemint.com: China will overtake India as the world’s largest gold consumer in 2009, with total demand forecast at 432 tonnes as wealthy investors defy record bullion prices, metals consultancy GFMS said on Friday.

China has taken series of measures to open up its bullion market since gold hoarding was forbidden in 1949 when the Communists took power…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Resourceinvestor.com: Gold’s performance over the past month has truly been epic. Since late October, it has soared 18.2% higher.
Over a 21-trading-day span, no fewer than 16 days achieved closes at new nominal all-time-record highs! Even the perpetual gold disdain from Wall Street and the financial media is fading…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Mineweb.com: Gold hit a record $1,226.10 an ounce on Thursday, as prices were boosted by speculation more central banks will diversify their foreign exchange reserves into bullion, and by weakness in the dollar.

Fears over the inflation outlook for next year also supported the market, analysts said…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Zawya.com: Profitability and cash flow generation across the global integrated oil and gas industry appear to have bottomed out, helped by the recent recovery in oil prices and easing in industry costs, Moody’s Investors Service said in a new industry outlook entitled “Integrated Oil Bottoms Out as Demand Growth Resumes.”

The improving global demand conditions supported by a gradual economic upturn are expected to underpin the recent recovery in oil prices and upstream results going into 2010……………………………..Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Channelnewsasia.com: OPEC heavyweights led by kingpin Saudi Arabia on Saturday appeared united in their support for maintaining production quotas, saying the oil price is satisfactory and the market is stable.

All oil ministers of Arab countries members of OPEC attending a meeting in Egypt said there was no reason why the producer cartel should change its production quota at a meeting later this month in Angola…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Poten.com: Divisions within OPEC have eased as the dual threat of the global economic crisis and climate change talks force oil producers to be pragmatic and unified, analysts said yesterday.

Two years ago, when oil prices soared to nearly $100 a barrel, the oil exporters group, which includes both allies and foes of the United States, was severely tested…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Poten.com: Opec is expected to hold output steady when it meets in Luanda at the end of this month, rounding off a year of stable production policy and of robust oil prices.

Oil inventories are brimming and any recovery in demand is expected to be slow, but international benchmark US crude futures have more than doubled from just above $32 a barrel last December to above $76 now……………………………Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Bloomberg: Crude oil prices are in “the right range” and there is no need to reduce inventories, Saudi Arabian Oil Minister Ali al-Naimi said ahead of an OPEC meeting scheduled for later this month.

“Inventories are coming down, the price is perfect, and all investors, consumers, producers — they’re all very happy,” Al-Naimi said today in Cairo, where Arab oil ministers are holding an annual meeting…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Seekingalpha.com: In many respects, commodity imports to China helped stabilize and even bolster commodity prices throughout 2009.
Needless to say, Chinese supply and demand for commodities in 2010 will be a crucial element in determining whether commodities remain strong or weaken throughout 2010…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Marketoracle.co.uk: Colombia’s oil-licensing agency, ANH, said last week that Colombian and foreign companies operating in the country produced an average 704,000 barrels of crude a day in October, that’s 34% higher then in 2005.

Armando Zamora, head of the AHN, announced Colombia’s oil industry has attracted about $3.5 billion in 2009 from foreign investors, expectations are for the same amount to be invested in 2010 and the country’s oil industry has enough momentum behind it to reach production of 1 million barrels a day by 2015…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Reuters: China’s renewable energy strategy through 2050 envisions renewable energy making up one-third of its energy consumption by then, the China Daily said, as the upcoming Copenhagen conference on climate change highlights the world’s dependence on fossil fuels.

Coal-dependent China, the world’s biggest greenhouse gas emitter, last month said it would cut the amount of carbon dioxide produced for each yuan of national income by 40-45 percent by 2020, compared to 2005 levels…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Malaya.com.ph: The $126 billion global carbon market will mature so that investors will use it as a hedge against equities and inflation, Bache Commodities Ltd.’s emissions trading head told Reuters in an interview.

Crude oil or gold have often been used to hedge against inflation risk or equities, as investors believe they can offer some protection against rising consumer prices…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Telegraph: According to the business lobby group, the EU Emissions Trading Scheme (EU ETS), under which companies can buy carbon permits and their emissions are capped, should be rolled out internationally.

The CBI believes London should position itself at the centre of any future global carbon market. The City currently houses 80pc of the world’s carbon market broking companies and 75pc of all carbon trading desks…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Indiatimes.com: Two worlds came together in the offices of Blythe Masters at JPMorgan Chase & Co. Masters, 40, oversees the New York bank’s environmental businesses as the firm’s global head of commodities.

JPMorgan brokered a deal in 2007 for Land Rover to buy carbon credits from ClimateCare, an Oxford, England-based group that develops energy-efficiency projects around the world…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From WSJ: The dollar could be at a turning point after a promising November labor-market report boosted expectations that ultra-low interest rates in the U.S. could rise sooner than expected.

The greenback gained around 1.5% against the euro Friday and soared 2.8% against the yen, posting its biggest gain in 2009 against the Japanese currency…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Asiaone.com: The fate of the United States dollar - both ways, that is - affects people’s lives globally and experts don’t see any immediate shift in the status of the currency as the preferred choice for global trade.

So, know your US dollar well…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Tehrantimes.com: Asian currencies gained last week, led by the Philippine peso and South Korea’s won, as signs a regional economic recovery is gathering pace boosted appetite for emerging-market assets.

Korea’s won posted its biggest weekly advance in seven months after a government report showed the economy expanded at a faster pace than initially estimated in the third quarter…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Investmentnews.com: Exchange-traded commodities funds will evolve and prosper, despite having drawn the attention of regulators concerned that they may have helped fuel a run-up in oil and natural-gas prices, according to a panelist at the InvestmentNews ETF Insights virtual conference last week.
Providers of such products will look to “optimize” the underlying basket of securities in such funds — primarily futures contracts — to try to eliminate issues such as contango, when the price of a commodity for future delivery exceeds the spot price, John Hyland, chief investment officer at United States Commodity Funds LLC, said during a panel discussion on the future of exchange-traded funds…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Indiatimes.com: A global water crisis is looming, but the path to profits is a muddy mess of regulated industries, giant companies with small water operations, and start-up technologies.

For Alex Miles, who once ran a water hedge fund and now manages $350 million at Kingfisher Capital, successful investing in water means going beyond it, commodities, power and efficiency technology are all ways to make a portfolio splash…………………………….Full Article: Source

Posted on 07 December 2009 by VRS |  Email |Print

From Commodityonline.com: Commodities plunged on Friday as the US dollar firmed following a Labor Department report showing that employers cut fewer jobs last month. The unemployment rate fell to 10 percent from the prior 10.2 percent reading.
Precious metals retreated in London earlier in the day, but the employment news brought New York gold, silver and platinum prices sharply lower…………………………….Full Article: Source

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