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Commodities Briefing 09.Dec 2009

Posted on 09 December 2009 by VRS |  Email |Print

From Taipanpublishinggroup.com: The U.S. dollar strengthened with help by a better-than-expected U.S. jobs report last week. The Bureau of Labor Statistics reported that 139,000 jobs were lost in September instead of the previous estimate of 219,000, and 111,000 were lost in October, not 190,000. Overall, the unemployment rate edged down to 10% in November.

The numbers excited investors, who expect that the Federal Reserve will keep interest rates low. This in turn prompted a rally in U.S. bond yields, which supported the dollar across the board……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Reuters: Renewed demand from emerging markets should re-energize commodity prices in the next quarter, and the dollar, which has dominated direction for raw materials prices this year, could be less of a factor, fund managers at the Reuters Investment Outlook Summit said on Tuesday.

Oil could rise $10 a barrel to rise above this year’s peak of $82 in the first quarter, while white sugar could chart record highs above $635 a tonne, said the fund managers……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Indiatimes.com: The bull rally in commodities across the spectrum — agri, bullion, metals and energy — has set the cash registers ringing in local bourses, such as Mumbai-based MCX and NCDEX and Ahmedabad-based NMCE, reflecting growing punter and hedger interest amid spiralling food prices and volatility in products such as bullion
Metals and energy exchange MCX has its seen average daily turnover (ADT) jump by over 18% in a month…………………………….Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Commodityonline.com: We got the heavy reaction in gold that we had been expecting for some days on Friday. The problem is that we also got a big important breakout in the dollar, which we had acknowledged as a significant possibility for some time.
This is not good news for commodities and not good news for the stockmarket either as it signifies the onset of a flight to cash such as we witnessed last year……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From AP: The price of gold fell for a third straight day Tuesday as a stronger dollar gave investors an excuse to take more profits.

Gold for February delivery dropped $20.60 to $1,143.40 an ounce on the New York Mercantile Exchange……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Business24-7.ae: Positive economic news from different pockets in the world has hurt the long rally of gold and the metal’s price charts have adopted a reverse trend.

Analysts, who were earlier advising to “buy the dips” of gold prices, now claim gold should find support at $1,125 in the medium term and $,1100 in the longer term……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From BBC: The record price of gold has led to a boom in the number of companies offering to buy old, unwanted jewellery. But a BBC Radio 1 Newsbeat investigation has revealed that some big name firms are paying just a fifth of the metal’s real value.

Bullion dealer Tony Jarvis gives his top tips to help ensure you get the best possible price for your gold……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Mineweb.com: A survey of pricing patterns for more than 400 listed gold stocks across the world (with a market value of at least USD 10m each) unleashes some facets of a fascinating investor psychosis.
Despite recent record dollar gold bullion prices, the 100 least-wanted of these gold stocks are currently trading way below price-highs seen during 2009, an average of 48% less, measured on a weighted basis……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Commodityonline.com: HSBC today announced has lifted its Gold Price forecasts for 2009, 2010 and 2011. The world’s largest financial services group is now predicting that the yellow metal will average $990 per ounce this year, up from a previous estimate of $925 per ounce.

In addition, its 2010 view has been revised from $950 per ounce to $1,100 per ounce, while it now pegs gold at an average of $975 per ounce in 2011, rather than $825 per ounce……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Commodityonline.com: China could surpass India as the world’s largest consumer of gold this year. A new survey by leading precious metals consultancy GFMS predicts that Chinese gold demand will hit 432 tonnes for 2009, with India trailing behind on 422 tonnes.

However, Ajay Mitra, Indian subcontinent managing director at leading marketing organization the World Gold Council, is unconvinced that the trend will be sustained……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Theglobeandmail.com: Copper prices ended lower on Tuesday as jittery investors retreated from commodities and other riskier assets and sought safety in the dollar after ratings agency Fitch cut Greece’s credit rating.

Copper for March delivery on the New York Mercantile Exchange’s Comex division fell 4.40 cents (U.S.) to close at $3.1650 a pound, its lowest level on a settlement basis since Nov. 27……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Reuters: The Organization of the Petroleum Exporting Countries (OPEC) is most likely to keep oil output targets unchanged at its Dec. 22 meeting, Algeria’s Oil Minister Chakib Khelil said on Tuesday.

“I think most probably we are going to maintain because the expectation is that the economy is going to improve,” Khelil said……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Reuters: The U.S. Energy Information Administration on Tuesday lowered its forecast for global oil demand next year, indicating a weaker recovery from leading consumers, such as the United States.

World oil consumption in 2010 is now expected to increase 1.1 million barrels per day to 85.22 million bpd. Last month, the agency thought global petroleum consumption would grow 1.26 million bpd to 85.40 million bpd……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Xinhua: A failed deal in the Copenhagen climate conference will call for an extra investment of 500 billion U.S. dollars to cope with global warming, the chief of the Paris-based International Energy Agency (IEA) said here on Tuesday.
“If there are no immediate measures to reduce the emission of carbon dioxide, 500 billion U.S. dollars should be additionally invested to redeem the delay and to retrieve the trajectory” that limits the increase of global temperature around two degrees Celsius, Nobuo Tanaka said at a press conference……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Ipsnews.net: As the climate change summit in the Danish capital moves into a second day, environmental groups warn that by pushing carbon offsetting and trade, governments of developed countries are bypassing their responsibility to significantly reduce domestic emissions and provide aid to developing countries.

Activists think that even if the best possible deal is achieved at the end of the two-week talks, aimed at drafting a new agreement on how to limit global warming, the outcome will not bring climate justice……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Telegraph: Australia’s opposition leader Tony Abbott has announced a shadow cabinet packed with climate change sceptics in a move that could derail a carbon emissions trading scheme.
The new leader of the Liberal party elevated Right-wing ministers from the government of John Howard, the former prime minister, in a move he said would deliver “fair dinkum” opposition to the government’s policies on climate change, industrial relations and immigration……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Theaustralian.com.au: Now, let’s get this straight. Much of the media in the past week has been lambasting Tony Abbott for being a conservative, yet the new Liberal leader is open to a discussion on nuclear energy for Australia.

Prime Minister Kevin Rudd, who is ostensibly on the progressive side of politics, has ruled out such a discussion……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Moneycontrol.com: Volatile coal prices are forcing staid Asian power firms to change the way they buy fuel, setting the scene for a hedging boom as a growing array of investment banks come forward to aid the firms’ first forays into coal derivatives.

A big prize awaits banks such as Goldman Sachs, Morgan Stanley and JPMorgan if they can grab a share of this business, since the utilities account for about 60% of total seaborne steam coal trade of around 600 million tonnes……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Nytimes.com: Hedge fund assets exceeded the $2 trillion mark for the first time in a year as cash pulled from the financial markets in 2008 found its way back to alternative investments.
Strong returns from hedge funds this year could help ease investors’ concerns about the huge losses the industry experienced last year, helping to spur a further increase in investor cash……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Dow Jones: Computers are no match for humans this year when it comes to running a hedge fund, in a reversal from last year.

According to new research, the results of the past two years fit a pattern. Hedge funds that use computer trading models greatly outperform those that rely on humans in falling markets……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Ifaonline.co.uk: Lyxor Asset Management surpassed €30bn in ETF assets under management (AUM) in November 2009, representing a 30.92% rise compared with a year ago.

The Lyxor ETF DJ Euro Stoxx 50 has accrued €5bn in AUM, placing it as the largest equity ETF in Europe, according to Lyxor……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Etfdb.com: The rise of the ETF industry has made commodity investing readily available to millions of investors whose options for exposure to this “fourth asset class” were previously limited. Most of the money in commodity exchange-traded products is in diversified funds offering exposure to more than a dozen natural resources through a single security

Among commodity-specific funds, those focusing on precious metals, agriculture, and oil and gas tend to be the most popular – GLD ($42.6 billion in assets), DBA ($2.4 billion), and UNG ($4.0 billion) are among the largest ETFs across all asset classes……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Forbes: The euro fell to a one-month low against the dollar on Wednesday as investors unwound positions in riskier assets ahead of the year-end, prompted in part by rising debt woes for Greece and Dubai.

Worries about Britain’s fiscal health continued to pressure sterling, which slid to an eight-week low against the dollar……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From WSJ: After a dismal year, the dollar suddenly can’t seem to lose. The U.S. Dollar Index, which tracks the greenback’s performance against a basket of currencies, closed on Tuesday at its highest level since early November.
The euro ended below $1.48 in New York trading for the first time in more than a month……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Iii.co.uk: Kuwait’s parliament unanimously approved on Tuesday a plan to join a Gulf monetary union which a top official said could take up to 10 years to implement. Saudi Arabia has already secured parliamentary approval for the project, initially envisioned for 2010.
The Gulf Cooperation Council (GCC) has acknowledged it would miss the deadline and policymakers have urged the other participating countries, Qatar and Bahrain, to ratify it before year-end……………………………..Full Article: Source

Posted on 09 December 2009 by VRS |  Email |Print

From Efinancialnews.com: Goldman Sachs is targeting “various revenue opportunities” within its fixed-income currencies and commodities business over the next year, to offset increased competition from rival investment banks and the potential fall in asset spread levels.…………………………….Full Article (Registration Required): Source

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