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Commodities Briefing 10.Dec 2009

Posted on 10 December 2009 by VRS |  Email |Print

From Timesonline.co.uk: Royal Bank of Scotland has sent out sales documents for RBS Sempra Commodities, its American joint venture, and hopes to sell the energy trading business within the next few months.

The memorandum is understood to have been sent to about 20 interested parties……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Forbes: The following is a historical timeline of commodities trading company RBS Sempra Commodities. The Stamford, Connecticut-based firm has been put up for sale by its owners, Royal Bank of Scotland and Sempra Energy, people told Reuters on Wednesday.
1990s: The trading firm is part of AIG Trading Corp……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Reuters: Investors in oil, metals and grains shouldn’t worry too much about selloffs in these markets as the vast sums of money being printed around the world will take prices higher, commodities bull Jim Rogers said.

“If the world economy gets better, commodities are very good place to be in,” Rogers told the Reuters Investment Summit in New York on Wednesday……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From WSJ: Hedge fund managers have taken their most bullish stance in more than three years in the run-up to the end of the decade, defying fears of a fall in markets.

Long/short equity funds were about 45% net long equities last week, according to research just published by market analysts at Bank of America Merrill Lynch. The analysts said this was well above the upper end of the historical average, which is between 35% and 40% net long……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: I think along with commodities moving higher the next couple of years, stocks will probably go along for the ride. But I think the big winners are going to be commodities. And I think we need to be invested in that.
A lot of investors listening to this right now are under-invested in commodities……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Swisster.ch: An annual global outlook report produced by UBS Wealth Management Research sees countries with less developed markets producing the best returns for investors in 2010.
The report predicts a worldwide economic rebound next year, which should drive prices for commodities higher, while the US dollar is expected to remain weak and developed economies may face headwinds when stimulus programmes run out, although the bank rules out another recession……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Seekingalpha.com: Commodities around the board have seen a fair degree of profit taking in December, providing an opportunity to initiate/increase positions in futures and equities in various industries.
Several trends present in 2009 should continue well into the next decade, most notably the precious metals (Gold, Silver and Palladium due to their role as a store of value in addition to the increasing industrial use in the latter two)…………………………….Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From AP: A sell-off in commodities continued Wednesday, sending oil, gold and other metals falling even as the dollar weakened.

Oil prices fell for a sixth straight day, while gold extended its decline to a fourth day, dropping 2 percent to its lowest level in nearly a month……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Reuters: Oil prices above $70-80 a barrel could be risky for global economic recovery, the chief economist of the International Energy Agency said on Wednesday.

Birol told Reuters in an interview that current oil price levels were good for investment……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Forbes: OPEC should not raise its oil output targets when it meets later this month, two oil ministers from the group said on Wednesday, suggesting the group sees no need to curb rallying oil prices.

The group which pumps more than a third of the world’s oil meets in Luanda, Angola on Dec. 22. Oil is trading near $74 a barrel, almost double the price a year ago and in the $70-$80 range many in OPEC see as fair……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Bnet.com: The instability of natural gas prices and a global supply glut has pushed a once-informal organization of gas exporting countries to ramp up its profile and mission in the past year.
The Gas Exporting Countries Forum, also called Gas OPECor Gaspec, elected Russian Leonid V. Bokhanovsky as its first secretary general Wednesday, the NYT reported……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Marketoracle.co.uk: As I have previously shown, speculative derivatives (especially credit default swaps) are a primary cause of the economic crisis.

And I have pointed out that (1) the giant banks will make a killing on carbon trading, (2) while the leading scientist crusading against global warming says it won’t work, and (3) there is a very high probability of massive fraud and insider trading in the carbon trading markets……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Independent: A £1.3 billion EU cash injection for “clean” energy plans across Europe includes £262 million for wind power and carbon capture and storage in the UK, the European Commission announced today.

The 15 Europe-wide projects to benefit include the “HVDC hub” in Scotland (£66 million), which will connect offshore wind and marine generation in Shetland to the Scottish mainland……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From UPI: China’s monopoly on “rare earth” minerals, essential for green technologies, may not keep up with increasing demand.

While China has 53 percent of the world’s rare earth deposits, it provides about 95 percent of the world’s supply……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Timesonline.co.uk: The Japanese Government is working on a “growth blueprint” that would exploit the prolonged weakness of the US dollar and mount a state-backed resource grab for rare technology metals around the world.

If the plans, which are in their early stages, come to fruition, the Government would assist companies in buying the rights to mine rare earth minerals wherever they are up for grabs……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Commodityonline.com: The base metals have made a tentative start to the day after yesterday’s activity, with a lack of turnover this morning resulting in a mixed bag in terms of prices.

Aluminium has been the strongest of the metals, boosted by fresh buying activity, however the other metals are generally trading sideways, albeit supported by a slight recovery in the euro against the dollar……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Mineweb.com: China may well pip India as the world’s top gold consumer this year, but the latter could bounce back as Indians have for centuries been avid gold buyers - and the tradition continues.
It may struggle to hold that position in the short term, as the one-off factors that have slowed India’s gold demand fade, but in the long term China’s rapidly growing economy and investment demand could see it add gold to the long list of commodities where it is the world’s largest buyer……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Mineweb.com: Nouriel Roubini has joined the gold naysayers, but Alec Hogg reckons he’d better beware. There’s nothing like kicking a golden dog when it’s down.

Just as the metal’s recent surge runs out of steam - temporarily perhaps - new voices are being added to the recently silenced crowd which never misses an opportunity of dissing the “barbarous relic”……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Commodityonline.com: Matthew McCall, author of the book, The Next Great Bull Market, says commodities are the best investment assets these days and gold is powering the bull market for commodities.
Saying that the current gold boom is thanks to hyperinflation, McCall said that gold prices might cross $1,500 per ounce in the next two years……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Mineweb.com: The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, noted that its holdings fell to 1,116.247 tonnes, worth over $41 billion at the current gold price, as of December 8th.
This represented a fall of 1.2 percent or more than 13 tonnes in a day and was the largest one-day drop in around five months according to a Reuters report. The SPDR Gold Trust ETF hit a record high of 1,134.03 tonnes on June 1, and up until recently had been climbing back towards this level again……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Thestreet.com: A major gold ETF dumps 13 tons and gold prices struggle. Gold prices shed $20 Tuesday as global debt fears capped investors’ risk appetite and spurred demand for safe haven assets like Treasuries and currencies.
Typically gold is bought as a safe haven asset during times of economic crisis but currently the precious metal is trading as a risk asset in opposition to the U.S. dollar…………………………….Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Bloomberg: Clive Capital LLP closed its $3.98 billion commodities hedge fund, the world’s largest, to new money after posting its biggest monthly gain since May.

The fund returned 4 percent last month, led by precious metals and agriculture, according to two people with direct knowledge of the matter……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Businessinsider.com: Economists should get rid of the terms ’strong’ and ‘weak’ when discussing the dollar’s value, and use words like ‘heavy’ and ‘light’ instead. It would do wonders to change the American public’s perception that somehow a strong dollar must always be good.

Well, PIMCO’s global portfolio manager Scott Mather makes a pretty complete and concise argument why investors, and Americans, should not to fear a weak dollar. This is because a steadily declining dollar actually helps solve global imbalances which could cause the next U.S. crisis……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From WSJ: The New Year could ring in a new trading pattern for currency markets: the dollar, rather than risky currencies, will benefit from improving economic data.

For that to happen, economic data — particularly the jobs market — will have to continue to improve, in line with the better than expected payrolls report for November……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Financialexpress.com: The Centre on Wednesday said it has approved setting up of four electronic trading platforms or Terminal Market Complexes to eliminate the role of middlemen in farm trading.

The Terminal Market Complexes—one each in Bihar, Tamil Nadu, Maharashtra and Orissa—will replace the mandis (wholesale market yard) and will provide farmers direct access to markets……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Indianexpress.com: In a move that has irked the commodity market regulator Forward Markets Commission (FMC), the finance ministry has dumped its plea to be included in the high-level coordination committee on financial markets (HLCC).
The ministry has thrown back at the FMC the same logic the latter presented while arguing against a common regulator for both equity and commodity derivatives……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From China Knowledge: China’s newly inaugurated Bohai Commodity Exchange is scheduled to start trading on Dec. 18, the Shanghai Securities News reported on Wednesday.

Coal and coke will be the first batch of commodities to be traded on the 24-hour bourse, located in Tianjin Municipality, North China. More commodities, such as crude oil, chemicals, and agricultural products are expected to be launched on BCE soon……………………………..Full Article: Source

Posted on 10 December 2009 by VRS |  Email |Print

From Risk.net: The Singapore Exchange (SGX) will introduce a fresh range of commodity products in the first quarter of 2010.

At a Singapore-based derivatives conference last week, Magnus Bocker, chief executive of SGX, said the exchange would start trading Fuel Oil 380 CST futures……………………………..Full Article: Source

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