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Commodities Briefing 16.Dec 2009

Posted on 16 December 2009 by VRS |  Email |Print

From Dow Jones: Mobilizing large amounts of private finance, rather than smaller amounts of public funding, is what is needed to achieve necessary global emission cuts, the head of the International Energy Agency said Tuesday.

“Public finance is important but private sector investment will play a much bigger role, and how that’s mobilized is a key issue [at the Copenhagen climate talks,” the IEA’s Nobuo Tanaka told Dow Jones Newswires in an interview here Tuesday………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From CNN: Carbon trading — with its mix of free-market principles and government regulation — holds global appeal as a way for businesses to reduce emissions. But lack of a global market for carbon trade and questions over surveillance and accounting for pollution offsets raises questions about its viability.

The factors complicating accurate carbon-trading reportage begins with the “product” — in this case the absence of an invisible gas. Adding to the intangibility is the crediting of businesses for projected reductions in greenhouse gas emissions………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From BBC: The outcome some want to see from the climate change talks in Copenhagen, is a broadening of the market which trades in carbon dioxide or CO2 emissions.

It’s called the European Emissions Trading Scheme, and it was set up to enable Europe to meet its targets for cutting greenhouse gases under the Kyoto Protocol. The USA, China, Japan and Australia are considering similar schemes………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Chinadialogue.net: China’s policymakers are beginning to accept the use of market mechanisms to achieve goals on addressing climate change and reducing energy use. There are currently three major exchanges in China that trade environmental and energy assets, in Beijing, Tianjin and Shanghai.
All were set up with support from local governments, and all began operations in the past year………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Commodityonline.com: Wind energy will no longer be confined to a few megawatts of power as a drive towards clean and renewable energy has led to setting up of bigger wind farms across the globle.

The London Array offshore windfarm is all set to become the largest windfarm in the world following its scheduled completion in 2012 with a tottal capacity of 630 MW. An option to uprate the project to 1000 MW is also provided. Thus London Array windfarm will become the first in the 1-gigawatt class………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Livemint.com: The Organization of the Petroleum Exporting Countries (Opec) forecast slightly higher oil demand in 2010, but cautioned that the pace of the global recovery may affect appetite for its chief export.

The 12-nation Opec said in its December Monthly Oil Market Report on Tuesday, a week before it’s due to meet, it expects world oil demand to increase by 800,000 barrels a day to 85.13 million barrels a day, largely from developing countries. That’s a 70,000 barrel per day increase from its November forecast………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From WSJ: The European Union ended one of the world’s longest-running trade battles Tuesday as it agreed to cut import tariffs on bananas from Latin America grown by U.S. corporations like Dole Food Co., Fresh Del Monte Produce Inc. and Chiquita Brands International Inc.

The settlement, which national lawmakers are expected to ratify within four months, trade officials say, means less-expensive bananas for Europeans, more profit for U.S. fruit companies and lower revenue for some former EU colonies………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Agrimoney.com: Crop markets are at the start of a “long-term bull run”, Bank of America Merrill Lynch has said, joining investment bank peers such as Barclays Capital, Goldman Sachs and UBS in unveiling upbeat forecasts.

The worst recession for decades had not diminished the likelihood of economic expansion, coupled with a switch to more expensive diets in developing countries, providing “strong support” to demand for grains, meats and oilseeds………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Finfacts.ie: Global Economy 2010: US investment bank Morgan Stanley says next year will be a tale of two worlds - - global growth of 4% but barely 2% average GDP (gross domestic product) growth in the advanced G10 economies while emerging economies, led by China and India, should grow by an average of 6.5%.
Meanwhile, according to the Bank of America Merrill Lynch Global Research Macro Year Ahead for 2010, issued in London on Monday, the global economy will grow at a slow but steady pace in 2010, ahead of consensus estimates and China’s economy will expand by 10.1%………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Telegraph: Gold rose to a record high in 2009, but can it continue to rise above the $1,200/oz level, or will it fall back?
“Notwithstanding the recent correction – and the possibility that gold may yet fall further before bargain hunters and other buyers (including central banks) reappear – the four pillars of gold-price strength remain intact………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Fool.com: It’s sad but true: If there were no asset bubbles, investing would be a whole lot less exciting. After all, who wants to buy a boring old index fund and sit back and watch your earnings grow at the same rate as the rest of the market?
No, investors want the stock that will double overnight or the mutual fund that focuses on the hottest and fastest-growing sector of the market. Folks are always on the lookout for the next hot new thing, and right now, they’ve got one in their sights………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Mineweb.com: Central banks - the long-time nemesis of the gold sector - are doing an about-face to become its biggest supporters. And this quantum shift promises to gather momentum in 2010 with the prospect of a new era of net buying continuing to fuel robust demand for bullion.

So say several of the world’s most prominent gold fund managers and investment industry gurus………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Commodityonline.com: If I make this statement that without India’s assistance, Gold would be as lowly priced as corn or porn, I will be stoned to death by powerful forces across western countries that rely on Gold prices for their own and others’ investment vehicle.

Primarily, Gold is a commodity that has no links to many factors governing economics. It is mined mostly in African countries, consumed in Asian countries and profiteered in American countries………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Resourceinvestor.com: The gold price has swept past the US $1200 mark - in both directions - so it’s time to check numbers against concepts and patterns. The yellow metal’s modern history began with Western economic expansion in the 19th century.
That outstripped our ability to supply gold equivalent to economic activity, at fixed rates. With currencies delinking from gold by the early 1970s, miners couldn’t supply enough of it at the old fixed rates………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Bloomberg: Some of the biggest buyers of gold may be sending the strongest signal to sell it, if past performance is indicative of future results.

Central banks, holding about 18 percent of all gold ever mined, are expanding their reserves for the first time in a generation as a nine-year bull market drives prices to a record………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Smh.com.au: Uncertainty has led investors to the traditionally safe asset but it, too, has had an unpredictable year.

If you want confirmation that fear and uncertainty still rule investment markets, look no further than the gold price, which is proving more volatile than the weather………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Investopedia.com: Spot gold prices hit $1,200 in early December as investors continued to gravitate toward hard assets because inflation fears moved them away from the U.S. dollar. It was definitely a good year for the precious metal.
It’s probably too much to ask for the same performance in 2010. Copper’s price gains were double those of gold as investors looked for alternatives to the yellow dust……………………………….Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Etfdb.com: Gold is often referred to as a “safe haven” investment, reflecting its tendency to rise in times of economic uncertainty.
While there is no shortage of “gold bugs” that buy and hold the metal for extended periods of time, there are countless investors who trade gold quite actively………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Seekingalpha.com: Some ETFs accumulate an enormous amount of assets in the brewer’s kettle. Other ETFs have taken a little more time to ferment. Still others have had plenty of yeast and plenty of time, but they haven’t found enough takers for the batch.

Most notably, Index IQ delivered its first hedge fund multi-strategy tracker nearly 8 months ago, IQ Hedge Multi-Strategy Tracker ETF (QAI)………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Themalaysianinsider.com: A new product class similar to exchange traded funds (ETFs) has been launched in Singapore — the first of its kind in Asia outside Japan.

Called exchange traded notes (ETNs), the first of this new breed of product was listed by Barclays Capital on the Singapore Exchange (SGX) last Friday, with more expected in the coming years………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Koreatimes.co.kr: Korea plans to launch a commodities exchange where gold and other precious metals are to be traded as early as 2011. The state-run Korea Institute of Public Finance (KIPF) said Tuesday that the country should set up a commodities exchange as early as possible to promote transparent transactions of such goods.

It suggested gold rings, necklaces and other gold works be exempted from value-added tax in a bid to further discourage the smuggling and illegal transactions of the precious metal………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From WSJ: Stress in the Austrian banking sector is dragging down the euro Tuesday and putting currencies from Central and Eastern Europe under pressure too.

News Monday that Austria had nationalized its sixth-largest bank, and concern Tuesday that other Austrian banks could be struggling, have further shaken confidence in the euro-zone banking sector after Greece’s sovereign debt rating was downgraded last week by Fitch Ratings………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Cnet.com: Beginning in the first quarter of 2010, social sites IMVU and MyYearbook will launch a virtual currency exchange allowing users from either service to exchange currency between the sites.
Currency Connect is billed as a “cross property virtual currency exchange” system similar to how you would change U.S. dollars into euros if you were traveling in Europe. Users simply swap their currencies depending on what site they are on………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Stockmarketsreview.com: The dollar has witnessed a falling trajectory post March this year without any respite whatsoever. A number of factors contributed to this slide - ongoing dollar carry trade and loose monetary and fiscal policies at its forefront.

The Fed, by reducing the inter-bank lending rates to near zero levels and signaling keeping the rates at this level for an extended period of time, intensified the pace of the dollar carry trade, marking a substantial unwinding of the yen carry trade………………………………..Full Article: Source

Posted on 16 December 2009 by VRS |  Email |Print

From Financeasia.com: Deutsche Bank has hired Soozhana Choi as head of commodities research for Asia to help provide clients with a broader range of perspectives on this sector. Choi’s diverse background, across market analytics and investment strategies, will allow her to do that.

Choi joins from Glencore International in Singapore, where she established the Asia and Middle East oil research and strategy team………………………………..Full Article: Source

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