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Commodities Briefing 23.Dec 2009

Posted on 23 December 2009 by VRS |  Email |Print

From Cnbc.com: Although most commodities were on a steady upward trend from 2002 to late 2006, it was not until 2007 and mid-2008 that the rally intensified, as depicted on the Goldman Sachs Commodity Index (GSCI), a measure of a basket of commodities.

Crude oil, for example, hit a record intraday high of $147 per barrel on July 2008, nearly tripling in price from levels in mid-January 2007………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Seekingalpha.com: After a roller-coaster decade of returns in traditional asset classes like stocks and bonds, many investors have started looking to alternative assets, like commodities, to help round out portfolios. Of course, adding commodities to an asset allocation strategy is no silver bullet.
Buying natural gas futures doesn’t give you a stake in the cash flow of a business like stocks or the steady income stream from bonds………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Seekingalpha.com: This must see three part interview details Faber’s 2010 outlook. He likes commodities (wheat and natural gas in particular), Japan & hates the U.S. He continues to forecast hyperinflation as the government prints its way out of the crisis (this is very similar to Julian Robertson’s outlook).
He still believes the capitalist system will fail in spectacular fashion………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Etfdb.com: For most investors, 2009 has been a very good year, with a surge in liquidity leading almost all asset classes to big gains. As many national economies emerged from recession, investors regained their appetite for risk, sending emerging markets funds through the rook (these funds dominated the list of the Top Ten Performing Equity ETFs).
But less risky asset classes also jumped in 2009, and the vast majority of exchange-traded products are heading towards the finish line well in the black on the year………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Commodityonline.com: This year has seen the base metals perform far better than even our own bullish expectations. The initial catalyst for the recovery was the Chinese stimulus package and its aggressive purchasing of various commodities at the beginning of the year.

After the initial China effect, the commodity price rally was driven by the investor community and abundant liquidity in the financial markets, before finally, over the past few weeks or so, the global recovery and growth story finally appears to be having a say………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Theaureport.com: Gold has been leading the market for almost a year. Last week gold and gold stocks were trading at support looking ready to bottom but, as you will see in my charts below, both broke support on heavy volume.

With gold now underperforming the stocks market, I get the feeling we could see the broad market top. Topping is a process and after this strong climb I figure it will be choppy (tough to trade)………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Saudigazette.com.sa: Global energy demand will increase 40 percent by 2030, Saudi Aramco President and CEO Khalid A. Al-Falih said during a recent visit to its markets in Asia.
“The developing economics of the world are at the heart of the International Energy Agency’s forecast that the world’s primary energy demand will increase,” he said, noting that the forecast projects growth of 40 percent by 2030 - roughly 1.5 percent per year………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From AP: OPEC held its year-old output targets unchanged, as the group grappled with overproduction by some in its ranks that could undercut efforts to support oil prices amid a fragile global economic recovery.

The Organization of the Petroleum Exporting Countries wrapped up its meeting Tuesday in the Angolan capital by deciding that the best plan of action was not to act. The 12-member bloc highlighted concerns about the strength of the global economic recovery, and again called on oil producers outside the group to cooperate in propping up oil markets………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From AFP: The OPEC oil producers’ cartel warned of lingering weakness in the world economy and held its emergency crude output quotas unchanged at its meeting in Angola on Tuesday.

Delegates at the meeting also said that growing output from Iraq’s recovering oilfields, which observers say will become a major concern for its fellow producers, was unlikely to have an impact for several years………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From WSJ: Here’s the thing about OPEC’s decision to maintain current levels of crude-oil production today: It really amounts to a production cut, but the market doesn’t care.

The oil cartel for the fourth time this year maintained current production levels, pretty much as everyone expected. With one big caveat: OPEC honchos called for oil-producing states to comply with their output quotas after an alarming lack of discipline since the spring………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From AFP: The OPEC oil producers’ cartel warned of lingering weakness in the world economy and held its emergency crude output quotas unchanged at its meeting on Tuesday.

“The economic recovery has gathered pace,” said the group’s president, Angolan Oil Minister Jose Botelho de Vasconcelos. “However, doubts remain about the dynamics of the recovery,” he added………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Timesonline.co.uk: Iraq is to more than double its exports of crude to China next year as energy demand in the world’s most populous country continues to grow briskly on the back of an economic recovery.

Speaking at a meeting of the Opec oil cartel in Luanda, the capital of Angola, Hussain al-Shahristani, the Iraqi Oil Minister, said that the country’s crude shipments to China would be boosted from about 144,000 barrels per day to 300,000 in 2010………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Renewableenergyworld.com: The year 2009 started off with a bang for the clean energy industries — encompassing energy efficiency, renewable energy, clean distributed generation — for manufacturers, project developers, installers — the whole family of industries.
President Obama assumed office in January ‘09 and by February the Stimulus Bill (ARRA) was signed into law, extending the portfolio of clean energy tax credits, but also setting in motion billions of dollars of loan guarantees and grants………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Evwind.es: Reflecting on a year that opened with high expectations for renewable energy from the new Obama Administration and was buffeted by economic storms, AWEA identified the wind industry’s top accomplishments in 2009.
“Wind power is a symbol of hope in our economy and supports thousands of jobs, but U.S. wind turbine manufacturing is lagging at the very time that the global clean energy race is heating up,” said AWEA CEO Denise Bode………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Xinhua: China’s top legislature Tuesday discussed a legal amendment to require electricity grid companies to buy all the power produced by renewable energy generators.

The State Council energy department and the state power regulatory agency should supervise the purchases, said the draft amendment to the Renewable Energy Law, which was submitted to the Standing Committee of the National People’s Congress (NPC) for its second reading………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Xinhua: Climate change is an issue that concerns the common interest of the international community, regardless of a country’s development status. However, it’s regrettably ironic that the West still approached climate change at the Copenhagen summit with the power politics of a Cold War mindset.

With the absoluteness of “global warming” being replaced by the conceptual ambiguity of “climate change”, it has turned out that the forces pushing the world toward a climate problem are not generated from the catastrophic scenario of “global warming” drawn by scientists, but from the wrestling over a carbon-credit standard system and carbon rights that lie behind it………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Nytimes.com: European Union leaders on Tuesday sought to deflect criticism that they had fumbled their strategy at the Copenhagen climate summit meeting, just as a feud between the British and the Chinese over whom to blame for the outcome worsened.
Andreas Carlgren, the environment minister of Sweden, the country holding the rotating E.U. presidency, said that the summit meeting had been a “great failure” partly because other nations had rejected targets and a timetable for the rest of the world to sign on to binding emissions reductions………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Mineweb.com: Nickel, infamous for owning possibly the most volatile pricing history among commodities, has done it again during the latest cycle, enticing four mining majors to splash out nearly US$50bn cash on acquisitions that have unequivocally ended in huge pools of tears.
The disaster is consistent with the evolution in nickel prices, which summarily collapsed from close on US$25.00/lb in mid-2007 to around US$5.00/lb, recovering recently to levels around US$8.00/lb………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Commodityonline.com: Following Monday’s give-up of Friday’s hard-fought gains, gold prices headed lower still in the early Tuesday trading hours. The yellow metal hit a fresh, six-and-a-half week low in spot levels, under $1085 per ounce. At least three culprits stood out in the suspect line-up like sore thumbs today as well: the dollar, thin market conditions, and profit-takers.

Moody’s decision to downgrade Greek sovereign debt from A1 to A2, albeit still higher than Fitch’s and S&P’s, added to credit jitters this morning and supported strength in the US dollar (last seen at 1.428 against the euro)………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Commodityonline.com: Investors Buying Gold have poured large amounts of money into gold exchange-traded funds (ETFs) and could carry on doing so as the precious metal continues to perform.

According to one expert, Gold Bullion has recently hit soaring price highs and, despite a subsequent dip, will continue to offer investors great value in the long term………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Reuters: The South Korean won and the Indian rupee are set to outperform other emerging Asian currencies next year on views their central banks will start raising rates sooner than their regional peers, a Reuters poll shows.

The won is likely to be the top performer, rallying 12 percent against the dollar between now and the end of next year, followed by the rupee with a 6 percent gain, the poll shows………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Dow Jones: The dollar declined against the euro Tuesday after a worse-than-expected measure of U.S. economic growth cut into the perception the U.S. was emerging from recession at a quicker pace than its competitors.

The slower than previously reported growth could dim expectation the Federal Reserve will increase key interest rates sooner than had been expected, kicking the legs out from under the dollar’s recent support………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Financiarul.ro: The Sibiu Monetary Financial and Commodities Exchange (BMFMS) will launch starting Monday the futures contract having as an active support the greenhouse gas emission securities (EGES) having CO2 RON 2008-2012 as a symbol, BMFMS release informs.

The contract numbers 100 EGES and the transaction step is worth 0.01 lei (1 leu per contract). The contracts are repayable every day. The contract initiated at the beginning of each transaction is due back on the same day. The single due daily back-payment will be permanently available during the trade session………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Bloomberg: Wheat rose on speculation that managers of hedge funds and commodity-index funds will purchase more grain futures next month as they expand holdings of underperforming assets expected to rebound in 2010.

Fund managers may buy grains, including wheat, after Jan. 1, expecting demand for raw materials to improve as the dollar weakens, said Jon Marcus, the president of Lakefront Futures & Options LLC in Chicago………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Marketoracle.co.uk: In the world we live in, nothing is easy. No one is spared sorrow, pain, and sometimes anger associated with their mistakes. Lets face it …we all make mistakes. Mistakes in commodity trading are costly.
However sometimes it is the best money spent if we learn from them. However…all too many commodity traders do not learn from their mistakes..they make the same ones over and over until they quit with disgust. It does not have to be this way………………………………….Full Article: Source

Posted on 23 December 2009 by VRS |  Email |Print

From Economist.com: December dismays Joel Waldfogel, an economist at the University of Pennsylvania’s Wharton School and the author of a new book called “Scroogenomics”.
Mr Waldfogel objects to the ritualised frenzy of shopping for gifts that precedes the enormous meals and awkward family reunions that are the other hallmarks of Christmas in the Western world………………………………….Full Article: Source

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