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Commodities Briefing 24.Dec 2009

Posted on 24 December 2009 by VRS |  Email |Print

From Dailymail.co.uk: Secretive Switzerland-based commodities trader Glencore started laying the groundwork for a possible £21.9billion-plus flotation with the £1.4billion sale of bonds that could be converted into shares.

A stock market listing would net hefty windfalls for management and employees who own the company…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Telegraph: Glencore, the secretive Swiss-based natural resources group, faces up to $500m (£313m) in punitive charges if it does not float or merge with another company by 2013. Glencore is one of the world’s largest producers and traders of commodities and raw materials.
In exchange for the cash injection, Glencore has agreed to work towards an initial public offer (IPO) or merger within three years…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Seekingalpha.com: We think one of the big themes in 2010 will be investments in agriculture and soft commodities. We feel that due to the unique supply/demand dynamics of these markets, a normalization of global growth will result in relatively large price increases.
The Goldman Sachs Commodity Index has recovered to levels around the 500 point mark, compared to about 350 points at the trough…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Wallstreetpit.com: The commodities market continues to perform well. In the last ten years, according to the following table, courtesy of The Oil Trader’s blog, sugar has been the best performing commodity of the decade, posting a gain of 316%.
The second best performing commodity of the decade has been cocoa, with a gain of 288% and Gold was third with a 278% appreciation. The worst performer in the commodity complex was palladium losing 18.66%…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Heraldscotland.com: The prices of leading commodities, ranging from industrial metals like lead, copper and zinc to foodstuffs such as sugar, tea and coffee, rallied in the second half of the current year and are expected to perform strongly in 2010, but some will fare better than others.

“The rally in commodity prices in 2009 has been extraordinary – faster than normal and from a higher base,” said Patricia Mohr, an economics and commodity market specialist at Scotiabank in Toronto…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Forbes: Gold’s drive higher is not a one-way street, nor is the dollar’s decline. The dollar’s rally will coincide with a correction in gold back to the $1,000 level where it will offer investors a splendid opportunity to buy either the metal or mining shares.
If you are of a mind to pick up a decent gold stock, I suggest the core of your gold portfolio be in Goldcorp. This is likely the very best gold miner on the planet. I have my sights set on accumulating Goldcorp at $34.50 or better during the next correction…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Reuters: The U.S. Commodity Futures Trading Commission is expected to decide soon whether to issue regulations to rein in speculation in the energy and commodity markets by imposing contract position limits.

The agency came under pressure in 2008 to strengthen its oversight of the markets after excessive speculation was blamed for much of the record run-up in food and energy prices last
year…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Mineweb.com: Despite the worst economic recession since 1945, RBS asserts, we have had a telescoped commodity cycle, with peak to trough in just nine months against an average of 41 months for previous recessions.
From trough halfway back to peak has taken just nine months. For the short term, it’s now about the economic macro delivering along with exit strategies working………………………………….Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From People.com.cn: Chen Yanhai, director general of the Department of Raw Material Industry under the Ministry of Industry and Information Technology (MIIT), said recently that in 2010, MIIT will cooperate with relevant departments to strengthen the protection of resources and establish a rare metal reserve system.

China’s reserves of rare metals including tungsten, indium and rare earth all rank first in the world, and the output of the metals accounts for over 80 percent of the world’s total output, and deposits of rare metals such as molybdenum and germanium also rank among the most extensive in the world…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: Investment demand has been the main driver behind prices over the past couple of years, and more so over the past several months. I think investors continue to be concerned over financial markets, economic conditions and political conditions as well.
So I think with weak economic growth, with high unemployment, with what’s going on in Afghanistan, Iran, etc., you have increased concern. And investors continue to rush to safe-haven assets such as gold…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Commodityonline.com: Silver and gold prices rose slightly in early trading Monday, but those gains were quickly erased as a rebounding dollar forced gold down below the psychological support level of $1,100 an ounce to close at $1,092.30 in New York, and silver dropped below the crucial $17.00 level to as low as $16.93 before closing at $17.01 an ounce.

The dollar is continuing its December rally after hitting a 15-month low November 26. Traders are betting on rising Fed rates in 2010 and an improving economy…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Fool.com: Gold has risen and stayed at well over $1,000 an ounce. Although we’ve gotten used to this new level, investors are asking what it means and whether it will last.

To add to the puzzle, gold is high and rising when the dollar is weak and falling. This runs against the traditional pattern of both gold and the U.S. dollar being viewed as hedges against bad times and thus rising together…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Reuters: The European aluminium smelter sector is buckling under the strain of high power and environmental costs and may be in danger of disappearing altogether in the not-too-distant future.
That is the view of Patrick de Schrynmakers, secretary-general of the European Aluminium Association (EAA).He told Reuters earlier this month that around two-thirds of the region’s smelters are in danger of closing…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Business24-7.ae: Oil took several adverse factors into its stride and rallied even as other commodities put up a lacklustre performance yesterday. Nymex crude for delivery in February rose 0.54 per cent to $ 74.80 a barrel. Dated Brent spot prices rose 0.59 per cent to $ 73.15 a barrel.

While oil prices have rallied in the past few days, factors that are known to propel oil prices are simply not present…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Businessweek.com: Iraq’s plan to boost oil output with the help of foreign companies may upset the Organization of Petroleum Exporting Countries’ efforts to support prices because the nation has no quota to limit its production.

Oil companies including Royal Dutch Shell, BP, and OAO Lukoil may help Iraq meet a target to boost oil output capacity to 12 million barrels a day in the next six years after winning oil licensing rounds earlier this year…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Dailystar.com.lb: A surge from Iraq’s oilfields will occupy OPEC crude producers in coming years as the recovering country’s output challenges that of Saudi Arabia, observers said as the cartel held its latest meeting.
Iraq has signed several contracts this month with foreign oil companies and said it could raise production to 12 million barrels a day by 2016 – a level to rival Saudi Arabia, the world’s biggest oil producer…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Marketoracle.co.uk: According to the International Energy Agency, worldwide global demand for oil is currently running at 84.8 million barrels per day. That’s nearly a 2% drop from 2008’s levels of 86.3 million barrels per day.
Over the same time period, oil supply actually rose from 85.2 million barrels per day to 85.6 barrels per day roughly 0.5%…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Xinhua: The Copenhagen Accord provides guidance for future actions on climate change, but the emission reduction pledges are not sufficient, the Paris-based International Energy Agency (IEA) said Tuesday in a statement.

The Copenhagen Accord paved the way toward a legally binding agreement, with a clear environmental goal of limiting the increase in global temperature to 2 degrees Celsius, the IEA said…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Greenwisebusiness.co.uk: As political support for the ‘Copenhagen Accord’ begins to unravel, business has made it clear it is unimpressed at the failure of reaching a robust deal at the UN Climate Summit last week.
The message couldn’t have been clearer from business in the lead up to Copenhagen…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Dw-world.de: With climate experts still reeling from the disappointment of the Copenhagen climate summit, negotiations to develop a strong carbon market continue. The European Union’s system could set an example for the world.
The European Trading Scheme (ETS), which began its first phase 2005, is seen by the European Union as the best way to force emission reductions in the industrial sector and shift to cleaner technologies. The ETS is about to moves into its second phase amid concerns that it has significant flaws…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Seekingalpha.com: Less than two months after my detailed analysis on one pig of an ETN, and less than a week after reiterating the pathetic performance of the VXX as the worst ETN ever, comes this news from Bespoke and Clusterstock.
While the shortcomings of ETFs that track commodities have been well documented, the discrepancy between the price of natural gas and the ETF that is meant to track its price provides a great reminder of why many of these more exotic vehicles should be avoided…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Etfdb.com: In 2009, crude oil prices have surged from about $35 per barrel to nearly $80, making this a good year for many in the oil business.
The Organization of Petroleum Exporting Countries (OPEC) has been one of the main beneficiaries of a recovering global economy, as a return in demand for crude has translated into increased profitability for global oil companies and the governments of oil-rich countries…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Thehindubusinessline.com: Gold prices were often in the news this year due to its upward movements. However, investors who wanted to piggyback on the firm trend should have chosen global gold funds rather than the gold ETFs.

Funds that invest in gold mining stocks (which underperformed gold ETFs in 2008) staged a sharp recovery in 2009. The rebound in world equity markets and safe-haven buying in gold led by dollar’s value depreciation fuelled the run-ups in gold stocks…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Bloomberg: The dollar traded within half a cent of the highest level in more than three months against the euro before a report that may add to signs of a recovery in the world’s largest economy.

The dollar was also near an eight-week high against the yen as investors bet data today will show sales of new homes in the U.S. increased to the most in more than a year…………………………………..Full Article: Source

Posted on 24 December 2009 by VRS |  Email |Print

From Businessweek.com: Stocks were marginally higher Wednesday as rising commodity prices offset losses that followed a disappointing report on housing.

Major stock indexes edged higher in midafternoon trading as gains in commodities drove the shares of energy and materials-producing companies higher. Gold, oil and other commodities rose as the dollar dropped…………………………………..Full Article: Source

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