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Commodities Briefing 29.Dec 2009

Posted on 29 December 2009 by VRS |  Email |Print

From BBC: After a year of soaring commodity prices, next year is expected to see further increases, financial firms are predicting. But the price rises will not be universal and the gains made by investors will probably be lower than they have been in recent months.

“In the first quarter of 2010, more buying is anticipated by consumers and institutional funds increasing their allocation to commodities,” predicts Investec in a research note……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Iii.co.uk: It’s been nothing short of a rollercoaster ride for commodities in 2009, with oil struggling to rouse itself from a deep low, while gold smashed through new highs to become the real success story of the sector.

Following on from highs of $147 a barrel in July 2008, oil prices took a sharp hit at the start of this year and averaged just $42 in the first quarter - sending investors reeling and oil companies fighting for their life……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Zawya.com: The year 2009 saw investors flocking to commodities as other forms of alternative investments - real estate in particular faced one of the worst years ever.

Gold rose to historic highs this year, outpacing the most affirmative of predictions. The metal has gained 25 per cent this year, touching a record $1,227.5 an ounce earlier this month…………………………………..Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: Although the widely followed S&P 500 Composite was the yardstick used to score the market’s nadir, that doesn’t mean that every issue in the index bottomed on March 6. Take agribusiness stocks, for example.
Of the five biggest domestically traded components of the DAXglobal Agribusiness Index—the benchmark tracked by the Market Vectors Agribusiness ETF—only one scraped its pan in March. The rest actually started pulling up in late 2008, well ahead of the broader market……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Indexuniverse.com: U.S. Commodity Funds, best known for its $2.2 billion U.S. Oil Fund and $3.8 billion U.S. Natural Gas Fund, has filed paperwork with the SEC to launch a new diversified commodities index ETF, based on an index created by SummerHaven Index Management.

The fund will track the newly launched SummerHaven Dynamic Commodity Index (SDCI), an actively managed commodities futures index that has positions in energy, precious and industrial metals, and agricultural commodities, including livestock, grains and softs. It is the firm’s first index……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Resourceinvestor.com: It has been said that “the only thing constant is change.” While this is true, the rate of that change is anything but constant. If you pause to reflect on how rapidly things are changing all around us, you will realize that momentum is building and the change is picking up pace.

While some may view this phenomenon with fear, I welcome it and believe that although difficult times are ahead, the accelerating change provides an opportunity to transition into a better societal structure……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Barrons: Commodities strengthened broadly as the dollar sank against most major currencies, with observers wondering whether a dollar rally since November will last.

The ICE U.S. Dollar Index was off 0.2% at 78.05, though the dollar appreciated against the Euro to $1.438……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Bloomberg: Indonesia can look back at 2009 as a major outperformer, being one of the few countries in the world where gross domestic product expanded over the year.

The structure of the economy, which isn’t overly dependent on exports, clearly helped. The government’s efforts to protect the most vulnerable social groups through its cash handouts and support to businesses through tax measures — all equivalent to 1.6 percent of GDP — were key to the success……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Thehindubusinessline.com: With its voracious appetite for a whole range of commodities including energy products, base metals and precious metals, as well as agriculture, China continues to amaze the global commodity market participants.

In no small measure has the Asian major’s import demand for a wide variety of commodities to meet its internal consumption requirement been a key driver of the remarkable recovery the markets have witnessed in recent months……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Commodityonline.com: Chinese metals demand is expected to be on the upside in 2010, with experts predicting strong gains for mining equities.

According to analysts, mining equities are set to storm through the 2010 earnings season driven by strong gains from commodities, currencies and rationalisation gains mainly coming from the United States and China. The commodities prices too are all set to rise further on the back of global recovery from the credit crisis……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Mineweb.com: The statistics show that gold has outperformed virtually all other asset classes over the past ten years despite permanent talking down by the gold skeptics.
What the next decade will bring for gold? Who knows. But we do know one thing - those who held gold for the past 10 years will have a happier New Year than those who listened to the perma-skeptics……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Commodityonline.com: As 2009 is heading for a close, traders, investors and analysts are in the midst of mixed feelings of hope, dejection and euphoria.
2009 was not a bad year for investors in stocks and commodities compared to the year 2008 when we were bombarded with bank failures and the global economy teetering on the brink of collapse……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Mineweb.com: As we see the end of another year, and even though the price of gold has come off its highs of over $1225, the price gold gained some 30% this year.
Now, as the dollar rebounds from it’s lows, and as most equity analyst are looking for global equities to continue upwards, there is talk that gold has made it’s high……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Business-standard.com: Where will gold be in New Year? You have as many price forecasts for the metal as there are experts. But, in terms of volatility, gold beats any other commodity by a long margin, the experts without an exception admit they are treading on a high risk ground while making a price forecast.
True, in the gold’s journey from a low of $220 an ounce in 1999 to the record price of $1,225 on December 3, the precious metal went through quite a few hair raising roller coaster rides……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From AFP: Saudi king Abdullah described oil prices as satisfactory in an interview published on Saturday, at a time when the largest OPEC producer is seeking price stability.

“We predicted an oil price of 75 to 80 dollars per barrel at the beginning of the year, what we considered acceptable, and now it has reached this level,” the king told the Kuwaiti newspaper Al-Siyassah……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Zawya.com: Now is the time to take a quick look at the year that has almost gone by — 2009. From the crude oil point of view, it has been a roller coaster year. Interestingly, the oil markets during the year mirrored the previous decade rolled into 12 months.

Only a decade ago in December 1999, oil markets slid toward the then-unthinkable barrier of $10 a barrel and respected publications such as The Economist predicted that crude would sink below $5 and stay there……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From UPI: China adopted an amendment to its renewable energy law Saturday that requires utilities to buy all the power produced by generators of renewable energy sources such as wind and solar power.

Power enterprises that refuse to do so will face fines up to an amount double that of the economic loss of the renewable energy company, state-run news agency Xinhua reports……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Xinhua: South Korea announced Monday it will launch a pilot greenhouse gas emissions trading scheme as early as late next year in a bid to encourage carbon emissions reduction.
The Ministry of Environment said in a statement the Korea Exchange (KRX), the country’s bourse, will serve as a platform for carbon emissions trading, also known as cap and trade, starting as early as late next year……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Reuters: There is no reason for China’s yuan to depreciate against any currency, including the dollar, euro or yen, an adviser to its central bank said on Monday, highlighting the polarised nature of debate on the currency.

Fan Gang’s comments come a day after Premier Wen Jiabao struck a defiant note about the country’s exchange rate policy, saying that although the yuan was facing growing pressure to appreciate, Beijing is committed to keeping it stable……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Koreaherald.co.kr: The government said yesterday Korea, China and Japan, and 10 member countries of the Association of Southeast Asian Nations have agreed to launch a $120 billion multilateral currency swap program, known as the Chiang Mai Initiative Multilateralization, on March 24, 2010.

The Ministry of Strategy and Finance said finance ministers and central bank governors of the 13 participating countries were finished signing on the CMIM by Dec. 24……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Etfdb.com: Platinum and palladium prices jumped to recent highs last week on news that regulators had taken an important step towards allowing London-based ETF Securities (ETFS) to list physically-backed ETFs linked to the metals to trade on U.S. exchanges.
“The Securities and Exchange Commission in the past week approved proposed rule changes from the New York Stock Exchange’s NYSE Arca platform for listing and trading of shares of ETFS Platinum Trust and ETFS Palladium Trust,” writes Allen Sykora……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Israelidiamond.co.il: 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 29 December 2009 by VRS |  Email |Print

From Dailyfinance.com: Providers of exchange-traded funds and notes had a strong 2009 and the new year is shaping up to bring more of the same. But what’s good for ETF companies isn’t necessarily good for investors.

Not only did these cheap, liquid and tax-advantaged investment vehicles set a new record, reaching more than $750 billion in assets under management as of Nov. 30, according to the National Stock Exchange, but the first actively managed ETFs opened for business……………………………………Full Article: Source

Posted on 29 December 2009 by VRS |  Email |Print

From Etfdb.com: Goldman Sachs has filed for approval with the Securities and Exchange Commission to launch a line of exchange-traded funds, seeking to become the latest financial giant to into the industry.
According to the 40-APP filing, Goldman’s initial fund will “offer an extensive representation of the Brazilian, Indian, Chinese and Korean markets by targeting all companies with a market capitalization within the top 85% of their investable equity universe.” Goldman estimates that the fund would consist of approximately 300 to 450 constituents……………………………………Full Article: Source

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