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Commodities Briefing 11.Oct 2010

Posted on 11 October 2010 by VRS |  Email |Print

From Arabnews.com: NCB Capital, described as Saudi Arabia’s largest investment bank, believes that demand for commodities is growing due to a commodity ‘super-cycle’ driven by rapid industrialization and increasing living standards in the face of finite supplies. While the GCC benefits from the oil cycle, its heavy reliance on imports of most other key commodities is creating a particular set of policy challenges for the region.

Rapid income growth and economic development in the emerging economies has transformed the global commodity markets. With the available pool of natural resources typically finite in the case of hydrocarbons and metals, or at least inelastic in the short term in agricultural commodities and renewable energy, the supply side has struggled to keep pace with a dramatic increase in demand…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Gulf-times.com: Opec is seeing evidence of sluggish economic growth reflected in the demand for petroleum, and views weakness likely to persist into 2011, the group’s top official said yesterday.

Organisation of Petroleum Exporting Countries secretary general Abdalla Salem El-Badri, speaking to global economic officials gathered in Washington, said there are signs global growth is sputtering now that many countries are ending their stimulus efforts…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Bloomberg: OPEC may leave oil production unchanged when it meets in three days’ time because signs of a recovery in demand have yet to emerge among the world’s developed economies.

The oil market is “a little oversupplied,” Mohamed al- Hamli, the oil minister of the United Arab Emirates, the third- biggest producer in the Organization of Petroleum Exporting Countries, said Oct. 9. OPEC members are all exceeding their allotted quotas after prices surged 78 percent in 2009 and a further 4 percent this year…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Kuwaittimes.net: Iran’s OPEC governor said oil prices were “nominal” and the crude market was oversupplied, the Students News Agency ISNA reported yesterday. “The prices of oil in the market which stood between $70 to $80 … are nominal and not real … There is an oversupply in the oil market consequently some countries are stockpiling oil or its derivatives,” Mohammad Ali Khatibi told ISNA.

If we compare the current prices with the prices a few years ago, the real prices will stand at a maximum of $50 a barrel.” Oil prices have recovered from just above $30 a barrel in December 2008 and are trading above the $70-$80 range OPEC has said is acceptable for consumers and producers…………………………………….Full Article: Source

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From Gulf-daily-news.com: Gulf oil ministers wound up a joint meeting yesterday by vowing to achieve price stability in the international markets, ahead of an Opec meeting. “The oil market has witnessed many developments that obliged us as major producers to counter more challenges in the way of achieving stability of the oil price and markets,” Kuwait’s Oil Minister Shaikh Ahmad Abdullah Al Sabah said after the meeting in Kuwait.

GCC assistant secretary general Mohammad Al Mazroui said the alliance is co-ordinating its oil policies closely with the “aim to stabilise the international markets.”……………………………………Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Themoscowtimes.com: Russia needs oil prices above $60 per barrel in 2011 to ensure stable growth, although the country’s economy is less vulnerable than those of developed markets, Finance Minister Alexei Kudrin said late Saturday.

“Above $60,” Kudrin said in response to a question on what crude prices Russia needed to secure economic well-being next year…………………………………….Full Article: Source

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From Bloomberg: Hedge funds raised bullish bets on oil to the highest level in more than five months amid speculation that the Federal Reserve will enact further stimulus measures to keep the economic recovery on track.

Hedge funds and other large speculators increased wagers on rising crude prices by 44 percent in the seven days ended Oct. 5, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. It was the highest level since April 23…………………………………….Full Article: Source

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From Ninemsn.com.au: After two lacklustre years, the smiles are back in the metals and mining industry as hundreds of executives, bankers, traders and brokers converge for the traditional London Metal Exchange Week, the largest annual gathering of the sector.

The industry uses LME Week as an opportunity to entertain clients, discuss the outlook for the following year and, crucially, negotiate annual contracts. The meeting comes amid a bullish mood in metals markets…………………………………….Full Article: Source

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From Commodityonline.com: Gold Bulletin highlights the current and future uses of gold in the industry London. The World Gold Council (WGC) has published a special issue of Gold Bulletin devoted to the use of gold in electronics.
This edition covers current technological uses of the metal such as in gold bonding wire and electroplating, as well as some emerging future applications of gold in advanced electronics. These include the use of gold nanoparticles to enhance the capacity of flash memory devices and in novel printed gold inks for low temperature printing applications. Contributors to the special issue include researchers from leading industrial and academic centres…………………………………….Full Article: Source

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From Mineweb.com: In one of several very interesting panel discussions at the World Gold Investment Congress section of Terrapinn’s World Commodities Week in London this past week, James Turk reiterated his opinion that gold could climb as high as $8,000 - based on simple mathematics.
In the 1970s, he pointed out, gold rose from $35 to $800 at its peak and he sees no reason why in the current period history shouldn’t repeat itself by taking it from around $350, as it was in 2003, to around $8,000 by perhaps 2013-2015 in the current bull run, which many observers feel is only in its mid-stages…………………………………….Full Article: Source

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From Marketoracle.co.uk: The U.S. is a world of well educated, highly sophisticated investors who use an extraordinary well developed set of markets through which to invest into every item that has a market and usually at prices that attract the world of buyers to the oil market, currencies equities bonds and the rest.
In the U.S. gold markets investors can buy the shares of gold mining companies, get options to buy these shares, buy the Indices that track these shares, buy gold coins, gold bullion, buy the shares of gold Exchange Traded Funds, buy gold futures through COMEX and more still…………………………………….Full Article: Source

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From Reuters: Spot silver gained half a percent to touch a fresh 30-year high at $23.65/oz on Monday, and holdings in the iShares Silver Trust rose to a new record high above 10,000 tonnes.

Holdings in iShares Silver Trust, the world’s largest silver-backed exchange-traded fund, rose to a new all-time high at 10,085.62 tonnes by Oct 8…………………………………….Full Article: Source

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From Ninemsn.com.au: A range of exchange traded commodities is being planned to meet demand from investors wanting the reassurance of physically-backed metals.

A number of providers are working on bringing products to market, with ETF Securities first to announce its plans for a range of ETCs investing in industrial metals, to be listed on the London Stock Exchange, with daily prices from the London Metal Exchange…………………………………….Full Article: Source

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From Fundstrategy.co.uk: Part of the attraction of exchange traded funds (ETFs) is simplicity. Investors get the performance of an index or commodity, less fees, job done. However, the post-crunch environment has concentrated attention on the way ETFs are structured, particularly the underlying derivatives that back some of them.
To what extent does this represent a genuine risk for investors?……………………………………Full Article: Source

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From Seekingalpha.com: Despite the advice of some in the financial media, many investors have continued to embrace exchange-traded commodity products as efficient vehicles for establishing exposure to natural resources.
Cash continues to flow into commodity ETFs, which are popular as both diversifying agents within buy-and-hold portfolios and tools for speculating on short-term price movements among more active traders. Regardless of the underlying resource or the strategy implemented, the last few weeks have been very good to commodity ETF investors…………………………………….Full Article: Source

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From Financialexpress.com: Two media reports recently drew attention to the issue of price discovery on commodity futures exchanges. One was the Bombay Sugar Merchants’ Association request to FMC to not revoke the ban on sugar futures (which seems to have found some sort of a tacit support from the ministry as well as there are reports that trading on sugar futures may not be allowed till the current festival season is over).
The other was a request from the rubber board to FMC to curb intra-day price fluctuations to not more than 2%…………………………………….Full Article: Source

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From BBC: US Treasury Secretary Timothy Geithner has pressed China to let the value of the yuan rise against other currencies. Geithner said nations relying too much on exports must change their policies, or global economic growth would slow.

He said major emerging economies should move towards “a more flexible, market-oriented currency policy”…………………………………….Full Article: Source

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From Guardian: The world’s foreign exchange markets bracing themselves for fresh turbulence after weekend talks at the International Monetary Fund failed to ease fears of a currency war.

Dominique Strauss-Kahn said the time for talk was over after the fund’s main policy body made little progress in settling the row between Washington and Beijing over China’s alleged manipulation of its currency…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Telegraph.: The overwhelming fact of the global currency system is that America needs a much weaker dollar to bring its economy back into kilter and avoid slow ruin, yet the rest of the world cannot easily handle the consequences of such a wrenching adjustment. There is not enough demand to go around.
Asian investment in plant has run ahead of Western ability to consume. The debt-strapped households of Middle America, or Britain and Spain, can no longer hold up the dysfunctional edifice. Asians must take over, or it will come down on their own heads…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Nytimes.com: Carbon trading, also known as cap and trade, has suffered a lot of hiccups in Europe over the past five years. Conceived to make it more expensive to emit greenhouse gases, the fledgling system in the European Union has been rocked by extreme volatility, cyber- attacks, tax fraud, recycling of used credits and suspicions of profiteering.

Despite those difficulties, carbon trading has developed into a business worth about $140 billion annually. While most of that business is concentrated in Europe, Asian nations are rolling out systems and Australia and the United States are still considering using trading as a tool for cutting carbon in the future…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Reuters: More penalties on greenhouse gas emissions could help raise $100 billion a year from 2020 to enable poor nations to slow global warming, despite austerity in many rich countries, Norway’s prime minister said.

Jens Stoltenberg, who will co-chair a U.N. advisory group about climate financing in Addis Ababa on Tuesday, said raising $100 billion a year was “feasible” but one of the hardest issues in talks on a new U.N. climate deal…………………………………….Full Article: Source

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