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Commodities Briefing 14.Oct 2010

Posted on 14 October 2010 by VRS |  Email |Print

From Bloomberg: Commodity futures at the highest level in two years show that crop-price volatility remains a threat to the world’s poor and hungry, according to the Rev. David Beckmann, a co-winner of this year’s World Food Prize.
Higher prices for corn, wheat and soybeans may exacerbate world hunger, Beckmann said today in an interview at the annual conference where the prize is awarded in Des Moines, Iowa. Beckmann was honored for his work as president of Bread for the World, a Washington-based non-profit group that advocates for policies that ease hunger around the world……………………………………….Full Article: Source

Posted on 14 October 2010 by VRS |  Email |Print

From Balkans.com: Fears of a global food crisis swept the world’s commodity markets as prices for staples such as corn, rice and wheat spiralled after the US government warned of “dramatically” lower supplies.
An especially hot summer in the US, droughts in countries including Russia and Brazil and heavy rain in Canada and Europe have hit many grain and oilseed crops this year. This has raising concern of a severe squeeze in food supplies and a repeat of the 2007-08 food crisis………………………………………Full Article: Source

Posted on 14 October 2010 by VRS |  Email |Print

From Citywire.co.uk: As new ways to invest in commodities have developed it is increasingly important for investors to understand the nature of these markets. Interest in precious metals and other commodities is booming again as investors seek to hedge against the risk of rising inflation and currency devaluation.
With gold having risen 375% in 10 years – and recently trading at $1,300 for the first time – others argue a bubble has developed that could burst……………………………………….Full Article: Source

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From Reuters: Even if commodities are on the verge of another powerful rally, few institutional investors have plans to increase allocations to the sector due to high volatility and losses they incurred in the last two years.
Pensions and mutual funds that invested in oil, metals and other commodities during the last boom from 2003-2008 had planned to invest at least 5 percent of their multibillion dollar assets in the sector on expectations booming emerging markets would boost demand for basic resources……………………………………….Full Article: Source

Posted on 14 October 2010 by VRS |  Email |Print

From Seekingalpha.com: Practically all risk assets, and even many “risk-off” assets, have enjoyed extraordinary performance in the past month–maybe even too much. Jim Cramer, like him or not, coined the saying, “bulls make money; bears make money; pigs get slaughtered”. It would appear prudent to print out those words of wisdom and tape it to your computer screens for at least the next few weeks.
A substantial portion of the gains in the last month seem most attributable to the prospects for additional quantitative easing. There has been some degree of improvement in some macro data, but at best, this is secondary in nature……………………………………….Full Article: Source

Posted on 14 October 2010 by VRS |  Email |Print

From Bloomberg: Gold may climb to $1,400 an ounce by the end of the year as investor demand will remain strong because of low interest rates, the European sovereign-debt crisis and fears about an economic slowdown, GFMS Ltd. said.
“The risks are in the upside in terms of surging investment,” Chief Executive Officer Paul Walker said in an interview in Tokyo today. “That could put the price toward $1,400 for sure by the end of the year.”………………………………………Full Article: Source

Posted on 14 October 2010 by VRS |  Email |Print

From Mineweb.co.za: The debate about where the gold market is likely to go continues to heat up and, increasingly, 2011 is expected to be a watershed year for the yellow metal.
Natixis’s head of commodities research Nic Brown said that, while he would hesitate to put any timing on it, “We are projecting that at some point in the next three to six months we will have reached the peak and [gold] prices will decline from then on. So we will be looking for prices to perhaps fall below $1000/oz by the end of next year.”………………………………………Full Article: Source

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From Mineweb.com: The latest figures from the IMF show that the Bank for International Settlements’ declared gold holdings are on the increase again.
The BIS hit the headlines earlier this year when analyst Matthew Turner spotted figures in the BIS’ Annual Report that showed the Bank’s holdings of gold had soared as the Bank had carried out swaps with what turned out to be commercial counterparties (the initial interpretation was that it had come from other central banks)……………………………………….Full Article: Source

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From Resourceinvestor.com: Something has changed in the silver market. The banks that once controlled the price of silver are now closing positions at a loss. The commercial shorts have begun to bleed money – and when blood spills sharks will circle. Hedge funds and traders that never even thought of silver before will begin to squeeze the shorts.
If the big banks don’t quickly regain control of the silver market they may lose it forever……………………………………….Full Article: Source

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From Resourceinvestor.com: LME Week is an important tradition in the global metals industry calendar that takes place each year in London during the fall. This year’s event kicked off on Monday and the spotlight on industrial metals couldn’t be brighter, especially for copper.
With prices up around 13% so far this year, copper’s notched a spectacular rebound off its lows and currently sits about 10% below its all-time high set in 2008……………………………………….Full Article: Source

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From Dailytimes.com.pk: Surprisingly strong demand for oil in Organisation for Economic Cooperation and Development (OECD) advanced countries in the third quarter pushed the International Energy Agency (IEA) to raise its forecasts for oil demand this year and next, on Wednesday.
Global oil demand will increase this year by 300,000 barrels per day to 86.9 million barrels per day (mbpd), and by the same amount next year to 88.2 mbpd, giving annual gains of 2.5 percent and 1.4 percent……………………………………….Full Article: Source

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From AFP: Surprisingly strong demand for oil in OECD advanced countries in the third quarter pushed the International Energy Agency to raise its forecasts for oil demand this year and next, on Wednesday.
Global oil demand will increase this year by 300,000 barrels per day to 86.9 million barrels per day (mbpd), and by the same amount next year to 88.2 mbpd, giving annual gains of 2.5 percent and 1.4 percent……………………………………….Full Article: Source

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From WAM: Current world oil prices reflect the market fundamentals, UAE Energy Minister Mohammed bin Dhaen Al Hamili said.
Answering a question about whether the Organisation of Petroleum Exporting Countries (OPEC) will change output levels in its 157th ordinary ministerial meeting on Thursday, the minister said ”We have to wait until the meeting is held first……………………………………….Full Article: Source

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From AFP: OPEC is expected to maintain its official oil production quota at a ministerial meeting on Thursday after key members of the cartel expressed satisfaction with the current level of crude prices.
Ecuadorian Natural Resources Minister Wilson Pastor-Morris, the current president of the Organization of Petroleum Exporting Countries, said on Wednesday that there was “consensus between members” to leave output unchanged……………………………………….Full Article: Source

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From Bloomberg: OPEC members expect to keep production quotas unchanged and will urge one another to comply better with output limits when they meet today, as some indicated they want higher oil prices.
“All the ministers agree that we should leave the level of production stable,” Venezuelan Energy and Oil Minister Rafael Ramirez said yesterday in Vienna, where the Organization of Petroleum Exporting Countries is headquartered. Venezuela hopes to see prices to between $90 and $100 a barrel, Ramirez said……………………………………….Full Article: Source

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From Commodityonline.com: Wind power could satisfy more than one-fifth of the global power demand by 2030, an industry group and environmental organization Greenpeace said Tuesday.Total wind power capacity would rise to 2,300 gigawatts within the next two decades in the most optimistic scenario of a study released Tuesday by the Global Wind Energy Council and Greenpeace. That’s up from just less than 200 GW this year.
Investments in the sector could rise to $280 billion in 2030, up from $71 billion in 2009, the study said. Wind turbines would then save 3.3 billion tons of carbon dioxide per year — roughly equivalent to the European Union’s yearly emissions……………………………………….Full Article: Source

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From Commodityonline.com: Nuclear and cleaner coal would be considered eligible sources in an alternate clean energy standard proposed in the US Senate last week.
The Clean Energy Standard Act of 2010 introduced by Senator Lindsey Graham (R-South Carolina) would require utilities to obtain 13% of their energy from clean sources by 2013, increasing to 20% by 2020 and continuing to rise by 5% every five years through 2050……………………………………….Full Article: Source

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From Etftrends.com: While the spike in commodity prices may pinch your wallet, commodity exchange traded funds (ETFs) are positioned to benefit from the rising cost of raw materials.
Since so many commodities go into the products we buy every single day, commodity prices factor greatly into how much we pay. Commodities are especially critical now because demand for them has only grown……………………………………….Full Article: Source

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From Fool.co.uk: The popularity of gold ETFs — which didn’t even exist a decade ago — is prompting ETF providers to explore the creation of new securities to meet the demand for more straightforward commodity investments.
Leading the charge is ETF Securities, whose Chairman Malcolm Tuckwell is credited as the brains behind Gold Bullion Securities, the gold ETF that got the ball rolling back in 2003……………………………………….Full Article: Source

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From Commodityonline.com: India’s first nationalized regional exchange and known for castor trading in the commodities markets, Ahmedabad Commodity Exchange (ACE) will start operations by going live on October 26th with five agro commodities.
The fifth national commodity exchange has obtained the permission from the market regulator Forward Markets Commission (FMC) and will offer contracts in five agro-commodities including soybean, soy oil, rape seed, chana and castor seed from October 27th……………………………………….Full Article: Source

Posted on 14 October 2010 by VRS |  Email |Print

From Reuters: Global regulators are studying how the $615 trillion off-exchange derivatives market can be shifted onto electronic platforms to curb risks, a source familiar with the matter said on Wednesday.
The International Organisation of Securities Commissions (IOSCO) met at Chennai, India, two weeks ago and set up a task force that will publish an initial report in January next year……………………………………….Full Article: Source

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From Reuters: Treasury Secretary Timothy Geithner said on Tuesday he sees “no risk” of a global currency war and wants to maximize incentives for China to allow its yuan to rise in value.
He told the Charlie Rose Show in an interview that China would work against its basic development objectives if it kept its currency undervalued……………………………………….Full Article: Source

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From Procurementleaders.com: Competitive currency devaluations by the United States, the Eurozone, the United Kingdom, Japan and other major economies would push up inflation and the prices of commodities such as gold, experts have warned.
Jeffrey Nichols, senior economic advisor to Rosland Capital, noted that many developed countries are considering exchange-rate undervaluation as a tactic to boost exports, restrain imports, and support local economies……………………………………….Full Article: Source

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From Bloomberg: Singapore’s central bank unexpectedly signaled it will allow faster appreciation in the island’s currency to curb inflation even as slowing global growth caused its economy to shrink last quarter.
The Monetary Authority of Singapore said today it will steepen and widen the trading band on the local dollar while continuing to seek a “modest and gradual appreciation.”………………………………………Full Article: Source

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From Reuters: Huge investments in green technology in Asia and steps towards domestic emissions trading are opening up the prospect of regional carbon trading, climate change experts in Asia said on Wednesday.
Many Asian nations are not waiting for agreement on a broader U.N. climate pact and see good investment opportunities to move ahead now to boost energy security and job growth……………………………………….Full Article: Source

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From Ibtimes.com: Australian private investment funds said on Wednesday that the government should move aggressively to impose a price on carbon emissions by 2012 to ensure investment certainty.
Australia’s recently re-elected Labor government is expected to introduce carbon laws into parliament by the end of 2011, say local media……………………………………….Full Article: Source

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From AP: Rising corn prices have increased the value of Iowa’s crop by billions of dollars, but more expensive feed has affected cattle producers and financial experts say the spike in corn cost could harm ethanol production.
“If corn prices get much higher, ethanol production could come to a screeching halt,” Iowa commodity trader Tomm Pfitzenmaier of Summit Commodities told The Des Moines Register for a Tuesday story……………………………………….Full Article: Source

Posted on 14 October 2010 by VRS |  Email |Print

From Seekingalpha.com: Commodity traders and market experts are said to be keeping a keen eye on the prices of both rice and corn as experts feel that the rising corn prices could act as a catalyst for the rice industry with a possible increase in demand for rice as animal feed in the coming weeks.
Corn futures have surged to two-year highs as lower-than-expected yields from the fall harvest ignite concerns over supplies for the coming year. Corn prices surged after the US Department of Agriculture Friday lowered the country’s output estimate for the year to August 2011 to 322 million MT from 334 million MT due to poor yields……………………………………….Full Article: Source

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