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Commodities Briefing 15.Oct 2010

Posted on 15 October 2010 by VRS |  Email |Print

From Bloomberg: Commodities extended a rally to the highest in two years on speculation the declining U.S. dollar will boost investments in metals, energies and agriculture futures.
The dollar fell 0.8 percent against a basket of six major currencies. The Standard & Poor’s GSCI Index of 24 raw materials rose as much as 1.1 percent to 577.9490, the highest level since Oct. 3, 2008……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Fool.co.uk: September was a big month for commodities. Is there more to come? Friendship, they say, is a rare and precious commodity. Fair enough. But then so are gold, silver, oil and industrial metals, and with prices and demand rising, they are set to become even more rare and precious. Should you be buying now?
Gold and mining companies, agriculture stocks, metals and oil have been flying lately. FTSE 100-listed miners such as Xstrata, Rio Tinto and Antofagasta have driven the recent market recovery……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Dailyreckoning.com: In recent months, commodity prices have risen dramatically. From a low point reached in June, various broad commodity indices are up from 15-20%. Few components have not participated in this rally to at least some extent.
While commodity prices are individually quite volatile, when placed in a broad, diversified, basket, their volatility is comparable to the stock market. So this recent rally is significant. Moreover, it is occurring alongside signs that the global economy is beginning to slow, which is the opposite of what one would normally expect. Leading indicators in the United States and Japan have turned decisively lower, while those for Europe are moderating……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

China will invest more in gold, oil, commodities and metals to protect $2.65 trillion reserves from big devaluation. Gold for December delivery was adding $6.40 to $1,376.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Thursday has traded as high as $1,388.10
Copper prices hit a 27-month-high on the London stock exchange today copper to be delivered in three months was seen to hit a price of $8,485 per metric tonne, the highest level since July 2008……………………………………….Full Press Release: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Cnbc.com: China is the big investment theme and mainland equities will likely see a multi-year bull run, according to Puru Saxena, chief executive, Puru Saxena Wealth Management.“We are of the firm belief that China’s domestic consumption is going to appreciate significantly over the next decade,” he said on CNBC’s Protect Your Wealth.
To take advantage of China’s growth, an investor is spoilt for choice with equities and could look beyond those on analysts’ radar……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From AFP: The Organization of Petroleum Exporting Countries left its official oil production target unchanged on Thursday, claiming the market was well supplied amid risks to the economic recovery.
OPEC, which pumps 40 percent of the world’s oil, agreed to keep its target at 24.84 million barrels a day at a ministerial meeting here against an unclear price outlook and data pointing to surprisingly strong energy demand……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Nytimes.com: The OPEC cartel agreed on Thursday to retain a supply policy that has been in effect for nearly two years, setting aside concerns that a weak dollar would drive the price of oil too high for a fragile economy.
Representatives of Ecuador, which holds the rotating presidency of the Organization of the Petroleum Exporting Countries, confirmed the no-change decision……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Bloomberg: The 13 percent decline in the dollar index since June has led some OPEC members to call for oil to rise to $100 a barrel. The U.S. currency’s weakness means the “real price” of oil is about $20 less than current levels, Venezuelan Energy and Oil Minister Rafael Ramirez said after yesterday’s meeting of the Organization of Petroleum Exporting Countries in Vienna.
The group, which accounts for 40 percent of global crude output, left targets unchanged and called for greater adherence to quotas, which are being exceeded by a supertanker a day……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From RTTNews: Iran will assume the rotating presidency of the 12-member Organization of Petroleum Exporting Countries (OPEC) next year after being unanimously elected to the post, Saudi Arabia’s oil minister Ali al-Nuaimi said Thursday.
Iran has been elected to the cartel’s rotating presidency for the first time in 36 years. The announcement was made after the 157th session of the oil cartel’s ministerial meeting, which was held in Vienna on Thursday……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Insidefutures.com: Do you remember when OPEC used to matter? It seemed like the greedy cartel held the fate of the global economy right square in their hand. Press people would stalk different oil ministers desperately trying to get a comment or a clue to whether or not they would dispense their favor on the world and pump more oil or cut production and thumb their nose at the world.
These oil ministers loved the attention. For a couple of weeks a year they were like rock stars with paparazzi following them all around……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Bloomberg: Gold prices should continue to rise from current levels as real interest rates should “remain low” on a continuation of accommodative U.S. monetary policy, according to Goldman Sachs Group Inc.
This will also likely “lend further support” to platinum, the bank’s analysts said………………………………………Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Economy-news.co.uk: Gold prices continues to march upward and it looks like it wants to have another crack at the recent high, the spot price of gold is currently at $1356 an ounce. Simon Denham at Capital Spreads says: “There are still so many bulls of the precious metal and each move to the downside is very short lived.
“The momentum behind it is being driven purely by the QE argument. As long as central governments continue to pump more and more money into the system gold will remain well supported.”………………………………………Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Mineweb.co.za: The latest research piece from the World Gold Council discusses the use of gold in portfolio management and this time it looks at “tail risk”. Tail risks are “infrequent or unlikely but consequential negative events” and gold can be an effective hedge against such developments.
The WGC starts by pointing out that the financial crisis of 2007-2009 has sharpened investors’ minds over the merits of emphasising risk managing, rather than, as previously, looking for return at the expense of incurring higher risk……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Resourceinvestor.com: Gold and silver retreated from fresh record highs versus the dollar on Thursday at lunchtime in London, edging back from 1.3% and 4.5% overnight jumps respectively as the US currency paused in its plunge.
European stock market reversed early gains, but Asian stocks ended the day over 1.5% higher on the MSCI index, as the euro leapt to $1.41 and the yen squashed the dollar to a new 15-year low beneath ¥81……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Mineweb.co.za: Long called “the poor man’s gold,” silver is likely to outperform its pricey counterpart this year, a trend that makes silver-related equities an attractive option for investors looking to diversify their portfolios.
Spot silver prices rose 48 percent in 2009, and have already risen more than 38 percent this year, while spot gold prices are up around 23 percent……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Mineweb.co.za: Market research and analysis group Intierra Resource Intelligence sees global nickel consumption increasing to about 1.3 million tonnes in calendar 2010, reflecting an expected rapid recovery in consumption in Asia and forecast moderate growth in Europe and North and South America.
Intierra’s commercial director Gregory Kay told the final day of the Paydirt Australian Nickel Conference in Perth today that the modest growth outlook compared favourably with the 2009 result when world nickel consumption declined by an estimated 8% to 1.2 Mt……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Citywire.co.uk: A mystery investor has paid a £750 fee and turned shares in an exchange traded fund (ETF) into physical gold. The ETF - or exchange traded commodity (ETC) - called Gold Bullion Securities, has a built-in facility that allows investors to swap their shares for gold, but this has never been used before.
The timing of the first transaction of this sort is likely to be related to the price of gold which has been hitting new highs on a daily basis……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Seekingalpha.com: At a point in time when the driving gold prices have hogged the limelight, there has been much more movement in the precious metal segment with copper prices to their highest levels in more than two years on Wednesday, buoyed by dollar weakness and expectations of stimulus measures in the United States.
Not only did LME copper hit a new 27-month peak but what’s driving the focus is the fact that copper has been up 14% in the past 6 weeks alone after it fell 25% from its 2009 rally on fears of a double-dip recession……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Reuters: The Singapore Mercantile Exchange (SMX) will list crude and oil product contracts from the Tokyo Commodity Exchange (TOCOM) as part of a partnership that may also put SMX contracts on the Japanese exchange’s trading platform.
SMX, which debuted with trading of oil, gold and currencies at the end of August, will list TOCOM’s crude oil, gasoline, kerosene and gas oil contracts, the exchanges said in a joint statement on Friday……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Smh.com.au: The silver bullet view of carbon pricing is a common theme in Australian climate change policy debates. It is argued that by establishing domestic carbon price signals the nation will reduce its greenhouse gas emissions and address the challenge of climate change.
International examples of carbon pricing initiatives are often cited in these debates. Unfortunately, incomplete accounts of them hide important lessons for policymakers at home……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Economist.com: Another agricultural commodity surges - Corn triggered limits again on October 11th after rocketing by 8.5%, the biggest one-day rise in 37 years. By mid-week, corn was changing hands for $5.88 a bushel.
There are two reasons for this dramatic response. First, the news from the USDA was unexpected, though whispers from independent sources using sophisticated satellite analysis had hinted at trouble. The second is the importance of America for a crop eaten by people and livestock and also used to produce ethanol for fuel……………………………………….Full Article: Source

Posted on 15 October 2010 by VRS |  Email |Print

From Bloomberg: Developing nations need stronger connections to world markets to stabilize prices and reduce hunger, according to Eleni Gabre-Madhin, the chief executive officer of the Ethiopia Commodity Exchange.
Trading floors in developing nations give farmers more- accurate pricing information and encourage construction of the storage facilities, roads and telephone networks needed to foster agriculture, Gabre-Madhin said today in an interview at the annual World Food Prize conference in Des Moines, Iowa……………………………………….Full Article: Source

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