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Commodities Briefing 21.Oct 2010

Posted on 21 October 2010 by VRS |  Email |Print

From Morningstar.com: Since 2008, the federal-funds rate has been driven to near-zero in hopes of stimulating economic activity. Facing anemic growth, however, the Fed has been forced to turn to less conventional monetary policy.
Ben Bernanke’s most recent speech seems to have left market participants with a key take-away–a second round of quantitative easing, or QE2, is likely on its way……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Bloomberg: Aluminum producers will have to expand global output by about two-thirds to keep pace with an expected consumption increase of 5.3 percent a year over the next decade, an executive at Rio Tinto Group’s Alcan unit said.
Unless new smelters are built by 2020, demand for the metal used in car parts and airplanes will outstrip supply by 27 million metric tons a year, Amir Mirchi, vice president of business development for the Middle East and North Africa at Rio Tinto Alcan, said, citing company forecasts……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Commodityonline.com: US Treasury Secretary Timothy Geithner helped bring down gold prices with his statement that the US is determined not to devalue the dollar to push up exports to China.
This has brought confidence among investors and they have stopped the panic rush to gold. Following this gold prices climbed down on Tuesday……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Allafrica.com: The gold price could easily rise beyond 1400/oz as investor anxiety, central bank buying and more US quantitative easing continue, JPMorgan Asset Management fund manager Ian Henderson said yesterday.
“I just feel for the time being, the trend is your friend. There may be a correction, but despite jewellery demand perhaps being weak, that is more than offset by lack of mine supply, by central bank buying, so I don’t think 1400 is too hard a level to cross over the next six months or a year, it doesn’t sound too dramatic .”………………………………………Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Marketwatch.com: The impact of record-high prices for gold and other metals is expected to boost mining companies’ third-quarter earnings over the next few days.
During the quarter, silver settled at a new 30-year high, copper traded at its highest level since July 2008, and gold topped $1,370 an ounce………………………………………Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Financialpost.com: Maybe it will be a case of third time lucky, because the two previous silver bullion funds haven’t ended up with a vast amount of proceeds — and certainly much less than what gold bullion funds from the same family have raised.
That’s the task ahead for the just-launched Sprott Physical Silver Trust, which will use the net proceeds to invest in physical silver bullion. Specifically, 97% of the proceeds will be invested in the fund, with the rest being used to pay expenses……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Danielstrading.com: Speculation about the fragility of the global economic recovery has driven up the price of gold in commodities markets around the world - but a better-performing metal with more economic applications has generally missed out on the headlines.
Silver, which has held a significant role in coinage as long or longer than its more expensive counterpart, is up more than 40 percent this year; gold, by contrast, has gained about 23 percent……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Ninemsn.com.au: “Almost anything is better than paper money … any fool can run a printing press.” These are not the words of a modern-day gold bug, but attributed to Nelson Bunker Hunt, the billionaire oil baron who went long on silver in the 1970s.
So long, in fact, that he and his brother cornered the market, were sanctioned by the regulator for market manipulation and went bankrupt in the process……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Nasdaq.com: Now that silver prices have brushed 30-year highs and silver exchange traded funds (ETFs) surge past all-time highs, it’s time for a gut check. Silver prices could be poised to go even higher than they are. Primarily driving the price now is safe-haven buying, driven by beliefs that governments around the world will enact more stimulus and weaken their currencies.
There also may be less of the metal to go around here, too. According to Bloomberg , silver exports from China, the world’s largest, may drop about 40% this year as domestic demand from industry and investors climbs……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Commodities-now.com: Oil market fundamentals are likely to remain unchanged next year as long as OPEC maintains the same level of production, the head of the International Energy Agency said.
Oil prices have remained firm this year mainly due to the weakness of the dollar, but U.S. crude oil futures fell some $2 to around $81 on Tuesday as a rise in China’s interest rates led to a rise in the value of the U.S. currency……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Bloomberg: The State Department said it may ask OPEC members to encourage Iran to take a more “constructive” role in the Middle East when Iran’s oil minister becomes president of the oil-exporters group in 2011.
A spokeswoman for the Organization of Petroleum Exporting Countries announced Oct. 14 that Masoud Mir-Kazemi will lead the group next year. He was named alternate president of OPEC in March……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Kippreport.com: Iraqi Oil Minister Hussain al-Shahristani said on Wednesday he did not expect the Organisation of Petroleum Exporting Countries to change its oil production target later this year.
Asked if OPEC could change it when it meets for its next conference in Quito on Dec. 11, he told Reuters in Baghdad: “Until now there has been no indication in the market that requires reconsidering production target levels.”………………………………………Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Thefuelcardpeople.co.uk: Motorists have been warned that oil prices could be set for a period of sustained growth over the next year, breaking the $100 a barrel mark and adding to the misery of struggling drivers.
According to the Financial Times, a recent forecast from American investment bank Goldman Sachs pointed to an unexpectedly strong increase in demand for the commodity, with consumption tipped to rise again in 2011……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Onefinancialmarkets.com: Oil prices could be back on the rise, with one analyst suggesting they could soon return to the $100 a barrel threshold. According to Goldman Sachs, the largest commodities dealer in the US, crude prices are set to rise not only because of the dollar’s relative weakness, but also because there is likely to be more demand for oil this year than previously expected.
In a note, the financial services company predicted that the threshold will be reached by the end of next year, as global stockpiles begin to fall……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Thestreet.com: It was not that long ago when it seemed as if some sort of comprehensive legislation to tackle the issue of climate change almost seemed inevitable. But since then, political wrangling and the emergence of more pressing economic concerns have sent the issue to the backburner.
Opponents of the view that climate change is manmade will likely see inaction as a silver lining to the economic downturn, while supporters are obviously disappointed. But no matter your politics, it is important to objectively consider the impact the issue can have on your investments……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Bloomberg: The Trieu Phong Commodity Exchange has received a license from Vietnam’s Ministry of Industry and Trade and is expected to open early next year, Vietnam News reported.
The Ho Chi Minh City-based exchange will initially trade steel, rubber and coffee, the newspaper cited Nguyen Duy Phuong, general director……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Commodityonline.com: More than three months after its scheduled opening date, Cambodia’s only commodity exchange remained shelved as authorities failed to draft regulations to govern the exchange.
The privately-owned Cambodian Mercantile Exchange was due to launch on July 30 and begin online trading of 11 commodities by mid-August……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Resourceinvestor.com: The London Metal Exchange said on Wednesday that it will call an end to its six-year effort to develop plastics futures contracts by delisting the contracts launched in May 2005 at the end of April next year.
The base metals exchange has “put considerable effort into this endeavor to bring transparency and hedging facilities to the plastics business,” Martin Abbott, LME chief executive, said in a statement……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From CNA: The Taiwan Futures Exchange (TAIFEX) said Wednesday it has signed a memorandum of understanding (MOU) with the Singapore Mercantile Exchange (SMX) for future cooperation.
The TAIFEX said the MOU has provided both sides with a mechanism to forge closer links by coordinating and sharing information in derivative product design, business development and market concepts……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Bloomberg: The dollar rose against most of its counterparts after reported comments by U.S. Treasury Secretary Timothy F. Geithner suggested he sees no need for further weakness in the greenback.
The U.S. currency gained after the Wall Street Journal reported Geithner as saying major currencies are “in alignment” and he will work to persuade fellow finance leaders that the U.S. is not deliberately devaluing the dollar……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Xinhua: Brazilian President Luiz Inacio Lula da Silva Tuesday urged G20 leaders from developed and developing countries to discuss a final solution to what he called a global “currency war.”
“It is important to remember that the problem is not only Brazil’s. The problem is that the world’s currencies are appreciating against the dollar because the United States needs to find a way to recover the economy,” he said……………………………………….Full Article: Source

Posted on 21 October 2010 by VRS |  Email |Print

From Agra-net.com: Hedge funds now control an estimated 24% of the global maize market, and 19% of the soybean market, up from 13% last year, as price rises and tighter stocks fuel speculative interest, according to data from Barclays Capital.
With growing concern that food price inflation is resulting from this speculative surge, the European Union has agreed on a directive aimed at imposing tougher rules on hedge funds, also blamed by some for exacerbating the recent credit crunch……………………………………….Full Article: Source

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