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Commodities Briefing 25.Oct 2010

Posted on 25 October 2010 by VRS |  Email |Print

From Indiatimes.com: Investors poured another $5.8 billion into emerging market funds in the third week of October, with global emerging market equity funds seeing record inflows for the second time in three weeks, fund tracker EPFR said.
Investors also committed $1.4 billion to emerging market bond funds in the week as they sought shelter from the falling US dollar and looked for higher yields elsewhere, EPFR said……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From AFP: China, the world’s second largest economy and its number one energy consumer, is shaking up global commodities markets where its potent growth momentum is also powering a rise in metals prices.
“China is now the largest energy consumer by our definition,” Nobuo Tanaka, head of the International Energy Agency, said recently……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From WSJ : China, the world’s second largest economy and the number one energy consumer in the world, is driving up global commodities prices. Markets will se rise in oil, natural gas and metals prices.
Oil demand increase worldwide comes most from China. China is making priority to invest in energy, food and metals. Copper prices recently rose to the levels that prevailed before the 2008 financial crisis while prices for tin hit record highs……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Reuters: Copper, oil and other growth-linked commodities may benefit this week from the G20’s hardened stance towards exchange rates, but anticipation of more U.S. policy easing is likely to remain in the spotlight.
The Group of 20 major economies agreed on Saturday to shun competitive currency devaluations but stopped short of setting targets to reduce trade imbalances that are clouding global growth prospects……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Reuters: The dollar slid against yen and other Asian currencies on Monday after a Group of 20 meeting produced enough agreement to keep a status quo trade of selling the U.S. currency and buying equities and commodities such as gold.
While the international meeting did not reach a consensus on details such as numerical targets for a country’s economic imbalances, the G20 found common ground on the need for more “market oriented” exchange rates and concluded with a shift in power to developing economies in the International Monetary Fund — enough to avert an all-out currency war, for now……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Sfgate.com: The world stepped back from the brink of a currency war Saturday when the world’s rich nations agreed to keep from weakening their currencies in order to gain competitive advantage.
Despite finger-pointing at China, warnings of a destructive currency war from Brazil and reluctance displayed by export giant Germany, an ugly trade fight was avoided. Now, back to the work of healing the global economy……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Ctv.ca: The burden of hosting Group of 20 meetings comes with the privilege of having the first opportunity to spin the results. South Korea’s Finance Minister Yoon Jeung-Hyun, who was thrust into presiding over the equivalent of a peace conference to calm tensions over currency policy, took advantage of having the first word to declare the conflict over.
“We have come to an end to the disputes over exchange rates,” Mr. Yoon said Saturday after a meeting of economic ministers and central bankers……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Themoscowtimes.com: The ruble’s trading corridor is a “mirage” as the Central Bank widens the band and pushes the currency closer to a free float, HSBC said Friday. The Central Bank has widened the ruble’s so-called “floating corridor” against its target dollar-euro basket twice since Oct. 13, according to statements from central bankers Alexei Ulyukayev and Sergei Shvetsov.
Policymakers have used the basket since 2005 to manage the ruble by buying and selling foreign currency on the market. The bank has pledged to reduce its interventions and free float the currency by 2012, bringing the ruble into line with other commodity producers like Australia, Brazil and South Africa……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Guardian: Chinese demand could push crude to $100 a barrel soon, according to JP Morgan, with the weaker dollar and restocking of French oil inventories once strikes end also helping to drive up oil prices.
China’s economy was quick to recover from the global downturn and has been growing at a spectactular pace, resulting in rampant demand for oil. Growth has slowed slightly to an annual rate of 9.6% in the third quarter from 10.3% in the second……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From ISNA: Iran declares readiness to host the Organization of Petroleum Exporting Countries (OPEC) summit next year. Iran is to declare readiness to convene the OPEC summit at the upcoming ministerial meeting to be held in Qatar on December 2, Iranian OPEC Governor Mohammad Ali Khatibi told ISNA.
OPEC member states last met in March in Algeria where they agreed to hold a summit……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Citywire.co.uk: The case for investing in silver rather than gold has been made for decades - mainly in the US where silver investors seem to have formed a powerful lobby group - but now there are signs that silver might be catching on in the UK.
Investor interest in silver has accelerated over the last five weeks according to BullionVault, the UK’s biggest online provider of physical gold and silver accounts……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From WSJ: As individual investors hop on the gold bandwagon, financial advisers are finding themselves in an all-too-familiar role: that of mom and dad slapping hands away from the cookie jar. The precious metal has enjoyed a long run-up, gaining about 25% in the past year and consistently making headlines with records pushing ever higher.
Also fueling the buying binge is a number of big-name investors like Paulson & Co.’s John Paulson. Gold prices stood at $1,324.40 a troy ounce Friday……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Mineweb.co.za: Having reached an all-time high of US$1,387.35 an ounce on October 14th, some run-of-the-mill profit taking by short-term traders and institutional speculators on world futures markets triggered last week’s swift downward correction in the yellow metal’s price.
Then, this Monday’s surprise announcement by the People’s Bank of China that it would soon raise short-term interest rates to combat domestic inflation knocked the price still lower — not so much because there was more selling but because many buyers paused to reassess the metal’s short-term prospects……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From AFP: China’s restrictions on exports of rare earths are aimed at maximising profit, strengthening its homegrown high-tech companies and forcing other nations to help sustain global supply, experts say.
China last year produced 97 percent of the global supply of rare earths — a group of 17 elements used in high-tech products ranging from flat-screen televisions to iPods to hybrid cars — but is home to just a third of reserves……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Mineweb.co.za: Copper’s talking up a storm. Sumitomo Metal Mining Co. said copper ore mined from Chile, and shipped to Indonesia, will be in short supply for at least the next five years. Antofagasta Plc, which owns three Chilean mines, said a scarcity will persist for “the foreseeable future.”
BHP Billiton Ltd. said production from Escondida in Chile, the world’s biggest copper mine, will drop as much as 10 percent in 2011because of lower ore grades……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Seekingalpha.com: ETF Securities launched the ETFS Precious Metals Basket Shares (GLTR) on Friay, making it the first US-listed physically backed precious metal basket ETF to hold gold, silver, platinum, and palladium.
GLTR’s objective is to provide one-stop shopping for investors seeking to hold all four metals with specific fixed weightings. The fund’s prospectus contains no provision to alter or rebalance the holdings……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Bloomberg: Singapore Exchange Ltd. is offering cash and stock worth A$8.4 billion ($8.3 billion) to buy ASX Ltd., Australia’s main stock exchange operator, the companies said today.
Singapore Exchange will offer A$48 per ASX share, the companies said at press briefings in Sydney and Singapore. ASX shareholders will receive A$22 cash and 3.473 new shares in Singapore Exchange for every share they hold in the Australian bourse operator, the exchanges said……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Nytimes.com: There was a surge of optimism at the Copenhagen climate conference, when the U.S. secretary of state, Hillary Rodham Clinton, backed an international aid package worth hundreds of billions of dollars to help poor countries counter threats like rising seas and desertification.
The surprise announcement by the United States to join the European Union and other wealthy nations in making the pledges represented a singular moment of global cohesion during an event remembered more for its unremitting acrimony……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Meattradenewsdaily.co.uk: 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……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Marketoracle.co.uk: As one watches the day to day advice on CNBC, you will notice that we are inundated with stock advice. Bank of America this, Goldman Sachs that, and of course Apple Computer will run the world shortly. But when it comes to commodities, they are rarely explored with the exception of gold, copper and oil.
Granted, there have been some great single stock performances over the last 12 months, but as a whole the S&P has grossly underperformed most commodities……………………………………….Full Article: Source

Posted on 25 October 2010 by VRS |  Email |Print

From Barrons.com: Stifel Nicolaus analyst Barry Bannister offers some interesting thoughts about market bubbles, after admitting that he’s learned some lessons from being wrong maintaining a Sell rating on shares of Caterpillar (CAT) in the last 12 months.
The stock is up 33% in that time, handily beating the S&P’s 8% or so return, so clearly Bannister hasn’t made anyone much money with that call……………………………………….Full Article: Source

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