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Commodities Briefing 04.Mar 2011

Posted on 04 March 2011 by VRS |  Email |Print

From AFP: World food prices hit record highs in February, after rising for an eighth consecutive month, the UN Food and Agriculture Organisation (FAO) in Rome said on Thursday.FAO’s Food Price Index rose to 236 points from 231 points in January.

The index, which monitors average monthly price changes for a variety of key staples, showed the sharpest increases were for dairy products and cereals…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Pravda.ru: Growing demand, falling production, a market based upon speculation. Global food prices have increased for the 8th consecutive month. Most commodity groups have risen. The ones who are going to pay the invoice are the world’s poor, as per the humanitarian catastrophe looming in Somalia. The world can no longer feed itself under this model.
Those who implemented this economic model, based not upon stable and staple elements but rather upon speculative and inflationary pressures, often resulting more from caprices and whims than the chain of supply and demand which is supposed to underlie the market economy, should crawl into the annals of history through the lowest possible passage…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Reuters: Newly-launched commodity funds attracted over 1.8 billion euros ($2.50 billion) in Europe in 2010 but the sector as a whole suffered due to an investor dash for emerging markets products, Lipper FMI said on Thursday.

Total commodity funds had estimated net sales of 6.89 billion euros in Europe in 2010, mutual fund market research company Lipper FMI said in its annual review of the European funds industry…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Reuters: Asset managers are launching an increasing number of active commodity funds designed to reduce exposure to collapsing prices in an asset class that can undergo wild swings.

Controlling losses is the Holy Grail for commodity asset managers as they seek to attract pension funds that are starting to see the risk of staying fully invested in index funds of such volatile assets…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Procurementleaders.com: A new survey of fund managers has revealed a sharp decline in confidence for investments based on commodities. According to the poll of investment managers conducted by global professional services company Towers Watson, there has been a “significant shift” downwards in respondents’ attitude to commodities.

“A significant shift from last year is a drop from 71% to 35% this year of managers feeling bullish about commodities, with 56% having a neutral stance,” the poll revealed…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Thepost.co.za: The world’s biggest commodities trader, Glencore International, is bullish on the outlook for the asset class, expecting last year’s buoyant trends based on growth in emerging nations such as China to persist this year.

Glencore, preparing for a possible stock listing, posted a 40 percent jump in 2010 net profit on Thursday, driven by strong commodity prices, especially metals such as copper…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Thestreet.com: Middle East turmoil has pushed up oil prices to more than $100 a barrel, making accelerating inflation the greatest threat to the fragile U.S. economic recovery since Europe’s debt woes.
Still, professional investors including Robert Pavlik, chief market strategist at Banyan Partners, and Paul Nolte, director of investments at Dearborn Partners, say the economy is resilient enough to withstand higher commodities prices…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Voanews.com: The current spike in oil prices sparked by unrest in the Middle East is not the first one to hit the United States. Traditionally, higher prices have prompted calls for American energy independence through alternative energy. But skeptics say such calls amount to little more than talk in a nation heavily dependent on cheap foreign oil.

The latest increase in U.S. fuel prices was driven by unrest in the Middle East…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Cnbc.com: Unrest in the Middle East has put investors on high alert as crude oil prices move seemingly with every development in the region.

In order to understand the effect of those events on both US and global oil markets, a key figure to watch is the amount of crude oil produced daily in each country. With data from the Energy Information Administration (EIA), a division of the Department of Energy……………………………………Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Xinhua: U.S. crude oil price fell on Thursday from its two and half year high as efforts for Libya’s peace eased investors worries. On Thursday, a spokesman for Venezuelan President Hugo Chavez said the Libyan government has accepted Venezuela’s plan for an international commission to seek a solution to its turmoil. The statement came after Arab League Secretary-General Amr Moussa earlier said the plan was “under consideration.”
This gave oil traders and investors hope for a solution to the Libyan crisis, so the concerns about long-term supply disruption have been eased…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Forbes.com: Tensions in the Middle East plus transportation constraints: Where art thou going, oil prices? The oil picture is always complex, but right now things are about as complicated as they can get. The unrest in Egypt has settled, but the future there is not yet clear, as the military takes control on promises of free elections.
Tensions are rising in Algeria, where the unofficial unemployment rate is along the lines of 40% and protesters are demanding change. Yemen, Bahrain, and Oman are unsettled, to say the least…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From WSJ: Unrest in Libya is starting to affect Europe’s oil supplies, although no member country of the International Energy Agency has requested permission to release strategic oil stocks, IEA Executive Director Nobuo Tanaka said Thursday.

“This disruption is starting to have an impact, especially on European countries,” Mr. Tanaka said in an interview on the sidelines of an Extractive Industries Transparency Initiative in Paris. But no country has asked the IEA to release their stockpiles…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Mineweb.co.za: Latest reports out of China put consumer gold demand in the first 2 months of the current year at a phenomenal 200 tonnes - and buying momentum is still continuing.
In amongst all the comment and analysis regarding the effects of the various Middle Eastern and North African power struggles on the gold price, the latest news on Chinese domestic gold demand has almost passed by unnoticed. According to Peer Hickson, the global commodities strategist for gold-focused Swiss Bank, UBS, in a report by Bloomberg, Chinese gold demand hit no less than 200 tonnes in the first two months of the current year…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Commodity Online: Rising crude oil prices, driven by the fast-changing global political and economic conditions, have prompted commodities analysts to predict that this is the best time to accumulate precious metals–especially gold and silver.

Noted global investment guru Marc Faber says in his global economic outlook for the month of March that people should continue to buy gold and silver by dollar cost averaging each month…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Reuters: The silver market has greeted the revival of forward sales by miners with sanguinity as prices sit at 31-year highs, but other signals suggest supply may really be scarce and investors are poised for more price gains.

The cost of borrowing metal in three months’ time is around its highest in 22 months and traders and analysts believe at least five major miners have hedged their future sales by locking in prices that are around 31-year highs…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Poten.com: To say silver is the biggest stud at the precious metal party is a pretty accurate assessment these days. With that January tumble a thing of the past and Middle East tensions re-lighting the precious metals flame, silver has put in a shiny performance recently.

Beyond the ETFs backed by physical silver, the Global X Silver Miners ETF has soared to the forefront of silver investing options. Listen up kids, this ETF is less than a year old and has almost $500 million in assets under management. You may want to cozy up to this fund…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Sify.com: Volumes on India’s commodity exchanges could jump 20 percent in the year to March 2012, as banks and foreign institutions start trading and mini-contracts attract farmers to take part, the market regulator said.

Legislation to allow banks and foreign players onto India’s markets should be cleared in July 2011, B.C. Khatua, head of the Forward Markets Commission (FMC), aid…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Business-standard.com: The Federation of Indian Chambers of Commerce and Industry (Ficci) and Associated Chambers of Commerce and Industry of India (Assocham) have urged support for the pending Bill to empower the Forward Markets Commission (FMC).
The Bill, to amend the Forward Contracts (Regulation) Act, is with a parliamentary panel for scrutiny. it aims to make the FMC an independently-functioning regulator for the commodities derivatives market, just as the Securities and Exchange Board of India (Sebi) is for the capital market…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From WSJ: The gusher of foreign capital that has prompted fears of inflation and overheating in many emerging markets has created a different set of problems for South Africa. Africa’s largest economy is struggling with a delicate task: Trying to reconcile a weak economy and a strong currency without scaring off investors.

In the past year, foreign capital has powered many frontier economies and their currencies, as investors pumped money into assets that offered higher returns than those in the developed world…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Bloomberg: The yen is likely to fall because the Bank of Japan will probably take more monetary easing measures and investor concerns over the government’s fiscal policies may increase, according to Morgan Stanley.

BOJ Governor Masaaki Shirakawa said yesterday worsening growth prospects in Japan are causing deflation to continue and said monetary policy plays a large role in fighting persistent price declines…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Moneycontrol.com: The Libyan situation will remain volatile. We will hear reports saying that there has been some kind of resolution and then at the end of the day, Gaddafi is still losing his strong hold and very much there.

The situation is not being resolved and is far from it. In terms of east-west divide, it is becoming worse. The bulk of oil infrastructure is in hands of the rebels. This is going to be a much longer process than just resolution…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Marketoracle.co.uk: International Economy offered a publication from thirty “experts” on the question: “If the Chinese bubble bursts.” In most cases these were treated as possibilities not predictions. In my case, these are predictions. I offer some of their pertinent comments, as well as point out the weaker offerings.

First, it’s amazing to me how important and indeed well-educated economists fail to understand the true nature of serial bubble economics. While often acknowledging the on-steroids nature of what transpires, they then seem to frequently fall back on standard economic cycle theory, including promoting the role of government to play traditional Keynesian interventions “to smooth over the abuses and massive imbalances.”……………………………………Full Article: Source

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