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Commodities Briefing 09.Mar 2011

Posted on 09 March 2011 by VRS |  Email |Print

From Smh.com.au: Reserve Bank of Australia (RBA) assistant governor Philip Lowe has warned that the economy must be flexible enough to respond to changes in commodity prices. Mr Lowe was speaking in Sydney on Wednesday about recent changes in the structure of the local economy caused by relative prices changes.
While high commodity prices looked like they would support the economy well into the future, Mr Lowe said the economy must retain its flexibility to deal with any price changes dealt by the global economy……………………………………….Full Article: Source

Posted on 09 March 2011 by VRS |  Email |Print

From TheStreet: The commodities boom was as severe and swift as ever in history, but tremors have entered the markets over the last few weeks as investors begin to wonder: Could it all be over?
Copper futures have marched to record highs, rising more than 40% since the middle of last year. And Freeport McMoRan(FCX), the largest publicly traded miner of copper in the world, saw its share price double, going from $30 to just above $60 in January before sliding back……………………………………….Full Article: Source

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From Ninemsn.com.au: It is the world’s largest consumer of raw materials and has been the single biggest driver of the commodities bull run. So China’s latest five-year plan, the economic blueprint that will dictate future demand, will be nothing short of market-moving.
The policies that are being hammered out this week in the Great Hall of the People in Beijing will set the tone for China’s consumption of everything from iron ore to copper and cotton……………………………………….Full Article: Source

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From Cri.cn: Worries are mounting over China’s imported inflationary pressure this year and the possibility that prices may become uncontrollable after oil prices rose to a 29-month high on Monday due to the unrest in Libya.
However, officials and economists in Beijing said that inflation will not spiral out of control and the target to contain inflation at around 4 percent is attainable……………………………………….Full Article: Source

Posted on 09 March 2011 by VRS |  Email |Print

From CNN: Last Friday, oil contracts traded in New York closed at $104.42 per barrel, levels not seen since September 2008. This second spike in as many weeks comes after fierce fighting in Libya has raised fears of an extended civil war and the shutdown of what the International Energy Agency estimates might be more than 1 million barrels of oil production per day.
Reuters is also reporting that hedge funds and big speculators have weighed into the market, seeing the real possibility of sustained high prices for petroleum……………………………………….Full Article: Source

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From Dow Jones: The rising cost of oil may threaten world growth prospects and the demand for industrial commodities in the short term, but over the long term commodity prices will continue to rise, Teck Resources Ltd. (TCK) Chief Executive Don Lindsay said Tuesday.
“We may have a period of weakness in the market, but the long-term [upward] trend is intact,” Lindsay said in an interview on the sidelines of the Prospectors & Developers Association of Canada conference in Toronto……………………………………….Full Article: Source

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From Economist.com: Few relationships in life are as tight as that between rising oil prices and increasing complaints about commodity speculators. First, it’s not true that American output was falling in the first half of 2008; GDP declined in the first quarter but rose in the second. Second, the oil market is global.
While American output stagnated in early 2008, growth in places like China continued to soar and demand for commodities followed. Indeed, the fundamental trend in commodity prices, including oil, over the past decade has been a general upward movement as demand growth outstrips supply growth……………………………………….Full Article: Source

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From Bloomberg: Crude oil fell from a 29-month high as the Organization of Petroleum Exporting Countries discussed whether to hold a special meeting amid escalating violence in Libya, a member of the group.
Kuwait’s oil minister said OPEC members are considering whether to convene an “urgent meeting.” Futures trimmed losses as opponents of Libyan leader Muammar Qaddafi prepared to recapture the town of Bin Jawad………………………………………Full Article: Source

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From MarketWatch: A hike in output from the Organization of the Petroleum Exporting Countries may rattle energy markets, but it is unlikely to put much downward pressure on prices.
Member countries are debating whether to increase their production, Kuwait’s oil minister told reporters in Kuwait City on Tuesday……………………………………….Full Article: Source

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From Reuters: Analysts from different brokerages have raised 2011 oil price forecasts well above $100 a barrel, after concerns over supply disruptions due to the ongoing Libyan unrest pushed oil prices to touch 2-1/2 year highs.
The price forecasts for ICE Brent crude LCOc1, which is being considered as the best measure of the global oil market, ranges between $105 to $122 a barrel among the bullish brokerages……………………………………….Full Article: Source

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From Telegraph: The presence of a Chinese frigate off the coast of Libya last week was deeply significant as the world’s major powers position themselves to protect future supplies of fuel.
The ship, and the special forces personnel it carried, were there to make sure that the estimated 30,000 Chinese workers in Libya were safely evacuated, in the face of a rash of attacks on Beijing-owned oil facilities. ………………………………………Full Article: Source

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From Ninemsn.com.au: Hedge funds are placing aggressive bets that crude prices could rise past $150 a barrel if the unrest in the Middle East spills over into Saudi Arabia, the world’s top oil exporter.
The number of call options giving holders the right to buy US crude at $150 by June have surged more than 40 per cent in the past week to contracts equal to 32m barrels……………………………………….Full Article: Source

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From Businessweek.com: The European Union’s executive arm is calling on the EU to double its efforts to increase energy efficiency as part of a plan to slash oil imports and carbon emissions by mid-century.
The European Commission’s plan says the EU can cut emissions 25 percent below 1990 levels by 2020, partly by producing better household appliances, renovating public buildings and driving improved cars……………………………………….Full Article: Source

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From UPI: Finding a low-carbon solution to the power and transportation sector and improving energy efficiency are key steps to cutting emissions, an IEA official said.
Richard Jones, the deputy executive director of the International Energy Agency, told delegates in London that the “most important” way to cut greenhouse gas emissions is to improve energy efficiency……………………………………….Full Article: Source

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From Economist.com: Silver reached its highest price since 1980 yesterday at $36.70 a troy ounce while gold managed a new (nominal) record of $1444.40. But the junior of the precious metals has been on a tear over the past year, easily outpacing gold.
Remarkably silver has even in backwardation - spot prices have been higher than future prices. Traditionally the precious metals have showed the opposite pattern, with futures prices higher than spot……………………………………….Full Article: Source

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From Commodity Online: As commodities prices continue their upward movement, these are times for technical analysts and research specialists to predict where the prices of hot commodities like gold, silver and crude oil are headed.
While various predictions are doing the rounds on precious metals and crude oil, the focus these days is on where silver price is heading towards……………………………………….Full Article: Source

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From Moneyfacts.co.uk: Investors who placed their faith in silver during 2010 will have enjoyed gold-plated returns, the latest research has revealed. Delivering a return of 42%, precious metals were the best performing asset class for the second successive year in 2010, according to Lloyds TSB.
Faced with continued uncertainty in the global economy, investors turned to the perceived investment safe havens of precious metals in an attempt to maintain the value of their investments……………………………………….Full Article: Source

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From Theglobeandmail.com: Silver is likely to keep outperforming gold thanks to strong dollar flows, though both are still good investments compared with copper and other base metals, according to Eric Sprott, the hedge-fund manager and Canadian investment guru.
“I watch where the money goes and the money’s going into silver. There’s as much money going into silver as into gold in dollar terms,” said Sprott in an interview with Reuters……………………………………….Full Article: Source

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From Mineweb.co.za: The last time the gold:silver ratio stood below 40:1 was in February 1998, just after silver had staged a 33% rally in five weeks, while gold had gained just 4% over the same period (which commenced at the start of the year). The contraction in the ratio over the period was from 48.4:1 to 38.1:1.
This time, some thirteen years on, the gold:silver price ratio is trading at between 39:1 and 40:1 and a similar contraction has taken exactly the same length of time……………………………………….Full Article: Source

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From Mineweb.co.za: Junior resource stocks, while no longer cheap, still present speculators with big opportunities as an unprecedented rally fuels precious metals and the companies that find them, said veteran investor Doug Casey.
Casey, a legendary investment guru who founded and chairs his own research firm, said he would not be surprised if gold hits $5,000 an ounce in the next couple of years, as paper currencies in the United States, Europe, and Japan drop in value……………………………………….Full Article: Source

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From Hardassetsinvestor.com: In just over one year, the ETF Securities Platinum Trust and Palladium Trust have swelled to $832.65 million and $932.66 million in assets under management, respectively.
Is acceleration just a spillover effect from gold’s stratospheric rise? Or is something else fundamentally driving these metals higher?………………………………………Full Article: Source

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From Resourceinvestor.com: Dr. Zhanheng Chen, director of the Academic Department of the Chinese Society of Rare Earths (CSRE), forecast a total supply in 2013 of 87 kt from China, out of a total 134 kt of global supply. He also forecast a total global supply target after 2015, of 278 kt of rare earths, with the target for China’s production set at 100 kt of rare earths and 178 kt from other sources.
In some quarters, this figure of 278 kt appears to have been misinterpreted as being a demand forecast from Dr. Chen, but this is not the case……………………………………….Full Article: Source

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From TheStreet: Precious metals have fallen into focus as commodity prices head higher and political unrest sweeps North Africa and the Middle East.
In particular, silver and gold have taken center stage as demand for defensive assets drives both resources to breathtakingly high levels. Though staggering at the start of this week, they have shown no signs of slowing……………………………………….Full Article: Source

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From Etftrends.com: Australia’s economy and related exchange traded fund (ETF) was dampened by flooding, but the pace could pick up as the country capitalizes on its commodities reserves.
Australia’s government stated that the economy inched up 0.7% in the fourth quarter after record floods and major cyclones hampered growth………………………………………Full Article: Source

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From Etftrends.com: The rising cost of commodities has a growing number of investors exploring their options for getting exposure while hedging the loss in their pocketbooks. If you’re one of those investors, be forewarned: commodity exchange traded funds (ETFs) need to be understood.
As the saying goes, not all commodity ETFs are created equal. Many commodity ETFs are constructed in ways that prevent them from delivering perfect tracking of the spot price of their underlying commodity, or even with other seemingly comparable funds……………………………………….Full Article: Source

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From Commodity Online: China’s first gold mutual fund, Lion Fund Management Co said it has won approval from the State Administration of Foreign Exchange to raise $500 million more to invest in gold-backed exchange traded funds abroad.
In a statement, the Fund said it got the permission to invest overseas under China’s Qualified Domestic Institutional Investor scheme, reports China Knowledge……………………………………….Full Article: Source

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From WSJ: After a brisk pick-up in gold exchange-traded funds, or ETFs, several Indian mutual fund houses are planning to launch silver ETFs as soon as regulatory authorities give them clearance.
Indians typically buy gold and silver jewelry with their savings, but with prices rising to new highs almost every month, demand for jewelry is fast being replaced by growing interest in investment products such as gold ETFs……………………………………….Full Article: Source

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From Bloomberg: The $5 billion Clive Fund, managed by Chris Levett, returned 4.9 percent last month, said two people with direct knowledge of the matter.
The fund, which invests in commodities and energy, gained 5 percent in the first two months, said the people, who declined to be identified because the information isn’t public……………………………………….Full Article: Source

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From Cnbc.com: Launched in 2006, the closely-held Twitter now boasts more than 200 million accounts and typically posts more than 130 million unique messages per day. The company’s of-the-moment tweets are now being used to track a multitude of trends, from potential box-office results to flu outbreaks.
But Twitter spokesman Matt Graves said the commodities market chatter and other projects aren’t the company’s focus. “We’re aware of that stuff,” he said in a phone conversation, “but we’re just about providing a platform where people can connect.”………………………………………Full Article: Source

Posted on 09 March 2011 by VRS |  Email |Print

From Stuff.co.nz: International dairy companies appear to be lining up to join Fonterra’s online dairy products sales platform, globalDairyTrade, after slating its impact on markets when it was launched three years ago.
The New Zealand dairy giant has, since gDT’s inception, been keen to get other companies on board to improve price discovery and market risk management……………………………………….Full Article: Source

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