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Commodities Briefing 28.Mar 2011

Posted on 28 March 2011 by VRS |  Email |Print

Mark CarneyCanada says the current commodities boom could last decades and warned developing countries against being too timid with interest rate hikes, while the International Monetary Fund said that much of the Latin American economy is overheating.

Bank of Canada Governor Mark Carney told policymakers from North and South America on Saturday that they should not count on commodities prices coming down any time soon, a position likely to be much discussed at this weekend’s meeting of Western Hemisphere finance officials in snowy Calgary…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Canada’s top central banker said on Saturday the commodity price boom could last for decades and urged his emerging market peers facing inflationary pressures not to delay raising interest rates for too long.

The rise in prices for commodities is partly due to supply effects, though underlying demand remains strong, Bank of Canada governor Mark Carney said during a panel discussion at the Inter-American Development Bank’s annual meeting in Calgary…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

A major shift is taking place in the global economy, and G20 countries must set policies that will prevent another dire economic crisis from taking place, Canada’s central banker said Saturday.

Bank of Canada Governor Mark Carney said the global “economic centre of gravity” is moving away from advanced industrialized nations and toward emerging economies in regions like Latin America and Asia…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

There has been a lot of talk in the financial news lately about whether or not commodities such as gold, silver, wheat, copper, steel, and oil are in bubble territory. It’s interesting that the same people who were so sure back in 2007 that there was no housing bubble are now telling us that commodities are in a bubble.
They point to the fact that the Central Bank of China is taking steps to keep their economy from over-heating. Since China is the engine of global growth, a slowdown there will dampen their demand for these commodities, there is no arguing that…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Iran Oil Minister Masoud Mirkazemi sees no reason to call an extraordinary meeting of the Organisation of Petroleum Exporting Country (OPEC), Mehr news agency reported on Saturday.

“An extraordinary meeting of OPEC is not necessary in the current situation,” said Mirkazemi, who is also currently the head of the oil producers’ association……………………………………Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

There is no need for OPEC to hold a meeting before June as the market is in a comfortable position, Qatar’s Energy Minister said on Sunday.

“We can’t see the real need [for a meeting] because the market is in a comfortable situation,” Mohammed Saleh al-Sada said in Doha…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Loose monetary policies in developed economies will place more upward pressure on global commodity prices and weigh on the dollar this year, the Chinese central bank said on Friday.

In a report reviewing the performance of global financial markets, the People’s Bank of China also warned of a deepening of the European debt crisis, though its broad view was colored with optimism…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Certainly, the fundamentals are sound. Declining mine production has resulted in a tight supply as demand continues to rise. Investors are still keen on silver because of currency and geopolitical concerns. Holdings in the iShares Silver Trust, the largest silver exchange-traded fund (ETF) in the world, increased by 179 tonnes to 11,140 tonnes in the week to March 24. Gold holdings in ETFs fell over the same time period.

“The psychologically important mark of $40 a troy ounce is meanwhile within a reachable proximity,” Commerzbank said on examining the ETF figures…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

The precious metals had a great week, so why is the momentum of these moves so lacking in strength? Speculators who can move prices seem not yet to be convinced that gold stocks will continue zooming into ever higher ground. Is there peace in the oil fields or something?
Nothing lately has affected the long term indicators or ratings for gold. Before checking out the indicators what’s the latest with the long term P&F chart? ……………………………………Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

As Comex gold hit a fresh record high, Societe Generale commodities skeptic Dylan Grice — of the long-term return on commodities is zero fame — wrote a stirring paean to gold in his latest research report.

Marked by his characteristic erudition, with references to gold’s use as a hedge in the world of antiquity, Grice’s report is worth reading and thinking about…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Gold attracts tremendous emotion from people and it has always done so. It manages to bring out the extremes in investors, reporters, governments. It’s either hated or loved. Copper isn’t, nickel isn’t and coal isn’t.

You can call it a commodity, a barbarous relic, money or a wealth preserver. Whatever title you use, someone will react…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Global No. 1 copper producer Chile’s Codelco said Friday its 2010 output dipped but should be steady this year, and expects strong Chinese demand, Japan’s recovery after a natural disaster, as well as new uses to stoke demand.

Codelco said profits surged 47 percent to $5.8 billion in 2010, with a rise in copper prices to record highs more than compensating for a 0.8 percent fall in production from 2009 to 1.688 million tonnes…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Metals traders became very excited when they heard the latest estimate of Japan’s reconstruction cost coming in at $US308 billion ($300bn). Up went the base metals on the assumption, presumably, that to get started you just need to write a few cheques.

Not quite, we fear. There’s that small matter of public debt representing more than 200 per cent of Japan’s GDP…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Exchange-traded fund (ETF) investment does not come without risks and the products are increasingly attracting regulatory scrutiny, according to the Reserve Bank of Australia (RBA).

“The ETF industry has grown strongly in a relatively short period of time, with the industry attracting greater attention as it grows in size,” RBA analysts Mitch Kosev and Thomas Williams said in a report…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Commodities exchanges industry in India will likely double its turnover in just three years, if the country’s biggest commodity exchange by market share Multi Commodity Exchange of India (MCX) is to be believed.

MCX on Friday celebrated the industry reaching a milestone of R100-lakh crore turnover. “You ain’t seen nothing yet. We are only just scratching the surface,” said Lamon Rutten, managing director and CEO, MCX. He added that if prices continue on the current path, the commodities exchanges will achieve the R200-trillion mark by 2014. “2010-2020 will be the decade of commodity derivatives and exchange-traded businesses,” said Rutten…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

As commodity broking is gaining its foothold in India, the hub of all activities - Maharasthra, has put a speed breaker in the form of hike in stamp duty. So much so that many commodity broking firms are now seriously thinking of venturing out of Maharashtra after they got a jerker in the form of Maharashtra government’s proposal to have a phenomenal 400 per cent hike in stamp duty on commodity transactions.

This means the clients will have to pay Rs 500 instead of Rs 100 they pay now for every crore. Currently clients shell out Rs 200 exchange fee apart from the taxes structure and the existing stamp duty…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

While Kenya is consistently working on efforts to attract foreign investors and increase value generated from agriculture, establishing a thriving commodity exchange remains on the back burner.

Among other things, the state of affairs means investors eyeing or are already in the sector are limited in terms of growing and processing crops. They also cannot participate a cereals futures market…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Yen bulls have been undaunted by the global effort to push down the Japanese currency, increasing their bets recently that the yen will strengthen.

To many market observers, this may seem counterintuitive, given the risks of another huge coordinated intervention that could weaken the yen and whipsaw those betting it will appreciate…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

With the two biggest economies blocking progress on emissions, global temperatures last year matched the record highs of 2005 while droughts and flooding wrecked harvests from Karachi to Rio de Janeiro. Today, the price of carbon languishes at less than half the level Deutsche Bank says is needed to meet the U.N.’s aims for controlling global warming.
Officials and investors say local initiatives such as Nuwal’s may offer the best chance of both slowing emissions and making money from the process…………………………………….Full Article: Source

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