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Commodities Briefing 30.Mar 2011

Posted on 30 March 2011 by VRS |  Email |Print

Patricia MohrCommodity prices have started to shake off the negative impact of Japan’s tragedy as reconstruction efforts get underway, according to a Scotiabank Report.

Global energy markets stand to gain as Japan turns to imported liquefied natural gas (LNG) and crude oil to offset the shortfall in its nuclear capacity, the report said……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

OPEC would be concerned by any rise in oil prices to $120 a barrel and would then consider whether it needed to hold an emergency meeting, an OPEC delegate said on Tuesday.

At present, however, all members of the Organization of the Petroleum Exporting Countries believe the oil market is well supplied despite the loss of Libyan crude and see no need for a meeting before its next scheduled gathering on June 8……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

The price of crude oil today is about the same as it was on September 28, 2008. The price for West Texas Intermediate (WTI) crude oil back then was $107 a barrel and it is about $105 per barrel today. The average price at the pump was $2.57 a gallon then compared with the average $3.58 per gallon for regular unleaded gasoline today.
The reasons for the difference in the pricing of gasoline is exactly the opposite of why they were back on September 28, 2008, a time when the US economy went into a tailspin, with fuel prices decreasing faster than crude oil prices……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Eurozone weakness revolving around doubts raised over Portuguese debt, coupled with some better economic pointers on the recovery in the U.S. economy led to dollar strength vs the Euro on Monday and, coupled with profit taking after last week’s new high led to a sharpish fall in the gold price in dollars as a result.

Indeed gold is not alone in being adversely affected pricewise, silver and platinum group metals initially moved down even more steeply in percentage terms, while oil and base metals prices all also declined by greater or similar percentages……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Mother nature, one could say, is the ultimate asset allocator over a long enough time span. Going by that notion, silver is very undervalued versus gold.
Silver is about 16 times as plentiful in the earth’s crust as gold, according to John Stephenson, author of the “The Little Book of Commodity Investing.”…………………………………….Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Projecting prices of precious metals is a difficult and likely futile task. Gold bugs seem to insist there’s always room for further appreciation, while others proclaim that gold has been in a 6,000-year bubble.

The truth is probably somewhere in between, but discovering the worth of a precious metal based on some intrinsic valuation of it is virtually impossible. There are no future interest or dividend payments to project and discount, so we have to rely on the madness of humans……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

A GFMS report for the Silver Institute predicts a bullish picture for the future of industrial silver demand with a record high of 665.9 million ounces in 2015.

The GFMS study, The Future of Silver Industrial Demand, made public Monday, also forecast the annual average silver price to continue to rise this year, “driven in large part by further inflows of investment demand, and supported by additional growth in fabrication demand.”…………………………………….Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

On Thursday, March 24th, gold hit another record high of $1448.60 an ounce as it attempted to breach the $1450 an ounce level for the first time in the history of the yellow metal. Since then the price has pulled back slightly and as to be expected, once again, investors are asking if the price is too high, and if gold is in a bubble.

When this bull market in gold began in 2000, the price was $250 an ounce. At the time, practically every main stream analyst saw no value in gold and advised clients to stay well away from this metal. It was referred to as a barbaric relic that no one wanted and besides who on earth would want to invest in something that did not pay a dividend?…………………………………….Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Insatiable Chinese demand has sent the prices of commodities such as iron ore and copper to historic highs; now the Middle Kingdom is helping to drive the gold price ever higher as local investors look for a hedge against soaring inflation and the rising risks to the global economy.

China is the largest gold producer but requires so much of the precious metal (in addition to what it already mines) that it imported more than 209 tonnes during the first 10 months of last year……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Gold is not an investment asset alone. The medicinal, mechanical and industrial uses of gold have been written about plenty of times. Now a new research says gold has magnetic properties.

The recently discovered magnetic properties of gold nanoparticles are the subject of the lead article in the new issue of the journal, Gold Bulletin. The paper, “Unexpected magnetism in gold nanostructures: Making gold even more attractive,” by Professor Simon Trudel, University of Calgary, explains the cause of the unexpected magnetism in gold and explores how these properties could lead to potential applications in catalysis, medicine and data storage……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

BNP Paribas is retaining its average gold-price forecasts of $1,500 for 2011 and $1,600 for 2012. Demand from emerging markets, particularly Asia, remained strong in the first quarter, but interest from developed economies was more subdued, BNP says.
Safe-haven demand rose with the political upheaval in the Middle East-North Africa and due to events in Japan, says the report from Anne-Laure Tremblay……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Copper will lead a rally in base metals this year as increased consumption in China reduces inventories and higher prices encourage stockpiling, according to researcher Brook Hunt, a Wood Mackenzie company.

“Fundamentally, the market’s tight,” Julian Kettle, head of metals research, said in an interview in Singapore, predicting that cash copper may average $9,700 per ton this year compared with $7,543 in 2010. Kettle also backed nickel and lead……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Exchange-traded funds (ETFs), which have attracted a lot of investor attention globally, are also beginning to take off in India. An ETF is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities or bonds. Most ETFs track an index. They can be bought and sold through the trading day, like any stock.
In the past 14 months, the average assets under management (AAUM) in ETFs have almost doubled and the number of folios more than doubled……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Last week, Barclays (BCS) announced the launch of the Barclays Capital Commodities Index. The BCI index aims to be a benchmark that invests on a diversified portfolio of commodities ranging from energy to grains and oilseeds, and even livestock. Soon after this announcement, the investment bank also announced the results of the institutional investors’ annual survey on commodities.
According to Kevin Norrish, managing director of Barclays Capital commodities research, there is a consensus on higher commodity prices:…………………………………….Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

A new Australian energy-and-commodities exchange is the latest player hoping to lure trade away from venues in Chicago and London toward fast-growing Asian-Pacific economies.

But Financial & Energy Exchange’s bet that Australia’s resource bonanza will buoy its newest commodities exchange when it goes live this year is unlikely to change the landscape of energy trading globally……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

The global, coordinated selloff of the Japanese yen bolstered commodity currencies in U.S. trading Tuesday. One of the primary beneficiaries of the yen suppression Tuesday was the Australian dollar — via the carry trade. The Australian dollar was 1.2% stronger at 84.615 yen and 0.2% firmer at $1.02666.
CurrencyShares Australian Dollar Trust was up 0.1% to $103……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Thomson Reuters Point Carbon will be available for comment following the publication, by the European Commission, of the European Union’s verified emissions data for its emissions trading scheme (EU ETS) in 2010, via its Community Independent Transaction Log ( CITL).
The data is due to be published on 1 April. Thomson Reuters Point Carbon will be available for comment as soon as the data is released and a media advisory will be issued then. Thomson Reuters Point Carbon is the leading provider of market intelligence, news, analysis, forecasting and advisory services for the energy and environmental markets……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Climate change adviser Ross Garnaut says China is experimenting with carbon trading in large cities as it knows that’s the cheapest way to reduce emissions.
The economist held talks on Monday with the man responsible for China’s climate change policies,Xie Zhenhua, in advance of ministerial-level meetings……………………………………..Full Article: Source

Posted on 30 March 2011 by VRS |  Email |Print

Shippers may be required to limit their carbon emissions, possibly through participation in carbon markets, under proposals being considered by the European Union.

The EU is crafting tools to limit emissions from maritime transport because the International Maritime Organization (IMO) has been unable to agree on such measures for over a decade, Bloomberg said……………………………………..Full Article: Source

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