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Commodities Briefing 22.Nov 2011

Posted on 22 November 2011 by VRS |  Email |Print

Gold rose marginally in the domestic market due to a depreciating rupee even as global crude and metal prices beat a retreat on fresh fears of a global slowdown with China warning of a recession. US lawmakers added to the global gloom by their inability to forge a consensus on a $1.2 trillion debt reduction plan.
In the international spot market, gold was down 0.8%, $1,711 an ounce at around 7.30PM IST, off an intra-day low of $1,699. It fell 3.5%, and traders are betting on a further fall. But with the rupee depreciating against the dollar, there may not be too much to cheer for Indian consumers during the current marriage season………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

During the autumn we have seen a pronounced change in financial sentiment. The combination of the serious escalation of the European debt crisis that it likely to have pushed the eurozone into recession, the fear of a more severe global slowdown and a stronger dollar have dented optimism. This environment has pushed risky assets including most commodities significantly lower.
However, the sell-off in energy, in particular, has in fact been modest compared with equities and base metals, which have suffered badly………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

For thousands of years, mankind has been charmed by gold, and the desire to own it has led to fervent gold rushes, dastardly deeds and greed-driven wars. Today, the precious metal is sought after for both jewelry and investment purposes, as well its industrial applications in certain electronic and medical devices.
The economic downfall of the last several years has helped ignite an increased interest in gold prospecting and investing. Gold prices, which have fluctuated within a $500 range thus far in 2011, can be affected by a number of factors, including:……………………………………….Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Investors seeking safe havens amid falling stock markets have often looked to gold, especially over the past 10 years as the yellow metal has seen its price move from less than $300 per ounce to as high as $1,900.
But more recently, commodity investors have turned to copper as a way to play a combination of favorable macroeconomic trends, ranging from investor demand for real tangible assets to the continuing infrastructure buildout in emerging-market countries around the world………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

From the commodity space, Johann Santer, the COO of Superfund Financial India Pvt Ltd, is extremely bullish on gold and advices his investors to remain invested in the yellow metal. He expects gold to touch USD 3,000 per ounce in the next couple of years.
Regardless of the price, we recommend our clients to look at gold. We don’t believe gold would be overpriced at the current level of trading around USD 1,700 per ounce. Our mid to long-term price goal is USD 3,000 per ounce within the next two to three years. We started investing in gold when gold was trading at USD 470………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Resurgent investment lifted global gold demand 6% from the previous year to just over 1,000 tons during the third quarter of 2011, according to the latest Gold Demand Trends Report from the World Gold Council (WGC).
The potent cocktail of inflationary pressures in the emerging world and the European sovereign debt fiasco left investors searching for a safe haven – they looked for it in gold………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

As we all know, the Silver soared earlier this year only to fall dramatically in the spring. However, silver rebounded and has been holding its ground ever since, while volatility raged around it.
Jewelry demand of white metal remains high, possibly due to the higher price of gold, and demand for silver coins is also rising noticeably. Industrial demand for silver is likely to increase by at least 4% in 2011, going into 2012………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

We are at the edge of a major economic crisis. Our monetary system is the underlying cause of this major crisis. The massive debt bubble created by our monetary system is about to burst. The demonetization of Gold and silver, has over the years diverted value from these metals, to all paper assets (such as bonds) linked to the debt-based monetary system.
The process of the devaluation of gold and silver, started by the demonetization of gold and silver, is about to reverse at a greater speed than ever before………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

We are at the edge of a major economic crisis. Our monetary system is the underlying cause of this major crisis. The massive debt bubble created by our monetary system is about to burst. The demonetization of gold and silver, has over the years diverted value from these metals, to all paper assets (such as bonds) linked to the debt-based monetary system.
The process of the devaluation of gold and silver, started by the demonetization of gold and silver, is about to reverse at a greater speed than ever before………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Platinum is a precious metal, rarer and more valuable than gold. It is typically used in a very pure form, often as high as 95%. Platinum jewellery falls into three categories of purity, each with its own marking: Platinum, Plat/Pt, and Platinum Group Metal Mixtures.
Jewellery that contains at least 95% platinum (or 950 parts per thousand) can be sold as platinum. A piece of this jewellery is marked ‘Platinum’. Jewellery that is 85% or 90% pure is marked as ‘Plat’ or ‘Pt’, with part per thousand being 850 or 900. For example: ‘900Pt.’ or ‘850Plat.’……………………………………….Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Continued weakness in the price of steel is leading analysts to question if we could see a relapse similar to that of 2008 when prices plummeted.
In 2008, the steel billet price (three month, US$/tonne) dropped sharply by 81% over a four month period from June to October. The steel billet price has dropped from US$595/t to US$ 525/t (-11.8%) over a six week period spanning September and October and has remained flat, closing on US$527.50 on 18 November. A December price predicates a further drop to US$520/t………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

World crude Steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 124 million metric tons (mmt) in October 2011. This is 6.2% higher than October 2010. China’s crude steel production for October 2011 was 54.7 mmt, an increase of 9.7% compared to October 2010.
Elsewhere in Asia, Japan produced 9.5 mmt of crude steel in October 2011, a slight decrease of -0.3% compared to the same month last year. South Korea’s crude steel production for October 2011 was 6.1 mmt, 17.8% up compared to October 2010………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

OPEC, which pumps 40 percent of the world’s crude, currently provides global markets with a sufficient supply, International Energy Agency Executive Director Maria van der Hoeven said.
Most members of the Organization of Petroleum Exporting Countries are producing at close to their output capacity, according to data compiled by Bloomberg………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Iran’s governor to OPEC Mohammad Ali Khatibi said global crude markets are in balance, echoing comments from Ali al-Naimi, oil minister of rival Saudi Arabia.
Al-Khatibi said in Riyadh he foresees a “positive” meeting of the Organization of Petroleum Exporting Countries next month. There is no oversupply, al-Naimi said in the Saudi Arabian capital yesterday, adding today that he is “very happy” with crude prices……………………………………….Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Saudi Arabia and its OPEC partners are asked to bear too much of the burden of cutting greenhouse- gas emissions because of their economic dependence on oil and gas exports, the kingdom’s climate envoy said.
“Climate policies on the international level are mainly targeting the transportation sector, so they will impact the demand for oil,” Mohammed al-Sabban, the country’s chief negotiator at talks on global climate change, said today in Riyadh. Saudi Arabia should “take seriously” the potential impact of oil demand peaking in 2050, he said………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Oil prices fell on Monday in volatile trading on fears that persistent debt problems in Europe and the United States and governments’ inability to tackle them will stunt global economic growth and curb demand for petroleum.
A U.S. congressional committee charged with attempting to cut at least $1.2 trillion from the U.S. deficit over the next decade was expected to announce it had been unable to reach an agreement………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Precious metals have taken off so far this year both in terms of popularity and performance. Investors have scooped up ETFs that target products such as gold and silver while also dipping their toes into platinum and palladium-based funds as well.
While these metals have stolen the show, many are also beginning to take a closer look at the group’s industrial-focused cousins as well for investment. Copper, for example, is far more useful in everyday applications than many precious metals, as the red metal finds its way into a number of products ranging from electrical wiring to plumbing and roofing………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Agricultural commodities posted a mixed performance on Friday with price weakness led by a 4.7% drop in ICE Cotton prices. Front month CBOT grains prices closed on a mixed note, with Corn ending the day lower (although bouncing up from the intra-day low); wheat closes higher while soybeans unchanged on the day, said Barclays Capital in a research note.
However, prices have come under pressure on Monday morning weighed by concerns over the Eurozone debt crisis and recent slackening in US export sales especially for corn and wheat………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

Though carbon trade has been hit by controversies, it is not the end of the road for the market. The idea of buying and selling pollution is still attractive.
Gone are the days when carbon trade was seen as a vital policy tool to cut emissions at the cheapest cost, and not many people talk about its prospects for overtaking the oil market in terms of traded value anymore………………………………………..Full Article: Source

Posted on 22 November 2011 by VRS |  Email |Print

China will establish its first national-level think tank on climate change issues, to focus on strategic research and international cooperation, said a senior government official.
The new think tank will be established before the United Nations’ Durban Climate Change Conference, which is scheduled for November 28, said Li Junfeng, deputy director of the Energy Research Institute of the National Development and Reform Commission (NDRC), on Monday………………………………………..Full Article: Source

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