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Commodities Briefing 05.Dec 2011

Posted on 05 December 2011 by VRS |  Email |Print

Tom AlbaneseRio Tinto Group (RIO), the world’s third- largest mining company, expects further volatility in metal prices as markets weigh global economic prospects for next year.
“We should expect more of these gyrations of all of our prices as we move forward to 2012,” Tom Albanese, chief executive officer of the London-based company, said today on the Australian Broadcasting Corp.’s “Inside Business” program. “The markets are trying to react and anticipate to what they think the economy is going to look like next year.”……………………………………….Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

Plamen MonovskiCommodities may rally as central banks boost money supply further and cut interest rates to combat slowing economic growth, according to Renaissance Asset Managers, a unit of Moscow-based Renaissance Group.
“Money will continue to be plentiful and free, and that will continue to underwrite a commodity cycle,” said Chief Investment Officer Plamen Monovski, who oversees about $2.2 billion and formerly co-managed as much as $9 billion at BlackRock Inc, the world’s biggest asset manager………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

To survive wild swings in commodity prices companies should have a workable risk management strategy - but many do not, research has found.
Corporate leaders are being urged to develop analytical tools, staff skills and formulate a governance programme to limit their organisation’s exposure to commodity prices in the Volatility not vunerability, published by management consulting firm Oliver Wyman………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

Hedge funds boosted wagers on higher commodity prices for the first time in three weeks as the outlook for the U.S. economy improved.
Money managers increased combined bullish positions across 18 U.S. futures and options by 0.7 percent to 566,494 contracts in the week ended Nov. 29, Commodity Futures Trading Commission data show. Investors trimmed their bearish holdings in copper for the first time in four weeks, and pared bets on lower wheat and soybean prices………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

The outlook for the Asia-Pacific metals and mining sector in 2012 is changing even though evidence of industry weakening is just beginning to appear in corporate performance. It will be difficult for mining companies in the region to repeat the profitability seen in 2010 and 2011, when they were at the top of the commodity pricing cycle.
While most companies that Standard & Poor’s Ratings Services rates posted good results in the second and third quarters of 2011, there have been some reversals in the third quarter and lower profitability is expected in the fourth quarter and early 2012………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

Prices decline 13-31% this year on euro zone problems; nickel is the worst performer losing 31% . Base metal prices fell 13-31 per cent so far this calendar year on receding hopes of recovery in the euro zone economic crisis.
The price of aluminium declined 13 per cent to $2,140 a tonne on Friday as compared to $2,461 in the beginning of this year. While the price of nickel plunged by 30.69 per cent to settle on Friday at $17,300 a tonne from $24,960 early this year………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

Norsk Hydro ASA sees growth in global aluminium demand slowing next year as a result of economic turbulence that is creating a weak market and pushing many industry players into the red .
Hydro, one of the world’s top aluminium producers, said it saw demand for primary aluminium outside China rising by 3-5 percent in 2012, after total demand growth slowed to 7 percent in 2011 from a 19 percent rise a year earlier………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

BHP Billiton, the world’s biggest mining company, said last Tuesday that it was reviewing its diamond business, with an eye to selling off some or all of these assets. The problem? Diamond mines seem not to fit within its strategy of investing in “large, long life” assets that have potential for expansion.
The news came after the Oppenheimer dynasty last month exited the diamond industry, ending decades of involvement as the family finally agreed to hand over control of producer De Beers to mining giant Anglo American………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

India’s innate fascination with gold continues as Indian households hold gold worth over $950 billion which in turn is around 50 per cent of the country’s GDP in dollar terms, says a report.
Gold consumption is part of India’s culture and tradition and the country is the world’s largest consumer of gold, followed by China………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

Iran’s Foreign Ministry believes that if the West seriously considered blocking Tehran’s ability to export oil, the global price of crude would more than double, Foreign Ministry spokesman Ramin Mehmanparast was quoted as saying on Sunday.
“As soon as such an issue is raised seriously the oil price would soar to above $250 a barrel,” he told the reformist daily Sharq………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

OPEC oil ministers are expected to agree on action to support crude prices at around $100 a barrel when they meet in Vienna in mid December but will unlikely discussion new quotas, a key Saudi bank has said.
The ministers of the 12-nation Organization or Petroleum Exporting Countries, meeting on December 14, will avoid talks on new quotas until Libyan production is fully restored and Saudi output is trimmed back following its unilateral increases after the last failed meeting in June, the Saudi American Bank group (SAMBA) said in its latest monthly bulletin……………………………………….Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

Global oil market supply is sufficient, OPEC member Qatar’s energy minister said. “The prices are determined by the market and currently the supply is enough,” Mohammed Al-Sada told reporters on the sidelines of the World Petroleum Congress.
OPEC Secretary-General Abdullah Al-Badri, speaking a week before the producer group meets to discuss output against the backdrop of a debt crisis in the euro zone, said at the same event: “The market is very well supplied.”……………………………………….Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

The additional sanctions against Iran, which were adopted by the EU, can have a significant impact on the global oil prices, the analysts at the U.S. bank JP Morgan say.
“The main argument against such sanctions is that if they have a significant impact on Iranian finances, they could also have a significant impact on global oil prices, which would be unwelcome in the current fragile state of the global economy” JP Moragan’s analysts said in their weekly oil market report………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

Hydrocarbons have become the lifeblood of this modern era. And with a huge economic incentive for finding and extracting them, drillers have scoured the world in search of this finite resource. When they do find it, there is nothing more thrilling than bringing this raw form of energy to the surface.
The most famous extracted hydrocarbon is in liquid form, known as petroleum, or crude oil. With the next most common form being gaseous, known as natural gas………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

The five BRICS nations intend to focus and work together on developing alternative energy sources. When Bu Xiaolin, vice governor of China’s coal-rich Inner Mongolia autonomous region, spoke over the weekend in front of hundreds of BRICS delegates on regional energy strategies, she mentioned little of the fossil fuels that have long contributed to the region’s growth.
Like many other speakers at the 1st BRICS Friendship Cities and Local Governments Cooperation Forum, which ran from Dec. 1-3 in Sanya, Hainan province, she devoted large part of her speech to discussing wind and solar energy………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

While energy resources are, indeed, in short supply, the world has no shortage of all manner of predictions and scenarios for the future of the global energy sector. While some try to look far into the coming decades and paint brave, and sometimes futuristic, pictures of global energy transformed, others address that which is of immediate concern to people today and formulate shorter-term and articulate forecasts and assessments.
Energy industry predictions are developed by numerous organizations and institutes of various statuses. For instance, each year in November, the International Energy Agency (IEA) publishes its own global energy report with forecasts made………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

The European fiscal crisis isn’t just raising investor concerns about how much foreign exposure to have, but also about how those bets should be made.
Historically, most individual investors have left their international holdings fully exposed to currency fluctuations. And for decades, this unhedged approach proved successful, as the dollar has lost roughly half of its value against a trade-weighted basket of global currencies since 1985……………………………………….Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

Companies and governments around the world are turning to emissions trading as a weapon to fight climate change and join a global carbon market worth $142 billion last year.
Under cap-and-trade schemes, companies or countries face a carbon limit. If they exceed the limit they can buy allowances from others. They can also buy carbon offsets from outside projects which avoid greenhouse gas emissions, often from developing countries………………………………………..Full Article: Source

Posted on 05 December 2011 by VRS |  Email |Print

The much-heralded carbon trading system may be headed for a dead end, if discussions underway over the last few days at the United Nations-organised global conference on climate change are any indication. This will have a major impact on India and China, the leaders in such trading.
“The carbon markets will crash if Durban fails to send a strong signal that the next round of Kyoto Protocol negotiations are on track,” says Remi Gruet, senior regulatory affairs advisor on climate and environment with the European Wind Energy Association, an industry body………………………………………..Full Article: Source

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