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Commodities Briefing 09.Nov 2012

Posted on 09 November 2012 by VRS |  Email |Print

Commodities may rise if the ECB hints it is preparing to introduce stimulus measures to battle deepening Eurozone recession, buoying risk appetite. Metals are treading water while crude oil is mounting a cautious corrective recovery after yesterday’s aggressive selloff in early European trade.
All eyes are on the European Central Bank interest rate decision, with traders pining for growth-supportive measures as the recession in the Eurozone continues to stand as the most significant obstacle to global growth………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Gold traders are the most bullish in 11 weeks and investors accumulated record bullion holdings on speculation U.S. policy makers will add to stimulus following President Barack Obama’s re-election.
Twenty-five of 33 analysts surveyed by Bloomberg expect prices to rise next week and three were bearish. A further five were neutral, making the proportion of bulls the highest since Aug. 24. Investors boosted assets in gold-backed exchange-traded products to an all-time high of 2,592 metric tons on Nov. 7, valued at $143.1 billion, data compiled by Bloomberg show………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

The gold price reacted sharply upwards to President Obama’s re-election, with the U.S. dollar initially falling, but then the dollar recovered as Europe’s woes continue to depress alternative currencies and gold drifted back, before moving sharply upwards again in later trading despite the dollor index remaining up a little - which many would take as a very positive sign for gold and the other precious metals which rose along with it.
The Obama factor has certainly had a positive effect on the gold price whereas a Romney victory might have driven it lower, and the gold bulls doubtless feel that this could be the trigger gold really needs to take off to new heights - although their predictions for the U.S. economy in general are dire suggesting that any signs of recovery will be shortlived………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Gold prices held near $1,715 an ounce on Thursday as investors’ focus shifted from President Barack Obama’s re-election to U.S. fiscal woes and the euro zone debt crisis, which pressured the euro to a two-month low against the dollar.
Worries about the fiscal cliff are supportive of safe-haven gold, but a strong dollar offset upward pressure on prices by making it more expensive for buyers holding other currencies………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Spot market gold prices hovered just below $1,720 an ounce Thursday morning in London – 2.4% up on last week’s close – while stocks recovered some ground following losses yesterday, and the dollar ticked higher, as central banks in the UK and Europe left monetary policy unchanged.
Silver prices hovered close to $32 an ounce – 3.4% up on the week so far – while other commodities edged higher. US Treasury bond prices gained while those for UK and German government debt fell. “Gold is holding up well in the face of dollar strength,” says commodities strategist Walter de Wet at Standard Bank………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

The Organization of the Petroleum Exporting Countries expects world energy demand to climb by 54% over the 2010 to 2035 period, with oil remaining the energy type with the largest share, the cartel said in its World Oil Outlook report released Thursday.
Towards the end of that time period, however, coal’s share of energy demand will likely reach similar levels as that of oil, with oil’s share of energy demand falling to 27% by 2035 from 35% in 2010, the report said………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Oil cartel Opec acknowledged the growing importance of unconventional ’shale’ oil reserves for the first time on Thursday - as it cut its oil demand forecasts on fears over eurozone growth.
In its annual world oil outlook report, Opec - whose 12 members include Saudi Arabia, Iran, Iraq and Venezuela - said: “Shale oil represents a large change to the supply picture.” While in previous reports “no significant shale oil contribution to liquids supply was envisaged,” this year “a rise in the importance of shale oil is expected”, Opec said………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

An unarmed, unmanned U.S. drone flying in international airspace was fired on by Iran last week, Pentagon officials confirmed on Thursday, highlighting mounting tensions between the two countries. The move’s ultimate impact on oil prices will depend on several factors, analysts said.
“When geopolitical tensions increase prices tend to rebound due to the simple fact that there is close to no spare capacity,” said Olivier Jakob, founder and managing director of Swiss-based Petromatrix………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

America’s oil boom is pumping up exports and driving down the trade deficit. The U.S. trade gap narrowed by $2.3 billion in September, to $41.5 billion, the Commerce Department said Thursday. Oil accounted for more than three quarters of the change, with a $2.2 billion surge in oil exports easily offsetting a small increase in imports.
The one-month change doesn’t mean much — the deficit could widen again when October figures are released next month. But the longer-run trend is unmistakable: The U.S. is importing less oil and exporting more………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

A commodities trader was accused in a lawsuit by U.S. regulators of concealing the size of his positions in violation of anti-fraud laws and causing losses of $118 million.
The trader, Matthew Marshall Taylor, in 2007 fabricated trades in a New York-based futures commission merchant’s internal system and obstructed his employer’s discovery of his position, risk and profits and losses, the U.S. Commodity Futures Trading Commission said in a complaint today in federal court in New York………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Silver investing, though often overshadowed by the prevalence of gold, is still among the most popular commodity allocations in today’s markets. One of the most popular ways to gain access to this white metal is through exchange-traded products, as there are a number of funds that cracked the world of silver wide open. But because investors are presented with so many choices for silver investing, many are often left wondering which of these ETFs is the best.
The answer isn’t quite as clear cut as a simple ticker. In reality, the answer is that it depends on your investment objectives and goals. Below we outline several scenarios and which silver ETFs are the best for investors who fall under those categories……………………………………….Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Exchange-traded funds (ETFs) are gaining popularity among Asian investors and some market-watchers say they are expecting more ETFs to be listed in the region. This is especially so with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the US to regulate trading.
An ETF is an investment instrument that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Energy commodity exchange traded products (ETPs) attracted strong inflows in October, with U.S. crude oil ETPs in focus as investors anticipated disruption to oil production facilities from Hurricane Sandy.
Investors shovelled almost $500 million into energy ETPs in October, according to global data from BlackRock, taking total net inflows to $1.5 billion in the year to date. ETPs, an easy route into commodities for investors, include exchange-traded funds, exchange-traded commodities and exchange-traded notes. All trade on a stock exchange and their value is linked to the underlying assets………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Asian currencies have had a good run so far this year against the U.S. dollar, and analysts expect further upside as President Barack Obama’s re-election signals an end to China bashing and raises hopes of further monetary easing.
Obama’s Republican challenger Mitt Romney had said he would label America’s second largest trading partner a currency manipulator on his first day in office and also indicated that the Federal Reserve Chairman Ben Bernanke may not get another term………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

Investors who had expected the re-election of U.S. President Barack Obama to spur emerging-market currency gains are likely wondering when the awaited rally will appear. Emerging-market currencies have slumped in the past two days since voters gave Mr. Obama another four years, despite expectations that the Federal Reserve’s ultra-loose monetary policy will continue under his administration.
Such policies have been associated with a weaker dollar and inflows into emerging markets. The Mexican peso, often seen as a bellwether for investor sentiment toward higher-yielding assets, has declined about 1% against the dollar since early Wednesday. The South African rand also has lost nearly 1% versus the U.S. currency………………………………………..Full Article: Source

Posted on 09 November 2012 by VRS |  Email |Print

A global platform for carbon trading might be in place this decade, an official at one of the world’s major environmental think tanks said.
China’s emissions trading system, which is likely to be the world’s second-largest carbon market by 2015, could be a major player if it is connected to the proposed world system, said Andrew Steer, president of the World Resources Institute………………………………………..Full Article: Source

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