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Commodities Briefing 16.Nov 2012

Posted on 16 November 2012 by VRS |  Email |Print

China’s financial center ― wants to transform itself into a global commodities trading center that can have a stronger influence on international commodities prices in five to 10 years, the city’s vice-mayor said. Ai Baojun made the comments during the first China International Oil and Gas Trade Conference held in Shanghai.
Earlier this year, the country’s securities regulator said China plans to establish crude-oil futures to cope with fluctuating oil prices and increase its influence over global prices. “The research on technology and risk-control for crude-oil futures has been finished in the Shanghai Futures Exchange, and we will start the test trading soon under the supervision of the China Securities Regulatory Commission,” said Yang Maijun, Shanghai Futures Exchange general manager………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

A two-decade slump in Japan’s real estate prices and the country’s lax rules on selling foreigners forestland with water rights attached are attracting overseas investors, with the Chinese leading the pack.
Some areas of remote woodland in Japan, the only country in the Asia-Pacific region that doesn’t regulate property investment by foreigners, can be bought for just 60¢ a square meter, including the groundwater beneath. Groundwater is the water from rain and snow that seeps into the land, where it eventually ends up in aquifers that can be tapped by drilling a well………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

The Australian economy has demonstrated considerable resilience in the face of the global financial crisis, and is in a strong position to respond to any external shocks, says the IMF in its annual assessment of the country’s economy.
The country’s economy has been growing faster than most advanced countries, and is expected to grow by around 3¼ percent this year—broadly in line with trend—and by about 3 percent next year, as new natural resources-related investment reached record levels………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

With the drama of the presidential election behind us, it’s time for investors to focus on the real task at hand: Howinvestments will pan out next year, particularly in the energy sector. After all, energy has a role in just about every good produced and service rendered in this country.
Being thecontrarian investor that I am, I think 2013 could mark the end of triple-digit prices for oil. The good news is energy investors don’t have to panic. There are plenty of opportunities toprofit from cheap oil………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

The shale-gas revolution in America has been as sudden and startling as a supertanker performing a handbrake turn. A country that once fretted about its dependence on Middle Eastern fossil fuels is now on the verge of self-sufficiency in natural gas. And the news keeps getting better.
This week the International Energy Agency (IEA) predicted that the United States would become the world’s largest oil producer by 2020, outstripping Saudi Arabia and Russia……………………………………….Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

The announcement by the International Energy Agency that the U.S. will surpass Saudi Arabia in oil production by 2020 is testimony to the power of technology to change an industry.
The U.S. is developing so-called tight oil reserves, including the huge Bakken shale formation in Montana and North Dakota, by extracting the oil through hydraulic fracturing and horizontal drilling, techniques that weren’t available 30 years ago………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

OPEC’s secretary-general said he was not worried about the oil market outlook for 2013, as the exporter group pumps a million barrels per day more than its official output target without weakening prices.
“I am not really worried. I’m looking forward to 2013. It will be, I hope, a comfortable year for OPEC and for the oil price,” Abdullah al-Badri said……………………………………….Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

Chinese refiners have finalised annual crude oil supply deals for next year with OPEC producer Kuwait at volumes steady with this year, around 250,000 barrels per day, two trading executives told Reuters on Thursday.
The figure is equivalent to around 5 percent of crude oil imports by China, the world’s largest buyer of the fuel after the United States………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

Received wisdoms in global energy are falling like downed skittles as the world lurches into the biggest-ever U-turn in energy history. The US gas story shows the most dramatic and rapid changes. From the late 1990s until the past 2 years, billions of dollars were spent by developers of LNG regasification facilities in the United States, as well as most other OECD countries and by China and India.
The received wisdom was that world gas resources were limited and depleting fast. The gas outlook for the US seemed especially dire: it was resigned to a future of declining domestic natural gas production, needing rapid growing LNG imports to fill a looming supply-demand gap. ……………………………………….Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

India has toppled China to emerge as the largest gold consumer in the third quarter of 2012. Though global gold demand fell in the Q3 with investors buying fewer bars and coins, India’s gold demand revived in the June-September quarter 2012.
According to data compiled by the World Gold Council (WGC), gold demand totalled 223.1 tonnes, up 9% year on year from 204.8 tonnes in the third quarter of 2011. Demand from China actually slipped in the same quarter. China recorded an 8% drop in demand at 177 tonnes (191 tonnes) due to the economic slow down in the country. Jewellery demand was down 5% at 124 tonnes as retailers reduced their inventory………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

Global gold demand dropped 11 percent in the three months to September from record levels seen in the same period last year, dampened mainly by fading Chinese fervour as its economy slowed, with stronger Indian demand stemming a larger fall, the World Gold Council said.
Chinese gold consumption fell 8 percent in the July to September period to 176.8 tonnes, the WGC’s quarterly demand trends report showed on Thursday, with both jewellery and investment demand hurt by a slowing economic growth………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

Investors continued to buy gold at historically high levels, but investment demand was down from particularly high levels seen during the same period in 2011, said World Gold Council in a quarterly report.
According to WGC, the most significant contribution to the fall in gold demand came from the drop in bar and coin investment. This was largely reflective of a lack of strong inflows in certain (notably Western) markets, rather than the emergence of any strong profit-taking activity. Demand from this category of investment was 30% weaker year-on-year at 293.9 tonnes, translating to a 32% decline in value to US$15.6bn………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

A 15% dip in the shares of one big gold miner could signal a buying opportunity. This week’s London Bullion Market Association (LBMA) conference saw the who’s who of the gold-trading industry gather in Hong Kong for the industry’s annual meeting.
When the delegates were polled at the start of the conference, their consensus forecast was for the price of gold to rise to $1,914 per ounce by September 2013………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

Switzerland is a traditional investment safe-haven, however in a recent survey we found that when it comes to gold bullion storage there is a new star emerging and our customers want to be a part of it. Below we explain why those looking to invest in gold may want to look at Singapore to store their gold.
When we originally posted the survey we unanimously expected Switzerland to be chosen by the majority those surveyed as the location of choice. However this wasn’t the case, Singapore took nearly 39% of the votes, followed by Switzerland with just over 35%. Lagging behind, the US and Hong Kong took around 11% each whilst the UK brought up the rear with 5%………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

It is not just gold that caught the eye of Indian consumers celebrating Diwali. Brisk business in silver was also seen in select parts of the country. Given the high price of gold and the Indian government’s new regulation on buying gold and tax deductions at source, the sale of silver items at jewellery shops soared to a new high.
“Silver has proved to be the preferred substitute with most retail buyers this Diwali,” said Manish Mehta of bullion retailer, D P Zaveri and Sons. “Customers came in asking for silver coins, corporate gifting products, small utensils to be used at home and for silver items to conduct puja (the ceremony for prayers),” he added………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

Gold jumped up on the eve of the election. It seemed to be looking beyond… and indeed it was. Gold continued rising after the Obama win as the attention turned to the fiscal cliff.
The markets have been focusing on the next major problem. The fiscal cliff will surely help keep the markets volatile. But the ongoing uncertainty and the historical money pumping will continue to be dominant factors affecting the markets………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

For commodity investors looking to diversify their holdings, rare earth/strategic metals have presented several potentially lucrative opportunities over the years. As such, many have shifted their assets to this niche segment, causing a tremendous influx of investments from around the globe.
But, of course, following the logic of simple economics, the overflow of investments combined with a significant supply glut has put considerable pressure on the players in this once-hot corner of the commodity market………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

For commodity investors looking to diversify their holdings, rare earth/strategic metals have presented several potentially lucrative opportunities over the years. As such, many have shifted their assets to this niche segment, causing a tremendous influx of investments from around the globe.
But, of course, following the logic of simple economics, the overflow of investments combined with a significant supply gut has put considerable pressure on the players in this once-hot corner of the commodity market………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

With equity markets sputtering thanks to the fiscal cliff, investors are once again looking to commodities for exposure. Luckily there is no shortage of ways to play this market in exchange-traded form, as literally dozens of ETFs and ETNs occupy the segment.
However, many investors are probably not getting the returns they want in many of these products, as most focus in on front-month futures and continually roll from one front month contract to the next. This process usually results in a great deal of contango, a factor that can destroy returns when compared to spot price performance ……………………………………….Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

After a hurricane-related delay, RBS delivers five new funds linked to Jim Rogers’ indexes. The Royal Bank of Scotland, the issuer behind the Trendpilot series of ETNs, today is finally launching five new ETNs — all of them based on commodities guru Jim Rogers’ Enhanced Rogers International Commodity Index (RICI) series — after their rollout planned for late last month was delayed by Hurricane Sandy.
Aside from a broad commodity ETN based on Rogers’ flagship-enhanced RICI index, the four other ETNs will track RICI subindexes focused on agriculture, energy, precious metals and industrial metals. Each security comes with an annual fee of 0.95 percent, RBS said today in a press release………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

Venezuela was the first state to request back the physical gold it has stored outside of its borders, followed by Germany and Romania last month. Now, Ecuador is also requesting back its physical gold. What are all these states afraid of?
Officially, the two largest bodies in the world that hold the largest gold quantities are the Federal Reserve Bank of New York and the Bank of England, that store approximately 6,000 tons of gold. Most of the gold does not belong to these banks but to other external entities which are using the banks for storage services………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

Financial Technologies promoted National Spot Exchange (NSEL), India’s largest electronic commodity spot exchange, has signed a memorandum of understanding (MoU) with Belarusian Universal Commodity Exchange (BUCE), the largest Commodity Spot Exchange in Belarus for facilitating trade with countries in the eastern Europe.
The MoU will help Indians export a number of agri commodities to Belarus where BUCE would provide counter guarantee for developing markets and booking orders. In India, however, NSEL would guarantee the quality and quantity on behalf of individual exporters………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

The federal government has commenced the process of transforming the Abuja Securities and Commodity Exchange into a first-class commodity exchange as part of the Ministry of Trade and Investment’s plan for the nation’s industrial revolution.
Permanent Secretary in the Ministry of Trade and investment, Mr, Dauda Kigbu revealed that the Ministry has already initiated reforms aimed at making the Abuja Securities and Commodity Exchange a world class institution. This he claimed is in line with the transformation agenda of President Goodluck Jonathan’s administration………………………………………..Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

A standard ploy of magicians and politicians is called misdirection. The audience is distracted from the real movement by a feint. “Currency war,” which has become the title of books, articles and conferences, is such a misdirection.
Some officials, notably Brazilian Finance Minister Guido Mantega, have been leading the charge that through pursuing unorthodox monetary policy, the U.S. has sparked powerful forces that destabilize the emerging market economies through capital flows, driving the currencies sharply higher. ……………………………………….Full Article: Source

Posted on 16 November 2012 by VRS |  Email |Print

In the halting, measured language we’ve come to expect from his impromptu public remarks, President Obama posed a core dilemma of climate change yesterday at his first post-election press conference. Explaining the possible repercussions of failing to act now, he said, climate change “is going to have an impact and a cost down the road, if we don’t do something about it.”
Whether to pay for an energy transformation now, or take our chances with climate impacts and costs “down the road,” is a key, polarizing economic question within climate change policy. Another way of framing it is this: What’s the future worth to you?……………………………………….Full Article: Source

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