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Commodities Briefing 06.Feb 2013

Posted on 06 February 2013 by VRS |  Email |Print

The global commodities market was at a “very delicate” and “overly pessimistic” stage, Credit Suisse Commodities Research head Ric Deverell said. Deverell told the Investing In African Mining Indaba, attended by a record 7 500 delegates, that the reason why he was optimistic was a consequence of the recovery in the US coupled to the absence of negative economic news from Europe in the last nine months.
His view was that the world commodities market was set to look much like 2002. “I think the pessimists are wrong but prices won’t be off to the races,” Deverell added………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

The ability of U.S. producers to feed a burgeoning global population depends on nine crucial factors, according to Jim Wiesemeyer, senior vice president, Informa Economics, speaking at the National Alliance of Independent Crop Consultants, in Jacksonville, Fla.
Global growth and the rise of the middle class in developing countries. The shining example – China. Over the last 10 years, real income in China is up 175 percent and dairy consumption is up 212 percent………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

The credit crunch that has engulfed the commodities trading industry for the past two years has eased with French banks regaining their appetite to lend to the sector after a large retrenchment in 2011 and 2012.
Commodities executives and bankers in the trading hubs of Geneva and London said BNP Paribas, Crédit Agricole, ING, Société Générale and others were expanding their lending again, after cutting it to beef up their balance sheets………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

Commodities are becoming an attractive portfolio component for investors despite the slump seen in 2012, said Bank of America Merrill Lynch in a report.
Commodities may have underperformed other assets on a risk-adjusted basis in recent years and have suffered from a period of high correlation to better performing risk assets such as equities, the report stated………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

While every central banker and policy-leech spews forth the government-supplied statistics on inflation - noting that all is well, carry on - we recently pointed out that Gas Prices are their highest ever for this time of year.
Of course, the standard supply constraints (or technical) reasoning was applied to dismiss this as transitory (even though it has continued to rise since); but what is perhaps more worrisome is the broad-based nature of the real inflation that is leaking into our global supply chain. ……………………………………….Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

The world economy suffers the most from the US-led western sanctions against Iran, Tehran’s former Governor to the Organization of Petroleum Exporting Countries Fereidoun Berkeshli said, stressing Iran’s strong economic foundations and its strength for standing against the western sanctions.
“According to a simulation model that we have used (at Vienna Energy Group), with an increase of every $10 in oil price, the global economic growth reduces by 0.28 percent which amounts to approximately $10.2bln per day,” Berkeshli, who also heads the Vienna Energy Group, told FNA on Tuesday………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

North America is saving the global economy from the economic devastation that would ensue if oil prices were to hit $150 or $200 per barrel.
Global oil consumption last year jumped by about 800,000 barrels per day, while production from countries outside OPEC increased by about 900,000 barrels per day. That is, the global supply-demand balance for crude oil eased slightly, taking pressure off OPEC and providing some cushion against geopolitical supply disruptions such as the sanctions against Iran………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

The battle for the crown in the precious metals world continues to heat up, as silver has gotten off to a strong start this year. With one month of 2013 officially in the books, silver has gained 3.4% (despite a sell-off toward the end of the month) compared to gold’s -0.5% performance.
This year will be especially interesting for these two metals as the fate of the global economy will likely have a big sway as to which hard assets finishes the year on top………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

Silver is not going away. Its ongoing popularity seems to fly in the face of the modernist, the Keynesian and the visionary who dreams of a world without physical currency or money at all. Despite their viewpoints, silver and other precious metals remain sought after and valued by many investors.
Humans in developed countries often seem obsessed with technology and modernity, but they still sit in chairs, read with their eyes, and repeat the same behaviors over and over again. To the conventionally informed, silver and gold may seem a barbaric, outdated and bulky form of currency. To the elite, these metals are relics to be hated and suppressed because they represent that which threatens their livelihood………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

Platinum supplies are falling to a 13-year low as mines in South Africa, the world’s biggest producer, close and automobile sales reach new highs. Production will drop 2.7% to 5.68 million ounces, the least since 2000, according to Barclays, which raised its 2013 shortage estimate sixfold last month after Johannesburg-based Anglo American Platinum (AMS) said it plans to idle shafts.
At the same time, demand from carmakers, the biggest consumer of the metal, will increase 0.5% in 2013, Barclays says. Investors are buying platinum at the fastest pace in three years………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

Investment guru and prominent commodities bull Jim Rogers has pointed to tight supply and central banks’ money-printing spree as reasons for taking on physical assets. With exchange traded funds, investors can play this commodities outlook.
Specifically, there are several exchange traded products based on indices designed by Rogers. He developed the commodity benchmarks to track expected global consumption based on his research and personal experiences traveling the world……………………………………….Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

There is an increasing concern that exchange-traded funds (ETFs) could be one of the products mis-sold to investors. In any industry where the seller has a lot more information about their product than the buyer, there is always the risk of mis-selling – because the salesperson knows too much and the customer too little.
This is why mis-selling tends to be prevalent in the pharmaceutical and finance industries………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

Commodity futures offer a safe, scientific way of hedging price risks, besides opening up another avenue of investment, according to Deepak Sayana, Deputy Manager, NCDEX.
He was speaking here today at a seminar on stakeholders’ awareness and education on agribusiness and commodities organised by the Hindu Business Line in association with NCDEX and Forward Markets Commission. He said the five national commodity exchanges and 21 regional exchanges offere a safe, standardised futures trading opportunity for traders to mitigate price risks………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

Japan Exchange Group Inc. , created by the merger of the nation’s two biggest bourses, is willing to pursue an alliance or merger with an overseas exchange to drive growth, Chief Executive Officer Atsushi Saito said.
CME Group Inc. (CME), the world’s largest futures exchange, Deutsche Boerse AG (DB1), owner of the Frankfurt bourse, BM&FBovespa SA (BVMF3), operator of Latin America’s biggest trading venue, and Korea Exchange Inc. are all partners the company would be prepared to negotiate with, Saito said……………………………………….Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

NYSE Euronext has pledged to reduce costs further to offset slower trading as it prepares for this year’s planned sale to IntercontinentalExchange (ICE). The global exchange operator reported net quarterly revenue down 11 percent to $562 million on Tuesday and said that it will sell all or part of its 5 percent stake in Mumbai-based commodities market MCX.
“We are focused on building momentum in our business prior to closing the deal with ICE, which we expect in the second half of this year,” NYSE Euronext Chief Executive Duncan Niederauer said………………………………………..Full Article: Source

Posted on 06 February 2013 by VRS |  Email |Print

Local financial systems that put people and the environment at their heart are welcome, but can these new models be truly scaled? Care to buy a loaf of bread? If you are in Baltimore, Bristol, Calgary, or many other cities worldwide, you might just be able to pay for it using a very local currency.
In Bristol, businesses can even pay taxes using local currency – the Bristol Pound – and their mayor is taking his entire salary in the new currency. New systems, like Bay Bucks in San Francisco, are popping up with increasing regularity………………………………………..Full Article: Source

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