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Commodities Briefing 08.Mar 2013

Posted on 08 March 2013 by VRS |  Email |Print

JPM Natural Resources Fund manager Neil Gregson is confident that a “third great [commodities] supercycle is underway.” The basic idea is that the emerging world still has a lot of commodity intensive growth ahead.
Countries like India and China have closed the gap considerably between themselves and the developed world over the past generation. Despite recent slowdowns in emerging market growth, this catch up process, according to Gregson, will last at least until 2030. Urbanisation in India is projected to double over the next 15 years. If this happens, a total of 590 million Indians would be city dwellers by 2030………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

Commodity futures and options were the only derivatives that saw growth in trading volumes last year, the World Federation of Exchanges said, amid what analysts said was a weak U.S. market after the MF Global and Peregrine broking scandals.
The number of commodity derivatives traded across the world rose by around 19 percent for a second straight year in 2012, reaching 3,265 contracts in all from 2,749 in 2011, the Paris-based WEF said in a statement issued on Thursday………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

Commodities were the only asset class that saw a rise in the number of exchange-traded derivatives contracts last year, according to statistics compiled by the World Federation of Exchanges (WFE).
The growth was driven by mainland Chinese exchanges, the group found. Exchange-traded derivatives contracts in commodities rose by 19% last year, WFE said, with exchanges in China seeing a 34% increase and accounting for 41% of the global volumes………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

China’s government is responding to political pressure to tackle the ongoing pollution crisis by introducing new measures to improve the environment, which look set to impact the economy. Outgoing premier Wen Jiabao stressed the need for ‘concrete action’ at this year’s session of the National People’s Congress where the once a decade leadership transition will take place.
The budget published on Tuesday included the intention to invest in a range of projects to improve quality of life, including environmental protection, reducing carbon emissions and energy conservation………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

The Organization of Petroleum Exporting Countries will raise shipments this month in anticipation of a rebound in demand as refiners in the U.S. and Europe finish maintenance, according to Oil Movements.
The group that supplies about 40 percent of the world’s oil will bolster crude shipments by 420,000 barrels a day, or 1.8 percent, to 23.83 million barrels a day in the four weeks to March 23, the researcher said today in an e-mailed report. The figures exclude Angola and Ecuador. Most of the increase is coming from OPEC’s largest member, Saudi Arabia………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

If you suffer a heart attack but your doctor thinks you’ve got a nasty case of indigestion, the medicine he prescribes probably won’t cure you. The same applies to policy-making and legislating: Misunderstand the problem, and you’re likely to come up with a useless — or damaging — response.
Anne Korin and Gal Luft, co-directors of the Institute for the Analysis of Global Security (IAGS), have long argued that liberals, conservatives, and libertarians have all misdiagnosed why the West has become dependent on oil; why the price of oil keeps rising no matter how much we drill, conserve, and boost miles per gallon; why dependence on increasingly expensive oil is a dire threat; and what we can do to restore the health of our national and economic security……………………………………….Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

In a recent Commodities Note, Reuters detailed how the Paris-based International Energy Agency (IEA) is changing the way it records and reports China’s crude and refined oil products consumption as a result of a growing realization that the data used to date has been at best misleading, and often downright wrong.
Measuring China’s oil consumption was not a particularly important process 10 years ago, but now the country is ranked only behind the US as an importer of oil………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

Investors pulled $5.6 billion from gold exchange-traded products (ETPs) in February after poor performance by the yellow metal, but appetite for riskier, growth-oriented industrial metals ETPs remained intact.
In February, the gold price dropped for the fifth month in a row, with the S&P GSCI Gold Index off 5.04 percent. The world’s largest gold-backed ETP had its biggest monthly outflow since inception as investors sought better returns………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

In a vivid example of just how nervous investors have gotten over gold, one of the biggest ETFs to track the precious metal — SPDR Gold Shares – saw $5.4 billion hit the exit door year-to-date, according to ETF Trends. More about record low flows in February for gold ETPs.
And it’s not just then, Bloomberg News noted Thursday that John Paulson saw an 18% decline in his $900 million Gold Fund last month, and a 26% knock so far this year. Investment banks have been scrambling their calls on gold, investors have gotten wary that the Fed may bail early on its stimulative monetary policy, and then gold is facing down a Wall Street bull market………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

Even as the stock market sets new all-time record highs, gold and other precious metals are having a tough time keeping up. But as prices fall, the big question that could determine the future of the long bull market in gold, silver, and other precious metals is this: Will investors flee from the metals ETFs that have created so much of the excitement in precious metals in recent years?
From seedlings to market-movers - The growth in metals ETFs has been truly spectacular. In less than a decade, exchange-traded funds have gone from small players in their respective markets to become some of the most popular ways for both institutional and individual investors to make calls on precious metals………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

Copper analysts are the most bullish in five weeks because of mounting optimism the global economy is strengthening, diverging from hedge funds holding their biggest wager on a retreat since August.
Thirteen analysts surveyed by Bloomberg expect prices to rise next week. Four forecast declines and three were neutral, for the highest proportion of bulls since Feb. 1. Goldman Sachs Group Inc. recommended March 1 buying the metal for a 16 percent gain in six months………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

In February 2013, Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) globally had net inflows of $11.4 billion, according to new research published in the latest ETFGI Global ETF and ETP industry insights. ETFGI won the Best ETF Research award in 2012 in the ETF Express awards announced on February 28th in London.
Equity ETFs and ETPs gathered the largest net inflows with $11.6 billion, followed by fixed income ETFs and ETPs with $1.3 billion, and active ETFs and ETPs with $1.1 billion, while commodity ETFs and ETPs experienced net outflows with $4.9 billion………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

NYSE Euronext’s attempts to exit from Multi Commodity Exchange (MCX) on Thursday failed as Citigroup, the banker to the deal, failed to find takers for the stock at the specified price band, sources told ET.
NYSE Euronext, which operates New York Stock Exchange, hoped to raise around 250 crore by selling its entire 4.79% stake in MCX for 1,005.10-1,026.25 a share. However, buyers demanded a much lower price on concerns over the impact a newly introduced transaction tax on non-farm commodities could have on the exchange’s volumes………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

The Canadian dollar closed higher Thursday after the latest trade figures showed Canada’s merchandise trade deficit narrowed in January. The currency rose 0.19 of a cent to 97.14 cents US as Statistics Canada said the trade deficit with the world narrowed to $237 million in January from $332 million in December.
Exports rose 2.1 per cent to $39.1 billion while imports decreased 1.9 per cent to $39.3 billion. Meanwhile, the U.S. trade deficit widened in January, reflecting a big jump in oil imports and a drop in exports………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

IMF confirmed that the AUD and CAD will appear as reserve currency within three months. This emphasizes the spiraling demand for additional reserve currencies and the New Zealand dollar has the best chance to join the list, according to experts.
“The IMF is expanding the list of currencies separately identified in the Composition of Foreign Exchange Reserves reporting (COFER) template,” said an IMF spokeswoman as cited by The Wall Street Journal. “The implementation of the revised COFER Report Form, with separate identification of the Australian dollar and Canadian dollar, is scheduled for the first half of 2013.”……………………………………….Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

Australia’s top industry lobby group has called for the immediate removal of the country’s fixed carbon tax and to replace it with an internationally linked emissions trading scheme.
The Australian Industry Group, which represents more than 60,000 businesses, said electricity prices in the country would drop 1.5 cents per kilowatt as a result of the switch. Australia’s carbon tax went into effect last July………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

Investing in climate change used to mean putting money into efforts to stop global warming. Morgan Stanley (MS), Goldman Sachs (GS), and other firms took stakes in wind farms and tidal-energy projects, and set up carbon-trading desks.
The appeal of cleantech has dimmed as efforts to curb greenhouse gas emissions have faltered: Venture capital and private equity investments fell 34 percent last year, to $5.8 billion, according to Bloomberg New Energy Finance………………………………………..Full Article: Source

Posted on 08 March 2013 by VRS |  Email |Print

There is one industry that is growing rapidly: financial scams. These range from the sophisticated to the downright weird – but all have the same aim: to relieve you of your money. Recent figures from the National Fraud Authority show that the total lost to individuals from fraud and other scams is more than £6bn a year. Here are our top 10 scams to watch out for this year.
1 Rare metals: Rare earth metals are chemical elements such as scandium and yttrium which are used in the manufacture of computers and phones. The Financial Services Authority (FSA) warns that companies are using high-pressure sales tactics and are targeting vulnerable customers out of the blue who are often told that supply of these metals is falling, causing prices to rise………………………………………..Full Article: Source

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