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Commodities Briefing 21.Mar 2013

Posted on 21 March 2013 by VRS |  Email |Print

Speculators, both large and small,have been adding to their net long positions recently, with the most recent Commitment of Traders report showing a combined net long position by non-commercial and non-reportable traders of 5,964 contracts as of March 12th.
Some commercial traders have been using the recent rally as an opportunity to increase short hedges, which will need to be overcome in order for prices to breakout beyond the highs of the recent consolidation range………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

High oil and gas prices have unleashed the biggest drilling boom in 30 years. OPEC members must prepare for a big increase in oil supplies in the second half of the decade, as well as heightened competition from natural gas in some of their core markets, and a further erosion in demand as conservation and efficiency measures bite harder.
Outside North America, the number of rigs actually drilling for oil and gas averaged 1,277 in January and February, the highest since 1983, and more than double the number operating in 1999, according to rig counts published by oil field services company Baker Hughes International on its website………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

The US will produce more oil than it imports beginning late this year for the first time in 18 years, the Energy Information Administration said Wednesday. Helped by a surge in shale-based output, monthly crude production has pushed past seven million barrels a day and could reach eight million barrels a day by the beginning of 2014.
Imports meanwhile have dropped below eight million barrels a day and should fall below domestic output by the end of 2013, the EIA said………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Fear of a Chinese economic slowdown and fiscal worries out of Europe have had more downward influence on crude prices in recent days than instability in the Middle East has had toward the upside. But for several reasons, analysts argue that China has less pull on market prices than it did even a few short years ago.
“The relationship between the Chinese economy and oil demand have long ago ceased to be one-to-one,” said Pavel Molchanov, an energy analyst at Raymond James………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Liquefied natural gas (LNG) looks set to become our most important export over the next five years, as the resources boom slowly deflates, and several LNG projects come online.
According to the Bureau of Resources and Energy Economics (BREE), earnings from mineral commodities are now expected to peak in 2014-15 due to declining commodity prices, particularly iron ore, which will be offset by increased volumes………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Gold use in India, the world’s biggest buyer, may climb for the first time in three years as rising incomes and inflation boost investment demand, undermining efforts to narrow a record current-account deficit.
Consumption may total 865 metric tons to 960 tons this year, compared with 864.2 tons in 2012, Somasundaram P.R., managing director of the World Gold Council for India, said in an interview in Mumbai. The gain in imports will match the increase in demand, he said. The country imported 860 tons last year, according to data from the council………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Gold market manipulation is sometimes dismissed as the chatter of conspiracy theorists. But according to The Wall Street Journal (WSJ), US regulators have joined the conversation. People with knowledge of the matter told the WSJ that the US Commodity Futures Trading Commission (CFTC) is considering whether the gold prices set in London are being manipulated.
A formal investigation has not been launched, but internal discussions are reportedly taking place at the CFTC about the setting of the gold and silver fix in London………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Decreasing 2.2 percent made Chinese palladium bar the biggest mover of the day on March 19, 2013. After improving for two days, the price of US palladium bar declined 1.6 percent. The price of Japanese palladium bar was essentially unchanged.
The price of Japanese platinum bar finished the market day up 1.2 percent per gram. US platinum bar fell 0.9 percent yesterday. The price of Chinese platinum bar declined 0.6 percent………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

I am fascinated by where the copper market is going. It’s more interesting than gold right now. Also, if the copper market is tight, then we will really have problems as countries like China or India continue to develop. Copper is necessary to building a modern society. It goes into all kinds of infrastructure and is needed in cars, electrical appliances and houses. And there are very few substitutes for it.
We are at a critical point, because it takes at least 10 years to develop a big copper mine from the first bore hole to production. Some smaller companies are curtailing their expenditures and cutting their exposure on building new mines. We will not be able to build that if investors remain so risk averse………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Copper rebounded from the lowest price since August after Morgan Stanley predicted increased demand in China, the world’s biggest user.
Supply-chain inventories of copper are low in China as manufacturers order more of the metal, the bank said in a report dated yesterday. Copper and nickel led gains for metals today as investors speculated that the European Central Bank will continue to support Cyprus, helping to allay concern that the region’s debt turmoil will erode economic growth………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 123 million tonnes (Mt) in February 2013, an increase of 1.2% compared to February 2012.
China’s crude steel production for February 2013 was 61.8 Mt, up by 9.8% compared to February 2012. Elsewhere in Asia, Japan produced 8.3 Mt of crude steel in February 2013, down by -3.4% compared to the same month last year. South Korea’s crude steel production was 5.0 Mt in February 2013, a decrease of -8.5% over February 2012………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

ETF Securities, one of the world’s leading, independent providers of Exchange Traded Commodities (ETCs), has launched ETFS GBP Daily Hedged Physical Gold on the London Stock Exchange and will be launching ETFS EUR Daily Hedged Physical Gold on Deutsche Boerse on 21st March.
The new currency-hedged investment solutions complement the firm’s current physical gold product range by offering an inbuilt daily currency-hedging mechanism, mitigating the effect of currency volatility in investors’ portfolios………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Dubai’s government-owned commodities centre is launching a sharia-compliant commodity trading platform which Islamic banks in the Gulf could use to manage their short-term fund flows. The Tradeflow platform developed by the Dubai Multi Commodities Centre (DMCC) allows trading of warehouse receipts, which represent ownership of commodities stored at warehouses.
Islamic banks cannot use conventional interbank money markets because of Islam’s ban on interest, so they have struggled with a shortage of instruments to manage liquidity………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

The nation’s first physical price for a commodity that sits in a bonded area debuted in the Yangshan deep-water port of Shanghai on Wednesday, on the same day as its first product, the “Yangshan copper premium”, was listed on third-party data platforms.
Experts said the developments may help domestic commodity traders vie for a bigger say in global pricing decisions. The Yangshan copper premium - which is paid on top of the benchmark London Metal Exchange cash copper price - is the first of a series of commodity prices to be launched under the “Yangshan Price” banner, which are being designed by the Shanghai Free Trade Zones to develop the Yangshan bonded area into a bulk commodity trading platform………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

A bipartisan group of lawmakers began a new attempt on Wednesday to pass legislation that puts pressure on China to change its currency practices, reviving an effort that previously failed to make it to the finish line.
The legislation, which has 101 co-sponsors, is similar to bills that passed the House of Representatives in 2010 and the Senate in 2011, but ultimately failed to win final congressional approval. It came as Treasury Secretary Jack Lew was wrapping up a two-day visit to China, where he pressed Beijing to allow the yuan to rise further against the dollar………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Wearing the disguise of austerity, the euro has emerged as the gatekeeper of what is fast becoming a debtors’ prison.
The Troika of the ECB, IMF and European Commission acting in concert have become more like another Troika–of judge, jury and executioner–for any nation within the euro zone that dares not follow the letter of budgetary imposition. The latest country bound by these handcuffs: Cyprus………………………………………..Full Article: Source

Posted on 21 March 2013 by VRS |  Email |Print

Political groups in the European Parliament will not propose a new compromise solution on a draft carbon market fix before the full assembly vote scheduled for next month, according to lawmaker Eija-Riitta Korhola.
Korhola, who leads the work on the measure in the European People’s Party, said representatives of political groups were unable to agree on potential changes to the legislative proposal yesterday during their last meeting before the April 16 vote. The Parliament and EU governments are considering a one-sentence amendment to the emissions law to allow curbing a record oversupply in the carbon market by delaying the sale of some permits. The draft plan has divided policy makers and industry………………………………………..Full Article: Source

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