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Commodities Briefing 17.May 2013

Posted on 17 May 2013 by VRS |  Email |Print

It won’t be long before the essential raw minerals and commodities of the planet’s Far North such as rare earths, oil and gas get gobbled up by the industrialists. On Wednesday, the Arctic Council granted China, India, Italy, Japan, Republic of Korea and Singapore new Observer States status. Essentially, the six nations gained rightful entry to listen in on meetings of the council, as well as propose and finance policies.
Observers, however, do not have powers related to decision making within the council. “Many of the applicants wrote that they wanted to become observers because they are interested in arctic science,” Swedish Arctic Council Chairman Gustaf Lind said………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Real estate topped the list of sovereign wealth funds’ investments last year, overtaking commodities and financial services, according to Institutional Investor’s Sovereign Wealth Center.
Properties made up 26 percent of investments by these funds last year, up from 14 percent in 2011, according to the center’s report on investment trends by the funds released today. That’s followed by financial services and commodities, each accounting for 23 percent, down from about 30 percent a year earlier, it said………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

West Texas Intermediate crude swung between gains and losses after rising the most in a week. OPEC was forecast to increase crude exports this month to meet rising demand from Asian refiners.
Futures fluctuated in New York, heading for the first weekly decline in four weeks. The Organization of Petroleum Exporting Countries will ship 23.87 million barrels a day in the four weeks to June 1, up from 23.65 million in the previous period to May 4, Oil Movements, a tanker tracker, said in a report. ……………………………………….Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Investment in Australia’s resources sector is expected to peak at a record $85 billion this year, led by unprecedented spending in the oil and gas sector.
Consulting Group Wood Mackenzie predicts spending on upstream gas will reach $48 billion this year and $50 billion in 2014, accounting for around half of all resources investment in Australia over two years………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

LNG prices have fallen on weak demand and high stocks Spot LNG prices in Asia have retreated sharply to $14/MMBtu after reaching a 4-year high of almost $20 in February. Tightness in global LNG markets evaporated as gas demand in North East Asia eased seasonally after the winter and cyclically on rising economic headwinds.
On top of that, supply from top exporters like Nigeria and Norway recovered. Thus gas storage built to healthy levels, with Japanese gas stocks now at a record seasonal high. Japan now prefers to destock and LNG imports contracted compared to last year in the first quarter………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Gold has the worst 12-month outlook among key commodities markets and could see falls over the coming months, according to a client survey from Credit Suisse. The survey, published yesterday and based on responses from a poll of around 185 Credit Suisse clients, showed that 60% of investors named gold as the commodity with the worst forecast when compared with copper, crude oil and corn.
More than half of respondents expect gold to trade below $1,400 per ounce in a year’s time, down from the current $1,465 per ounce………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Gold, down 17% since January, is poised to lose 20% in a year as inflation fails to accelerate and with the worst risks to the global economy waning, Credit Suisse Group AG said.
Gold will trade at $1,100 an ounce in a year and below $1,000 in five years, according to Ric Deverell, head of commodities research at the bank. Lower prices are unlikely to lure more central-bank buying, said Deverell, who worked at the Reserve Bank of Australia for 10 years before joining Credit Suisse in 2010………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Gold investors are just not feeling the love, once again left to wonder why gold prices are going down. The yellow metal dipped again Thursday, with gold for June delivery ending down $10 at $1,386.10 an ounce. It was the sixth consecutive trading day of declines and marked a four-week low for the metal.
With equity markets continuing to log record highs, and economic data showing some signs of improvement, safe haven gold looks nothing like its moniker. Fueling gold’s recent rout is not one thing; it’s a combination of things………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

A recent central bank order allowing only jewelry exporters to use bank credit lines has hit gold imports, traders said Thursday. “Hardly any new bullion imports are coming through banks. Only consignments ordered before the new rule are coming through,” Suresh Hundia, former president of the Bombay Bullion Association and a bullion dealer, told The Wall Street Journal.
Until Monday, companies could place gold import orders with one of a few designated banks by paying a margin upfront and the rest on delivery………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

The kind of leverage that billionaire investor George Soros has on the psyche of investors is beyond comparison. When he buys gold investors too, when he sells gold investors too. Actions of George Soros heralds the fortunes of gold; in other words, gold’s future is wedded to Soros’ investment decisions. At least that is how it is in the present conditions.
Soros Fund Management LLC cut short its holdings in the world’s largest investment fund, the SPDR Gold Trust by 12% to 530,900 shares as of March 31. This when compared to higher amounts in investment in the fund three months earlier………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

A year ago, the technical picture suggested that the market was coming to a major change that could have been several hundred dollars up or down. My brain said it could be down, but my heart said up and I stuck with my heart.
Even after this takedown, I still don’t believe that the secular bull market that’s been ongoing for 12 years has come to an end. I still believe we’ll have a two in front of the gold price before it ends. We’re going to have to get to $2,000/ounce ($2,000/oz) before there’s any decision on my part about the end of the bull run………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Looking back at the articles I’ve written about silver over the years, if there’s one theme that keeps recurring, it’s the word: ‘frustrating’. Silver can meander about and do nothing for years. Then, when your back’s turned, it’ll suddenly spike to unheard-of levels, making its owners rich.
Then, just as suddenly, it’ll plummet, leaving all those who hold the metal heading for the poor house. Yet, for all its volatility, for all the dark rumours of shortages and manipulation, it trades in a remarkably symmetrical pattern………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

New York-based commodities research consultants, CPM Group, forecast that silver prices will weaken further this year, “weighed down primarily by the increased price sensibility among investors.” “Prices could potentially decline as low as $24 during the year,” CPM warned in its Silver Yearbook 2013, which was made public Thursday.
Prices averaged US$31.17 last year, down 11.7% from the record nominal annual average high or $35.29 in 2011. “Investors were interested in owning silver, but were only willing to buy more when prices softened. When prices rose they stepped away from making fresh purchases and often sold into the price rally,” said CPM…………………………………………Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Gold exchange traded funds (ETF), among the hottest financial products in recent times, may face a curious problem because of a recent RBI circular which bars the import of gold on a consignment basis for domestic use.
Authorised participants (APs) who create and redeem units backed by gold, and fund houses said this could crimp liquidity in the product and prevent growth of assets under management in quantity terms unless RBI clears the air on the issue………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Since the first exchange-traded fund was introduced 20 years ago, the ETF industry has grown into a trillion-dollar business. Today’s traders and investors have access to an increasing number of ETFs, offering exposure to a wide variety of popular and niche markets.
One of these is the precious metals ETF market, which provides exposure to gold, silver, platinum and palladium. Precious metals funds invest in both physical commodities and futures contracts for precious metals. Here we will take a look at some of the most affordable precious metals ETFs on the market today………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Nearly 180 metric tons of bullion flowed out of gold ETFs in the first quarter as notable investors including George Soros dumped their positions in SPDR Gold Shares and other precious metal funds amid a pullback in prices.
The first quarter saw a “strong resurgence” in demand for gold jewellery, bars and coins; however, overall demand was down 13%, according to a report released Thursday from the World Gold Council. “Outfows from ETFs accounted for the vast bulk of this decline; excluding these outflows overall demand grew year-on-year,” it said………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Singapore-listed commodity firms Olam International Ltd, Noble Group Ltd and Wilmar International Ltd are cutting capital expenditure, making more selective acquisitions and seeking partnerships to weather volatile markets.
While the more cautious approach could lead to slower earnings growth, investors are likely to welcome the leaner balance sheets and reduced funding risk as China’s demand for commodities from iron ore to palm oil weakens………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

The eurozone is now in its longest ever recession — a stubborn slump that has surpassed even the calamity that hit the region in the financial crisis of 2008-2009. The European Union statistics office said Wednesday that nine of the 17 EU countries that use the euro are in recession, with France a notable addition to the list. Overall, the eurozone’s economy contracted for the sixth straight quarter, shrinking by 0.2 percent in the January-March period from the previous three months.
Though the contraction is an improvement on the previous quarter’s 0.6 percent decline, it’s another unwelcome report for the single-currency bloc as it grapples with a debt crisis that has prompted governments to slash spending and raise taxes………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Chancellor Angela Merkel’s coalition blocked an opposition move to debate and vote on Europe’s carbon market, highlighting the government’s reluctance to take a stance on a proposed fix before Sept. 22 elections.
Lawmakers from Merkel’s coalition parties rejected a Social Democratic motion in the Environment Committee of the lower house in Berlin yesterday calling on the government to support European Commission plans to curb the oversupply of carbon permits, said Eva Bulling-Schroeter, the panel’s head. The lawmakers requested the motion be delayed to an unspecified later date, she said………………………………………..Full Article: Source

Posted on 17 May 2013 by VRS |  Email |Print

Carbon credit generating a $1 billion business in 2012 for India has thrown up huge business opportunities for the developing economy from which emerging business can hugely benefit but tribal societies across the globe are in a dilemma over its market driven mechanisms.
India will continue to benefit more and more out of the sale and utilization of Carbon Credits / Certified Emission Reductions (CER), should it be given more clarity from regulatory authorities and incentives by way of more tax subsidies………………………………………..Full Article: Source

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