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Commodities Briefing 10.Jun 2013

Posted on 10 June 2013 by VRS |  Email |Print

Commodity investments fell $27 billion in April, the most in 11 months, on record sales of gold exchange-traded products, Barclays said. Assets under management dropped to $385 billion from $412 billion in March, the biggest decline since May 2012, London-based Barclays said in a report.
Net redemptions in gold were a record 182 metric tonne worth $8.7 billion in April followed by another 99 tonne in May, it said. The Standard & Poor’s GSCI Total Return Index of 24 raw materials fell 4.7% in April, the biggest drop since May 2012………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

U.S. Global Investors: U.S. Global Investors - an investment management firm specializing in gold, natural resources, emerging markets and global infrastructure opportunities around the world. : Thanks to the life support of $12 trillion and 515 rate cuts by the world’s central banks since March 2009, the global economy’s heart is beginning to beat again. As the market senses a robust economic recovery is underway, expectations are climbing that this growth will continue. Even the Federal Reserve has hinted that it may taper quantitative easing because of the improved economic situation. As a result, interest rates are increasing.
Europe was the lone wild card, but following Germany’s change of heart away from austerity, a positive outlook for growth, and therefore, rates, is rising in that area of the world as well………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

Hong Kong Exchanges and Clearing’s plan to co-list commodities contracts on mainland Chinese exchanges, outlined in recent weeks, has fired the starting gun in a battle for a significant share of China’s nascent commodities futures market.
China is the second-largest consumer of oil in the world, the largest consumer of base metals and a big importer of grains, but has never been a major player on the world’s commodities futures stage. Local regulation preventing foreign investors from accessing Chinese exchanges, a low local appetite for hedging and the historical centres for physical commodities trading being in the US and Europe, have conspired to stunt growth………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

China’s dependence on Middle Eastern oil will increase in the coming years, while American dependence will decline, said speakers at the United States-China Economic and Security Review Commission hearing in Washington last week.
The diverging trends will give the United States an upper hand over China, some speakers said, while others predicted China’s growing thirst for Middle Eastern oil will lead the country to play a more active role in the volatile region and to become increasingly confrontational with the US………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

The US Energy Information Administration recently released its report showing oil consumption by country updated through 2012. Based on this report, it appears that at current high oil prices, demand in both China and India is being reduced.
Thus, for those who are wondering how high oil prices need to be, to be “too high,” the answer is, “We are already there. In fact, continued high oil prices are a big reason behind the recessionary forces we are now seeing around the world.”……………………………………….Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

Following the raids on the London office of the lead oil price publisher Platts over suspicions of manipulating oil prices in the market, the European Union has decided to introduce tough new rules that would effectively prevent price reporting agencies from operating.
Bloomberg has stated that the draft law is unlikely to take effect before 2014, but once approved and implemented it will give the job of regulating top benchmarks such as Libor and oil, to the European Securities and Markets Authority (ESMA), based in Paris………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

OPEC’s weakening grip on international oil markets is causing a lot of head scratching and hand wringing among countries that aren’t used to not getting their way.
While the Organization of the Petroleum Exporting Countries is studying the U.S. shale boom’s impact on the cartel, analysts say there is very little OPEC can do — and, some argue, should do — to turn the tide. “I imagine some members of OPEC may be flipping out over shale oil,” Morningstar analyst Jason Stevens said………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

Hedge funds increased wagers on a gold rally to the highest in seven weeks before a report showing the U.S. added more jobs than forecast spurred the biggest retreat in prices since April.
Speculators raised their net-long position by 19 percent to 57,113 futures and options by June 4, U.S. Commodity Futures Trading Commission data show. The holdings surged 60 percent in two weeks, the most since March, as short bets contracted. Net-bullish wagers across 18 U.S.-traded commodities slid 3.3 percent as investors became more bearish on sugar and coffee………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

A now-familiar falter-at-the-alter saw gold prices once again give away their mid-week gains before the markets closed for the week last Friday, with spot gold price retreating to below $1,400 per troy ounce again. That marked the fourth time in as many sessions that gold assiduously clawed its way up the elusive Mt $1,400 peak, only to slide back under profit-pressures.
It’s been really disappointing for the avid gold bull to see the once-mighty precious metal fail miserably to climb above a level that’s more than a quarter less than its highest ever level, of $1,923/oz that it cracked in September 2011………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

After the price of the yellow metal failed several times to crack the resistance level at 1,400 U.S. dollars per ounce, upwards momentum decreased further as physical demand has slowed down, said an expert on gold.
After short rise to 1,414 dollars per ounce on Thursday, Gold closed Friday down at 1,385 dollars per ounce. “It has been disappointing to see that gold, again and again, could not hold to gains and prices above 1,400 dollars,” said Gerhard Schubert, head of precious metals at bank Emirates NBD in Dubai, in his weekly commentary released on Saturday………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

With gold prices selling-off pretty hard over the last few weeks, investors in the precious metal space have been shaken to the core. After all, one of the appeals of investing in gold has been its safe-haven status.
Yet, with economic conditions beginning to improve across much of world, investors have been dumping gold in spades and loading up on equities. As such, popular gold funds like the SPDR Gold Shares have been losing assets at rapid pace………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

London based Barclays believes that with supply concerns dominating the market sentiments in platinum, it could be that the commodity “has the most upside potential in the next few months across the precious metals complex.”
Last week on Monday, an employee of Lonmin working at the Marikana Mines in South Africa was killed and another one injured in a shooting episode. Treasurer at Association of Mineworkers and Construction Union (AMCU) has threatened a strike unless the union is approved as the ‘majority union’ by authorities. Tuesday had seen 3000 workers from Impala Platinum’s Rustenberg Mines go on a strike only to return to work overnight………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

Copper price movement above $7,500/ton is an opportunity to sell the base metal on likely slowing Chinese consumption over the summer alongside further supply increase through second half of the year, stated London base Barclays in a report.
Copper prices are expected to witness a fall in the second quarter of this year on improved supply. The bank favours selling into rally in the base metal………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

Experts predict that the European exchange-traded product sector will exceed $900bn (£598bn) in size by the end of 2017. A large part of that is regulatory change, not just in the UK but in other European countries, which are moving customers to a fee-based model that emphasises the importance of low-cost products. What are the advantages and disadvantages of ETPs?
Assets invested in exchange-traded funds and ETPs listed in Europe are forecast to exceed $1 trillion (£664bn) by the end of 2017, according to some analysts. ETFs in Europe are a relatively recent innovation, having been launched just 13 years ago………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

A Bangladeshi firm has joined hands with a UAE-based company to float the country’s first ever formal commodity exchange trading facility expecting to increase efficiency and transparency in market chains, according to reports.
The consortium of investors - Bangladesh’s Deshbandhu Group and UAE’s Pride Group - would launch the Bangla Mercantile Commodity Exchange or BMEx with the Dubai-based company having adequate state-of-the-art technology to run the facilities around the globe, The Financial Express newspaper reported………………………………………..Full Article: Source

Posted on 10 June 2013 by VRS |  Email |Print

Taking a tough stance against the European Union (EU)’s emission norms for airlines, the environment ministry has indicated that it would approach the UN Framework Convention on Climate Change (UNFCC) and the International Civil Aviation Organization (ICAO) to resolve the issue.
Environment minister Jayanthi Natarajan has already written a letter to the EU Commissioner for Climate Change demanding a reversal of the carbon tax………………………………………..Full Article: Source

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