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Commodities Briefing 13.Aug 2013

Posted on 13 August 2013 by VRS |  Email |Print

The United States continues to make gains in terms of overall crude oil production, the International Energy Agency said. The International Energy Agency said U.S. oil production for May, the last full month for which data is available to the agency, was 297,928 barrels, a 13.2 percent increase from the same time last year.
Globally, the agency, which has headquarters in Paris, said oil supplies increased by 515,000 barrels in July, led in large part by countries outside the Organization of Petroleum Exporting Countries………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Supply disruptions in OPEC countries like Libya and Iraq have pushed down the group’s contribution to global oil supply, estimates IEA. Global oil supply, aided significantly by non-OPEC countries, is estimated to have increased to 91.85 million barrels per day, said an International Energy Agency (IEA) report.
According to an oil market study, strong growth in North America’s oil production is expected to push up the total non-OPEC supply by an average of 1.4 million bpd year-on-year to reach 55.4 million bpd in the last quarter of 2013………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

According to the U.S. Energy Information Administration, the Organization of Petroleum Exporting Countries (OPEC) earned about $928 billion in 2012, a five percent increase over 2011. It is also the largest level ever reached from 1975 until now, the period for which the EIA has tracked.
Iran’s production, which is veiled by sanctions and discount deals, made available by that rogue state, is not published. However, figuring that its revenue at least equals that of neighboring OPEC member Iraq, this would easily eclipse the trillion dollar mark………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Gold hit its highest level in nearly three weeks on Monday, and one expert said the precious metal could rise nearly 20 percent by by the end of the year—a call many traders thought was too aggressive for this market.
Spot gold rose as much as 2.2 percent to $1,343.06 an ounce, its highest since July 24. The precious metal has much more room to run, too, said Anthem Blanchard, CEO of Anthem Vault, which sells physical gold and silver to U.S. consumers and holds $1 million in assets. Blanchard cited three reasons for why he thinks gold could climb to $1,600 an ounce by year end, all of which have to do with the fundamentals………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

You might as well call 2011 to 2013 the misery years for gold investors. Between September 2011’s gold price high of over $1,900/ounce, to today’s spot gold price of $1,310/ounce, the yellow metal has fallen over 30%. Not only has the price fallen, but the last two years have seen the market lose its clear bullish trend in a sequence of range-trading and chops down. This has been quite a different time to buy gold than the preceding years.
Even though the gold investment market had got too hot and speculative in the run up to the summer of 2011, with 40% price rises in a few months, the experience since then has been extremely challenging for gold bugs………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

U.S. gold commentator Jeff Nichols reckoned that for the current week the odds favoured a further rise toward the top of the recent trading range — and possibly even a break through to higher territory. Early trading today seems to be supporting that view.
The precious metals certainly seemed to be showing a bit more mettle as last week progressed, with silver doing better than its yellow sibling, at least in percentage terms- a trend which continued this morning with it breaking through $21 for the first time in nearly eight weeks, while gold moved back up through $1,330………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

China will overtake India to become the biggest gold consumer this year as its bullion consumption jumped 54 percent in the first six months from a year earlier, according to the China Gold Association.
Gold consumption, including jewelry, bars, coins and industrial use, totaled 706.4 tons in the first half, up 246.8 tons from a year ago. Jewelry consumption rose 43.6 percent to 383.9 tons while that for bullion bars soared 86.5 percent to 278.8 tons, the association said……………………………………….Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Perhaps it is not terribly surprising to learn that recent silver demand numbers from India have set records. While gold still seems to be the typical precious metal of choice in the United States, silver is clearly making waves abroad.
Indian silver imports are up a staggering 259% at 857 tonnes in the April-July time period. That amount is approximately one third of the global monthly production of silver. Furthermore, July’s Indian silver import amount of 275 tonnes is the second highest import figure of any month in the last five years………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Silver prices continue to wander aimlessly around the $20-an-ounce level as the white metal is buffeted by many of the same factors restraining the gold price. This drifting comes after a dramatic drop of 35% in the first half 2013.
As with gold, much of the drop is due to fears that the U.S. Federal Reserve will begin “tapering” purchases of bonds from its current $85 billion-a-month level. If this comes to pass, the financial markets currently believe this will reduce excess liquidity and therefore any possible inflationary fires………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Federal regulators have begun an investigation into whether some Wall Street banks artificially inflated the cost of aluminum and other metals at the expense of end users and consumers, according to people familiar with the matter.
Commodity Futures Trading Commission enforcement officials sent subpoenas last week to firms responsible for storing and delivering aluminum, including Goldman Sachs Group Inc. and J.P. Morgan Chase & Co., seeking documents related to their commodities operations as far back as January 2010, the people said………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

The seaborne iron ore market is poised for at least four years of expanding gluts as producers from Rio Tinto Group to Vale SA increase supply to a record just as growth in China drops to the slowest pace in a generation.
The surplus will reach 82 million metric tons in 2014, the most since at least 2008, and the glut will keep growing through 2017, according to Goldman Sachs Group Inc. Australia will account for about 66 percent of the supply gains next year, Morgan Stanley says………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

At the end of July international markets were rocked by news of Russian company Uralkali quitting potash sector cartel. Shares of almost all companies in the potash sector plummeted by about 20% in one day and included Potash Corp, Mosaic, Agrium, Israel Chemicals, as well as Uralkali itself.
Similar market events happen on a pretty regular basis and media provides a lively coverage and stories of such developments. The break-up of the Belarusian Potash Company (BPC), a joint venture of Uralkali and Belaruskali is believed to have a significant influence on market prices with analysts predicting declines by as much as 25%. Such decline in prices will most certainly have a significant influence on profitability of all companies in the sector while manufacturers with relatively high costs to be hit especially hard. (Written by Alex Gavrish, founder and CEO of Etalon Investment Research, and author of “Wall Street Back To Basics.”)

Posted on 13 August 2013 by VRS |  Email |Print

US regulators have stepped up their inquiry into claims that metal prices have been artificially inflated by large commodity traders.The Commodity Futures Trading Commission (CFTC) has sent a subpoena to a metals warehousing business requiring it to hand over documents and electronic messages, according to a source cited by Reuters.
Officials are reported to have requested all information linked to trading on the London Metal Exchange since the start of 2010, in what is seen as the potential prelude to a full investigation of the metals market………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

The Market Vectors Coal has plunged 28 percent this, making it one of the worst-performing non-leveraged sector ETFs. Demand for coal from China, India and other developing nations, previously one of the catalysts that sparked KOL higher, has not helped the ETF this year. Nor have low natural gas prices that have made that cleaner-burning commodity more attractive to U.S. electric utilities.
Investors may want to readjust their view of KOL because the fund is up 3.8% in the past week, with the bulk of those gains being accrued last Thursday and Friday………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Gold rose nearly 2 percent on Monday, hitting its highest in nearly three weeks as strong Chinese gold consumption and an inflow to gold-backed exchange-traded funds fuelled hopes of resurgent physical and investment buying.
Silver soared more than 4 percent to a near two-month high on gold’s coattails, while recent strong U.S. and Chinese economic activities prompted some investors to buy silver as an industrial play. The yellow metal extended its winning streak to a fourth consecutive session after Chinese trade data showed the country’s gold demand surged year-over-year in the first six months………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

A strong rally in the price of U.S. crude in July coupled with a general improvement in the American economy has encouraged investors to return to energy exchange traded products (ETPs) after several months of outflows.
Some $142 million was invested in energy ETPs in July, according to data from BlackRock, the world’s biggest asset manager. This follows outflows of $90 million in June, $48 million in May, $89 million in April and $423 million in March………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

The commodity market regulator is preparing a course of action if the troubled bourse National Spot Exchange fails to pay up by the middle of this week as promised by it. In a report finalised over the weekend, the Forward Markets Commission (FMC) has recommended involving other government agencies to track the money if there is a default.
“Among the borrowers, there are companies with will low paid-up capital but have borrowed hundreds of crores. If there are defaults, there should be investigation on how the money lent by thousands of investors have been deployed,” a government official told ET………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Hedge funds have, for the first time on record, bet more on falling agricultural commodity prices than rising ones, turning more negative in particular on soybean and cattle prices, and extending short positions in corn too.
Managed money, a proxy for speculators as of August 6 had a net short in futures and options in the 13 major US-traded agricultural commodities for the first time since records began in 2006, according to data kept by the Commodity Futures Trading Commission, the US regulator………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

In life and in games, the overarching method of commerce involves currency. Occasionally, you might find a game (or a friend) that will work with the bartering system, but that is far from the norm around these parts. Then you have The Secret World.
TSW has the best — or worst, you could say — of both worlds. Bet you didn’t know you would take up coin collecting when you started playing, did you? With a plethora of different currencies that can be spent only at certain places for certain things, players have keep tabs on whom they can spend what with and where said whos actually are………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Everywhere in the developed world, we are in the midst of an all-out World Currency War. To really drive the point home, let’s call it by something a little more striking: World (Currency) War I, or WCW1.
That means we need to be watching the generals in this war (read: the leaders in our government, Central Banks and finance ministries around the world) to help guide us in our own personal mission to make it safely with our wealth intact. You can see the next set of moves that are evolving in the market place, much of which is very bullish for gold and silver. Especially the bullion and physical coins themselves………………………………………..Full Article: Source

Posted on 13 August 2013 by VRS |  Email |Print

Without a doubt, the recent weeks were tough for the U.S. currency. The U.S. dollar fell as investors weighed when the Federal Reserve would slow the pace of bond purchases that had contributed to weakening the greenback. It also dropped against all its major counterparts after a government report last week showed American employers hired fewer workers in July than economists had predicted.
Another bearish factor which weakened the dollar was strong data from China that suggested economic optimism………………………………………..Full Article: Source

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