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Commodities Briefing 24.Sep 2013

Posted on 24 September 2013 by VRS |  Email |Print

Commodities measured by the S&P GSCI Total Return Index may extend losses after falling from an 11-month high last month as the gauge nears a 200-day moving average, according to Commerzbank AG.
The index lost more than 5 percent since touching 5,155.80 on Aug. 28, the highest since September last year, after failing to rise above 5,165 and 5,185 on Fibonacci studies, London-based analysts Karen Jones and Axel Rudolph said in a report on Sept. 17. Rudolph confirmed their views remained unchanged today and would only be revised if the index rose above last week’s high of 4,998.70…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Commodities guru Jim Rogers lives in Singapore and is a well-known China bull, but the contrarian investor travels all over the world (and has circumnavigated the globe twice). So we asked where he sees exciting economic opportunities for average investors now.
Rogers tells The Daily Ticker there are great opportunities in Africa – he names Angola and Ethiopia specifically. He also is focusing on the South American country of Uruguay. “I said to my wife, ‘let’s move to Angola – we could live like kings,’” Rogers, the author of Street Smarts: Adventures on the Road and in the Markets, tells us in the video above. “She said, ‘you move to Angola; I don’t want to live like a queen in Angola’…but you could!”………………………………….Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Prominent economist Nouriel Roubini, who is known as “Dr. Doom,” on Monday offered a negative take on gold and certain emerging markets, along with kind words for U.S. and Japanese stocks and the dollar.
“Why are we bearish on gold? Several reasons,” he said while delivering the keynote address at IndexUniverse’s Inside Commodities Conference in New York…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Influential investor Dennis Gartman is “agnostic” on gold, given recent market volatility, according to remarks at a New York commodities conference on Monday. Contrary to what gold bugs claim, gold is simply not a safe haven of value, said Gartman, because prices have fluctuated 2 to 3 percent within a single trading day, as has happened often in the past year.
Despite a longtime bearish view on gold, Gartman said he remains bullish on the precious metal but only in Japanese yen terms…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Anyone who tells you gold is a commodity and a “safe haven” is a “charlatan at best” and “a liar at worst,” newsletter publisher Dennis Gartman told advisors and other professional investors this morning at the annual Inside Commodities conference in New York City. There is also a reasonable chance they are “a cheat,” Gartman declared.
Gold is the “dumbest commodity” in history primarily because it is a currency, not a commodity, Gartman said. Commodities like coffee, copper, crude oil and sugar have practical uses; gold is used only in jewelry, which is hardly a necessity…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Buy gold if you like, but don’t think it’s part of building a safety net in your portfolio. That’s the message from Dennis Gartman, the widely followed Gartman Letter author and hedge fund manager, who said Monday that the widely popular yellow metal is also generally misunderstood even by the people who swear by it.
“It’s the dumbest commodity in the history of man,” Gartman said during the IndexUniverse Inside Commodities Conference in New York. “It’s a currency, not a commodity. If it is understood as a currency, it is easier to understand what gold is.”………………………………….Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

The gold price on Monday gave up more of the gains it enjoyed last week after the US Federal Reserve shocked markets by indefinitely delaying cutbacks to its economic stimulus program. In after hours trade the metal was changing hands for $1,323, down some $50 an ounce from highs last week following the announcement by the US central bank that its asset purchase program would continue at a rate of $85 billion a month.
US investment bank Morgan Stanley on Monday added to the negative sentiment, forecasting the gold price to average $1,200 to $1,350 next year before heading lower:………………………………….Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Gold prices, like many other commodities on the stock market, are largely affected by world events even though we may not initially realize it. The truth is that any type of global affair can affect public perception, trickling down to the stock market where gold prices either grow or decline depending on public confidence.
Gold prices have made a steady climb into a three-month high in London according to reports at MoneyNews, introducing what many experts believe could be the beginning of a bullish market for gold commodities. Prices climbed after speculation mounted over an attack against Syria, causing the demand for the precious metal to increase accordingly. Silver also rose to a four-month high…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

The key to a great investment opportunity is to get in before everyone else. As most readers who follow the markets know, the results of the latest Federal Reserve meeting were quite a surprise, as the central bank determined that now was not the time to reduce its asset purchase program.
That news was a green light for people to pile into the markets. Gold bullion made its largest jump in over a year. However, those people who were waiting for the right investment opportunity to get into gold bullion should have been looking for a better risk-to-reward entry-point earlier in the year…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Copper led declines in industrial metals, falling by most in more than a week as lower imports by China suggested demand by the largest consumer may be weaker than estimated.
The metal for delivery in three months on the London Metal Exchange dropped 1.3 percent to $7,188.50 a metric ton at 10:09 a.m. in Singapore, the biggest drop since Sept. 12. Nickel slid 1.3 percent and tin fell 1.2 percent…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Factors including population growth, urbanization in the Asian countries and the increasing requirements of the developed countries have led to increased demand for minerals and metals. The metals & mining industry addresses this ever-rising demand.
The metal industry is divided into two broad parts: ferrous (steel, iron and alloys of iron ) and non-ferrous (metals that do not contain an appreciable amount of iron such as aluminum, copper, lead, nickel, tin, titanium and zinc, and alloys like brass)…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

The oil market will be watching President Barack Obama and Iranian President Hassan Rouhani Tuesday for signs the thawing in relations between the two countries could lead to meaningful negotiations about Iran’s nuclear program.
“With the Iranians putting on a charm offensive, I think a lot of oil traders will be watching to see if there’s anything new that comes out of what happens there,” said Addison Armstrong of Tradition Energy. “I think the rhetoric has to be backed up by some confidence building measures, and we’ll see if any of those are on offer. The ball is in Iran’s court. They’re the ones that have been squeezed and they’re the ones that have to show they’re willing to make some concessions.”………………………………….Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

iShares has announced the closure of 15 equity and commodity exchange traded funds (ETFs) due to low investor demand for the funds. The group acquired Credit Suisse’s ETF business in July this year and has begun integrating its funds.
The funds include eight iShares funds and seven legacy Credit Suisse ETFs. The group said the combination of the two fund lines resulted in 10 identical exposures. iShares has harmonised the pricing for these to ensure holders in each range are treated equally…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

For the most part, 2013 has been a glum year for coal stocks, but the Market Vectors Coal ETF (KOL) has been a strong performer since early August.
That is when KOL found support around $17.50, making a double bottom formation in the process. KOL has gained 10.2 percent since August 1, which is great, but the $177.3 million ETF is still down 23 percent year-to-date, a decline that puts the fund firmly in bear market territory…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

The Indonesia Commodity and Derivatives Exchange failed to get any buyers for physical tin in Jakarta on Monday, according to a statement on its website.
Indonesia, the largest shipper, requires ingots of a minimum 99.9 percent purity to be traded on a domestic exchange before export with effect from Aug. 30. PT Timah, the country’s biggest producer, Toyota Tsusho Corp. and Noble Resources Ltd. are among companies that trade tin on the ICDX…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

India’s commodity regulator has moved to strengthen corporate governance of commodity exchanges by issuing guidelines to restrict board representation by promoter members. Under the guidelines, a promoter of an exchange cannot have board representation higher than their total shareholding, capped at 26 percent at the end of the fifth year of operation, the Forwards Market Commission said.
These revised guidelines follow the National Spot Exchange Ltd (NSEL), MCX-SX’s affiliated commodity exchange, abruptly suspending trading in August. NSEL has since struggled to square off outstanding contracts worth over 55 billion rupees ($868.81 million)…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

The world’s biggest foreign- exchange traders say it’s time to buy Asian currencies as outflows from the region ebb and the US Federal Reserve’s decision to maintain its record stimulus helps reverse a four-month slide.
The Bloomberg-JPMorgan Asia Dollar Index has risen 1.6 per cent since August 30, set for the best month since January 2012. Investors pumped $1.4 billion into equity funds in Asian emerging markets in the week ended September 18, the second straight period of inflows, according to EPFR Global data. They pulled $91.2 million from bond funds that week, compared with $310.8 million in the previous period…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

The global airline industry will urge countries around the world, including Canada, to adopt a mandatory carbon emissions trading scheme for airlines starting in 2020 at a meeting of the International Civil Aviation Organization this week in Montreal.
The International Air Transport Association, which represents 240 of the world’s largest airlines, including Air Canada and Air Transat, said Monday it would push for the global carbon scheme as an alternative to seeing a patchwork of regulations…………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

An ambitious cap and trade scheme is celebrating its fifth birthday in nine north-eastern and mid-Atlantic US states. Critics wrote the Regional Greenhouse Gas Initiative (RGGI) off when it started trading in 2008, but the USA’s first market-based regulatory programme to reduce greenhouse gas emissions shows little sign of collapse.
Its 21st auction of CO2 allowances earlier this month generated $102.5 million for reinvestment towards energy efficiency, renewable energy, direct bill assistance, and greenhouse gas abatement programmes…………………………………..Full Article: Source

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