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Commodities Briefing 03.Oct 2013

Posted on 03 October 2013 by VRS |  Email |Print

Commodities have been falling out of favour with gold seeing a particular decline in popularity as the price slipped from its 2012 highs, however current macroeconomic conditions may be the trigger to highlight opportunities in the sector.
The situation in Syria has caused a two-fold effect within equities with the oil price spiking higher to roughly $108 (£68) a barrel for WTI Crude oil compared with approximately $90 a barrel at the start of 2013………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Total assets under management in global commodity exchange-traded products rose in the third quarter for the first time in a year, said ETF Securities Wednesday.
They climbed by $8.4 billion from the second quarter to $135.3 billion. The boost came from higher prices of commodity prices themselves, as otherwise there were net outflows mainly due to the gold sector, ETF Securities said………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

If the U.S. government shutdown continues for more than a few days, commodity markets will find themselves flying blind, as the public servants responsible for producing statistics on which traders and investors rely are sent home.
The Commodity Futures Trading Commission (CFTC) said Tuesday it will not publish the commitments of traders and other market reports during the shutdown, depriving participants in the world’s biggest derivative markets for energy and agricultural products of price-moving information about the positions of other producers, consumers and speculators………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Commodity benchmarks, such as those used for gold and oil, could be subject to tougher regulation in the wake of the Libor scandal. According to a report in the Financial Times key resource barometers could fall under the eye of the regulator.
At a conference in Rome FCA technical specialist Don Groves admitted he would not be surprised if the UK Government did take some form of action………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Imagine being able to build a data center with a guarantee that a portion of your future capacity will be bought at a certain price for an extended period of time before you even built the data center? A new group of companies are working on making this kind of vision a reality.
Earlier this week 6fusion, a company focused on standardizing an economic measurement of IT infrastructure and provider of a global marketplace for buyers and sellers of cloud capacity, signed a non-binding Letter of Intent (LOI) with CME Group (Chicago Mercantile Exchange), the world’s leading and most diverse derivatives marketplace………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

OPEC’s Secretary General says he is comfortable with the market outlook for 2014 and that a forecast drop in demand for OPEC oil is not large, indicating the group may not make big changes to output policy at a December meeting.
The Organization of the Petroleum Exporting Countries expects demand for its crude to fall to 29.61m barrels per day (bpd) in 2014, down 320,000 bpd from 2013, due to rising supply outside the producer group………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Oil prices are at an acceptable level for producers and consumers, says OPEC Secretary General Abdullah al-Badri, suggesting the group may not change output policy much at the next OPEC meeting. And it OPEC intensive production it’s still good in anything decent for many many decades to come. I think guys think yeah it’s. Yeah has noticed also who have bad habits and with the world news out of we’re out there — about reducing.
That’s the minimum today. Close so many years the compound without investing so we have given problem providing the world — – All inflows. For the foreseeable future………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

The International Energy Agency expects Southeast Asia’s crude oil demand to rise by over 50% in the next 20 years, resulting in a tripling of its oil import bill to some $240 billion by 2035.
In its Southeast Asia Energy Outlook report released Wednesday, the IEA said that oil demand in the region — which covers the 10 member countries in the Association of Southeast Asian Nations — is now at 4.4 million b/d, accounting for 37% of the primary energy mix. This is expected to rise to 5.4 million b/d in 2020 and will hit 6.8 million b/d by 2035, representing almost one-fifth of the growth in global demand, the IEA said………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

It has been very interesting to watch over the past few years the shift in public understanding of international oil and gas supply for the future. Not too long ago, the rush to renewable and alternative energy sources was strong, with public subsidies and private funds in full support of solar, wind, bio-fuels, and other new technologies and approaches.
There was much talk of “peak oil,” the tipping point when future supply cannot meet future demand. There was talk of carbon taxes, offsets, and trading as viable means to nurture what would be a painful but necessary shift in consumption and response………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

A rise in output of North American tight oil will not trouble OPEC, the group’s secretary general said on Tuesday, maintaining his view that the new supply source will not significantly impact the group’s market share.
Abdullah al-Badri, attending the annual Oil and Money conference in London, referred to forecasts of rising production of tight oil, also known as shale, but said that would not be a problem for the 12-member OPEC………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

By Halloween — and perhaps much sooner, if the federal shutdown dampens demand significantly — consumers are likely to see the cheapest gas prices so far this year. A year ago, the post–Labor Day period was marked with rising prices at the pump thanks to a brutal hurricane season, among other factors.
This year things are different, with prices remaining subdued even when concerns about strife in the Middle East dominate the news. According to this week’s Energy Information Administration report, the national average for a gallon of regular at the end of September was measured at $3.42, which is around 40¢ less than a year ago………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Investors have been told to get used to gold prices below $US1300 an ounce, with Australia’s top commodities forecaster predicting the yellow metal will stay there until 2018 at the earliest. The gold price slumped in the past 24 hours to its lowest price in two months, fetching $US1290 an ounce on Wednesday evening.
After a decade-long rally, gold prices suffered a correction in 2013 and the Bureau of Resources and Energy Economics has dismissed the chances of a rebound. In its latest quarterly report, the bureau predicted gold would fetch an average of $US1275 an ounce in 2014 and remain below $US1300 an ounce until 2018 at the earliest………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Delegates and attendees at the London Bullion Market Association’s annual gold conference in Rome forecast a price rebound to US$1,405/oz by November 2014. Survey respondents expect silver to rise to US$25/oz by November next year, when the next annual meeting will be held in Peruvian capital Lima.
Gold closed Wednesday at US$1,306.25/oz on the London Bullion Market, up from the previous day’s US$1,290.75/oz after the US government shutdown prompted mass selling across the metals. Silver closed Wednesday at US$21.14/oz………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

It may be too early for private equity players to gobble up juniors or put together mega-deals, but mid-tier miners may have new investors knocking on their doors. The $1 billion injection for former Xstrata chief executive Mick Davis’ new venture X2 Resources may be just the start of wave of new private equity investments in the mining industry.
According to one estimate cash raised for investment funds dedicated to mining and oil has reached a decade high of $24 billion this year………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Fund outflows from gold exchange-traded products slowed down in the third quarter from a record level in the second quarter, and commodity ETPs, excluding gold, saw the largest quarterly inflows since the first quarter of last year, according to a report from ETF Securities released Wednesday.
Gold ETPs, which include exchange-traded funds, saw third-quarter outflows of $4.2 billion compared to record outflows of $19.6 billion in the second quarter………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Institutional investors looking for quick returns in gold were responsible for the substantial physical outflows from gold exchange-traded products during the third quarter, analyst Nicholas Brooks of fund provider ETF Securities said Wednesday.
ETF Securities, in a report, said the value of physical outflows from gold ETPs totaled $4.17 billion in the third quarter, compared with outflows of $18.54 billion in the second quarter………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Barclays Plc (BARC) hired three commodities directors from JPMorgan Chase & Co. last month and an oil trader from Citadel LLC. Crude oil trader Thomas Wiktorowski-Schweitz joined from Citadel and is based in London, the bank said in an e-mailed response to questions today.
Rebecca Lee joined as director in commodities sales in New York, Phil Hardwick is London-based director in energy sales for Europe, Middle East and North Africa and Thomas Horn was hired as director in commodity-linked finance in Hong Kong. They all worked at JPMorgan………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Rabobank sounded a bearish note on agricultural commodities - except sugar - cutting price forecasts for many and, for wheat upgrading expectations, but to levels below the futures curve.
The bank cut its forecast for Chicago corn futures in the newly-started October-to-December quarter by up to $0.40 a bushel, warning that the grain faced “an increasingly bearish outlook” thanks to the extra US stocks uncovered in an official report on Monday, and from promising US harvest yields………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Marking a second consecutive monthly decline, the currency derivatives turnover on the country’s three bourses plunged by 19.6 per cent to Rs 5.97 lakh crore in August.
The three stock exchanges - NSE, MCX-SX and USE - had cumulatively recorded a currency derivative turnover of Rs 7.42 lakh crore in July, which was down 42 per cent from the preceding month, as per the latest data compiled by market watchdog Sebi………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

Russia’s central bank reduced its currency market interventions by almost half last month, selling around $3.46 billion worth of foreign currency compared to $6.1 billion in August, data showed on Wednesday.
The central bank sold $3.18 billion in dollars and 200 million euros. The rouble firmed by 1.5 percent versus a euro-dollar basket during September, as investors scaled back bets on a near-term cut in official Russian interest rates, and took account of the postponed tapering of U.S. monetary stimulus………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

As first reported by Reuters, Britain, France and Germany are prepared to dilute the EU’s position on aviation emissions in order to attempt to strike a global deal following threats from some regions of a trade way after the EU put in place restrictions of its own, said sources close to UN talks currently taking place.
But the shift in stance could, the source said, put the whole EU carbon trading scheme at steak, and lead to the EU bringing back EU emissions restrictions if it isn’t happy with a global deal………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

A United Nations scientific body was sensible to give its first estimate of the amount of greenhouse gases that can be emitted before temperature gains exceed a target level, according to Richard Sandor.
The Intergovernmental Panel on Climate Change said last week that there is enough space in the atmosphere for 309 billion metric tons of carbon, or about 22 years of emissions, for a chance to prevent runaway climate change. The report may encourage nations including China and India to tackle output more quickly, Sandor, founder of the world’s biggest carbon trading exchange in Europe, said………………………………………..Full Article: Source

Posted on 03 October 2013 by VRS |  Email |Print

After the flurry of good news about the global economy since late summer, a few worrying signs have started to creep in. Upward momentum in business surveys has stalled. Official data haven’t mirrored market euphoria. And, after their August surge, commodity prices have turned down again.
What’s more, that’s not even factoring in some of the more awkward recent political developments………………………………………..Full Article: Source

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