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Commodities Briefing 29.Nov 2013

Posted on 29 November 2013 by VRS |  Email |Print

Grain silos, oil pipelines and copper smelters are not exactly glamorous. Yet for a glorious couple of years up until mid-2008, commodities were all the rage. China was booming, and supplies of everything from soyabeans to iron ore were failing to keep pace, prompting a giddy leap in prices.
Financial engineers minted all manner of products tied to these movements. Not only were commodities on a roll, their patter went; they also provided a crucial hedge for any diversified portfolio, since they did not move in tandem with other assets………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

For a third month in a row, commodity prices have fallen in Canada, according to the latest Scotiabank Price Index. It shows prices were down by 3.8 per cent, with the Oil and Gas Sub-Index leading the decline down 8 1/2 percentage points in October.
Patricia Mohr, an economist with Scotiabank, said the main reasons for the decline are lower oil prices and a buildup of light oil in the United States. She also noted transporting product has been a problem, as Albertans are getting around $26 less per barrel than the world market, but she said railways are starting to pick up the slack………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

In many cases, companies in transformative industries can, at times, offer significant value—and natural gas is no exception. At this time, I see a large amount of potential upside in this commodity. While there has been a lot of hype around electric vehicles and other alternative energy sources, I believe natural gas will play an increasingly larger role in our economy.
There are several reasons why I believe this, including the fact that the fossil fuel is quite abundant in North America; it burns clean, so it’s better for the environment than coal or oil; and it’s relatively affordable………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Members of the Organization of the Petroleum Exporting Countries will have to accommodate any additional oil supply into the market in light of the recent easing of economic sanctions on Iran without changes to the cartel’s overall production ceiling, Venezuela Oil Minister Rafael Ramirez said Thursday.
Mr. Ramirez said how Iranian crude is absorbed into the market will feature highly in discussions next week when OPEC members gather. Venezuela will push to maintain the group’s 30-million-barrels-a-day quota, the minister said………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

The Organization of Petroleum Exporting Countries will bolster crude shipments through to mid-December, driven by Iraq and as refiners come out of maintenance, according to tanker tracker Oil Movements.
OPEC, which supplies about 40 percent of the world’s oil, will raise sailings by 700,000 barrels a day, or 3 percent, to 24.05 million barrels in the four weeks to Dec. 14, the researcher said today in a report. That compares with 23.35 million in the period to Nov. 16. The figures exclude two of OPEC’s 12 members, Angola and Ecuador………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Energy-hungry China would replace the US as the world’s largest oil importer by the 2020s followed by India, according to a report that said emerging economies are poised to claim most of the global energy supplies.
China, world’s second largest economy, will be the main contributor to the increase in global energy use over the coming decade, after that India will replace it as the world’s biggest driving force for energy demand in the 2020s, International Energy Agency (IEA) said……………………………………….Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

International Energy Agency head Maria van der Hoeven said on Thursday oil markets are sufficiently supplied even with the prospect of dwindling crude output from Libya, where armed militias continue blockading oilfields and ports.
Van der Hoeven was speaking to reporters in Tokyo, responding to a question on the strife in Libya. Libyan crude exports were running at 1 million barrels per day until summer, when protests and strikes escalated, pulling down output to a fraction of that………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Asia’s surging energy use means it has leverage to demand cheaper prices and holds the balance of power in the global market, the head of the International Energy Agency (IEA) said Thursday.
Executive director Maria van der Hoeven said China’s growing appetite for new energy sources will drive up demand over the coming decade, replaced by a rising India in the 2020s and fast-developing Southeast Asian nations after that. “These developments together make Asia the unrivalled centre of global oil trade as the region draws in rising shares of available crude oil,” she told a news briefing in Tokyo, part of a roadshow to promote the agency’s annual report………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Ron Paul gave gold bugs a reason to smile this week, reiterating his confidence in the precious metal’s store of value. “It may well have seen the bottom as far as I’m concerned,” Paul said. “And I think if anybody has a need to hold more gold, now is a very good time to buy.”
When asked about his preferred investments, the former politician said precious metals and properties are a safe bet – things you can “see and feel.”……………………………………….Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Something may have changed Monday in the gold market. For one I think gold probably formed a minor daily cycle bottom. But what I’m really talking about is the complete recovery from another middle of the night attack. For most of the last year these late night attacks have worked wonders for sending gold crashing through technical levels and triggering stops. Yesterday however it simply didn’t work for the first time.
It’s been my opinion for months now that the forces behind these take downs were trying to push gold back down to the 2008 C-wave top at $1030. At which point I expected they would flip sides and go long for the bubble phase of the bull market. After watching gold fight off the manipulation yesterday I’m starting to wonder if gold has been pushed as far as it’s going to go………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Hong Kong Exchanges and Clearing (HKEx) plans to launch new commodities futures contracts in the second half of next year, an official said on Wednesday. The new contracts HKEx is targeting include iron ore and coking coal, and are designed to feed off the region’s strong physical trade flows as the exchange aims to boost volumes and attract new members, the company official said.
“We do plan to start listing futures products in Hong Kong, probably in the second half of next year,” Romnesh Lamba, co-head of the global markets division, said at a conference………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Country’s premier stock exchange BSE today became the fourth bourse in the country to have a platform for trading in currency and interest rate derivatives. BSE will now allow the rupee pair trading in dollar, euro, pound and the yen on the new currency derivatives segment.
To begin with, currency options trade will be on dollar-rupee contracts, which will be without charges for the first six moths. With this the BSE becomes the fourth stock exchange in the currency derivatives segment after the NSE, MCX-SX and United Stock Exchange………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

The yen languished at fresh lows against the euro and dollar early in Asia on Thursday on track for one of its worst monthly performance this year, while sterling climbed on more evidence of a stronger economic recovery at home.
Commodity bloc currencies, grouping the Australian, New Zealand and Canadian dollars, also fell heavily against the greenback after investors latched onto U.S. data showing an improving jobs market and more cheerful consumers………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Bitcoin’s rapid rise in value and profile has spawned over 60 different ‘altcoin’ digital peer-to-peer currencies. Bitcoin’s recent meteoric rise in value to over $1,000 has shone the spotlight on alternative currencies, but bitcoin is not the only new digital currency vying for relevancy in 2013.
Like bitcoins most of these currencies are mined by computers solving hard mathematical problems. The “coins” do not exist physically, of course, as the currencies are virtual existing only as computer files………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Global food grain production in the year 2013-14 is expected to be higher, healthy and is likely to put pressure on commodity futures in the international market. Output of corn, rice and others is expected to go up in the current year, experts say.
World cereal production (including rice in milled equivalent) is expected to increase by 8% in 2013, to 2498 mn tons. This forecast is almost 10 mn tonnes higher than forecast in October, mostly reflecting upward adjustments to production estimates in Canada, China, EU, the United States and Ukraine, said Food and Agriculture Organization in its latest monthly FAO Cereal Supply and Demand Brief………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Capital joins Shenzhen and Shanghai, with Guangdong province set to open scheme that will become world’s second largest. Beijing on Thursday became the third Chinese city to launch a carbon trading scheme to regulate soaring CO2 emissions from its main power generators and manufacturers, with first trades reported to have gone through at 50 yuan ($8.20) per permit.
The capital followed newly established markets in Shenzhen and Shanghai, with Guangdong province set to open one in December that will be the second-biggest in the world after the European Union………………………………………..Full Article: Source

Posted on 29 November 2013 by VRS |  Email |Print

Chinese authorities are quickly establishing carbon trading markets across the country. Beijing launched its carbon emissions trading today, making it China’s third market for compulsory carbon trading.
City officials say an initial 490 companies have been included in the scheme. The targeted companies account for 40 percent of the city’s total emissions. The capital city’s move follows similar measures announced in other regions of the country………………………………………..Full Article: Source

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