Fri, Aug 29, 2014
A A A
Welcome kbr175@gmail.com
RSS
Commodities Briefing 04.Dec 2013

Posted on 04 December 2013 by VRS |  Email |Print

Crude oil futures rallied on Monday as investors cheered better than expected manufacturing growth in China, the US and the Eurozone last month, boosting the outlook for energy demand. Crude oil for January delivery climbed $1.10 or 1.2% to settle at $93.82 a barrel on the New York Mercantile Exchange.
The recovery in the Eurozone manufacturing sector accelerated again in November, China’s purchasing Managers’ Index came in at 51.4, better than an expected reading of 51.1 and above the 50-point mark, which separates expansion from contraction. US manufacturing also accelerated in November, rising to 57.3%, according to the latest report from the Institute for Supply Management………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Commodity prices fell for the first time in five months in November, dragged down by falls in aluminium and some dairy products. The ANZ Commodity Price Index eased 0.4% to be 21.4% higher than a year ago. The index is now 2% below the record high reached in April.
Aluminium recorded the largest fall across the commodity basket, dropping 4% to a four-year low, while wholemilk powder and butter also eased. This was partly offset by higher prices for meat, skins, wool and other dairy products. The price index edged higher in New Zealand dollar terms………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

The Organization of the Petroleum Exporting Countries meets Wednesday to weigh how best to maintain stable — but very high — crude oil prices in the face of rising U.S. shale oil production and jostling among the members of the cartel that hope to expand production in 2014.
Analysts expect OPEC to hold its production ceiling steady at 30 million barrels a day, where it has been since January 2012. But oil experts do not expect the group to resolve how much Saudi Arabia, OPEC’s main swing producer, might trim its output in the coming year to make room for potential new supplies from Iraq, Libya, West Africa, Texas, North Dakota and maybe Iran………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Iran says it expects a major boost in oil exports now that it has a nuclear deal in hand. In a sign the market is able to do without, however, the U.S. government said Iran’s return is unlikely because of the ample supply of oil elsewhere.
Iranian Deputy Oil Minister Kazzem Vaziri-Hamaneh said last week relief from economic sanctions could stimulate an oil export economy hamstrung by Western sanctions………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Opec faces a dilemma. The US shale boom is hitting the oil cartel’s revenues, even though surging US output has yet to erode its share of the global market.
For the past two years, Opec members have rejected suggestions they will have to pump less oil to make way for US production. And they have largely been vindicated. Disruptions to supplies have kept demand for their crude relatively steady and prices high………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

As members of the Organization of the Petroleum Exporting Countries get ready for their last meeting of the year, set for Wednesday in Vienna, oil traders don’t seem to care what the big oil producers say about the collective oil output quota.
That’s because everyone’s wondering what members will do to keep the oil market balanced in the face of supply and production issues in Libya, Iraq and Iran………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Iran wants other OPEC members to make room for its eventual return to oil markets after the Persian Gulf nation reached an interim deal with world powers over its nuclear program.
The Islamic republic reached a preliminary agreement with the so-called P5+1 nations — the U.S., U.K., China, Russia, France and Germany — last month in Geneva that eased some trade sanctions while reining in its nuclear program. That accord didn’t relax sanctions that prevent U.S. and European nations from importing Iran’s oil and compels Iran’s other customers to restrict purchases………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Iran and Iraq on Tuesday put OPEC on notice of substantial oil output increases to come, saying others in the producer cartel will need to give way to make room for them.
Speaking ahead of an OPEC meeting, oil ministers for the two countries — rivals as the group’s second and third biggest producers after Saudi Arabia — said they were targeting 4 million barrels a day, growth of about one million bpd apiece………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

The development of natural gas trading hubs in Asia will be critical, but will not happen overnight, according to Maria van der Hoeven, Executive Director, International Energy Agency (IEA).
The IEA is a France-based autonomous organisation that seeks to ensure reliable, affordable and clean energy for its 28 member countries………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Hedge funds grew less bullish on gold for a fourth straight week, the longest stretch since November 2012, as mounting concern that the Federal Reserve will curb monetary stimulus sent prices to a four-month low.
The net-long position in gold fell 28 percent to 31,735 futures and options in the week ended Nov. 26, the lowest since June, U.S. Commodity Futures Trading Commission data show. Short bets rose 20 percent to 74,964, the highest since July. Net-bullish wagers across 18 U.S.-traded commodities gained 11 percent to 563,786 contracts as soybean holdings climbed. Bets on a decline for wheat prices reached a record………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Gold Price losses of $30 per ounce in trade were trimmed in Asia and London on Tuesday morning, with a brief rally to $1226. World stock markets fell after Wall Street retreated from record highs on Monday.
The gold price in Euros dropped through €900 per ounce for the first time since July 2010. Silver failed to match the gold price rally, hitting a new 5-month low of $19.09 per ounce………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Spot gold prices plummeted to $1,220 per troy in Asia trade this morning, declining to a five-month low and looking all set to plunge further on taper worries. As the year 2013 comes to an end – with exactly for weeks to go – it is set to mark the end of the yellow metal’s bull-run, with gold price set to end the year about 30 per cent lower than where they started the year.
This will be the first time in 13 years that gold will register a year-on-year decline in a calendar year, with gold prices rising every year from 2001 until 2012………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Large speculators continued to shed bullish positions across the board in precious metals futures and options on the Comex division of the New York Mercantile Exchange and the Nymex, now for the fourth straight week for gold and silver, according to U.S. government data.
For the week ended Nov. 26, large speculators in the Commodity Futures Trading Commission’s weekly commitments of traders report saw their net-long positions fall in gold, silver and platinum group metals, with the gold net-long position in the disaggregated report hitting its lowest level since late June………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

In a Precious Metals Note published Monday, UBS Investment Research lowered its 2014 average gold price from $1325/oz to $1,200/oz.
“The struggle for gold not only rests with the predominant selling interest amongst investors currently, but with limited positive catalysts looking forward; gold is unlikely to regain its former appeal,” said UBS Analyst Joni Teves and Strategist Edel Tully………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Aluminium market deficit excluding China is expected to go up further next year than in 2013, “provided producers go ahead with all the production cuts that have been announced, the global market balance will shift into a small 275Kt deficit next year-the first since 2006-07-substantially tighter than the 1.2Mt surplus we forecast back in mid-2013,” according to weekly report by London based Barclays.
In the context of 2014, “we forecast an average price of $1,838/t, which infers a very similar range-bound price dynamic to this year………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

To clear that up, copper is not included here, but three other commodities starting with the letter “C” – coffee, corn and cotton — are. On a year-to-date basis, the iPath Dow Jones-UBS Cotton Total Return Sub-Index ETN is slightly higher, but the Teucrium Corn Fund and the iPath Dow Jones-UBS Coffee Total Return Sub-Index ETN have plunged. JO was down 33.5% for the year at the start of trading Tuesday while CORN had tumbled 30.1%.
BAL is off almost 7% in the past three months. On the surface, it may appear that down is the path of least resistance for these commodities, but seasonal trends say something different. Starting with BAL, things are starting to look up………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Hedge funds’ negative streak on positioning in agricultural commodities extended to its longest this year, fuelled by an increase to a record high in the net short on wheat – a rise which may provoke a buying ahead.
Managed money, a proxy for speculators, cut its net long in futures and options in the top 13 US-traded agricultural commodities by nearly 14,000 contracts in the week to last Tuesday, according to data from the Commodity Futures Trading Commission, the US regulator………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Agricultural food prices are expected to post double digit price falls this year and next, thanks to plentiful supplies of cereals, sugar and vegetable oil, according to Macquarie, the investment bank.
Macquarie, which has launched a new benchmark for global food prices, said it expected food prices to decline by 11 per cent in 2013 and by 10 per cent in 2014. The bank’s Macquarie Agricultural Commodity Price Index is forecast to rise 2.8 per cent in 2015………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

China’s burgeoning influence on the world economy reached a milestone as use of the yuan in trade finance overtook the euro and the yen. Importers and exporters used China’s currency for 8.7% of their financing agreements with trade partners in October, up from 4.4% a year earlier, according to Swift, a financial-services firm that monitors international currency flows.
That made the yuan the second-most used currency in trade finance but still well behind the U.S. dollar, which backs 81% of trade finance………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

China’s yuan overtook the euro to become the second-most used currency in global trade finance in 2013, according to the Society for Worldwide Interbank Financial Telecommunication.
The currency had an 8.66% share of letters of credit and collections in October, compared with 6.64% for the euro, Swift said in a statement on Tuesday. China, Hong Kong, Singapore, Germany and Australia were the top users of yuan in trade finance, according to the Belgiumbased financial-messaging platform……………………………………….Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Foreign exchange trading is always akin to gambling. But, in China, gambling may be a way of trading foreign exchange: one way to get around the country’s currency controls is to take a trip to the casinos of Macau.
Macau is not just about currency conversion: it has made some efforts to diversify into Vegas-style shows. But, when the chips are down, it is only the gaming tables that investors are interested in, in the hope of insights into China’s flows of money………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Analysts everywhere appear to be wondering what could possibly be the catalyst to turn the gold market around. I maintain it’s the same catalyst that drove the gold bull market from 2001 to 2011 — out of control currency debasement.
Does anyone seriously think that we can print trillions of dollars out of thin air for five years and not eventually have something bad happen? The next the black swan is already staring us in the face. It’s going to be a collapse in the purchasing power of the US dollar………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

The government will design a new carbon-abatement fund in Australia as a long-term vehicle, minimizing the uncertainty plaguing clean-energy projects, the environment minister said.
“The system we put in place can last a number of decades,” Greg Hunt, environment minister in Australia’s newly elected government, said today at the Climate Expo in Melbourne. Subsequent governments won’t be able to easily roll back the planned Direct Action policy or reintroduce the carbon tax that Hunt’s coalition is moving to repeal, he said………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Beijing has become the third Chinese city to launch a carbon trading scheme to regulate soaring carbon dioxide emissions from its main power generators and manufacturers. 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.
Under the trading program, companies which produce more than their fair share of emissions will be able to buy unused quotas on the market from companies that cause less pollution. Is carbon trade an effective way to cut emission? Will it work for Beijing?……………………………………….Full Article: Source

See more articles in the archive

August 2014
S M T W T F S
« Jul    
 12
3456789
10111213141516
17181920212223
24252627282930
31