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Commodities Briefing 02.Sep 2014

Posted on 02 September 2014 by VRS |  Email |Print

The non-governmental Berne Declaration group has called for the creation of an independent supervisory authority to oversee the Swiss commodities market. It says it is not good enough to allow the sector to regulate itself.
At the launch of its latest campaign to fight ongoing corruption, inequality and environmental issues in the worldwide commodities sector, the pressure group said an independent regulator would help counter the “resource curse”. “Switzerland as the world’s most important commodities hub has a political responsibility to act,” Andreas Missbach told a news conference on Monday………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

A new report from International Energy Agency (IEA) has revealed that the annual growth in new renewable power will slow and stabilize after 2014 due to policy uncertainty and the absence of grid integration measures. The agency warns that it may fall short of delivering the generation required to meet global climate change objectives.
Wind, solar and hydro and other renewables will account for approximately 26% of global electricity generation by the end of 2020 from about 22% in 2013. The report said the expansion will slow in the next five years unless policy uncertainty is diminished………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

IEA forecast sees renewable power as a cost-competitive option in an increasing number of cases, but facing growing risks to deployment over the medium term. The expansion of renewable energy will slow over the next five years unless policy uncertainty is diminished, the International Energy Agency (IEA) has said in its third annual Medium-Term Renewable Energy Market Report.
According to the report, power generation from renewable sources such as wind, solar and hydro grew strongly in 2013, reaching almost 22% of global generation, and was on par with electricity from gas, whose generation remained relatively stable………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Oil prices are lower Monday even though tensions in a number of key oil-producing areas are on the rise. In Ukraine, fears of a larger conflict escalated as government forces lost more ground to Russian-backed separatists, while in the Middle East, U.S. airstrikes continued in Iraq, checking some of the advances made by radical Sunni militants.
Those developments weren’t enough to move the oil price significantly, as the market remains well supplied with crude oil. Prices had drifted higher Friday, but fell back somewhat on Monday. “The ample supply situation is precluding any significant rise in prices,” said Commerzbank………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Russian President Vladimir Putin and Chinese Vice Premier Zhang Gaoli have launched the construction of the first part of Gazprom’s Power of Siberia pipeline - which will deliver 4 trillion cubic meters of gas to China over 30 years.
“The new gas branch will significantly strengthen the economic cooperation with countries in the Asia-Pacific region and above all - our key partner China,” Putin said at the ceremony outside the city of Yakutsk - the capital of Russia’s Republic of Yakutia on Monday………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Brent crude extended a two-month slide as OPEC’s production was seen increasing and manufacturing gauges in Europe and China missed estimates. West Texas Intermediate fell in New York.
Futures slid as much as 0.6 percent in London, having retreated more than $9 in July and August. The Organization of Petroleum Exporting Countries boosted output by 891,000 barrels a day to 31 million in August, the highest level in a year, estimates compiled by Bloomberg show………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Prices fall 2.6 per cent since June as signs of faster US growth fortifies the case for an interest-rate rise and reduces bullion’s value as a haven. After gold’s rally in the first half of the year beat gains for commodities, equities and Treasuries, bullion is back to being out of favour with investors.
Hedge funds cut their bullish gold bets for the fourth week in five, sending holdings to a two-month low, United States government data shows. Open interest in New York futures is the smallest in five years, and assets in global exchange-traded products backed by the metal in August posted the biggest monthly drop since May………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

July, August and September are typically gold’s strongest performing months. But gold dropped 2.7% in July, and barely managed a gain in August. Gold futures inched higher on Monday as investors sought safe-haven assets amid increased tensions between Ukraine and Russia, after fighting intensified over the weekend.
Gold for December delivery rose slightly to $1,288 on Monday and historically holding gold going into September reaps investors a more than 3% return………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Gold market traders and speculators cut back on their overall bullish bets last week for a second consecutive week and to the lowest level in over two months, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +113,169 contracts in the data reported through August 26th. This was a weekly change of -24,807 contracts from the previous week’s total of +137,976 net contracts that was registered on August 19th………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

The value of precious metals held by China’s biggest lenders surged 66 percent from a year ago as banks lease more gold to customers because tighter borrowing rules make it harder to lend funds.
Precious metals held by Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd., the country’s four biggest lenders, were worth 378 billion yuan ($62 billion) at the end of the second quarter, according to financial reports. The growth since last year outpaced the gain in benchmark bullion prices, which rose 7.5 percent over the same period………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Palladium surged to a more than 13 ½-year high above $900 a troy ounce today on concerns more sanctions against Russia could affect supply from the world’s largest producer.
A day after the EU threatened to impose further punitive measures against Russia unless it de-escalated the situation in Ukraine within a week, Russian president Vladimir Putin said talks between the Ukrainian government and separatists in the east of the country should start immediately and be about “not just technical issues but on the political organisation of society and statehood in south-eastern Ukraine,” the Guardian reported………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Copper fell in London on signs that factory demand will slow in China, the world’s largest consumer of the industrial metal. The purchasing managers’ index from the China Federation of Logistics and Purchasing dropped to 51.1 for August from 51.7 in July. Economists surveyed by Bloomberg projected 51.2.
China’s copper output rose to a six-month high in July and Goldman Sachs Group Inc. forecasts more smelting capacity in the second half, curbing imports of the refined metal. Prices declined 5.7 percent this year………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Industrial metals will stay in sharp regulatory focus, even though a U.S. judge dismissed a high-profile case claiming that Wall Street banks and commodity merchants artificially inflated aluminum prices by restricting supply.
Users of the metal who launched the case are facing continued headaches about supplies as the warehouse backlogs they complained about are still largely in place, while sky-high surcharges remain for those wanting material immediately………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

The investment binge in U.S. agriculture funds has ended as record crops and the promise of improving meat supplies send prices plunging. After taking in more money than precious metals or energy funds during the first five months of 2014, exchange-traded products backed by agriculture had a net outflow for the year of $57.7 million as of Aug. 29, down 2.9 percent, data compiled by Bloomberg show.
Energy, precious-metal, industrial-metal and broad-based funds saw net inflows over the period, boosting total raw-material investment by $341 million, or 0.5 percent………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Precious metals investors poured money into the sector during July, but safe haven buying dried up in August despite an escalation in geopolitical tensions. Global exchange traded funds backed by physical gold saw outflows last week of 6.5 tonnes, dropping total holdings to 1,726.4 tonnes, not far off four-year lows of 1,708 reached in June.
17 tonnes left during August and that compares to inflows in July which was the best since November 2012. Year to date 36 tonnes have left the dozens of funds traded around the globe and investment bank Barclays believes 100 tonnes could exit the market in 2014………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

An exchange traded fund (ETF) is a pooled investment that operates like a mutual fund. The main difference is that an ETF is listed in a stock exchange. Its availability in a centralized exchange market benefits investors through its diversity, trading opportunities, and accessibility, among others. While the investment is represented by the issuance of shares, the underlying asset varies.
A mutual fund usually carries the traditional portfolio of stocks, bonds and money market instruments. On the other hand, an ETF can stretch its portfolio into metals, real estate, soft commodities or foreign currencies. Hence, investing in ETF can create a more diversified portfolio spanning a wider array of asset classes. Moreover, an ETF can be differentiated by its investment style and strategy………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Hedge funds’ selldown in the agricultural commodity complex slowed to a crawl as they turned less negative on cotton and sugar, offsetting in part continued bearish positioning in livestock and soybeans.
Managed money, a proxy for speculators, reduced its net long position in futures and options in the top 13 US-traded agricultural commodities, from cotton to corn, by 3,844 lots in the week to last Tuesday, according to data from the Commodity Futures Trading Commission regulator………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

In the past two decades or so the global financial markets have been rocked by a series of currency crises and devaluations – from the European Exchange Rate Mechanism (ERM) crisis of 1992 to Argentina’s ongoing currency issues and, more recently, the 2008 euro crisis.
Ugo Lancioni, head of currency management at Neuberger Berman, points to the causes of these currency devaluations. “Currency depreciations or crises are caused by substantial misalignments between the real value of the currency and the fundamentals of the country,” he explains………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Asian currencies are charging higher against the U.S. dollar and outperforming other emerging-market currencies as global investors send fresh funds into the region’s fast-growing economies.
Leading the pack is the Malaysian ringgit, which has rallied 4% this year to touch a 10-month high last week, while the Indonesian rupiah has strengthened 3.9% after losing about a fifth of its value in 2013. The Korean won is near a six-year high, up 3.5% this year. The Indian rupee is up 2.4%, the Philippine peso is up 1.9%, and the Thai baht is ahead 2.3%………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

The person who uploaded images of Jennifer Lawrence used online currency bitcoin to purchase the nude snaps. The ‘collector’ who uploaded naked images of Jennifer Lawrence and a whole host of other famous faces has revealed he bought them using the online currency bitcoin.
But what exactly is it? Bitcoin is a digital currency that doesn’t have a central authority but is considered to be a “legitimate financial service” by the US senate. Today one bitcoin is worth £291.29. It’s value depends on people’s confidence in the currency………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

China, the world’s biggest emitter of greenhouse gases, plans to start a national market for carbon trading by 2016 as it seeks to balance pollution reduction with economic growth.
“We’ve brought forward this plan because it’s been prioritized in the central government’s economic reforms,” Wang Shu, an official with the climate division of the National Development and Reform Commission, China’s top planning agency, said by phone, confirming an earlier statement from Sun Cuihua, a senior climate official with the agency. “The central government is pushing reforms, so everything is speeding up.”……………………………………….Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

The world’s second largest economy is planning to roll out a national market for carbon permit trading in 2016, according to officials. The rules for the market are currently being finalised and, if all goes to plan, within a few years China will replace Europe as the world’s biggest trader in emissions.
China is responsible for 30 per cent of the world’s greenhouse gas emissions, making it the world’s biggest contributor to climate change. By 2020, it has pledged to have reduced the amount of carbon it emits per unit of GDP to 40-45 per cent below 2005 levels………………………………………..Full Article: Source

Posted on 02 September 2014 by VRS |  Email |Print

Big emitting industries and poorer eastern member states in the European Union could get tens of billions of euros in additional funds next decade to help them meet the bloc’s 2030 energy and climate goals, a draft EU document showed.
According to undated draft conclusions leaked from the European Council and seen by Reuters, EU leaders are examining measures aimed at appeasing reluctant states such as coal-dependent Poland and other poorer eastern European nations………………………………………..Full Article: Source

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