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Commodities Briefing 21.Apr 2009

Posted on 21 April 2009 by VRS |  Email |Print

From Joongangdaily: The global commodities market is about to make a comeback after years of price declines, which have devastated the food and metal markets around the world, according to billionaire American investor Jim Rogers.

Rogers, in an e-mail interview with the JoongAng Ilbo from Singapore, where he has recently moved to teach his children Chinese, stressed now is time for investors to return to commodities, and warned them to stay away from U.S. currency…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Barrons.com: Many commodities have had a nice run lately, including crude and copper, following a dreadful second half 2008. And Derek van Eck, a principal of New York money manager Van Eck Associates, sees more opportunities, thanks in no small part to demand from countries like China.

His firm oversees close to $10 billion, about $3.3 billion of which is spread across Van Eck Global Hard Assets and separate accounts run under the same strategy. Lead manager Van Eck, 44, still likes the outlook for copper, maintains that gold is an important hedge against inflation, and has become more bullish on agricultural commodities — corn and soybeans, in particular. He also sees an improving long-term outlook for energy, driven by supply constraints…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Safehaven.com: The price of commodities has declined substantially over the past year. Not surprisingly, many commodity investors are wondering whether or not we were ever in a bull market and whether the move up to record highs was simply based on speculation.
While speculation had a significant impact on the volatility that occurred in the market, I do not believe that this multi-year move in the commodity markets was simply a byproduct of speculation. In fact, I believe that the fundamentals still point to a continued bull market in commodities…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From FT: The recent surge in China’s commodity imports reflects strategic government purchases and rising demand from domestic traders and producers, says Jing Ulrich, chairman of China equities at JPMorgan.

Purchases by China’s State Reserve Bureau (SRB) of aluminium, copper, nickel, tin and zinc have been made to increase stockpiles and support domestic industry…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Webwire.com: Thomson Reuters has announced plans to support the growth in commodities trading through new enhancements made to its multi-asset class transaction service, Reuters Trading for Exchanges.

The major enhancements to Reuters Trading for Exchanges (RTEx) were unveiled today, just ahead of Trade Tech Paris, which extend the service’s use beyond the equity markets by featuring spread trading capabilities for commodity instruments, as well as provide seamless integration and click-to-trade functionality from its premium desktops…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From WSJ: Altis Partners, a $1.2 billion hedge fund firm that uses computers to trade futures markets, has responded to requests for more transparency by offering investors separate accounts in its global commodity portfolio until June 30.

Altis’ move reflects a broader trend in the hedge fund industry. Investors rattled by Bernard Madoff’s massive Ponzi scheme have demanded a clearer picture of funds’ trading positions. The U.S. Commodity Futures Trading Commission has recently unearthed several alleged Ponzi schemes among commodity pool operators, adding to investor jitters…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Thepeninsulaqatar.com: Prices of several food items in the local market that had started falling on the back of the global economic recession have shot up again, triggering concern among residents.

While traders attribute the rise in prices to price hikes in the source countries, several citizens believe that a section of the retailers are trying to cash in on the salary hike for nationals announced by the government recently…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Gulfnews.com: The UAE believes oil price at $50 (Dh183) per barrel is good for global economic recovery but has made a case for fresh investment in boosting world crude output to avert a new cycle of high prices.

With major world economies, including the US and Japan, going into recession, oil demand has slipped, driving down crude prices from the peak of more than $147 reached in July last year…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Bloomberg: Asia’s biggest oil users will meet the world’s largest producers this week in Tokyo to discuss ways to revive spending and ensure energy supplies after the global recession ends.

International Energy Agency head Nobuo Tanaka and Saudi Arabian Oil Minister Ali al-Naimi will lead delegates from the Organization of Petroleum Exporting Countries, Japan, China, and India in the talks on oil and gas investments, said a Japanese trade ministry official with direct knowledge of the meeting who spoke on condition of anonymity…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Upstreamonline.com: A lack of investment could reduce non-Opec supply capacity by 360,000 barrels per day in the next 18 months, an official from the International Energy Agency (IEA) said today.

“Current declines in investment will have an impact on capacity and capacity declines could already be underway,” Richard Jones, deputy executive director of the IEA told an energy conference in Dubai…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Guardian.co.uk: Britain could save up to £12.6bn a year in imports of fossil fuels such as oil, gas and coal by 2020 if it embarks on a large- scale programme of energy efficiency and renewable technologies including wind power and biomass, a study showed yesterday.

The report, carried out by Edinburgh-based consultants Delta EE for the Renewable Energy Association (REA), is the first attempt to quantify the economic benefits to Britain of a move to energy efficiency and sustainability, rather than just the costs. The figure for savings is close to 1% of GDP at current levels…..Full Article:

Posted on 21 April 2009 by VRS |  Email |Print

From Reuters: China will have 100 gigawatts of wind-power capacity by 2020, a senior energy official said on Monday, more than three times the 30 GW target the government laid down in an energy strategy drawn up just 18 months ago.

“Installed wind-power capacity is expected to reach 100 million kilowatts in 2020. That will be eight times more than in 2008,” Fang Junshi, head of the coal department of the National Energy Administration, told a Coaltrans conference in Beijing. “The annual growth rate will be about 20 percent.”….Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Commodities-now.com: IEA sees China lead the way in developing new cleaner coal technologies. “China’s coal sector has made remarkable progress over the last decade, fuelling rapid economic growth and bringing a better quality of life for China’s citizens”, said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA), today in Beijing at the launch of the new publication, Cleaner Coal in China.

Mr. Tanaka noted that China’s coal production now provides more energy to the global economy than the whole of Middle Eastern crude oil production, emphasising that the use of coal on such a scale cannot be ignored…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Bloomberg: Uranium advanced for the first time in almost six months after Energy Resources of Australia Ltd. reported a first-quarter output decline and trading increased.

Uranium-oxide concentrate for immediate delivery rose 2.5 percent, or $1, to $41.50 a pound, Denver-based pricing service TradeTech LLC said in a report April 17. Four transactions last week boosted April’s trading to more than 4.3 million pounds, compared with 2.2 million pounds in the first three months…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Resourceinvestor.com: Natural gas prices are setting new lows almost every week, and everyone expects them to continue lower for some time. But natural gas stocks are going up.
Investors clearly believe that the collapse in the number of rigs searching for oil and gas is going to mean a sharp reduction in gas supply sometime in the coming months, causing gas prices to rebound. Consensus from many analyst reports I have read suggest that won’t happen until Oct-Nov this year, but all are recommending to their investors to begin positioning themselves now…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Guardian.co.uk: The oil firm ExxonMobil has powered to the top spot as America’s biggest company, muscling out the discount retailer Walmart, as economic woes shredded high-street profits in the worst year in the history of the Fortune 500 index.

Propelled by last summer’s short-lived boom in oil prices, Exxon has ended Walmart’s two years of leadership of the annual index which ranks the largest US companies by revenue…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Thenational.ae: Gulf oil exporters are often cast as the villain in the climate change debate, as the largest producers of the carbon-rich oil and gas that fuel the world’s industry.

But as talks progress towards developing a sequel to the Kyoto agreement this year, many of these nations are waking up to the fact that they may actually find themselves in a new role as victims of a tax on carbon, the principal cause of global warming…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Hardassetsinvestor.com: “Diamonds have been more affected in the U.S. than in other parts of the world, partially because the current economic crisis started here,” said Jeffrey Fischer, president of Fischer Diamonds Inc. and honorary president of the International Diamond Manufacturers Association.

He went on to say, “The U.S. luxury market has been hit hardest, though the bridal market has been very resilient.” That “bridal” is considered a market segment, especially in the U.S., should suggest just how different a market this is from greasy wool and field corn…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Reuters: You might be forgiven for thinking the world is still in the throes of the worst recession since the 1930s. You may, for example, have heeded the words of Dominique Strauss-Kahn, managing director of the International Monetary Fund, who said last week that the global economy would “enter deeply negative territory” this year before showing signs of recovery next year.

Or maybe you have been dispirited by the latest slew of macro-economic data, showing the Chinese economy expanding at its slowest pace since records began in 1992, and U.S. industrial production contracting by 20 percent year-on-year in the first quarter of 2009…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From FT: Prices moved sharply lower on Monday with oil falling by more than $3 a barrel while base metals sank as sentiment was dented by falls for equities and a rise in the dollar.

In energy markets, crude oil prices extended last week’s losses amid concerns about elevated stock levels in the US and the impact of the global economic recession on demand…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Metalbulletin.com: Chinese aluminium buying eased last week as the arbitrage between Shanghai Futures Exchange prices and the London Metal Exchange begins to close.

Although large volumes of aluminium were sold to China by European traders earlier this month, interest has since waned as the arbitrage has narrowed, market participants told MB…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Reuters: Exchange-traded funds backed by precious metals saw record inflows in the first quarter of 2009 as investors sought a haven from volatility in other markets.

ETFs back each security issued with physical stocks of a given commodity, creating a product they claim is free from counterparty risk…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Agmetalminer.com: Last week, the Telegraph had a very interesting story involving China’s State Reserves Bureau (SRB) buying up copper and other industrial metals not merely for strategic stock-piling or value-buying but to rid itself of some of its US dollar holdings. It’s an interesting theory and one with a few supporters, according to the article.

According to the article, John Reade, the metals chief at UBS said he was surprised at how much copper the SRB had purchased…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From People.com.cn: The U.S. dollar rose against most major currencies on Monday as investors worried about the outlook of the U.S. financial industry.

Bank of America, the largest bank of the United States, reported on Monday that it posted a profit of 2.81 billion dollars in the first quarter. Profit per share is 44 cents, far more than expected…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Rgemonitor.com: Does the new Obama regime believe that China is manipulating it’s currency or not? The US seems to be retreating. This retreat is almost certainly politically motivated. I would be very surprised if the US government did not believe some manipulation had gone on either in the past or in the present.

It is hard to believe that the yuan is not currently undervalued although it is also true that there are bigger problems out there that need to be addressed. Obama is picking his battles well and this is one he does not want to get into yet…..Full Article: Source

Posted on 21 April 2009 by VRS |  Email |Print

The Singapore Mercantile Exchange (SMX) Monday said it has been admitted as a member of a number of leading international derivatives trade associations. Formed in July 2008, SMX has joined the Futures Industry Association (FIA), the Swiss Futures and Options Association (SFOA), the Association of Futures Markets (AFM) and the Futures and Options Association (FOA).

The trade exchanges collectively encompass many leading exchanges and clearing houses in the commodities field, including the Chicago Mercantile Exchange (CME), Eurex, Multi Commodity Exchange of India, LIFFE, the London Metal Exchange and the Tokyo Commodity Exchange, said SMX…..Full Press Release: Source

Posted on 21 April 2009 by VRS |  Email |Print

Alpari (US), LLC, a regulated Foreign Exchange company and global provider of online Forex trading, has launchedof Alpari (US) Futures Division (”Alpari Futures”) offering U.S exchange traded futures and options to domestic and international investors, speculators, hedgers and institutions.

Alpari Futures provides traders with access to U.S futures exchanges through a suite of advanced trading platforms including NinjaTrader, Trade Navigator, PATS and Trading Technologies. Essential technical trading tools including those offered by Trading Central, a leading investment research provider to financial market professionals, are now available for retail traders…..Full Press Release: Source

Posted on 21 April 2009 by VRS |  Email |Print

From Bloomberg: Wheat prices declined the most in three weeks as rains boost crop prospects in the U.S., the world’s biggest exporter of the grain, and Australia.

As much as 5 inches (13 centimeters) of rain fell in the past week in parts of Kansas, the biggest U.S. wheat producer, National Weather Service data show…..Full Article: Source

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