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Commodities Briefing 09.Jul 2009

Posted on 09 July 2009 by VRS |  Email |Print

From Bloomberg: Commodities fell, capping the longest slump this year, as a faltering global economy heightened speculation that demand will decline for raw materials from crude oil to cotton. Energy prices led the decline.

The S&P GSCI spot index of 24 commodities extended its slide to a sixth straight session……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Commodityonline.com: The US greenback remained range bound in last few weeks against the world’s major currencies.
The benchmark dollar index has shown narrow range movement between 79 and 81 (on closing basis) in last few trading sessions……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From AP: A slide in metals and energy prices continued Wednesday amid growing anxiety about the potential for a quick and robust economic recovery.

Investors moved out of risky assets like commodities and stocks, seeking shelter instead in safe-haven investments such as the dollar and Treasurys — a theme that has been playing out for the last several weeks……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Marketoracle.co.uk: With all the money printed last year by governments all over the world, Is it possible that commodity trading can be a source of hedge against inflation or even hyperinflation? As I have repeatedly stated, Inflation is a wealth destroyer.
Instead of being a victim of inflation which stands the definite chance of occurring with all the stimulas money floating around ( or evaporated) one could potentially ride the wave of inflation and potentially make money……..Full Article: Source

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From Mineweb.com: Yesterday’s statement that the U.S. Commodity Futures Trading Commission (CFTC) was considering further measures to reduce speculation in commodity and metal markets is in keeping with events which go back as far April last year.

This statement follows comments made after last month’s G8 meeting and from minutes of a more recent Federal Reserve Board meeting……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Thepeninsulaqatar.com: The price of oil went below $40 a barrel, but is now around $70. Copper collapsed from $9,000 a tonne to below $3,000 now it is above $5,000. Nickel, zinc and tin are all up 50 percent-60 percent since their March lows.
Is this the start of another bull run for small investors in commodity funds or time to cash in?…….Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Forbes: Oil prices jump, and regulators round up the usual suspects. Will it help? Of course not. The debate has raged as long as there have been commodities markets: Are speculators to blame for rising prices?
In the past, dictators like Stalin killed peasants for hoarding food. Today, whenever oil or gasoline prices rise, you can count on some member of Congress to demand an investigation……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Timesonline.co.uk: Gordon Brown and President Sarkozy made an unprecedented intervention in the global oil market yesterday, using a meeting of the Group of Eight leading economic nations to press for a crackdown on speculators stoking volatility in global crude prices.

In a joint statement, the leaders of Britain and France said that recent sharp movements in the price of oil risked choking a nascent global econ-omic recovery and proposed setting a price range for oil that would be compatible with fundamentals……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Thenational.ae: Oil price speculators have the potential to damage the world economy, OPEC’s secretary general warned Wednesday, a day after the US government said it may tighten rules on oil traders.

“Excess speculation will not help us,” said Abdulla el Badri at the launch of the group’s World Oil Outlook. “I hope we will not reach the stage of oil prices rising to $150; I hope this will prevent speculators from attacking the market again.”…….Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Saudigazette.com.sa: OPEC’s income from oil and gas exports jumped 35 percent to more than $1 trillion last year as world oil prices hit record highs of almost $150 per barrel, the group said in its Annual Statistical Bulletin on Wednesday.
The Organization of the Petroleum Exporting Countries saw the total value of its petroleum sales abroad reach almost $1,007 billion in 2008, up from $746 billion in 2007, which was itself a record……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Kuwaittimes.net: World demand for OPEC’s oil may take years to recover from the slump in 2009 because of economic weakness and demand destruction, the group said yesterday, justifying its slower spending on new supplies.

In its 2009 World Oil Outlook, the Organization of the Petroleum Exporting Countries said consumption of its crude would not return to 31 million barrels per day (bpd), the level it averaged in 2008 before the economic crisis cut oil use, until 2013……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Reuters: OPEC Secretary-General Abdullah al-Badri said on Wednesday oil prices — now trading just above $60 per barrel — were “comfortable,” but were still below the level the producer group wanted.

“Prices at this time are comfortable,” Badri told a news conference. “But they are not at the level we are shooting for.”…….Full Article: Source

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From Independent: The developed world’s demand for oil will not recover from the effects of global recession for another four years, the cartel of producing nations predicted yesterday.

Consumption will rise slower than expected over the short- and medium-term, the 13-strong Organisation of Petroleum Exporting Countries (Opec) says in a report……..Full Article: Source

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From Timesonline.co.uk: As the G8 and leading economies discuss climate change this week, we write to emphasise the importance of continued European leadership in this area.

It is understandable that businesses have now focused their attention on the short-term economic situation……..Full Article: Source

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From Forbes: The United States and the European Union are interested in exploring ways to link carbon trading markets, Swedish Prime Minister Fredrik Reinfeldt said on Wednesday after talks with U.S. President Barack Obama.

‘I had a discussion with President Obama on the U.S. cap and trade system and would like to link it up with ours (the EU), Australia, possibly others, as part of a global carbon trading scheme,’ he told Reuters on the sidelines of a G8 summit……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Reuters: A U.S. Senate bill introduced on Tuesday would give the Commodity Futures Trading Commission full authority over markets that buy and sell pollution permits issued to companies as part of a climate change plan to cut greenhouse gas emissions.

Such markets will be critical to the success of a U.S. cap-and-trade system that allows companies to trade carbon allowances, which are permits to emit one metric ton of carbon dioxide that is a cause of global warming……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Nationalpost.com: Forget oil, if you’re seeking exposure to the global economic recovery, look to copper and coal, says Citigroup’s global head of commodity research, Alan Heap.

The fundamental outlook is strongest for copper, coking coal and thermal coal, he told clients. Mr. Heap is also still positive on gold, but remains negative on iron ore. As for potential surprises, he suggested nickel and aluminum could be the place to be……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Mineweb.co.za: Although industrial metals posted strong gains during the second quarter of this year, Deutsche Bank strategists warned base metals are at risk from the slowdown in China’s “seemingly insatiable appetite for imports is diminishing.”

In their recently published Commodities Quarterly, Deutsche Bank strategists Joel Crane and Xiao Fu warned, “Coupled with the onset of a period of seasonal slowdown, we believe the momentum apparent in Q2 will stall and move into reverse during the second half of this year.”…….Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Mineweb.com: There have been some strange goings on in the platinum subsector, among the world’s most beaten up mining equities investments over the past 12 months, no doubt with the potential of stranger things yet.
Within the past week or so, Finland-based wood and, lately, ferrochrome stock, Ruukki Group, loudly announced a friendly merger with London- and Australia-listed Sylvania, an operator that recovers platinum group metals (PGMs) and related metals from mine waste in South Africa……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From WSJ: Worried about a harrowing, inflation-ridden future, Scott Van Steyn has found the answer in a batch of glittering one-ounce gold coins. In fact, they make up a large chunk of the physician’s assets.

“There’s 2,000 years of history to show that gold is the best thing to own during bad inflation,” says Dr. Van Steyn, a 45-year-old orthopedic surgeon in Columbus, Ohio. “People used to laugh at me for buying gold. They don’t anymore.” …….Full Article (Subscription Required) : Source

Posted on 09 July 2009 by VRS |  Email |Print

From Reuters: Gold futures fell toward $900 an ounce on Wednesday on a higher dollar and heavy oil losses, losing more than 2 percent as investors preferred the U.S. currency instead of gold as a safe haven in the face of economic uncertainties.

In spite of equities market weakness amid recession worries, bullion failed to rise because of lessened inflation concerns and as flight-to-quality buying was directed into U.S. Treasury bonds and the dollar……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Resourceinvestor.com: Gold exists all over the world — just not everywhere is the particular concentration available that is necessary for development of a mine.
The earth’s crust contains approx. 0.004 grams of gold per ton and plenty of this metal can even be found in saltwater, just not to an economically reasonable extent. To make a profit with the precious metal, or at least have the prospect of success, we have to look at another area……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Bworldonline.com: Germany’s Deutsche Bank yesterday said it was embarking on a major build-up for its exchange traded funds (ETFs) in Asia, as it expects the region’s ETF sector to grow 20% annually in the coming years.

Deutsche Bank is aiming to launch 16 more ETFs across asset classes in Hong Kong, Thorston Michalik, global head of ETFs, told Reuters in an interview……..Full Article: Source

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From Bloomberg: The United States Natural Gas Fund expanded today to the largest position in its 27-month history as investors snapped up the last of its shares and it awaited government approval to issue more units.

As of early today, the exchange-traded fund owned the equivalent of 124,926 natural gas futures contracts on the New York Mercantile Exchange……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Reuters: The Group of Five major developing economies meeting in Italy on Wednesday discussed the use of alternative currencies to settle trade among themselves, said Indian Foreign Secretary Shivshankar Menon.

“There was some discussion looking at the use of alternative currencies, not so much as a reserve currency, but that (which Brazil’s) President Lula suggested we should consider, using our own currencies to settle our own trading accounts among each other,” Menon told reporters……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Guardian: Dethroning the US dollar as the world’s most powerful currency might not be in China’s long-term interests.
The People’s Bank of China recently reiterated the need for a global currency to rival the US dollar – through a vastly expanded role for the Special Drawing Rights (SDRs) of the IMF……..Full Article: Source

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From Forbes: Japan could be one step closer to intervening in the foreign exchange market for the first time in five years as a soaring yen further jeopardizes the country’s chances of pulling out of recession.

Growing unease about the global economy has prompted investors to rush out of trades that bet against the yen while favoring higher-yielding but often riskier currencies……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From WSJ: Shares of IntercontinentalExchange Inc. and CME Group Inc. fell on Wednesday following news that the U.S. Commodity Futures Trading Commission is planning to propose sweeping trading limits on oil, natural gas and possibly other commodities.

CFTC Chairman Gary Gensler said Tuesday the CFTC will hold hearings this summer to consider imposing position limits for “all commodities of finite supply.”…….Full Article (Subscription Required) : Source

Posted on 09 July 2009 by VRS |  Email |Print

From Reuters: The Commodity Futures Trading Commission should repeal a measure exempting the IntercontinentalExchange’s London exchange, where West Texas Intermediate crude oil trades, from most U.S. regulation, lawmakers said on Wednesday.

Senators Maria Cantwell and Olympia Snowe said in a letter that the top U.S. futures market regulator must do more to increase transparency and oversight on foreign exchanges where U.S. oil contracts are traded……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Business-standard.com: Should the capital market regulator, the Securities and Exchange Board of India (Sebi), regulate the commodity futures market too?
This question has been thrown up by the Economic Survey, which has recommended that all financial markets should be regulated by Sebi. And since the commodity futures market has been categorized as a financial market, the suggestion is clear……..Full Article: Source

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