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Commodities Briefing 21.Jul 2009

Posted on 21 July 2009 by VRS |  Email |Print

From Commodityonline.com: The choice of asset class is always a hot topic of discussion for long term investors. Although commodities, as an asset class, were forgotten in the 1980s and the 1990s they made a strong comeback in the current decade.
The reason they have done so well in recent times is the consumption boom in the emerging markets, especially China. Also investments in mining and agriculture have not kept pace with the unprecedented surge in demand……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Zawya.com: As the commodities markets continue to remain volatile and, therefore, unpredictable, analysts say this is not the right time to invest in them.

Though the Chinese National Bureau of Statistics released a set of data last weekend citing an impressive 7.9 per cent growth, markets that so far claimed to be waiting for a pick-up in Chinese demand have shown lacklustre interest……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Reuters: British fund house Threadneedle is targeting commodity-linked currency trades and some eastern European currencies to boost returns in its Absolute Return Bond Fund.

Stuart Frost, co-manager of the fund, which has 292 million pounds under management, said currencies most sensitive to commodity prices had benefited from the rally in the first half of 2009 and would continue to deliver returns……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Investor’s Business Daily: Would pulling the reins in on speculators control volatility in oil prices? The Commodity Futures Trading Commission plans to hold hearings to decide whether position limits should be imposed on the energy futures markets as they are on corn, wheat and other commodities.
Regulators and lawmakers are concerned that Wall Street firms, which trade just to profit from price swings instead of actually supplying fuel, distort prices……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From AP: Prices for gold and other metals rose Monday in the wake of more upbeat earnings and news of emergency financing for troubled lender CIT Group Inc.

Newfound optimism about the health of corporate America and the economy drove investors to put their money to work in riskier assets like stocks and commodities……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Contrarianprofits.com: China has once again snatched the leadoff spot in our daily lineup. And once again, they’ve knocked the cover off the ball.

The Chinese economy expanded at a dizzying 7.9% in the second quarter, their government announced yesterday. That far exceeds analyst expectations and China’s still-impressive 6.1% first-quarter growth……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Marketoracle.co.uk: According to the data published by the People’s Bank of China on July 15, the broad money supply (M2) expanded more than 2 trillion Yuan in June alone, to 56.89 trillion Yuan. That’s an increase of 7.28 trillion so far this year (14.6%) and a year on year increase of 28%.
For all the jawboning China does about the United States over-issuance of money, they’re not doing too bad themselves. The Chinese money supply is rising at its fastest pace in more than 12 years, and foreign-exchange reserves have gained the most since the global financial crisis began……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Commodities-now.com: The International Monetary Fund plans to inject $250 billion into the global economy to bolster countries’ reserves as part of measures to combat the world economic crisis.
The IMF’s Executive Board backs an allocation of Special Drawing Rights to provide liquidity to the global economic system……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Commodities-now.com: A survey among the APEC economies has shown that 10 out of 18 surveyed APEC economies expect that the trade financing situation should ease over the next six months.
Nevertheless, the situation still bears watching given continued uncertainty in credit conditions……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Vanguardngr.com: OPEC’S annual revenues from oil and gas sales topped $1 trillion last year for the first time, according to figures published yesterday by the cartel.

The 12-nation group, which pumps about a third of the world’s crude oil, said that the value of its exports had risen by 35 per cent during 2008 to $1,007 billion, up from $746 billion in 2007 — itself a former record……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Reuters: OPEC will need to cut output when it next meets in September if there is not enough demand for its oil, Algeria’s energy and mines minister said on Monday.

“I think OPEC’s objective is to satisfy demand in the world market and to meet any real demand,” Chakib Khelil told reporters in Milan on the sidelines of a conference……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Guardian: Whether you think carbon trading is a con or a blessing, this new data gives us a unique insight into Europe’s emissions
Carbon trading is often either seen as the clever, market-based tool by which we can save the world from global warming at the lowest cost, or as a gigantic con through which wheelers and dealers in the City can fleece us all once again……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Energysavingtrust.org.uk: Carbon trading programmes will be “vital” in the fight against climate change, a new report has suggested.

The study, led by Mark Lazarowicz MP, looked into how cap and trade systems could help reduce carbon emissions and whether they cab fit into a global strategy. …….Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Chinadaily.com.cn: Global miners and steelmakers may opt for a new quarterly based iron ore pricing system in place of the existing annual negotiations to increase the volatility of steel prices and make the system more transparent.

The new system is likely to be tested by end of the year, Wall Street Journal reported, without revealing from where it got the information……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Mineweb.com: In a recently published analysis, Royal Bank of Scotland (RBS) declares, “We believe that future copper mine capacity growth will barely suffice.”

“We have long argued that the last copper bull market was at least as much supply as demand driven, especially in the latter stages,” RBS metals analysts said. “Many of the factors that limited the supply response to the then higher copper price persist and recession has exacerbated some of the constraints.”…….Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Marketoracle.co.uk: For any investor trying to sum up the copper situation, he/she must come to grips with many conflicting forces all vying to affect its price.
The mass media continues to send signals that the worst is over and recovery is at hand in the global market place……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Bullionvault.com: Renowned independent investor Dennis Gartman has today (July 20) broken his neutral stance on Buying Gold, Reuters reports.

Mr. Gartman has developed a strong reputation as a trader, hedger and forecaster of future trends but previously described the yellow metal as expensive in comparison to agricultural commodities……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Reuters: Gold futures rallied above $950 an ounce on Monday, reaching the highest level in more than a month, as a sharp dollar decline and better U.S. corporate earnings boosted bullion’s inflation-hedge appeal.

Commodities in general benefited from a sharper appetite for risk, dealers said, with world stocks rallying as investors were tempted back into higher-yielding assets……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Bloomberg: Canada’s dollar advanced to the strongest level in more than five weeks as increases in commodities burnished the appeal of currencies that are tied to economic growth.

“Commodities are pretty much stronger across the board, which is definitely helping the loonie” said David Love, a trader of interest-rate derivatives at Le Group Jitney Inc. in Montreal……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Time.com: China’s swipes at the U.S. dollar have been spilling out of Beijing with almost mundane regularity.
Every time there is an international economic summit, it seems that some Chinese mandarin reiterates the now familiar complaint that the greenback needs to be replaced as the world’s de facto reserve currency……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Nasdaq.com: The U.S. dollar and the exchange traded fund (ETF) that tracks it are both showing signs of wear. If the dollar is depreciating, then there should be something somewhere that is capitalizing on the currency’s weakness.

A deteriorating U.S. dollar helps investments in developed and emerging markets, as well as export-oriented U.S. firms, writes Jonathan Burton for MarketWatch. Or, an investor can forgo the indirect routes and invest in pure currency funds……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Chron.com: Investment managers Litman and Gregory, publishers of the newsletter, No-Load Fund Analyst, offer the following guidelines to consider when trading exchange-traded funds:

The more an ETF is traded, the more liquid it becomes, making it even more attractive relative to its less-liquid competitors……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Indiatimes.com: The National Stock Exchange (NSE) is toying with the idea of listing global exchange traded funds (ETFs) on the bourse.
Market watchers see this move as part of the exchange’s efforts to increase its bouquet of products. Global ETFs are expected to be favoured by high net worth individuals and wealth management firms, looking for portfolio diversification……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Domain-b.com: IFCI Ltd has acquired 5-per cent stake in MCX Stock Exchange Ltd from Financial Technologies (India) Ltd for Rs250crore ($52 million), the company said in a filing with the Bombay Stock Exchange.

MCX-SX has sold its stake at Rs 35 per share, valuing at Rs 5,000 crore in the second round of disinvestments. It started its first round of divestments last month in order to meet the regulatory requirements……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Ethiopianreview.com: The external auditors directive for the Ethiopian Commodity Exchange Authority (ECEA) is expected to be issued next week.

The directive will establish external auditors who will inspect the financial statement of companies that are members of the new ECX trading system……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Washingtonpost.com: President Barack Obama on Monday nominated Jill Sommers to serve another term as a commissioner at the Commodity Futures Trading Commission, the regulatory agency that oversees futures trading in agricultural, energy and financial markets.

Sommers was sworn in as a CFTC commissioner on August 8, 2007, to a term that expired April 13, 2009. Currently, there is one vacancy after Walt Lukken resigned on July 10……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Farmonline.com.au: The panic emerging from the global financial crisis has had a significant impact on global agricultural commodity prices, with the latest Westpac-NFF Commodity Index showing a 12.7 per cent decrease over the past year.

However, the National Farmers’ Federation reports that recent indications are that the fluctuating price movements of the past 12 months amongst global commodity prices are dissipating as traditional demand and supply forces re-emerge……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From News.com.au: The world won’t produce as much wheat this year as expected, but supplies will still be more than enough to meet demand and pressure prices, analysts said.

The US Department of Agriculture, in its July supply and demand report, raised its 2009-10 production forecast 420,000 tonnes from last month to 656.48 million bushels……..Full Article: Source

Posted on 21 July 2009 by VRS |  Email |Print

From Ninemsn.com.au: A poor start to the monsoon season in India has highlighted concerns about the impact of poor rainfall on agricultural output.

India is the world’s largest sugar consumer and sugar prices in Londonand New York rose on Monday after a government minister warned that some important cane growing areas had received very little rain……..Full Article: Source

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