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Commodities Briefing 24.Jul 2009

Posted on 24 July 2009 by VRS |  Email |Print

From Bloomberg: Prices for commodities including oil and copper may rally another 12 percent this year, based on a technical analysis of moving averages by Logic Advisors.

The Reuters/Jefferies CRB Index of 19 raw materials climbed above its 50-day moving average today, a “bullish” signal for prices, said William O’Neill, a Logic Advisors partner in Upper Saddle River, New Jersey………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Financialpost.com: Canadian commodity prices were up for a second straight month in June, according to Scotiabank’s monthly price index.

Its report, released Thursday, showed a 5.1% monthly gain in commodity prices, with all sub-components rising. That marked a 7.5% gain from April, which Scotiabank called the “cyclical bottom” of the commodities market………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Moneyweek.com: Remember the commodities ’supercycle’? The CRB index, a key commodities benchmark, plunged by 40% last year.
Since then, almost no one has been trumpeting a long-term bull market in raw materials. Yet the likelihood is that the supercycle has been “sharply interrupted by the global recession” rather than aborted, as David Fuller says on Fullermoney.com………..Full Article: Source

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From Citywire.co.uk: Oil looks cheap and there is an over-supply of wheat, grain and soya, so where are commodity returns to be found?.………Full Article (Subscription Required) : Source

Posted on 24 July 2009 by VRS |  Email |Print

From Investmentweek.co.uk: Commodity ETF sales soared 57% at Lyxor Asset Management last month, becoming the most popular products among the group’s global range.

The Société Générale subsidiary says net inflows into commodity ETFs totalled $176m, following May’s strong showing with $112m in new assets. Lyxor now manages around $1bn globally in its commodity-based ETFs………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Moneymorning.com: Commodities investing was once limited to the super-wealthy. But not anymore.
In the face of almost-certain inflation – and with soaring growth in such fast-growing markets as China already driving up global prices for food, oil and gold – virtually every investor needs to have some money invested in commodities, says Peter Krauth, a longtime commodities-investing expert who is also the editor of the Global Resource Alert service………..Full Article: Source

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From AFP: World oil prices edged upwards on Thursday, reversing earlier losses, as traders mulled stubborn concerns about global energy demand, analysts said.

Brent North Sea crude for September delivery gained 84 cents to 68.05 dollars per barrel………..Full Article: Source

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From Reuters: Ecuador has signed a deal to export crude oil to China for which the Andean country is going to receive $1 billion as an advance payment, state-run Petroecuador said on Thursday.

“Petroecuador has signed a supply contract … with state-run company Petrochina International Company Ltd, for two years,” Petroecuador said in a statement adding that Ecuador will receive the $1 billion in the first week of August…………Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Reuters: Inflows into precious metals-backed exchange-traded funds slowed in the second quarter from record levels in the first three months of 2009, as signs the financial markets were stabilising knocked demand for the metals as a haven from risk.
Almost 15 million ounces or some 450 tonnes flowed into the six gold-backed ETFs monitored
by Reuters in the first three months of the year, but in the second quarter those inflows dwindled to less than a million ounces………..Full Article: Source

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From Commodityonline.com: Palladium has been officially recognised as a precious metal for the first time after being incorporated in the UK Hallmarking Act, says a report from Johnson Matthey.

The white, corrosion-resistant metal has played an increasingly prominent role in the Chinese jewellery industry in recent years, spurred by rising gold and platinum prices…………Full Article: Source

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From Mineweb.com: Seen as a global group, listed mining stocks, with an aggregate value of $1.255 trillion, made 10-month price highs Thursday. Within the group, however, pricing patterns look very different to those seen 10 months ago.
At this point in time, of the world’s 100 most in-demand listed mining stocks, with a minimum market value each of $20m, 50 are located in the Asian region………..Full Article: Source

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From Mineweb.com: A top China steel industry official restated on Thursday strong opposition to settling iron ore prices at the same 33% cut other Asian mills have agreed, but said a deal could still be reached by month’s end.

“It’s impossible for China to accept the 33% price (cut) … You will see an outcome in around 10 days,” Li Xiaowei, vice chairman of the China Iron and Steel Association (CISA) was quoted as saying by Dow Jones………..Full Article: Source

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From Hardassetsinvestor.com: With copper prices hitting record highs, many are hoping that the metal will be a sign of things to come for the rest of the economy.
But is it too soon to start calling a recovery? Depends on what you read………..Full Article: Source

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From Bloomberg: Platinum rose after Ford Motor Co. added U.S. market share and the company reiterated a forecast for a 2011 operating profit, while concerns increased that miners may strike in South Africa rose. Palladium also gained.

Ford posted a second-quarter loss that beat analysts’ estimates amid the worst auto market since the early 1980s. Most platinum use is in emission-control parts for cars………..Full Article: Source

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From Commodityonline.com: Investor interest from exchange traded commodity funds (ETFs) whose demand for gold increased 540 percent between the first quarter of 2008 and the same quarter in 2009 is also likely to be supportive of gold prices.

Commodities saw inflows of $39.9 billion in the first half of 2009, with $15.1 billion in precious metals, $14 billion in energy, $7.8 billion in agriculture and $3 billion in base metals………..Full Article: Source

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From Commodityonline.com: Gold has traded in wide range of 905 dollar to 955 dollar in last few weeks. The yellow metal did not show any lustrous move in the same period rather it followed the moves of currency market. It tracked the Euro and US dollar.
The lack of risk apatite and gains in equity indices led the aversion of US greenback………..Full Article: Source

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From Commodityonline.com: If there is an economic crisis world over and if you want to keep your money in a very safe way, there is only one thing you can bank on, that is gold.

The World Gold Council has also found out this indomitable position of gold when it comes to hedging against any economic worries………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Bloomberg: Gold prices rose to the highest in five weeks as the dollar retreated, supporting demand for the precious metal as an alternative investment. Silver also gained.

Gold has climbed 2 percent this week as the dollar dropped 1.2 percent against the euro. Earlier, the metal reached $956.90 an ounce, the highest since June 12………..Full Article: Source

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From Reuters: IMF member countries agree a stronger Chinese currency would boost domestic consumption but are split over how much it would contribute to rebalancing growth in China, a senior IMF official said on Thursday.

Mission chief for China Nigel Chalk said IMF staff believed a stronger yuan would help China’s economy rebalance and viewed the currency as “substantially undervalued”………..Full Article: Source

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From Psfk.com: No matter how complex and diverse our online communities are, and how sophisticated and evolved the new ways in which we interact with one another seem, buying and selling still remains at the fore of the online world.
Though the basic act of commerce has not changed, many entrepreneurial minds have envisioned new ways to facilitate our transactions, and bring business beyond cash and coin………..Full Article: Source

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From Reuters: CME Group Inc’s quarterly profit slid 15 percent on slumping trading volume, although cost cuts and higher fees helped the world’s top derivatives exchange operator beat Wall Street expectations.

Average daily volume in the second quarter fell 19 percent from a year earlier, but expenses fell 13 percent, lifting the CME’s shares before the open of markets………..Full Article: Source

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From Reuters: Indian Commodity Exchange (ICEX), India’s fourth national commodity bourse, may become functional by September, a top official said on Thursday.

“We are planning to become functional by September,” Ajit Mittal, chief executive of the bourse told Reuters in an interview………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Straitstimes.com: A new group has been launched to represent the interests of professional derivatives traders who are members of the Singapore Exchange.

Called the Association of Financial and Commodity Traders (Afact), the body aims to improve members’ knowledge and understanding of the financial industry through increased interaction with market practitioners and collaboration with industry partners…………Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Livemint.com: India, battling its weakest monsoon rains in eight decades and girding for huge festive demand, could boost vegetable oil imports this year by enough to dethrone China as the world’s top buyer, after a six-year gap.
As importers in India snap up cargoes amid growing fears that the domestic oilseed crop will be hit, regional traders expect little downside for Malaysian palm oil futures, which have gained 25% this year………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Bloomberg: Orange-juice futures fell, heading for the biggest three-day drop since November, on higher inventories and a lack of storms threatening the orange crop in Florida, the biggest producer after Brazil.

Frozen-orange-juice inventories in cold storage rose 1.7 percent in June from a month earlier, the U.S. Department of Agriculture said yesterday………..Full Article: Source

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