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Commodities Briefing 22.Nov 2010

Posted on 22 November 2010 by VRS |  Email |Print

From WSJ: Volatility set to continue as China wrestles with inflation; big bets add to risk of reversal. If this month has felt like a wild ride for stock investors, it has been positively hair-raising for those in the commodities market.
Price swings for raw materials reached the highest levels in more than a year as investors initially celebrated the prospect of U.S. monetary easing and then panicked at the possibility China would be too severe in its attempts to cool its economy……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Thehindubusinessline.com: Are macroeconomic concerns resurfacing? This apprehension caused by a combination of factors – Euro area sovereign debt risk, possibility of further monetary tightening by China, a firmer dollar – exerted tremendous downward pressure on commodity prices last week. For sure, the sentiment has undergone a change for the worse and even fundamentals have taken a backseat.
In other words, global headwinds currently retard the commodity market price acceleration witnessed in the last several weeks. When will the macroeconomic fears abate is of course a billion dollar question……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Efinancialnews.com: The recent focus on China as an exporter of rare earth metals highlights an extremely important fact which is often missed, lost or forgotten: China is the world’s largest commodity producer. This year, China’s production of natural resources will likely exceed $700bn at international prices, surpassing the US and Russia by 10% and 25% respectively.
And this does not even include midstream or upstream activities, such as oil refining, steel or aluminium smelting, where it is a large exporter with upwards of 50% of global capacity……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Mineweb.co.za: In the past week, gold and silver prices fell even as George Soros himself commented that conditions for gold looked perfect. Why? A look around saw virtually all markets from Shanghai through Europe and back to the States falling back.
The media pointed to the potential for interest rates to rise, but that is an insufficient explanation when one considers that the declines were in the region of 5% across all the board. An event that touched the very structure of the global financial system occurred and is still happening right now was, we believe, the cause of the falls……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Latimes.com: In these troubled economic times, it’s not hard to understand why people might want to protect their life savings by purchasing a hard asset like gold or silver. At least, that’s the pitch of Monex, the big Newport Beach investment firm, which bills itself as “America’s trusted name in precious metals investments” and assures clients that it’s “committed to customer service.”
So let’s take a look at the experiences of some customers who say their trust in Monex was misplaced……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Mineweb.co.za: Gold specialists Martin Murenbeeld, David Keating, and Paolo Lostritto give their candid views of the global gold markets and plenty of reasons to be a gold bull. “Gold bullion is in a long-term bull market. And that’s going to go on for a number of years,” Martin Murenbeeld, Chief Economist of Dundee Wealth Inc., predicted.
His remark was included as one of a handful of reasons to be bullish about gold and commodities……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Resourceinvestor.com: Even before the World Gold Council’s benchmark exchange traded gold fund opened for sales it was heaped with several layers of conspiracy mongering. The worst charge is that exchange traded gold really has no bullion underpinning its paper.
Most of the conspiracies were offshoots of the now entirely demolished Gold Anti Trust Action Committee railings about a scheme to artificially suppress the price of gold……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Gulf-daily-news.com: Gold demand is being lifted this year by a recovery in jewellery buying in the key Indian market, and robust growth in Chinese gold consumption, the World Gold Council said.
Releasing its third-quarter Gold Demand Trends report, which showed a 12 per cent year-on-year rise in gold demand in the third quarter, the WGC said jewellery consumption in particular looked set to improve on last year’s level……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Bloomberg: Silver-coin sales will climb as investors seek to protect their wealth from weakening currencies, according to the Perth Mint, producer of about 6 percent of the world’s gold bullion.
“There seems to be more upside with silver than gold right now,” said Ron Currie, sales and marketing director……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Mineweb.co.za: The first-ever nationwide estimate of rare earth elements by the U.S. Geological Survey determined 13 million metric tons of REE exist within known deposits in the United States.
USGS Director Marcia McNutt said, “Although many of these deposits have yet to be proven, at recent domestic consumption rates of about 10,000 metric tons annually, the U.S. deposits have the potential to meet our needs for years to come.”………………………………………Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Hardassetsinvestor.com: Perhaps more than any other commodity these days, industrial metals are a story about emerging markets—and that, of course, is dominated by one country above all others: China.
China’s seemingly insatiable thirst for new cars, appliances and other goods has and will continue to drive base metal demand for the foreseeable future, says metals expert Nicholas Snowdon. Investors just have to know how to take advantage of that demand……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Petroleumworld.com: Three summers ago, the world’s supertankers were racing across the oceans as fast as they could to deliver oil to markets growing increasingly thirsty for energy. Americans were grumbling about paying as much as $4 a gallon for gasoline, as the price of crude oil leapt to $147 a barrel.
Natural gas prices were vaulting too, sending home electricity bills soaring……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From WSJ: Corporate end-users of derivatives may face higher transaction costs for large hedges under new regulatory proposals that will require post-trade reporting of swaps.
End-users are companies entering hedges to mitigate commercial risks rather than to speculate on market prices. Examples include airlines that are hedging the costs of jet fuel or exporters hedging against lower revenue from overseas sales because of currency fluctuations……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Guardian: As a result of chronically deficient demand in the aftermath of the 2008-09 financial and economic crises, global imbalances are on the rise again, as is the risk of protectionism. The US thinks China is undervaluing its currency to support its industry. The situation could lead to an “international currency war”. What does this herald for African countries?
If history is any guide, we might look into previous currency conflicts to gauge the future. In the 1930s, currency wars led to competitive devaluations, protectionism, high inflation, economic collapse, the rise of Hitler in Germany, and eventually the second world war……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Dow Jones: China will continue to allow more currencies to trade in the domestic interbank foreign-exchange market, following the trading debut of the Russian ruble in China, the China Foreign Exchange Trade System said Monday.
CFETS, the central bank division that oversees the foreign-exchange market, said yuan/ruble trading will help reduce foreign-exchange risks and costs for Russia and China, foster bilateral trade and facilitate the use of the yuan to settle cross-border trade……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Businessspectator.com.au: China should widen the yuan’s trading band and quicken the pace of currency reform to help tame imported inflation, an academic adviser to the central bank said in remarks published on Monday.
Li Daokui, who sits on the monetary policy committee of the People’s Bank of China, said inflationary pressure is being primarily driven by rising labour costs and dearer global commodities……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From AFP: The head of the World Trade Organization warned countries against keeping their currencies undervalued to generate jobs, saying such policies could trigger protectionism.
Pascal Lamy, WTO director general, said the fight over currency values — in a clear reference to the United States and China — has emerged as a barrier to global financial stability……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Marketoracle.co.uk: The latest report issued by the UNO indicates that food prices are yet again set to reach record levels due to the fact that it is more economical for farmers to produce commodities which have better paybacks than to produce financially less attractive foodstuffs which feed people.
Once again, the focus on the bottom line is sending millions into food insecurity in a world where there are one billion people undernourished……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Abc.net.au: The Federal Government is inviting foresters and farmers to help design a voluntary carbon trading scheme. Called the Carbon Farming Initiative, landholders will be able to generate carbon credits by tree planting, capturing emissions from landfill and in soil, and managing livestock manure.
Climate Change Minister Greg Combet the scheme will provide farmers with money-making opportunities……………………………………….Full Article: Source

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