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Commodities Briefing 02.Dec 2010

Posted on 02 December 2010 by VRS |  Email |Print

From CNNMoney.com: November was a wild month for commodities, with the market tracking stocks higher in the first week and then scaling way back as the month continued. Now it seems the correction may be over.
Both commodities and stocks got a double-whammy boost in the first week of the month, following the Republicans’ success in the congressional election and the Federal Reserve’s announcement of a second round of asset purchases……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Bloomberg: Commodities jumped to a two-week high as U.S. private-sector job growth and expanding Chinese and European manufacturing bolstered optimism in the global economy.
The Reuters/Jefferies CRB Index of 19 raw materials jumped 2.5 percent to settle at 308.91 at 5:34 p.m. New York time, the highest level since Nov. 12. Grains and industrial prices led the rally. Wheat soared as much as 7.9 percent, and cotton rose more than 3 percent. Copper gained the most in almost four weeks and crude oil added 3.1 percent……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Abc News: Soaring wheat prices led most commodities higher Wednesday. The drivers were upbeat global economic news and expectations that help may be on the way for Europe’s financial problems.
Wheat jumped 7.2 percent on the first day of December. Gasoline rose 5 percent. Oil, corn and many industrial metals also posted hefty gains. Traders grew more optimistic after reports showed manufacturing activity increased in the United States and China……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Radionz.co.nz: ANZ economist Steve Edwards believes record high commodity prices may be unsustainable. The latest ANZ Commodity Price Index rose 4.5% in November to an all time high. Pelts were up by a third and logs and lamb both climbed 6%.
Edwards says prices are being driven by strong demand from Europe and Asia.But he warns they are extremely high and it’s likely they’ll fall again to the levels of years ago……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Business-standard.com: In a week marked by disrupted correlations and extreme volatility, precious metals were caught up in near indiscriminate selling across the commodity spectrum rather than suffering from any commodity-specific bearishness.
In November, commodities and other asset classes had been hit by the resurgence of risk aversion amidst concerns over European sovereign debt and rising interest rates in China. Nevertheless, prices in most sectors are holding up strongly with the bulk of October’s gains still intact……………………………………….Full Article: Source

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From WSJ: Given the euro zone’s endless debt mess and the U.S. labor market’s enduring torpor, who could possibly blame investors for sticking with this year’s golden alternative plays instead: emerging markets and the commodities they hoover up?
Well, contain your shock but Societe Generale’s perennially bearish strategy duo of Albert Edwards and Dylan Grice could……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Marketwatch.com: The past four years have seen a significant deleveraging cycle prompted by an over-extension of credit, a disconnect between originators and owners of commercial and consumer credit, and a broad failure of risk measures to gauge the impact of a real estate downturn.
Debt-to-income ratios of consumers rose sharply, creating the unsustainable environment where the rate of appreciation would have to increase to keep loans from defaulting. This did not happen……………………………………….Full Article: Source

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From WSJ: UBS AG relaunched its global commodities business, putting agriculture at the forefront of its push into an asset class from which the Swiss bank has long been largely absent.
UBS reduced its exposure to commodities markets after the price spike of 2008, keeping only a small presence in the sector apart from its strong gold investments and indices business……………………………………….Full Article: Source

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From Todayonline.com: Gold prices rose yesterday on news that the International Monetary Fund (IMF) had slowed the rate of selling its gold by 40 per cent in October and lingering concerns that Europe’s debt problems may spread beyond Ireland.
The IMF sold 628,000 ounces of gold in October as part of its previously announced open-market bullion sales plan, a spokesman for the fund said on Monday. October’s sales were sharply below the 1.04 million ounces sold in September……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Commodityonline.com: Marc Faber, publisher of the famed Gloom Boom Doom Report says despite the boom in gold prices, there is a likelihood that the yellow metal may fall to $1200 levels. But Faber insists that the gold bull market is solid and continues to be intact.
Faber, whose monthly outlook on commodities, equity markets, currencies, bonds and the emerging markets, is always respected by traders and the global business community says gold and silver are the hottest among commodities and people will continue to invest in them……………………………………….Full Article: Source

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From Mineweb.com: With the IMF gold sales program expected to end this month or next and Central Banks becoming buyers rather than sellers, the balances in the gold market are changing.
At the end of October the International Monetary Fund (IMF) only had 32.7 tonnes of gold left to be sold. In September it sold 32 tonnes of gold and in October 19.5 tonnes, in the open market……………………………………….Full Article: Source

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From Mineweb.com: At current rate of demand growth China will surpass India as the world’s biggest gold consumer within the next 2-3 years with the two nations taking some 40% of world production.
‘Til now India used to be the numero uno as far as gold demand is concerned. However, the pattern is now changing. Now, the global bullion markers are watching China also keenly as the dragon nation’s appetite for gold has seen a sea change during the past few years……………………………………….Full Article: Source

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From Bloomberg: China’s gold imports jumped almost fivefold in the first 10 months from the entire amount shipped in last year as concern about higher inflation increased the appeal of the metal as a store of value, said the Shanghai Gold Exchange.
Imports gained to 209 metric tons compared with 45 tons for all of 2009, Shen Xiangrong, chairman of the bourse, told a conference in Shanghai……………………………………….Full Article: Source

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From Favstocks.com: With the recent turn of events in the global economy since late 2008, a number of investors who have relied on stock trading to make their fortunes have now turned to the precious metals market as a hedge against inflation and to help secure their financial portfolios.
Investors have long been aware of the fact that gold and silver can be excellent investment vehicles, especially when stock trading markets become as unstable and volatile as they have in the past couple of years……………………………………….Full Article: Source

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From Commodityonline.com: Owning gold as jewellery and trading the yellow metal in futures market is an investing passion for hundreds of thousands of Indians these days. And Indian investors are these days turning their investment appetite to a new area: Gold Exchange Traded Funds (ETFs).
ETFs are relatively new in India. And gold is the only commodity that has an exchange traded fund in the country. Gold ETFs are booming these days thanks to the surge in the yellow metal prices brought about by the commodities super cycle boom that is on worldwide……………………………………….Full Article: Source

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From Marketoracle.co.uk: During the recent de facto ban on the export of rare earth shipments to Japan by China, what almost went unnoticed is the fact that the ban was only on raw materials and not on finished goods that utilized rare earths sourced from China.
This is viewed as a move by China to force foreign buyers to purchase China’s manufactured goods in addition to the raw materials. Economist Paul Krugman, while not sympathetic to the Chinese cause, blames the US and other advanced economies for getting themselves into such a position of dependence……………………………………….Full Article: Source

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From Mineweb.co.za: A sharp rebound in metals markets will feed a healthy pipeline of new flotations and spin-offs next year while banks are lending more for mine projects, a conference heard on Tuesday.
“We’re very busy looking at IPOs at the moment,” said Lee Downham, a partner in the mining division of accountancy group Ernst & Young……………………………………….Full Article: Source

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From Theglobeandmail.com: Rising commodity prices present the impression that “we are back in the heyday of the mining boom,” says Glenn Ives, head of North American mining at global consultant Deloitte. Today’s demand is being driven by international forces such as China’s voracious appetite for commodities.
It’s also being challenged by increased government intervention and labour shortages. In a new report, Deloitte outlines the top 10 challenges facing miners in the year ahead……………………………………….Full Article: Source

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From Reuters: A natural gas oversupply will extend into the coming 10 years but prices will rise, supported by growing demand from China and the Middle East and retirement of coal generating facilities worldwide, the International Energy Agency’s chief economist Fatih Birol said on Wednesday.
Natural gas prices will rise to $7 per million British thermal units (MMBTU) by 2015, Birol said in a conference call organized by Credit Suisse on the agency’s World Energy Outlook……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Bloomberg: OPEC is unlikely to change its production quotas at a meeting next week in Quito, Ecuador, Libya’s top oil official, Shokri Ghanem, said.
Oil ministers from the Organization of Petroleum Exporting Countries will seek tighter compliance with the existing output guidelines, Ghanem said in Doha……………………………………….Full Article: Source

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From Gulfnews.com: The long shadow of the Gulf unified currency, and its broken policy framework, is worrying analysts and highlights how fractious feelings can get in the forthcoming GCC Summit in Abu Dhabi.
GCC policy makers have become more sceptical and are raising questions about having a GCC single currency when the political will of a project of such magnitude seems to be lacking……………………………………….Full Article: Source

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From Reuters: The U.S. Commodity Futures Trading Commission on Wednesday unveiled details about its new proposal outlining the definitions of swap dealers and major swap participants.
Here are the details of what was proposed……………………………………….Full Article: Source

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