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Commodities Briefing 08.Dec 2010

Posted on 08 December 2010 by VRS |  Email |Print

From Reuters: Investor guru Jim Rogers says life on the farm will bring far more riches in coming years than the trenches of Wall Street. Rogers, a commodities evangelist for more than a decade, has tweaked his pitch, saying the producers of the world — whether individuals, companies or countries — will become the new growth sector.
In short, Rogers told the Reuters 2011 Investment Outlook Summit in New York, being productive, saving the fruits of your labor, and owning hard assets hold the keys to a bright future……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Ninemsn.com.au: For the first time in two years, oil bulls are starting to outnumber bears. The bulls’ push comes as the oil market is experiencing a “demand shock”, with consumption growth this year accelerating to almost its highest rate in 30 years.
This unexpected boom in demand has lifted benchmark oil prices sharply higher, to a 26-month high of more than $90 a barrel on Tuesday. Some traders believe the market could jump to $100 within weeks……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Bloomberg: Oil’s rally to a more-than-two-year high is unlikely to coax OPEC into raising production quotas at this week’s meeting in Ecuador, as member nations consider the global recovery strong enough to withstand price gains.
The Organization of Petroleum Exporting Countries, which accounts for 40 percent of global supply, will maintain the limits set in 2008 when representatives gather in Quito on Dec. 11, according to all but one of 39 analysts and traders in a Bloomberg News survey……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From WSJ: Oil is scraping $90 a barrel. Iran’s rattling nerves. Monetary policy is loosening. Today’s commodities headlines echo those of December 2007. But can we really look forward to a repeat of 2008’s price spike next year?
Wall Street brokers spent last week raising their forecasts as oil rose 6.5%. Goldman Sachs now expects benchmark West Texas Intermediate to average $100 a barrel in 2011. Oil last did this in 2008, year of the super-spike. The average so far this year has been $79……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Reuters: The U.S. Energy Information Administration said on Tuesday total non-OPEC crude oil output will grow by 1 million barrels per day to an average 51.5 million bpd in 2010, the largest year over year increase in total non-OPEC production since 2002.
This is because of higher production in the United States, Brazil, China and Russia, EIA said……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Reuters: The U.S. Energy Information Administration on Tuesday lowered its 2011 world oil demand growth forecast by 10,000 barrels per day from its previous estimate.
The agency now expects a global oil demand increase of 1.43 million bpd in 2011, compared with 2010……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Thefuelcardpeople.co.uk: Analysts have suggested that US commodities watchdog the Energy Information Administration (EIA) could be poised to increase its oil demand forecast for 2011, set to be published later today (December 7th 2010).
Reuters reports that the EIA’s latest report will be released ahead of similar studies from production cartel Opec and the International Energy Agency, with experts warning that soaring consumption in countries such as China could have an impact……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Xinhua: Iran’s representative at the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Ali Khatibi said Tuesday that the era of cheap crude oil supply is already over and the global oil crisis is approaching, the semi- official Mehr news agency reported.
Talking to Mehr, Khatibi said the era of producing and supplying the cheap crude oil is already over and in future the global production of the crude oil will drop, adding the uncertainty crisis over the crude oil supply to the world market is approaching……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Dailymarkets.com: Crude oil production from the Organization of the Petroleum Exporting Countries averaged 29.1 million barrels per day (b/d) in November, a drop of 70,000 b/d from October levels, a just-released Platts survey of OPEC and oil industry officials and analysts showed.
“These numbers are a shocker,” said John Kingston, Platts global director of news. “In the fourth quarter, the world traditionally draws inventories, and the rate of inventory decline is going to be accelerated by this unexpected decline from OPEC. This output decline is not coming as a result of any sign of a decline in demand, so it’s fair to say that Platts’ survey estimates this month is one of the most bullish we’ve reported in a long time.”………………………………………Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Indiatimes.com: A partial recovery in consumption during the festival season is seen pushing up India’s silver imports in 2010 by 20% on year to 1,200 tonnes, potentially supporting world prices, a trade body head said.
“Silver sales have been good this year for festivals. There has been a rise of 25%. Imports may also rise on the back of this to 1,200 tonnes in 2010,” Prithviraj Kothari, president of the Bombay Bullion Association said……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Mineweb.co.za: As silver climbed above $30 an ounce on Monday for the first time since 1980, traders and analysts were cautiously bullish about the metal’s ability to keep outperforming gold and stay at 30-year highs.
Momentum traders and retail investors have been piling into the white metal this year, which has risen with gold as a safe haven amid a eurozone debt crisis and the prospect of further monetary easing by the Federal Reserve and central banks……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Mineweb.co.za: One major reason investors look to gold as an asset class is because it will always maintain an intrinsic value. Gold will not get lost in an accounting scandal or a market collapse.
Economist Stephen Harmston of Bannock Consulting had this to say in a 1998 report for the World Gold Council, “…although the gold price may fluctuate, over the very long run gold has consistently reverted to its historic purchasing power parity against other commodities and intermediate products. Historically, gold has proved to be an effective preserver of wealth……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Mineweb.co.za: The price of gold, which hit a record high on Tuesday above $1,425 an ounce, is expected to remain well supported next year as investors favour the metal as a safe store of value amid instability in the financial markets.
Silver prices are also expected to extend their recent rally to 30-year highs on gold’s coat-tails, though analysts warn the metal is more prone to volatility. Platinum and palladium are also expected to benefit from recovering economic growth……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Hardassetsinvestor.com: Last week, news broke that China’s gold imports for the first 10 months of the year had risen to almost five times 2009’s import levels. China doesn’t usually comment on its imports and gold reserves, so any news is unusual—and numbers like these are downright surprising.
The head of the Shanghai Gold Exchange, Shen Xiangrong, told a conference in Shanghai that China had imported 209.7 metric tons of gold during the first 10 months of the year. To put that in perspective, the World Gold Council estimated total Chinese imports for 2009 at a mere 45 metric tons……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Resourceinvestor.com: Many investors are aware of the price movement in gold and silver of late, but have you looked at palladium? Palladium has exploded right past the entire field of commodities along with the little sister of gold, which is silver.
Both precious metals have logged sizzling 80%+ gains, year to date. Palladium related mining stock North American Palladium Ltd. has done even better than the little brother of platinum, with a year to date gain of 90%……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Theglobeandmail.com: The securities arm of JPMorgan Chase & Co. acquired a large chunk of the world’s copper inventories, underscoring a sharp rise in investor interest in the metal amid fears of a global shortage.
A source close to JPMorgan said the New York bank bought about 50 per cent of copper stockpiles at official London warehouses on behalf of clients……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Iii.co.uk: The base metal increased as much as 2.3% to hit $8,973 a tonne on the London Metals Exchange (LME), smashing through its previous peak of $8,966 on 11 November as investors flocked to the commodities sector as a safe haven against market volatility.
John Meyer, analyst at Fairfax, commented: “Prices are up as favourable messages surrounding stimulus in the US and continued demand in China emerge.”………………………………………Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Benzinga.com: News of the impending debuts of ETFs backed by physical copper sure has gotten a lot of attention. Copper-backed ETFs have become such a big deal that one might think the issuers fighting to enter the space have found a cure for cancer or solved cold fusion.
There was the recent bit about JPMorgan Chase massive $1.5 billion copper trade on the London Mercantile Exchange……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Seekingalpha.com: Commodities have been in the limelight for much of 2010, as prices have surged all across the board. Perhaps the most notable commodity movement is that of gold, which is currently trading near the $1,400/ounce mark, as the yellow metal broke all-time highs while skyrocketing in the latter half of the year.
But aside from gold’s historic run, agricultural commodities have also been in focus as of late, as inclement weather across the world has slaughtered crop yields in many of the globe’s most important wheat producing nations……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Bloomberg: Former Rapaport Group executives are creating a fund that’s looking to transform diamonds from the “talismans of magic” advertised by De Beers into commodity investments like copper and soybeans.
The precedents aren’t good. Diamond Circle Capital Plc, the first publicly listed fund to invest in the stones, has plunged 49 percent since selling shares in 2008, compared with a drop of 14 percent in an index of overall prices for the gems. The first diamond investment trust, set up in the 1980s, also collapsed……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Abcnews: Commodities mostly fell Tuesday as the dollar rebounded and traders lost interest in a deal to extend Bush-era tax cuts.
Trading varied dramatically throughout the day. In the morning, commodities shot up as investors moved into riskier assets……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Thenational.ae: As the euro zone is mired in an existential crisis, there are growing doubts about the merits of a monetary union in other parts of the world, including the Gulf states. In an increasingly interdependent world economy, the onus is on flexible adjustment to shocks like the global credit crunch.
That would seem to scupper plans for a single currency among the members of the Gulf Cooperation Council (GCC), which met in Abu Dhabi over the past two days……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Reuters: Australia and New Zealand Banking Group’s global head of commodities trading Christophe Renaud has resigned, the bank said on Wednesday.
“Christophe has left ANZ. His departure followed the appointment of Eddie Listorti as Global Head of Foreign Exchange and Commodities in September,” a company spokesman said in an email reply to queries from Reuters……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From FT Alphaville: The Telegraph has become the latest observer to kick along speculation that Glencore is gearing up for a mega-float in the City, reporting on Tuesday that the secretive Swiss-based commodities trader is understood to be preparing for a £31bn City listing as early as next April.
Either that or, some pundits believe, the group is positioning itself to propose a merger with Xstrata, in which it holds a one-third stake……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Bloomberg: Global wheat shipments will increase by 2 percent a year to 133 million metric tons by 2015-2016, said Etsuo Kitahara, executive director of the International Grains Council at a conference in Perth.
Corn imports by China will rise to about 5 million tons a year in 2015-2016 from 1.4 million tons estimated for this year, Kitahara said. Global rice trade is predicted to gain by 5 million tons to 36 million tons by 2016, he said……………………………………….Full Article: Source

Posted on 08 December 2010 by VRS |  Email |Print

From Seekingalpha.com: More and more investors are now trying to include commodities in their investment portfolios as there is an developing nation demand increases in Asia and other parts of the world offering a good wealth creation opportunities for the global investor.
In fact agricultural commodities are poised for an exponential rise if a recent report released by the International Food Policy Research Institute (IFPRI) is to be believed which has projected that world grain prices could as much as double by 2050 as population growth and climate change put growing pressure on resources……………………………………….Full Article: Source

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