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Commodities Briefing 03.Feb 2011

Posted on 03 February 2011 by VRS |  Email |Print

Ric DeverellFrom Nnemsn.com.au: Prices of agricultural commodities have jumped to new highs, with sugar hitting a 30-year peak, as global weather conditions continued to adversely affect production prospects.
Food commodities traders and agriculture officials increasingly believe that the worst effects of the current spike in agriculture inflation are still to be felt, both in terms of further price rises and the potential for civil unrest……………………………………….Full Article: Source

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John AntonFrom WSJ: Companies contending with rising commodity prices are stockpiling rubber tires, cotton clothing and other goods, a maneuver that is aimed at insulating them from inflation but also could contribute to it.
Spice-maker McCormick & Co. stocked up on some ingredients and Monro Muffler Brake Inc. bought extra tires and motor oil, assuming prices of those goods will keep rising. Anton Sport, a small athletic-wear wholesaler in Tempe, Ariz., amped up its fabric purchases to avoid higher prices……………………………………….Full Article: Source

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From Thecitizen.co.tz: Economic recovery will make food, metals and other raw materials more expensive in 2011, the head of the World Trade Organisation (WTO) said this week. Addressing a United Nations conference, WTO director-general Pascal Lamy said the prices of crude oil, copper, gold, corn and soybeans would rise most this year, with less pronounced increases in natural gas, zinc and cattle.
“2011 will see the prices of most commodities rise, as the rise in global GDP bolsters demand, led by emerging economies,” he said, estimating worldwide economic output would increase four per cent in 2011……………………………………….Full Article: Source

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From Theglobeandmail.com: Are commodity prices now in the danger zone? Economists at Capital Economics believe so, and they predict a hefty fall over the next two years, though the think the price of gold could scale new heights.
“We expect most commodity prices to drop back sharply over the next couple of years,” the forecasters said in a lengthy global outlook……………………………………….Full Article: Source

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From Bloomberg: Commodity traders in the European Union may face restrictions including position limits under proposals from the European Commission aimed at curbing excessive price volatility.
Curbing the proportion of a commodity derivatives market that a single trader can control may help rein in “excessive speculation,” the commission said in an e-mailed statement. Price fluctuations hurt farmers, food-makers and consumers, including in the poorest countries, the commission said……………………………………….Full Article: Source

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From WSJ: Debate over the role of speculation in pushing up commodity prices took a new political turn after the European Union’s executive arm cut a controversial paragraph from a long-awaited report on improving transparency in markets.
The report, released Wednesday, had already been delayed by a week after French President Nicolas Sarkozy lambasted an earlier version, which said it had found no evidence of “a correlation between the substantial increase in index fund positions and commodity futures prices.”………………………………………Full Article: Source

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From Reuters: The European Union’s executive announced plans on Wednesday to tackle speculation in commodities with new controls on trading to stop runaway prices for grain and energy.
Spiralling food prices, which helped spark deadly riots that brought down the ruling regime in Tunisia, have prompted middle eastern neighbours to stockpile grain……………………………………….Full Article: Source

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From Theglobeandmail.com: It would be wrong to argue that the protests in Egypt have been economically based. It would be equally wrong to argue that they’ve solely been political in nature either. Commodity inflation has been an incendiary component to the outrage pouring out into the streets in Egypt as well as the cause for the Jordanian king to replace his government.
New index funds, ETFs and ETNs, as well as managed futures products and discount commodity trading providers, all give access to the fast-moving price motion of food and other commodities……………………………………….Full Article: Source

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From Iii.co.uk: The world’s eyes have fallen upon Egypt as the political unrest captured global interest and sent markets into a spin. Anti-government protestors have taken to the streets to campaign for the end of President Hosni Mubarak’s 30-year rule, forcing Egypt to suspend trading on its stock exchange after the uncertainty send the ECX 30 stock index plunging by nearly 11%.
But while Egypt-based stocks come under pressure, commodities have flourished amid the growing unease……………………………………….Full Article: Source

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From Goldinvestingnews.com: Some investors looked to the political crisis in Egypt as a sign that gold would skyrocket as a result of volatility in the international market brought on by the North African nation. But, within a week of the very public unrest, gold edged down in slow trade as equities gained and worries about the unrest in Egypt ebbed.
Initially, in the last week of January, gold prices suddenly spiked due to concerns that the unstable situation in Egypt may spread to other areas in the Middle East as well as other parts of North Africa……………………………………….Full Article: Source

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From Ibtimes.com: Gold and silver are marginally lower today in all currencies, but recent action suggests we may have seen capitulation and are in the process of bottoming out. Physical demand remains robust and both jewelers and investors are using the sell off as an opportunity to buy on the dip.
Demand for US Silver Eagles exceeded the record of monthly sales in 1986 by nearly 50% with 6,422,000 one ounce silver bullion coins sold……………………………………….Full Article: Source

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From Resourceinvestor.com: Hopes of economic recovery swept stocks higher in New York yesterday and this confidence spread to Asian equity markets. European stocks are tentatively higher as concerns about Egypt and geopolitical risk may be hampering gains.
Oil prices remain near recent record highs (Brent rose above $102 a barrel) and there are hopes that geopolitical tensions will subside, markets will remain calm and there will not be panic buying of oil and a new oil crisis……………………………………….Full Article: Source

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From Mindfulmoney.co.uk: World events are having a huge impact on commodity prices with metals now in the limelight. With oil soaring amid fears for the Middle East, copper prices reached a record $9,985 a tonne, prompted by a huge cyclone hitting the coast of Queensland, Australia.
The state is a major source of world copper production. Tin broke records too, reaching $30,425 a tonne on the back of high demand from manufacturing globally……………………………………….Full Article: Source

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From Sfgate.com: China is the world’s largest producer of rare earth metals, a collection of seventeen chemical elements found together on the periodic table with names like lanthanum, neodymium and samarium. These metals are increasingly important to electronics and technological advancements.
Recently, China has begun to reduce the amount of rare earth metals that it produces, and it has also enforced embargoes, halting the export of rare earth metals to certain countries……………………………………….Full Article: Source

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From Reuters: Oil exporter group OPEC is likely to increase output by “more rather than less” in response to tensions in the Middle East, the chief economist of oil major BP told Reuters Insider Television on Wednesday.
“The longer the uncertainty around the Middle East and political tensions continues … that may actually prompt them to do more rather than less in order to calm markets down,” Christof Ruehl said in an interview……………………………………….Full Article: Source

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From Energytribune.com: What’s with OPEC member’s recent oil reserve revisionism? First Venezuela, then Iraq, followed closely by Iran, and then again by Venezuela, in anticipation of further upgrades from Kuwait and Iraq.
Does Saudi Arabia still hold the world’s biggest reserves? Not according to Venezuela. And is there more oil in Iraq than in Iran? Or will Kuwait soon announce it has more than both?………………………………………Full Article: Source

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From Themoscowtimes.com: Natural-gas exporters will face pressure this year amid a “major debate” with consumers about how contracts are structured, Fatih Birol, the International Energy Agency’s chief economist, said Wednesday.
“This could be a year that we will see a major debate between the gas importers and the gas exporters about how the contracts should be formulated, and perhaps move away from the oil price-based formula,” Birol said at a conference in Moscow. “This will be pressure on gas exporters in 2011.”………………………………………Full Article: Source

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From Reuters: Crude oil prices of $100 will cause little destruction to the world economy despite a boost to inflation, especially in Europe, which could drag on recovery, IEA Chief Economist Fatih Birol told Reuters Insider.
“I don’t see much destruction to the world economy from the current high oil prices,” Birol said in an interview on Wednesday……………………………………….Full Article: Source

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From Bloomberg: Almost all of the world’s demand for energy for electricity, transportation and heating could be met from renewable sources such as wind, solar and geothermal power by 2050, WWF International and Ecofys said.
The share of oil, coal, gas and nuclear power in the global energy mix could be whittled down to 5 percent over the next four decades, the two groups said………………………………………Full Article: Source

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From AFP: The environmental group WWF argued on Thursday that a radical, near total global shift to clean fuels within 40 years could yield savings of four trillion euros ($5.4 trillion) a year as well as tackle climate change.
“The Energy Report” produced by WWF and consultancy Ecofys seeks to make the case for a concerted move away from high carbon fossil fuels such as oil, coal and gas to 95 percent clean energy by 2050 through “massive” investment……………………………………….Full Article: Source

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From Commodityonline.com: Is the investor appetite for gold exchange traded funds (ETFs) waning? Investor holdings in exchange traded funds in (ETFs) gold have fallen in January 2011 thanks to the drop in the prices of gold. Despite the dip, bright future in Gold ETFs awaits investors in 2011.
Holdings in SPDR Gold Shares, the world’s largest gold-backed ETF, dropped by around 53.6 metric tons in January, according to the information available from the fund’s web site……………………………………….Full Article: Source

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From Ghanabusinessnews.com: The Ministry of Trade and Industry will soon establish a commodity exchange and develop a regulated warehouse receipt system to ensure price stability and provide sustainable and affordable finance, especially to farmers who could further use their commodities as collateral.
Speaking to a cross-section of the media on Wednesday, Ms Hanna Tetteh, Minister of Trade and Industry, said the regulatory framework and strategies necessary for the commodity exchange would be ready by the end of the year……………………………………….Full Article: Source

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From Mydigitalfc.com: An ever-increasing appetite for gold bullion, precious metals and energy commodities has seen a healthy investment growth in most commodity exchanges. Forward Markets Commission (FMC) has projected a 30 per cent growth in net turnover of all six exchanges put together in current financial year.
“The market’s annual tu­rnover is likely at Rs 110-Rs 112 lakh crore in 2010-11 compared with the previous fiscal’s Rs 77.76 lakh crore,” said BC Khatua, FMC chairman while addressing an industry meet with participation from commodity exchanges……………………………………….Full Article: Source

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From Indiatimes.com: The New Zealand and Australian dollars held hefty gains on Wednesday courtesy of surging commodities and robust global economic data, with the market paying little attention so far to a massive cyclone heading for Queensland.
In late trade the Australian dollar was enjoying the view at $1.0122, after climbing 1.5 percent on Tuesday to as far as $1.0149, the highest since Jan 4……………………………………….Full Article: Source

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From Bloomberg: The Czech Republic said it traced a batch of stolen carbon permits and urged the European Union to help stop contamination of the market when it lifts a halt imposed two weeks ago.
OTE AS, operator of the registry that tracks ownership of Czech allowances, said 20 million euros ($28 million) of permits were found in Estonia, Germany and the U.K……………………………………….Full Article: Source

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From Commodities-now.com: Barclays Capital has urged the EU to limit CO2 trade to compliance buyers and regulated firms. In a paper called “€5 billion and counting”, the UK bank said Wednesday that confidence in the world’s biggest carbon market has slid to new lows as faith in the regulatory framework “evaporates”.
The bank warned that unless major changes are made, the EU emissions trading scheme (ETS) could suffer “irreversible damage”……………………………………….Full Article: Source

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From Bloomberg: Sugar futures surged to a 30-year high on mounting concern that global supplies will trail demand following crop damage in Australia and India. Soaring agricultures prices drove a measure of raw materials to the higher ever.
Plantations in Australia, the third-largest exporter, probably suffered significant damage from Tropical Cyclone Yasi, a grower group said. Output from India, the second-biggest producer, may be less than predicted after heavy rains, a producer organization said……………………………………….Full Article: Source

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