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Commodities Briefing 07.Feb 2011

Posted on 07 February 2011 by VRS |  Email |Print

From Asiaone.com: In tandem with fuel prices, salaries, the stock market, exchange rates and interest rates, experts are predicting that the post-Chinese New Year holiday price hike in commodities will be one of the greatest, surpassing that of past years.
Before the public has a chance to reap the benefits of the soaring stock market or enjoy pay raises, experts say they will first experience the pressure from the very tangible surge in the price of commodities……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

Ben BernankeFrom Thepeninsulaqatar.com: The winning streak of global stock markets continues with especially companies in energy and materials outperforming on the back of strong rallies in cyclical commodities.
The strength of the global economic recovery is driving commodities like base metals and energy higher and these two sectors have been the best performers during the past week, according to the DJ-UBS indices……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Donga.com: The food price index for January as announced by the U.N. Food and Agriculture Organization was 230.7, the highest since the international agency started tallying the statistic in 1990. Measuring global wholesale prices of major foodstuffs every month including meat, sugar and dairy products, the index has risen for seven consecutive months.
Food prices soared as supply failed to meet soaring demand amid abnormal weather conditions worldwide and the global economic rebound. The price spike was further spurred by political upheavals in Tunisia and Egypt……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From AFP: From McDonald’s burgers in the United States to sugar in Bolivia and chilis in Indonesia, food prices across the globe are soaring. But consumers and governments should brace themselves for even higher prices, experts warn, as demand in populous emerging economies will put pressure on supplies for years to come.
A “perfect storm” of bad weather, rapid growth in emerging economies — with people eating more higher-value, resource-intense food — and low interest rates has sent prices for a broad range of farm and non-farm commodities climbing often at double-digit rates: from wheat to corn, cotton to rubber, and oil to boot……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Dailymarkets.com: Commodities are a very volatile asset class and unlike stocks, high prices will reduce demand while low prices will reduce production and supply. While buying breakouts and momentum in stocks often works well with the right risk controls, buying weakness rather than strength is more advisable in Commodities.
The continuous commodity index (CCI) recently hit an all-time high and has continued to make new highs. The energy and agriculture sectors have been red-hot……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Tehrantimes.com: There is no need for OPEC members to hold an emergency meeting, even if prices rise as high as $120 a barrel, Iranian Oil Minister Massoud Mirkazemi said. The Mehr News Agency quoted the OPEC president as saying, “I don’t see a need any time soon for an emergency meeting.”
“So far, no request for an emergency meeting has been made by any of the member states,” he added……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Bikyamasr.com: Global oil prices could rise above $110 a barrel if the current political unrest in Egypt continues, said a member of Kuwait’s Supreme Petroleum Council on Sunday.
Nearly two weeks of unrest in Egypt have already led to a rise in oil prices, with Brent crude LCOc1 reaching $100 per barrel for the first time since 2008. Fears that instability could spread through the Middle East have greatly contributed to the increase in prices……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Bloomberg: After the worst January for precious metals in two decades, investors still have a $102 billion bet on higher prices, hoarding more gold than all but four central banks and more silver than the U.S. can mine in almost 12 years.
The five analysts ranked by Bloomberg as the most accurate over two years expect silver to rise as much as 24 percent before the end of 2011 and gold 20 percent, the median of their estimates show……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From WSJ: China is building strategic reserves in rare-earth metals, an effort that could give Beijing increased power to influence global prices and supplies in a sector it already dominates.
Details of the stockpiling plans haven’t been made public. But the outlines of the effort have emerged in recent statements from Chinese government agencies, state-controlled companies and reports in government-run media……………………………………….Full Article: Source

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From Resourceinvestor.com: Metallurgical coal, also known simply as met coal or coking coal, has quickly emerged as one of the handful of commodities that are both in short supply and in critical need by certain industries — in this case the integrated steel sector.
Integrated steelmakers need coking coal to help reduce iron ore. Roughly half of all U.S. steelmakers are so-called mini-mill producers who melt ferrous scrap as their primary raw material and don’t require specialty coal……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Commodities-now.com: Global manufacturing activity is booming again, supply disruptions are proliferating and metal is flying out the door of LME warehouses. That’s why prices are on a surge, right? Well, most of that statement is true.
JP Morgan’s Global Manufacturing PMI did expand at its fastest pace in nine months in January with even the “old industrialised” world playing catch-up on emerging countries such as China and India……………………………………….Full Article: Source

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From Sundayobserver.lk: Copper has hit a fresh record high just below $10,000 a tonne on hopes of increased demand amid supply shortages, which could be made worse by giant Cyclone Yasi in Australia.
Metals have been strong across the board this week, with tin hitting a record and nickel at its highest since May 2008. The weak dollar has led investors trading in other currencies to seek commodity investments……………………………………….Full Article: Source

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From Commodityonline.com: Economic optimism, equity market gains may have weakened the demand for gold offlate, but is the right time for investors to buy gold? There could be several reasons to be optimistic about gold prices this year including the fact that China’s Central Bank may raise its gold reserves.
According to Greg McCoach of Wealth Daily, “gold prices may continue to see downward pressure but as economic problems continue to drive investors into safe-haven hard assets, the price of gold will be headed higher later this year.”………………………………………Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Thehindubusinessline.com: Comex gold futures ended lower on Friday as the dollar rose and safe-haven buying ebbed after an apparently unfounded television report sparked intense speculation that Egypt’s President, Mr Hosni Mubarak, could be stepping down soon, which would end unrest.
The dollar gained against the euro after a the Labor Department report showed the US jobless rate in January unexpectedly fell to 9 per cent, the lowest in 21 months. Earlier, gold reached a two-week high of $1,361 an ounce as the mounting conflict in West Asia boosted demand for a haven……………………………………….Full Article: Source

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From Forbes.com: It had to happen sooner or later. Gold prices have stalled the past four months,, going sideways from $1375 to $1425 to $1350. No reason to panic. Trees don’t grow to the skies.
– Some ecstatic investors took their profits from the 2010 run-up that began at $1060 and ran up a sweet return of 27%. Then again, the early birds who anticipated gold as “the ultimate bubble” as George Soros called it, could very well have built positions at $850 an ounce in 2008, when Soros did……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Mineweb.co.za: In the past few days we have seen the gold price hit $1,324 and yesterday spring to $1,355, leaving it in a neutral zone technically speaking. More than 10% of the gold ETF, SPDR in the States has been sold as well as around 10% of the ishares Silver Trust.
Investors need to know, “is this the time they should be selling their gold and silver investments?”………………………………………Full Article: Source

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From Commodityonline.com: Investors should be prepared for the next gold wave towards the $1500 level, according to Thomas Rosen, PMBG Market Analyst amidst speculators and analysts taking a bearish view on gold in the past two months.
“We have been dead right,” says PMBG Market Analyst Thomas Rosen. “As gold prices tried to push up a third time out of its congestion area and failed, creating a triple top, with the third top slightly lower than the other two, the gold market presented a nice opportunity to make some short-term profits on the sell side for once, and we over-hedged accordingly!”………………………………………Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From AP: Chinese state news service says the country’s gold production hit a new record last year with more than 340 tons. That’s up more than 8 percent from the year before. China is the world’s top gold producer after overtaking South Africa in 2007.
The state-run Xinhua News Agency on Sunday cited the China Gold Association as saying last year’s output was 340.88 tons, an increase of more than 26 tons from the year before……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Seekingalpha.com: The markets and ETFs moved in unison during the financial crash and when the markets began to recover, but if you’re looking to diversify, you may be relieved to know that asset correlations are – at last – beginning to drop.
ConvergEx Group’s Chief Market Strategist Nicholas Colas points out that the correlation between ETFs in the various financial market asset classes has diminished, which could indicate a positive sign that the financial markets are recovering………………………………………Full Article: Source

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From WSJ: Funds holding gold bullion are popular. But there are challenges to investing directly in other metals and commodities. The investing hordes are going in for hoarding, a concept that has appealed to military strategists, legendary value investor Benjamin Graham and squirrels.
But as fund companies create more products that stockpile raw materials, emerging challenges suggest the idea may come up short as an investment strategy……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From WSJ: Many mutual funds hold a type of financial instrument that most individuals have never heard of—and that in extreme conditions could saddle them with losses due to a risk they didn’t know they were taking.
The instruments in question are known broadly as swaps. They are private agreements between the fund and another financial institution—often a big bank or insurance company—in which the institutions typically promise each other payments linked to the performance of a stock, bond or even an index……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Sify.com: The European Commission’s decision to exclude two key ozone-depleting gases from the purview of carbon trading from 2013 would have negative implications for global warming. The two industrial emissions marked for this purpose are Hydrofluorocarbon-23 (HFC-23), essentially trifluoromethane, and nitrous oxide.
These are highly potent greenhouse gases (GHGs) that together account for the bulk of the trade under the EU’s emission trading system, which is, by far, the world’s largest certified emission reduction (CER) trading market under clean development mechanism (CDM) of the Kyoto Protocol……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Ibtimes.com: The UK will re-open its carbon trading registry tomorrow after getting the go-ahead from the European Commission that its system is secure enough against fraudsters that forced the world’s biggest emissions trading system to close down three weeks ago.
In a written statement this morning, Energy and Climate Change Minister Greg Barker said the Government had received confirmation from the European Commission (EC) that the UK registry could re-open……………………………………….Full Article: Source

Posted on 07 February 2011 by VRS |  Email |Print

From Investmentnews.com: As politicians, executives and financiers networked at parties and panels recently in Davos, Switzerland, Barrie Wilkinson was in a nearby hotel, warning that a financial catastrophe may be looming in 2015.
“The fundamentals haven’t been addressed at all,” said Wilkinson, a partner at international consulting firm Oliver Wyman. “The things that caused the previous crisis — loose monetary policy and trade imbalances — are actually bigger now than they were then.”………………………………………Full Article: Source

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