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Commodities Briefing 18.Feb 2011

Posted on 18 February 2011 by VRS |  Email |Print

From Reuters: The Group of 20 economic powers will set up new working groups to examine volatility in commodity and energy prices, a senior official from one of the countries involved said ahead of a meeting in Paris.
“The North African crisis has shown how speculative pressures on commodities prices and grain and farm prices can have an impact that goes beyond financial markets and can have very much more serious and dangerous consequences,” the official said, speaking on condition of anonymity……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From MSN Money: Step back into time to an era when great forges devoured coal and iron to make the world’s best steel to meet the demand of industrial growth. The companies with an abundance of these commodities coined fortunes, expanding and raising prices far faster than costs increased and producing record profits for shareholders despite worries, woes and hand wringing from critics that it all must end and end badly.
Think back in time to the quarter that Cliffs Natural Resources (CLF) announced last night……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Reuters: France’s BNP Paribas increased commodity trading risk exposure in the fourth quarter of 2010 by 33 percent, after having scaled back in earlier quarters, the bank said on Thursday.
Value at Risk (VaR) is an industry gauge of how much money a bank can lose on any given day by its trades in a particular asset class……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Seekingalpha.com: The Fed has not been shy about taking credit for the recent equity price increases. They claim that this so-called “wealth effect” will spill over into the real economy and create a “virtuous cycle” where nominal wealth creation leads to real wealth creation (they have that part backwards – real wealth creation leads to nominal wealth creation, but who needs facts anymore?).
But the Fed has also been quick to claim no part in the recent commodity price spike (also no mention of the continuing house price declines, but again, who needs all the facts when you can better prove your point by leaving most of the facts out of the equation?)……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Mineweb.co.za: China’s increasing demand for imported coal might pit it against India, whose coal imports have surged exponentially. In December, India boosted coal purchases from South Africa alone by about 54% from a year earlier.
While India imported 36.1 million tonnes of coking coal in 2010, a 33% year-on-year jump, China’s coal imports rose 31% in 2010, to 165 million metric tonnes, according to available data……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Todayonline.com: Gold prices are expected to get a further boost this year after hitting a 10-year high last year, the World Gold Council (WGC) said.
Prices surged to a record US$1,421 an ounce in November last year on strong demand from jewellery makers and electronic-component manufacturers……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Kitco News: Global gold supply rose 2% in 2010 to 4,108 metric tons, the World Gold Council reported Thursday. The WGC said total supply is likely to rise further as increased exploration-and-project spending from the last decade “starts to bear fruit.”
Nevertheless, total supply growth should be “modest at best” due to the lack of official-sector sales and stabilization of gold-recycling flows, the WGC said. Furthermore, the data confirm constraints on supply since mining companies cannot quickly ramp up output to take advantage of a 26% rise in the average price last year, said Eily Ong, of investment research with the WGC. There is a lack of new large deposits and declining ore grades at some mines……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Mineweb.co.za: Gold as a worldwide percentage of foreign exchange reserves stands at 13%, a figure that is unchanged from the year 2000 as the quintupling in the price has kept pace with the rapid expansion of foreign exchange reserves from $2 trillion to $10 trillion.
Demand for jewellery in 2010 rose by 17% in 2010 over 2009, and hit a record of US$81 billion. Total gold demand was at a ten-year high of 3,812 tonnes. Investment demand (excluding OTC activity) was down just 2% from the exceptional levels of 2009, and rose by 23% in US dollar terms. Physical bar demand was particularly strong……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Hardassetsinvestor.com: For some investors, the headline question is a forgone conclusion. For others, gold’s price destination isn’t so certain. Answering the question in great part depends upon one’s time horizon.
Traders tend to have short—or shorter—investment horizons. That’s not to say that they may not hold gold core positions for the long term. Many do, while they trade in and out of gold to capture intermediate- or short-term price trends……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Kitco News: World gold demand grew 9% during 2010 to 3,812.2 metric tons, its highest level in 10 years, said the World Gold Council Thursday in its quarterly demand-trends report.
“This performance was mainly attributable to higher jewelry demand, strong momentum in key Asian markets and a paradigm shift in the official sector, where central banks became net purchasers,” said the report……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Guardian.co.uk: The billions being invested in renewable energy, nuclear and ‘clean’ coal will pay off financially if oil is over $100 a barrel in 2020, says the energy and climate change secretary. The UK’s ambitious low-carbon energy plans will mean energy consumers paying lower bills in 2020 if oil is over $100 per barrel, compared to a fossil-fuelled future.
That price is the break-even point, said the energy and climate change secretary, Chris Huhne, today……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Commodityonline.com: Demand for exchange traded funds (ETFs) in precious metals other than gold is growing in India, as bullion experts say that the country requires more funds in commodities like silver and platinum.
India is the largest importer and consumer of gold in the world. And Indian households own the largest chunk of physical gold in the world, in the form of gold jewellery coins, bars etc. But Gold ETFs got introduced in India only four years back……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Reuters: China’s central bank governor Zhou Xiaochuan said on Thursday that Beijing will decide the pace of the appreciation of the yuan on its own and would not take into account pressure from other countries.
Ahead of a meeting of G20 finance ministers and central bankers in Paris this week, India and Brazil have joined the United States in voicing concern about the slow speed of the yuan’s appreciation, saying it was hurting their exports……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Reuters: World Bank chief Robert Zoellick urged big economies on Friday to modernise the global monetary system to be able to handle multiple major currencies.
In a guest column for the Financial Times, Zoellick said China’s yuan should be given a bigger role within a restructured system, echoing remarks made last week by the head of the International Monetary Fund, Dominique Strauss-Kahn……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Euractiv.com: As central bankers grow increasingly concerned about the volatility of the US dollar, the European Union looks ready to back a plan that could help buffer countries against swings in US exchange rates.
At a meeting today (17 February) in Paris, finance ministers preparing for the G20 reunion later this year will consider adding the Chinese yuan to a basket of reserve currencies to rival the dominance of the dollar, according to an internal paper seen by EurActiv……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Bloomberg: Global sugar output may beat demand for the first time in four years if “normal weather” returns to the biggest growing nations, according to Kingsman SA.
There may be a “small surplus” in the year from April 1 as farmers in Brazil and India, the top producers, boost crop area, Jonathan Kingsman, managing director of the Switzerland- based broker and researcher, said……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Accra-mail.com: Cocoa yielded more returns for the country than gold as the commodity accrued a return of $16 for every $1 spent from 1990 to 2009. Findings by policy and economic think tank, the Institute of Economic Affairs (IEA) revealed that cocoa was the largest foreign exchange earner, compared to gold which yielded a return of $2 for every $1 spent.
The IEA urged policy makers to provide support to cocoa farmers. According to the research conducted between 1994 and 2006, a yearly average of 73 percent of all Foreign Direct Investment (FDI) went to minerals, but the mining sector was so capital intensive that its impact on the economy was negligible……………………………………….Full Article: Source

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