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Commodities Briefing 23.Feb 2011

Posted on 23 February 2011 by VRS |  Email |Print

From Bloomberg: Commodities jumped to their highest in more than two years, led by gains in energy as violence in Libya stoked speculation oil supplies will be disrupted.
The Standard & Poor’s GSCI Total Return Index of 24 commodities rose as much as 4.6 percent from the Feb. 18 settlement to 5,264.6 points, the highest level since November 2008. The gauge was at 5,127.2 as of 5:41 p.m. in London………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

Muammar GaddafiFrom Reuters: Oil prices rose to their highest in 2-1/2 years on Tuesday as investors worried that violence in Libya could spread to other top producers in the Middle East, while the strength of the dollar dented gold and base metals.
In agricultural commodities, arabica coffee futures hit fresh 13-1/2 year highs, boosted by a shortage of good-quality beans, while cocoa futures scaled new 32-year peaks………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Nikkei.com: Bank of Japan Deputy Gov. Hirohide Yamaguchi said Wednesday that the Japanese economy is returning to a gradual recovery as emerging countries lead the global rebound, but that caution is needed over recent rises in the price of commodities including oil amid mounting geopolitical tensions in the Middle East and North Africa.
“Attention should be paid to how international commodity prices will develop and how those developments will specifically affect economic activity and prices both in advanced and emerging economies,” Yamaguchi said in remarks to business leaders in Aomori, northern Japan………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Barrons.com: Prices of goods ranging from copper to cotton are beginning to break down following strong runs. There are significant cracks in the commodities story, even as oil, gold and silver generally continue to perform well.
In recent weeks, prices for several commodities from soybeans to sugar have stalled. Cotton scored a massive bearish technical reversal last week. And in the stock market, fertilizer and copper stocks have been acting poorly………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From WSJ: Some big packaged food makers are struggling to fully offset higher commodity costs with price increases, several food company executives said at a conference for consumer-products investors Tuesday.
For the big U.S.-based food makers, soaring prices for wheat, meats and other commodities come at a difficult time. Developed countries still comprise the majority of their sales and weak consumer confidence in those markets has made raising prices in line with climbing costs difficult. Several executives sounded notes of caution about the coming months………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Moneymorning.com: Protests in the Middle East drove oil prices to a two-year high yesterday (Tuesday) as anti-government violence spread in Libya, threatening the nation’s oil industry and raising the possibility the contagion could soon affect larger producers in the region.
Oil jumped more than $7 a barrel, breaching $98 for the April contract of West Texas Intermediate (WTI) crude on the New York Mercantile Exchange. Meanwhile, Brent crude climbed as much as 2.7% to $108.57 on the ICE Futures Europe Exchange………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From AFP: The surge in oil prices on Tuesday is a reaction to unrest sweeping the Middle East and not due to world market fundamentals, the energy minister of the United Arab Emirates said.
“The market is reacting to violence in the Middle East… and not to fundamentals,” Mohammad bin Dhaen al-Hamli told reporters on the sidelines of a producer-consumer meeting in the Saudi capital………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Thestreet.com: Oil prices continued to surge on Tuesday with the escalation of violence in Libya. Brent crude and U.S. oil futures hit two-and-a-half year highs. Notably, oil prices were at their highest levels since the fall of 2008.
For investors, the mere mention of the fall of 2008 could create queasiness in the stomach. It was July 2008 when oil hit a record price of $147, and it was shortly thereafter, in the fall of 2008, that the markets truly collapsed………………………………………..Full Article: Source

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From Reuters: OPEC is likely to pump more crude oil if Libyan oil supply is disrupted, to help prices move back below $100 (62.02 pounds) per barrel, the head of the world’s biggest oil trading house Vitol said on Tuesday.
Vitol Chief Executive Ian Taylor told an industry event during London’s annual International Petroleum week that oil prices could rise further in the short term………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Bloomberg: OPEC has assured oil consumers of adequate supply in the event of a disruption caused by the unrest in the Middle East, the executive director of the International Energy Agency said.
Organization of Petroleum Exporting Countries’ Secretary- General Abdalla el-Badri assured that the producer group will meet any possible disruption through its spare capacity, Nobuo Tanaka said………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From WSJ: The International Energy Agency, or IEA, will this week discuss at a governing board meeting whether to tap strategic stockpiles of crude oil against a backdrop of continued political turmoil across the Middle East, the agency’s head said Tuesday.
The IEA’s members are so far undecided on whether and when they will need to tap emergency stocks in light of potential production outages in Libya, said Nobuo Tanaka in an interview………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Cityam.com: Deals between energy and power firms have helped to boost the volume of mergers and acquisitions to $93.7bn (£57.9bn), the highest level since records began. Activity, boosted by several large deals, lifted deal volume by 40 per cent compared to the first few months of last year.
The figure was helped by three of the year’s biggest energy deals so far………………………………………..Full Article: Source

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From Bloomberg: Mergers and acquisitions among energy and commodities companies will likely accelerate as countries seek to secure supplies of key resources amid growing constraints on output, according to Olam International Ltd.
“The world is shifting to supply constraint environments for resources,” Sunny Verghese, the chief executive officer of the Singapore-based supplier of more than 20 commodities, said in an interview……………………………………….Full Article: Source

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From Reuters: Merger and acquisitions activity in the global mining sector is expected to accelerate in 2011, fueled by strong commodity prices and repaired balance sheets, advisory and accountancy firm Ernst & Young said on Wednesday.
Early signs that bank lending may recover this year will give a further boost to the level of deals this year, it said………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Bloomberg: China and India will lead mergers and acquisitions in metals and mining in 2011 after global deals rose 89 percent last year as rivalry for commodities among the fastest growing economies spurs prices, Ernst & Young LLP said.
“The majors out of India and China will lead the deals,” Michael Lynch-Bell, head of mining and metals at Ernst & Young, said in an interview in London………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Mineweb.co.za: A disconnect between the futures market and fundamentals will mean a choppy 2011 but, demand from Asia expected to see copper prices move strongly in 2012. Demand, primarily from Asia is expected to help copper prices establish themselves above $10,000 before moving toward $12,000 over the next 18 to 24 months.
But, over the shorter term the risks are to the downside and trade is likely to be choppy………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Commodityonline.com: Supported by the news that Vales halted production at its Copper Cliff smelter, nickel is the only base metal recording down in inventories at LME.
Turbulence in Arab countries curbed investors’ risk appetite. In addition, market concerned that China’s recent monetary tightening policy may dampen demand for base metals………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Commodity Online: World’s second largest gold consumer China’s investment demand for the commodity jumped 70% year on year in 2010 due to the domestic inflationary pressure and limited investment alternatives.
According to WGC China, in the fourth quarter of 2010, gold investment value in China increased more than 100% to 17 billion yuan while the gold investment for the full year was 48 billion yuan, 113% more than a year ago………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Mineweb.co.za: With tensions in the Middle East and North Africa rising and concerns about loose money in the west continuing, investors are looking once more to gold as a means to protect their wealth.
Gold prices broke above $1400 an ounce, as the unrest in the Middle East continues to escalate………………………………………..Full Article: Source

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From Commodity Online: Precious metals are the commodities that investors are piling their money into these days, as gold and silver have been leading the commodities super cycle boom. Noted commodities expert and investing legend Jim Rogers says that investing in silver is the best opportunity these days.
According Rogers, who founded the Rogers International Commodity Index, investing in gold and silver is going to lead to long-term rewards………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Mineweb.co.za: A technical analysis view that shows gold could reach up to $1860, or perhaps higher, silver poised to top $50 and the HUI Index in the mid 900s all by the middle of the current year.
Dollar Inflation remains the driver of the pricing environment for almost everything denominated in U.S. Dollars as long as the Fed continues to monetize debt. The debt monetization creates Dollar Inflation that results in Dollar Devaluation………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Nasdaq.com: Some investors were caught by surprise when gold prices stepped back from their highs, but today’s moves shows that gold exchange traded funds (ETFs) still have appeal.
John Spence for MarketWatch reports that major gold ETFs are seeing net redemptions of around $2.5 billion thus far in 2011, which may seem high, but compared to the $21 billion raised, it is not alarming………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Investmentinternational.com: Barclays Stockbrokers clients significantly increase exposure to Exchange Traded Funds (ETFs) and managed funds last year, new figures show.
Number of client accounts holding ETFs in 2010 increased by 137% since 2008 and Funds dealing volumes were up a third from 2008, full year figures from the UK’s largest online execution only stockbroker reveal………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Asianinvestor.net: ETF Securities has become the latest commodity-investment firm to expand into or launch new products in Asia. The London-based exchange-traded commodity (ETC) provider is seeking to grow its business in the region, having had a presence in Australia since 2009.
Nigel Phelan became the firm’s first director of Asia in January and will relocate to Hong Kong from Sydney, most likely in the second half of this year………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Seekingalpha.com: Thanks to the internet, global equity investing is much easier. Back when Jim Rogers and George Soros were running the Quantum Fund, they likely had to fly to foreign countries to set up bank accounts to invest in places like South Africa, Russia, China, Brazil, etc…
Today, investing all around the world can be done from a single online U.S. brokerage account with the use of country specific ETFs and ADRs from all across the globe………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Bloomberg: The $2 billion commodity hedge fund of Louis Dreyfus Group, the world’s largest rice and cotton trader, stopped accepting new money from investors, according to two people, after assets advanced 20-fold in about two years.
The Louis Dreyfus Commodities Alpha Fund, managed by Geneva-based Ian McIntosh, started with $100 million in November 2008 and focuses mainly on farm products including grains, oilseeds, sugar, coffee and cocoa………………………………………..Full Article: Source

Posted on 23 February 2011 by VRS |  Email |Print

From Reuters: Sterling fell against a rebounding dollar on Tuesday, as worries stemming from growing tension in North Africa and Middle-East prompted investors to seek safe-haven currencies.
The pound was lower against the yen GBPJPY= and the Swiss franc GBPCHF=, both of which are considered to be safer currencies by investors………………………………………..Full Article: Source

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