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Commodities Briefing 21.Jun 2011

Posted on 21 June 2011 by VRS |  Email |Print

U.S. bank holding companies including Goldman Sachs and JP Morgan raked in $2.7 billion in commodity and other trading revenue in the first quarter, the highest in at least two years, data showed.
Revenues surged 67 percent versus the fourth quarter of 2010 and rose by a third from the first quarter a year ago, according to a quarterly derivatives report by the Office of the Comptroller of the Currency (OCC). The total was the highest since the OCC, an arm of the U.S. Treasury that supervises all national banks, began breaking out the holding company data in early 2009……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Australia’s output of coal and other energy commodities was likely to be lower than previously thought next fiscal year despite high prices, with uranium and crude oil leading the fall, the government’s commodity forecaster said today.
The Australian Bureau of Agricultural and Resource Economics and Sciences also trimmed its overall growth forecast for the economy, which is expected to lag world growth this year and next……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Australia, the world’s largest shipper of coal, iron ore and wool, raised its forecast for export earnings 2 percent to a record for the next fiscal year, driven by expectations of higher production and export prices.
Sales may total A$256.3 billion ($272 billion) in the 12 months to June 30, 2012, the Canberra-based Australian Bureau of Agricultural & Resource Economics & Sciences said in a report today. That compares to its March forecast of A$251.3 billion and a revised prediction for the current year of A$217.8 billion……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Commodities declined to the lowest level in six weeks led by losses in crude oil and copper after European governments failed to agree on a loan payment to spare Greece from default, increasing concern over economic growth.
The Standard & Poor’s GSCI Index of 24 raw materials dropped as much as 1.2 percent to 661.35 and was at 663.64 at 1:10 p.m. in London. The gauge slumped 4.7 percent last week, the first loss since the period ended May 6……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

In commodity markets, which have been hit by a series of mini flash crashes over the last 18 months, experts say there could now be an influx of more high-speed computer-based traders that have honed their techniques in the cut-throat equities markets — the fastest and most electronic on earth.
Though such firms have traded commodities for years, some traders and experts say they are now applying new and more aggressive strategies that have stunned traditional players……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Historically speaking, corrections in agricultural commodity markets usually start at this time of year, according to fresh research from Rabobank. Following every rally in the price of grains since 1980 there has been a “sharp and significant correction in prices, with most corrections starting in July or August,” it noted.
The major coffee and cotton rallies in the last 30 years have also collapsed during the summer. Corrections have typically been in the order of 50pc……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

When G20 farm ministers meet this week France is unlikely to get what it wants - assent to tougher commodity trading rules - although the bloc might agree to share key data on grain supplies to ease the threat of food shortages.
Paris has made tighter regulation of commodity markets a priority of its 2011 presidency of the Group of 20 leading economies as President Nicolas Sarkozy has blamed speculators for food price inflation that has fuelled unrest in North Africa and the Middle East……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

High crude prices have slowed the economic recovery in the United States , the world’s largest oil consumer, and could derail growth in China and India, the International Energy Agency said on Tuesday.
“China and India are two most important economies which helped us get out of the economic crisis,” the IEA’s Chief Economist Fatih Birol told Reuters……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Riled as U.S. regulators delay new rules on how Wall Street channels money into commodities, several lawmakers are pushing to accelerate reform of a key part of the market—oil investments.
Sen. Bernard Sanders, an independent from Vermont, last Tuesday introduced a bill that would sharply curb investments by so-called speculators—those with no commercial interest in oil……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

The International Energy Agency (IEA) has called on the Organisation of Petroleum Exporting Countries (OPEC) to increase production in view of the damaging implications for the global economy if the organisation fails to boost output.
In its latest Oil market report, the energy watchdog noted that although OPEC crude supply increased by 210,000 barrels per day (bpd) in May, it remained down by 1.25 million bpd because of the Libyan crisis……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Gazprom head Aleksei Miller has said that its unlikely that Russia will join the International Energy Agency anytime soon.
Miller told reporters, “An invitation was today made to Russia to join the International Energy Agency. I think that Russia will not be joining it in the next 12 months. This is my forecast,” adding that the IEA is an organization which “represents the interests of consumer countries and establishes their scenarios and strategies for energy market development” before concluding, “I believe that above all Russia should be developing a transparent and constructive dialogue with the International Energy Agency,” Interfax news agency reported……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

A bullion is a mass of any one of the known precious metals. By strict definition, precious metals are those metallic elements that are rare. A bullion is commonly made of either gold or silver. Its value is determined by the worth of the metal rather than by its face value as money.
To put it another way, a bullion is valued based on the mass and purity of the metal used, instead of its artificial currency value……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Precious metals continue to be the fancy of Indian investors with the country recording $9 billion imports in just one month puzzling economists and analysts.
The import of gold and silver by India has risen by a whopping 222% between April and May 2011, as compared to a year ago. In the month of May alone, imports were a staggering $9 billion, with gold demand growing 25%……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

We all know the trouble with gold, or the alleged trouble with gold, is that the supply of gold doesn’t expand as fast as the world economy is growing. If the world’s gold supply only grows a half-percent a year, and the global economy grows 3 percent, then you have a deflationary problem. But it’s more complicated than that.
So if you dig a bit and ask me where the gold price could be in 2025, I will tell you it could be $7,500……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Gold prices passed the $1,500 per ounce mark for the first time ever in mid-April of this year and have set up shop around $1,525-$1,550 an ounce aside from a couple of short pullbacks in early May.
So far in 2011, it’s been relatively status quo for those investors who’ve embraced gold as a way to protect themselves from currency debasement, excessive money printing and inflation as prices have increased 7.67 percent. BofA-Merrill Lynch (BofA-ML) analysts are forecasting gold prices could fall to $1,400 an ounce during seasonal weakness in July before rebounding as high as $1,650 an ounce by early fall………………………………………Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

This weekend, the E.U. Ministers promised the next tranche of money to Greece and a second bailout package if Greece enforces another bout of austerity on itself. Does this clear the E.U. of its obligations? They have not yet finalized these terms and await the next episode in Greece of its acceptance of this principle.
A default by Greece will set off a chain of events that would bring down important banks as well as Portugal, Ireland and Spain, with Italy stepping onto the same stage. Furthermore, a default shows that even governments have to pay their bills, if they want the financial system to work……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Prices for rare-earth metals, which are used in everything from iPods to flat-screen TVs to missiles, are rising sharply as China builds up a stockpile and cuts quotas, so much so that some industries fear global supplies may be in serious jeopardy.
Rare-earth metals are among some of the most sought-after materials in modern manufacturing, and demand for at least some of them is soon set to outstrip supply……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

London copper ticked up on Tuesday in cautious range-bound trading on a weaker dollar as the euro rose on hopes that European policymakers would try to avoid a hard landing for the economy of heavily indebted Greece.
But investors are eyeing a confidence vote on the government in the Greek parliament later in the day………………………………………Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Though China’s imports of copper rose to 364,420 tonnes in January, the unexpected 3% drop in May rattled the global market but, traders insist imports are set to jump in June.
Copper prices on the Shanghai Futures Exchange have improved considerably as compared with the London Metal Exchange with the yuan appreciating against the dollar. Traders and analysts maintain that this is adding to the demand for copper imports into China……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Singapore Exchange (SGX) is appointing Ms Julie Heng as Senior Vice President and Head of Commodities from 22 June.
In her new role, Ms Heng will lead SGX’s effort to become the leading commodities exchange in Asia. Ms Heng will report to Mr Gan Seow Ann, President of SGX……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Investors are increasingly worried that troubles in the euro zone and China will hurt global economic growth this year, curbing gains in equity and commodity markets, a Barclays Capital survey showed on Monday.
Slower-than-expected growth in the United States and Europe is the largest threat to global equities in the next three months, while a slowdown in China is the biggest challenge to emerging markets, according to the survey, conducted in June among 862 institutional investors……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

The dollar will rebound through 2011 as Asian central banks raise interest rates to curb inflation, damping economic growth and demand for the region’s assets, according to Morgan Stanley.
“We’re looking for the dollar to regain some stability over the second half of the year,” said Ian Stannard, head of European foreign-exchange strategy at Morgan Stanley in London, in a telephone interview. “We’ll see the global investment environment turn less favorable as liquidity conditions start to change at a macro level………………………………………Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

ArcelorMittal (MT), the world’s largest steelmaker, has a carbon-permit surplus worth about 1.7 billion euros ($2.4 billion), the largest excess in the European Union’s emissions trading system, environmental lobby Sandbag said.
ArcelorMittal holds around 97.2 million excess allowances from the period from 2008 to 2010, which can be used in the years ahead, Sandbag ………………………………………Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Australia and New Zealand leaders have agreed to investigate linking the near neighbours’ greenhouse gas emissions trading schemes in the future as a means of reducing global emissions and bringing their economies closer.
Australian Prime Minister Julia Gillard and her New Zealand counterpart John Key agreed on Monday to appoint officials to study linking the schemes so that permits could be traded between the two countries……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Some of Europe’s largest industrial companies gained billions of euros from the carbon emission rules they lobbied fiercely against, analysis for the European Commission shows.
A report by the carbon trading think tank Sandbag reveals 10 steel and cement companies have amassed 240 million carbon pollution permits from generous allocations……………………………………….Full Article: Source

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