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Commodities Briefing 28.Jun 2011

Posted on 28 June 2011 by VRS |  Email |Print

Commodities declined to their lowest level since January, extending two weekly losses, after regulators raised capital adequacy requirements for the world’s biggest lenders and before Greece votes on austerity measures.
Crude oil dropped 1 percent to $90.24 a barrel and copper dropped 0.9 percent to $8,965 a metric ton. Gold for immediate delivery lost as much as 0.3 percent to $1,498.15 an ounce, the cheapest price since May 20. The Standard & Poor’s GSCI index of 24 raw materials fell as much as 1 percent to 638.28, the lowest level since Jan. 28………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Ross StrachanAs the first quarter of 2011 came to an end investors seemed confident that commodity prices, particularly oil, were going to carry on rising.
Unforeseen events like the Arab Spring had added to this confidence, while Japan’s trio of disasters did little to dampen it. Commodity prices seemed to be heading towards 2008 levels when oil peaked at $149 per barrel………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

An easing in most non-rural commodity prices in May has been followed by subdued price growth in June, National Australia Bank attributing this to the market’s focus on the possible implications for global demand in case of a debt default by the Greek government.
As well, the bank’s Australia and commodities analyst Ben Westmore suggests economic data over the past few months have shown some weakness, as developing economies have struggled against headwinds and policy tightening in developing nations has begun to impact on activity levels………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Over the past 12 months, commodity prices have surged as burgeoning global demand has reduced stockpiles to historically low levels. Futures have recently slid, but according to a published report, they will soon climb again, which could fuel global unrest and potentially food shortages.
Bloomberg reports that the Standard & Poor’s GSCI index, which monitors fluctuations in price for 19 commodities, is headed for its second straight monthly drop………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Number of the day 15%. That’s how much the benchmark Standard & Poor’s GSCI index, which tracks the price of 24 commodities, has dropped in the past two months. If history is a guide, commodities will rebound from their losing streak, the worst since the end of 2008, because shortages of everything from copper to palladium to corn will boost prices even if economic growth slows.
The last time the GSCI index dropped for two straight months, the gauge surged 36 percent in the next six months………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Speculators were dumping oil even before consumer governments announced they would release strategic oil stocks last week, sending prices tumbling, exchange data showed on Monday.
Hedge funds and other money managers cut bets in Brent and gas oil dramatically in the week to June 21, reducing net long positions in the benchmark North Sea crude oil by more than 40 percent………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

As of the present we have a menacing but periodic slump in the upsurge of commodity prices, signalled by a slump in oil prices. This of course leads the bigger hedge fund strategists to predict a “V”, betting on previous performance and drawing on the now conventional wisdom that oil is a scarce resource.
Global economy optimists however say that “Malthusian illiteracy” lurks behind remaining adherents of Peak Oil theory - which basically says conventional oil production will stagnate and fall but demand will go on growing………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Oil consuming nations risk a long conflict with a trenchant OPEC by challenging the producers’ club on its own turf with a supply response to high prices, and the strategy could backfire, BP’s chief economist said on Monday.
Christof Ruehl, chief economist at the British oil major, said the International Energy Agency’s decision to launch a coordinated release of emergency oil reserves could create upward pressure on prices if OPEC cuts supply in kind………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Iran’s oil minister has acknowledged strains within OPEC after its last meeting exposed deep rifts between his country and rival Saudi Arabia, but said the organization can solve them internally.
Monday’s comments by Mohammad Aliabadi and other OPEC officials appeared to be an attempt to patch up the image of the 12-nation oil producing organization after it ended an abortive June 6 meeting split into two camps — one led by Iran, the other by the Saudis………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Amplifying criticism by oil producers of last week’s release of oil from emergency stockpiles, Iran’s Oil Minister Mohammad Aliabadi on Monday accused the International Energy Agency of violating “principles” that limit when energy-consuming countries can tap reserves.
Mr. Aliabadi’s comments, which preceded a formal energy dialogue between OPEC and the European Union later Monday, underscored how the IEA’s controversial emergency release is straining relations between producers and consumers………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

OPEC’s failure to reach agreement at its recent meeting to hike oil production to prevent fresh price spikes could jeopardize the group’s unity and weaken its ability to influence crude prices, a prominent oil analyst has said.
The rifts that emerged at the June 8 meeting on whether to maintain output or increase supplies will also give rise to speculation in the market and this could destabilize prices, said Walid Khadduri, a consultant at the Nicosia-based Middle East Economic Survey (MEES) and former information chief at the Kuwaiti-based……………………………………….Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

The world’s top crude exporter Saudi Arabia on Monday underlined what it called the “good” fundamentals of supply and demand, but also expressed concern about the oil market’s stability.
Meeting in the kingdom’s commercial capital Jeddah, the Supreme Council for Petroleum and Mineral Affairs noted “the good state of the fundamentals of supply and demand, and commercial reserves,” the official SPA news agency reported………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

China’s “restless strive” for metals will continue to fuel “enormous copper price rises”, commodities experts predict.
According to a new report from Merchant Research & Consulting, the copper price on the key global markets is rigidly rising with the respective indexes of the post-recession period indicate an almost four-fold leap upwards………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

In simple terms, if you want to be in the metals, you’re going to have to own the stocks and/or the bullion. The bullion doesn’t get bigger, whereas most of the miners are in the business of producing, but they also have to find more. If they do find more, then they get to be worth more.
We joke that some afternoon nickel is going to show up and tap us on the shoulder and say, “remember me.”……………………………………….Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Renewed concerns about the fate of Greece and large portions of the euro zone more generally saw gold fixed in London on Wednesday evening at $1,522.00, a new high. On the same day it hit a new high in sterling terms. Since then however, it has struggled to hold much above $1,500.
And, it is for this reason that Dundee Wealth Economics chief economist, Martin Murenbeeld believes it may be worth revisiting some of the bearish arguments against gold that he made earlier in the year………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Base metals were wrestling to fight against the bears in order to sustain value, but so far Monday proved sideways to negative for select metals. Zinc remained as the sole survivor from the crash but the benchmark June contract was marginally above the red line.
Commodityinsights.com had earlier reported that China inflation was at 34 month high of 5.5% that was enough to keep buying away from the metals as experts expected the CPI to hit 6% in June………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

One of the fastest-growing and most popular investments on Wall Street is threatening to burn investors unaware of the risks, regulators say.
Exchange traded funds, mutual fund-like baskets of securities that trade like stocks, possess hidden downsides that could hit unaware investors, the North American Securities Administrators Association cautioned Monday………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Exchange traded funds or ETFs have revolutionized the global investment industry in recent times due to their simplicity, low costs and ease of use.
In India, exchange traded funds have been in existence for quite some time now. But they have not been able to attract investors’ attention and money unlike its global peers………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

Ace Derivatives and Commodity Exchange Limited, a Kotak Group anchored commodity exchange in India, has successfully completed integration of the Bloomberg Global Identifier (’BBGID’). The Exchange supports Bloomberg’s Open Symbology (BSYM), and is the first exchange to adopt the BBGID in Asia.
Dilip Bhatia, Chief Executive Officer of Ace Commodity Exchange said, “We see Bloomberg’s Open Symbology gaining traction, in particular amongst exchanges, because it is assigned at the exchange level. This fulfills an ongoing need of our customer base.” (Press Release)

Posted on 28 June 2011 by VRS |  Email |Print

China Yurun Food Group Ltd. fell for the fourth day in Hong Kong trading amid speculation short seller Muddy Waters LLC may issue a report on the company.
The pork producer fell 6.8 percent to HK$19.20 as of 9:53 a.m. in Hong Kong, after earlier gaining as much as 7.8 percent. A note to clients from CCB International Securities Ltd. quoted Chairman Zhu Yicai as saying he planned to buy back shares, whose value slid 20 percent………………………………………..Full Article: Source

Posted on 28 June 2011 by VRS |  Email |Print

The EU Commission stood by its carbon trading scheme on Monday although prices have fallen more than a quarter in four weeks and a fresh glitch, forcing a suspension of contract settlements, underlined technical problems.
“No single instrument will allow us to successfully address the climate challenge,” Jos Delbeke, director general of the commission’s climate action division, said in a statement………………………………………..Full Article: Source

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