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Commodities Briefing 13.Sep 2011

Posted on 13 September 2011 by VRS |  Email |Print

There is little evidence that speculation in commodities has led to high and volatile commodity prices, a global banking group said on Monday in a report to the Group of 20 leading economies.
Tighter regulations on investment in commodities — such as speculative position limits in development in the United States, and a similar crackdown being considered at the G20 — could hurt market liquidity and distort prices, the Institute of International Finance said……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

The Institute of International Finance urged Group of 20 nations Monday not to impose regulatory constraints on trading in commodity market derivatives, warning they could hurt liquidity and distort markets.
Pushing back against French President Nicolas Sarkozy’s effort to tackle high commodity prices by clamping down on speculation during his leadership of the G-20, the global banking group issued a report finding no “clear causal link between financial investment and commodity prices.”………………………………………Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

A global financial industry group on Monday blasted attempts by European and U.S. regulatory authorities to rein in speculation in commodity markets, saying tighter rules would hurt market liquidity.
The Institute of International Finance, as part of a concerted lobbying effort by the industry against more regulation, said there was no evidence speculators were roiling commodity markets and sparking price runs……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

Funds increased bullish bets on raw materials for a fourth straight week, the longest series of gains this year, on speculation that economic-stimulus programmes will lift demand for metals, grains and energy.
In the week ended September 6, speculators raised their net-long positions in 18 commodities by 0.2% to 1.28 million futures and options contracts, government data compiled by Bloomberg show. That’s the highest level since June 14. Funds became bullish on copper for the first time in three weeks, and wagers on a gold rally increased for the first time since early August……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

People in the financial world frequently call for the end of ongoing bull markets. There’s a cottage industry of prognosticators trying to make their mark. If you become “the guy” or “the lady” who publicly calls a market top or bottom - you can write your book, sell your website, get on CNBC, and retire rich.
We’ve seen this story played out with folks like Peter Schiff, Meredith Whitney, Nassim Taleb, Nouriel Roubini, and several other people who correctly predicted the housing crisis and the ensuing fallout……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

OPEC cut its forecast Monday for global oil demand and production, citing the slowing economic recovery. In a monthly report, the Organization of Petroleum Exporting Countries said it expected demand growth to drop to 1.1 million barrels per day — 150,000 barrels per day fewer than its earlier forecasts.
OPEC also trimmed back its oil production outlook, saying it still expects output to increase, but by a slightly smaller 500,000 barrels per day in 2011 — 80,000 barrels below its prior forecast……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

Societe Generale said on Monday it sees lower oil prices in the fourth quarter of 2011 through 2012 due to weaker economic and oil demand growth environment.
“The oil markets have not yet priced in a weaker economic and oil demand growth environment,” SocGen said in a research note……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

It was always said of the platinum group metals that industrial clients could put up with high prices but not volatile prices – this was anathema to them. So, it appears, it is with gold and retail investors.
In addition to buoyant prices, gold has had the added handicap of battling a prevailing strong US dollar. Of course the dollar is in itself not doing well, it’s simply a little less ugly than the euro……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

Fears of a global financial meltdown or a double-dip recession often send gold investors scurrying to put on bullish bets in the options market.
Over the past month, however, gold bulls have had new company: Traders who sought protection against a decline in bullion prices as they became increasingly fearful that a series of steep one- or two-day drops over the past month could lead to a deeper fall……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

Gold fell on Monday as investors sold the metal after last week’s record highs to cover losses elsewhere, including European equity markets, which were pushed to two-year lows by growing fears about the debt crisis.
World shares hit one-month lows after Group of Seven officials failed over the weekend to come up with anything more than a stated commitment to help stimulate the global economy, and on fears that Greece may default on its debt obligations……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

Money managers have raised their Gold positions and Central banks are buying increasing quantities of gold of new reports are to be believed, thus indicating that the next leg of gold rally may indeed be starting.
CFTC data released on Friday showed that Money managers and hedge funds increased their long positions in gold for the first time in 5 weeks. Net position rose 1.3% to 197,844 contracts as compared to last week……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

Gold equities have underperformed gold prices so far this year, providing an opportunity for investors hoping to ride the metal’s bull run, a senior executive at BlackRock, the world’s largest money manager, said on Monday.
Gold equities underperformed bullion prices by 25 percent to 30 percent this year, as gold prices rallied nearly 30 percent and equities market took a hit from mounting worries about the euro zone’s debt crisis and slower global growth……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

Before going on, we should emphasise the rates don’t necessarily reflect the position of the bullion banks in question, but rather the position of their customers — since the banks mainly act as intermediary brokers, rather than anything else.
Nevertheless, what the chart shows is very interesting. The GOFO rate curve for many institutions is flat, or even inverted in some cases. While inversion of the GOFO curve is not exceptional, it is very rare……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

Multi Commodity Exchange of India Ltd. said Monday its share-listing plan has received the capital market regulator’s initial approval, a development that is likely to encourage other Indian bourses also to seek public listing like some of their global peers.
“The Securities and Exchange Board of India has cleared the draft red herring prospectus for the proposed initial public offering,” said Suman Das Sharma, a spokesman for the India’s largest commodity futures bourse by trading volume……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

As the Gillard government prepares to introduce its carbon price legislation to parliament, senior environment policy advisers from big emitters China and India have said they are watching closely Australia’s climate policy debate.
China remains the world’s biggest polluter, emitting more CO2 than the US and Canada put together……………………………………….Full Article: Source

Posted on 13 September 2011 by VRS |  Email |Print

From 1 January 2012, airlines will have to account for their emissions of carbon dioxide whenever they fly their aircraft to the European Union (EU), irrespective of the flag they bear.
This development is the result of the inclusion of the airline industry in the Emissions Trading Scheme (ETS), the regulation that has been adopted by the 27-member grouping to reduce carbon dioxide emissions. ETS was introduced in 2005 with a view to meeting the commitments that the EU had taken under the Kyoto Protocol of the UN Framework Convention on Climate Change (UNFCCC)……………………………………….Full Article: Source

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