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Commodities Briefing 02.Mar 2012

Posted on 02 March 2012 by VRS |  Email |Print

Commodities rose to the highest since May, led by surging energy prices, as tensions in the Middle East escalated and improving economic data signaled rising demand for raw materials.
The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 1.4 percent to settle at 713.18 at 3:48 p.m. New York time, after touching 717.45, the highest since May 5. Crude oil topped $110 a barrel for the first time in 10 months, and gold futures rebounded from the biggest decline of the year………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Canadian public and private organizations report they intend to invest $394.1 billion in construction and manufacturing and equipment in 2012, up 6.2 per cent from investment in 2011, says Statistics Canada.
The federal agency said Wednesday that reported capital investment intentions in Alberta increased $9.1 billion to almost $98 billion in 2012. This represents 39.5 per cent of the overall increase at the national level………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

While a desire to reduce risk prompted investors to cut their exposure to commodities in 2011, this year looks to be shaping up differently. Crude oil, copper and gold are expected to be the top performers in 2012, while natural gas is forecast to be the worst, according to a Barclays Capital survey of more than 100 institutional investors in Europe and the United States.
As part of plans to significantly increase their commodity investments in 2012, more than 70% of investors surveyed consider the appropriate long-term average weighting for commodities in a portfolio to be more than 6% -much higher than current levels………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Investors returned to commodities in January, with the sector seeing $3.7 billion in inflows, with the majority of that - $1.4 billion – funneled to precious metals, said Barclays Capital.
The bank noted this was the first time since July that all investment categories and commodity sectors were beneficiaries. It also was an about-face from activity in December, which saw investors take out $7.7 billion from commodity investments, the second-largest monthly outflow ever………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Crude-oil production from the Organization of Petroleum Exporting Countries has ramped up in February to its highest level since October 2008 as Saudi Arabia boosted output to assuage fears over Iranian supply disruptions.
Crude production from the 12 members of the oil exporters’ group was up 95,000 barrels a day at 31.260 million barrels a day in February, according to a Dow Jones Newswires survey of industry sources and analysts………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

OPEC will keep shipments little changed until the middle of this month as refiners replenishing depleted stockpiles offsets a seasonal decline in demand, according to tanker-tracker Oil Movements.
The Organization of Petroleum Exporting Countries will export 23.32 million barrels a day in the four weeks to March 17, compared with 23.31 million in the period to Feb. 18, the Halifax, England-based researcher said today in an e-mailed report. The figures exclude Angola and Ecuador………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

While Americans and Europeans bemoan the cost of gasoline at the pumps, people in some other parts of the world enjoy filling up their tanks cheaply thanks to subsidies provided by wealthy, oil-rich governments. But fuel subsidies tend to benefit the rich (who own motor vehicles) more than the poor.
The IMF estimated that 65 percent of the fuel subsidies in Africa benefit the richest 40 percent of households (2010). Only 8 percent of the $410 billion in government fuel subsidies worldwide went to the poorest 20 percent of the population………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Our fractal model suggests the wave for gold in US dollars will sweep up into the $3,500 to $3,600 area into the mid-year time-frame. The leading edge of that time-frame begins in May and extends out for a few months. A potential for gold to spike to a $3,900 extended fib level exists.
Like all parabolic moves in gold, the late stages create the biggest price movements. Personally, I would be happy with a huge gold run up to the $3,200 level………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Just call it the gold cold. The yellow metal plunged 4% Wednesday after investors interpreted comments from Federal Reserve chairman Ben Bernanke at his semi-annual hearing before the House as a sign that the Fed would not be launching a third round of quantitative easing, or QE3.
Silver and other precious metals were crushed too. Generally, investors view more quantitative easing by the Fed, i.e. the purchase of long-term bonds in order to keep rates low, as bullish for commodities………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Gold rebounded on Thursday as physical bullion investors were tempted back to the market by the previous session’s 5 percent price plunge, its biggest one-day drop since before the collapse of Lehman Brothers in October 2008.
Spot gold was up 1.1 percent at $1,703.00 an ounce at 1218 GMT, while U.S. gold futures for April delivery were up $2.40 an ounce at $1,713.70………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Leading gold fund manager Evy Hambro on why he doesn’t expect the bullion price to fall. Gold has emerged as one of the few winners from the financial crisis. Turbulence across markets globally and returns of next to nothing on cash over the past two years saw investors pour money into bullion.
As a result, the gold price soared and Evy Hambro’s BlackRock Gold & General fund saw inflows of nearly £1.5bn in the past 24 months alone, bolstering the fund to £3.4bn………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Precious metals rallied in Asian and early London trade Thursday morning, with gold futures at one point recovering more than a third of yesterday’s sharp $100-per-ounce decline as global stock markets also rose.
Broad commodity markets rose, but the single Euro currency slipped to fresh 1-week lows as European banks received the €529 billion in 3-year loans they requested from the European Central Bank’s LTRO program………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Buying gold is now accessible for all, but the sage of Omaha has spoken. Warren Buffett says gold is not an investment — it’s a speculation and does not belong in an investor’s portfolio. In his annual letter to Berkshire Hathaway shareholders, published Feb. 25, Buffett states:
“Today the world’s gold stock is about 170,000 metric tons. If all of this gold were melded together, it would form a cube of about 68 feet per side. (Picture it fitting comfortably within a baseball infield.) At $1,750 per ounce — gold’s price as I write this — its value would be about $9.6 trillion. Call this cube pile A………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

One little-remarked effect on the huge sell-offs seen in gold and silver prices, the platinum price - which unusually fell back below gold to the tune of nearly $200 an ounce at one time - has been closing the gap on gold quite substantially.
At the time of writing the gap is a mere $16, suggesting that, barring a very quick recovery in the gold price, platinum could be trading at a premium to the yellow metal again very shortly………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Pimco’s much-anticipated Total Return Exchange-Traded Fund, which started trading on Thursday, could help change investor perceptions and propel the nascent actively managed ETF industry.
Actively managed ETFs make up just a small fraction of the overall $1 trillion ETF industry, but experts say that having the name of Pimco co-founder Bill Gross attached to an active ETF may attract new investors………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Horizons Exchange Traded Funds Inc. today launched three commodity-based ETFs with a distinct twist: they’re designed to provide monthly distributions.
The new Toronto Stock Exchange-listed offerings — with exposure to silver, oil and natural gas — follow on the heels of Horizons Gold Yield. The latter has a similar cash-flow mandate and began trading a day earlier, right after having been converted from a closed-end fund………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Financial authorities in Singapore have recommended consolidating the oversight of all commodity derivatives and futures to one regulatory body, as part of a proposed broader move to regulate the country’s derivatives market in line with international standards.
Under wide-ranging regulations designed to bring Singapore’s financial markets in line with the Group of 20’s proposals on derivatives, the Monetary Authority of Singapore (MAS) and development agency International Enterprise Singapore (IE) have proposed that regulatory oversight for commodity derivatives switch from the current jurisdiction of the IE’s Commodities Trading Act (CTA) to the MAS’s Securities and Futures Act (SFA)………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

Brazilian President Dilma Rousseff slammed rich nations on Thursday for unleashing a “tsunami” of cheap money that threatened to “cannibalize” poorer countries such as her own, forcing them to act to protect struggling local industries.
Rousseff’s words amounted to some of the highest-profile criticism to date of efforts by the European Central Bank, the Bank of Japan and others to spur their economies through low interest rates and cheap loans………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

The Central Bank of Turkey unveiled a currency sign for Turkish lira, reflecting the government’s ambitions to further strengthen lira as a global currency and boost the country’s standing as a major international actor.
The symbol is a double-crossed “L,” shaped like an anchor. The anchor shape hopes to convey that the currency is a “safe harbor” while the upward facing lines represent its rising prestige, Prime Minister Recep Tayyip Erdoğan said at a ceremony at the Central Bank unveiling the symbol………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

The strength of the yen, especially against the South Korean won, has helped spatter Japanese electronics companies with red ink in recent years. Now it has spilled blood. On February 27th Elpida, a Japanese maker of DRAM memory chips, filed the biggest bankruptcy claim of any Japanese manufacturer since the second world war. The main beneficiary of its demise was South Korea’s Samsung.
No one would accuse Samsung of thrashing Elpida on currency advantages alone. The electronics giant is nimbler and bolder than many of its Japanese competitors………………………………………….Full Article: Source

Posted on 02 March 2012 by VRS |  Email |Print

A growing number of national and regional governments are likely to use voluntary carbon credits to meet mandatory climate targets, a report by U.S. research company Ecosystem Marketplace said on Thursday.
The report said about 20 government programs had engaged with the voluntary carbon market, despite doubts by some companies, green groups, policymakers and consumers that carbon credits are an appropriate means of offsetting emissions………………………………………….Full Article: Source

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