Sun, Jun 13, 2021
A A A
Welcome vaishu
RSS
Commodities Briefing 19.Mar 2012

Posted on 19 March 2012 by VRS |  Email |Print

Luis Alberto MorenoThe economy of Latin America and the Caribbean should grow 3.6 percent this year, down from recent rates above 5 percent as slower expansion in China, a soft recovery in the United States and debt woes in Europe weigh on the global economy.
The Inter-American Development Bank, in its latest annual outlook released on Sunday, said the region’s fortunes would depend in large part on prices for commodities and demand from its biggest buyer - China………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Jeffrey ShermanSpeculators slashed wagers on higher agricultural prices by the most in eight weeks, missing out on this year’s biggest rally as parched fields from South America to Europe curbed expectations for record harvests.
Money managers trimmed positions across 11 U.S. farm goods by 2.5 percent to 661,067 futures and options in the week ended March 13, Commodity Futures Trading Commission data show, the biggest reduction since Jan. 17………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

While the drop in oil demand and enhaced production should be pulling prices down, fuel has never been more expensive. Since around October last year, the price of crude oil on world futures markets has exploded. Different people have different explanations. The most common one is the belief in financial markets that a war between either Israel and Iran or the USA and Iran or all three is imminent.
Another camp argues that the price is rising unavoidably because the world has passed what they call “Peak Oil”—the point on an imaginary Gaussian Bell Curve at which half of all world known oil reserves have been depleted and the remaining oil will decline in quantity at an accelerating pace with rising price………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Now that the U.S. economy is showing signs of life after debt, President Barack Obama has decided it’s safe to hold up his administration’s less than stellar economic record as a selling point on the campaign trail. But one big dark cloud still hovers overhead: the steadily rising price of oil in general and gasoline in particular.
Oil prices are plainly headed in the wrong direction for an economy still in the early stages of recovery and reliant on energy imports. Benchmark Brent crude closed in on $125 (U.S.) a barrel Friday, a hike of more than 30 per cent so far this year………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Deutsche Bank trimmed its second-quarter gold forecast by 2.7% to $1,800 an ounce and its full-year forecast by 3.9% to $1,825. The second-quarter silver forecast was trimmed by 12.8% to $34 an ounce and the full-year forecast by 9.8% to $37.
Bank trimmed its gold and silver forecast in its weekly commodities report but still looks for gains by year-end………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Economic activity around the globe is showing definite signs of improvement going by the leading indicators. The latest evidence is provided by the OECD composite leading indicators based on January 2012 data. Belief that the worst is over for global growth is gaining credence.
If true, then the world may have just about escaped a severe financial market turmoil emanating from the eurozone crisis………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Even the bulls are turning bearish on gold prices. Or rather, they’d like to. “Everything’s beginning to look as if it’s turning the corner, we’ve passed the point of maximum despair,” reckons Nick Moore, head of commodity research at state-owned Royal Bank of Scotland in London. He cut the bank’s bullish 2012 forecasts for all precious metals except gold back in January.
But now, “A number of things which would have kept people with an eye on the upside for gold have now been neutralized.” And despair over, gold must be fated to sink, right? Not quite………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

“Gold and silver to continue rising as fed’s Wall Street puppets cornered”; ” read one while another said “New all-time highs for gold may only be days away”.
The consistently bullish folk at Sprott were quoted saying “Every segment of the gold stock market is very cheap today - Sprott Asset Management”, while another claimed that “Now is the time to buy gold and silver as QE goes into overdrive.”……………………………………….Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Indian finance Minister Pranab Mukherjee proposed to double the 4% customs duty on gold from April 2012, physical dealers saw some panic buying from India, the world’s largest gold consumer.
In January, India raised the gold import duty 90% and doubled the tax on silver as the government is struggling with a growing fiscal deficit and looked to increase revenues. Growing subsidies for fuel and food have left the government struggling to meet its budget target………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

India Budget 2012-3 is a big disappointment for the bullion industry as the hike in import duty on gold and hike in excise duty on jewellery would impact the industry, traders and the common man.
According to Prithviraj Kothari, Director of RiddiSiddhi Bullions Ltd (RSBL) said that the increase in gold import duty from 2 to 4%, one percent hike in excise duty on branded and non-branded jewellery will create negative impact not only for the bullion and jewellery dealers but also for the common man………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Union Budget 2012-13 has not brought much cheer to the gold refining industry which is reeling under low capacity utilisation. There are 15 gold refiners in India and the total capacity of these refineries is around 600 tonne.
At present, the refineries are operating at 15-20% capacity and their margins have gone down drastically over the years. Harmesh Arora, managing director of NIBL Bullion, said: “The basic customs duty on gold ore/concentrate and dore bars meant for refining has been increased from 1% to 2%………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

The base-metals complex faces conflicting near-term demand signals—apparent softness in Chinese buying but improving global economic activity, said Barclays Capital in a research note.
According to Barclays, most London Metal Exchange base metals posted modest gains in the early going Friday, with three-months copper $30 higher at $8,595 a metric ton………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Overall inflows to commodity funds rebound from prior week’s drop-off, but the yellow metal’s price correction undercuts performance. Positive inflows of investor capital returned to commodity-related exchange-traded products this past week ending Thursday, largely thanks to precious metals.
While commodity funds saw $171 million of inflows, only the precious metals and energy sectors saw net inflows, of $228 million and $76 million, respectively. Agriculture, industrial metals and broad market (multicommodity) funds registered outflows of $61 million, $39 million and $34 million, respectively………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

When the London Metal Exchange fired the starting gun on a potential sale last autumn, saying it had received several expressions of interest, it reflected an underlying shift of the merger frenzy that had gripped the exchange sector into a different sphere of the financial markets.
Until that point, attempted tie-ups between the likes of NYSE Euronext and Deutsche Börse, the London Stock Exchange and TMX Group, and the Australian Securities Exchange and its Singapore counterpart, were built on the premise of creating global groups with equities and derivatives trading at their core………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Iran’s Central Bank is moving to bring its part of its official foreign currency exchange rate into line with the much higher rate on the streets. The bank announced Sunday that it would allow authorized money changers to trade dollars at 19,000 rials per dollar, while the official rate remains at 12,260.
The Iranian currency has lost much of its value because of Western sanctions over Iran’s nuclear development program………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

There are two reasons why East Africans should pay some attention to what’s going on in the Eurozone. Firstly, the crisis was cited as one of the reasons for our currencies misbehaving in the second half of 2011.
Secondly, our East African governments are signing up to a Monetary Union protocol that is eventually supposed to lead us to a single currency in the East African Community………………………………………..Full Article: Source

See more articles in the archive

banner
banner
banner
banner
June 2021
S M T W T F S
« Nov    
 12345
6789101112
13141516171819
20212223242526
27282930