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Commodities Briefing 28.Mar 2012

Posted on 28 March 2012 by VRS |  Email |Print

Kevin NorrishEven with crude oil prices nearing record territory, experts see signs that the market for commodities is running on fumes.
The prices of many commodities are losing steam as much of Europe is likely headed into a recession and China’s economy is slowing down from its once torrid pace, industry analysts say………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Patricia MohrThe value of Canada’s commodities declined for a third consecutive month in February, but the price of at least one resource should rise in the next couple of months, according to the latest report from Scotiabank.
While the overall Scotiabank Commodity Price Index fell 0.7% month over month, the North American spring planting season is just around the corner, and that should boost the value of potash. The potash rally will be aided by rallying oilseed prices, led by soybeans , but expected to extend to canola as well………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Investors have to be careful “because they’re being offered little in terms of interest rates. The danger now is of prices moving down, which would leave an investor with nothing,” Pimco founder Bill Gross told CNBC Tuesday.
Gross, who runs the $252 billion Pimco Total Return Fund, said investors need “very tangible items” in their portfolios, and that means commodities………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Oil consumer nations are set to pay a record $2 trillion (1.25 trillion pounds) this year for oil imports if crude prices do not fall, the International Energy Agency (IEA) said on Tuesday, undermining economic recovery.
Crude hit $128 a barrel this month, only $20 short of its 2008 peak, and is up more than 15 percent since January, largely because of sanctions against oil producer Iran………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Headlines on higher oil price and the risk it presents to the global economic recovery are back. Yet, at the same time, the shape of the forward curve, often used by many to gauge the future of oil prices, signals that expectations point to significantly lower prices in the coming months/years.
This poses a tremendous dilemma for oil market analysts, economists and policy makers alike………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Gold prices should remain high this year but are unlikely to rise above the record levels reached in 2011, according to CPM Group. That is the key takeaway from CPM Group’s latest forecast—“Gold Yearbook 2012,” its annual analysis into the supply and demand factors driving the global gold market. CPM Group is an independent commodities research and investment banking company, and its annual forecast is widely followed by the gold market.
Increasing supply versus a bigger global pool of investors for gold are combining to put a floor under the market, and prices are expected to remain firm, without the parabolic rallies of the recent past………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Newmont Mining’s Chief Executive Richard O’Brien said he believed a gold price at $2,000 per ounce was “reachable” this year.
“Based on this bull market and gold’s rise in recent years, $2,000 is still reachable,” O’Brien told the Reuters Global Mining and Metals summit in New York on Tuesday. Gold was trading around $1,686 per ounce on Tuesday………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

AngloGold Ashanti Ltd.Chief Executive Mark Cutifani said Tuesday the price of gold could exceed US$2,000 a troy ounce this year as demand remains robust in fast-growing economies like India and China.
Cutifani expected the gold price, which settled Monday at US$1685.60 an ounce, to average between US$1,700 and US$1,800/oz in 2012. “We could see it peak at well over US$2,000 in my view, but it is going to move around a fair bit, I think, as news flow from Europe, the U.S. and other countries continues,” he said………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The average price for gold in 2012 is forecast to be $1,766 an ounce and the average silver price is forecast at $35.05 an ounce, a reduction of 8.3% and 9%, respectively, from a previous outlook, said a leading Canadian bank on Tuesday.
Bart Melek, head of commodity strategy at TD Securities, also reduced his forecast for platinum’s 2012 average price by 1.1% to $1,755 an ounce and palladium by 3.9% to $740 an ounce. In base metals, he lowered the 2012 copper average price to $3.92 a pound, a 2% reduction from the previous forecast………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

For most of the last century the default currency for international settlements has been the US dollar. This has given America ultimate power over international trade. In recent months, the US wielded this power against Iran, making life extremely difficult for all Iranians.
Importantly it has interrupted oil trade with India, China and Japan. Furthermore Swift, the Belgian-based international banking settlement agency, has halted all Iranian interbank transfers………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

In his latest Gold Monitor, Dundee Wealth Economics Chief Economist Martin Murenbeeld lists 10 positive factors for gold, one of which is monetary reflation. We are currently experiencing one of the greatest global liquidity booms the world has ever seen.
Over the past seven months, there have been 122 stimulative policy initiatives from central banks around the world, according to ISI Group………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Rio Tinto Group (RIO) and BHP Billiton Ltd. (BHP) are looking to exit the diamond industry even as prices head for a fourth year of gains, because they see little prospect of repeating the dominance they hold in iron ore.
Rio is considering options for its diamond mines because they may no longer fit with strategy and they don’t have the required scale, the London-based company said yesterday. BHP Billiton Ltd. has sought bids for its diamond assets………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

A looming oversupply in copper markets could push down prices to $6000/tonne over the next 4 years, states a report by Intierra Resource Intelligence. Benchmark LME Copper prices are currently trading around $8500/tonne and the last time it traded below $6000/tonne was in 2009.
“With the physical market for copper remaining quite tight through 2012 and 2013, prices are forecast to remain within sight of USD 8,000 per tonne………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Bloomberg’s Alix Steel reports that hedge funds wagered the wrong way on commodity prices for a fourth consecutive week, boosting bullish holdings just before reports showing a contraction in manufacturing from China to Europe drove prices lower.
She speaks on Bloomberg Television’s “In The Loop.”……………………………………….Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The ongoing evolution of the ETF industry has brought forth a host of previously difficult-to-reach asset classes right at the fingertips of mainstream investors. Commodities in particular have attracted serious interest lately as the exchange-traded product structure makes it easy and cost effective to access this corner of the market.
The energy segment of the commodities market presents investors with lucrative rewards, although the risks can be overwhelming for those unfamiliar with the underlying fundamentals and futures trading mechanics……………………………………….Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

You’ve no doubt heard about the building scarcity of water. It’s the reason savvy shareholders have been busy investing in water stocks. Here’s why.
Water may be everywhere but only 3% of it is fresh or suitable for drinking. Two-thirds of that is locked in glaciers and polar icecaps, which means less than 1% of the world’s fresh water is available for human use………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The turnover of 21 commodity exchanges rose 54 per cent to Rs 173.69 lakh crore till March 15 this fiscal on increased volumes in gold, silver and some agricultural commodities, according to the Forward Markets Commission (FMC).
The business at these exchanges stood at Rs 112.86 lakh crore in the same period last year. Much of the business came from gold, silver, aluminium, soy oil and soyabean, the regulator FMC said in a statement………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Ms Hanna Tetteh, Minister of Trade and Industry on Monday expressed optimism that effective implementation of a Ghana Commodities Exchange (GCX) concept would increase agricultural productivity and ensure food security.
She said the move would encourage multinationals like the Nestle Ghana Limited and Guinness Ghana Breweries Limited to source their raw products from local farmers………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The Bank of Tanzania (BoT) has started the process of establishing a commodity exchange in the country. The bank has called for bidders for consultants to provide legal and regulatory framework and design a robust trading system.
BoT said bidders have been given the task of “reviewing existing legal and regulatory framework for warehouse receipt system, cooperative and crop bodies and commodity trading.”……………………………………….Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

European Union lawmakers may seek to toughen planned curbs on speculation with commodity derivatives as part of an overhaul of financial-market rules.
Markus Ferber, the lawmaker leading work on the measures in the European Parliament, is proposing to force venues to limit the number of commodity-derivative contracts that traders can enter into, according to a report sent by his office………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Commodity speculators often get a bad rap for manipulating the price of commodities that they trade in. Because the business of speculation isn’t well understood, it’s assumed that the speculators are causing the wild price fluctuations in the marketplace. It’s true.
Speculators do buy and sell commodities for profit. Do they drive up the price of the underlying commodity? Sort of………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Global soybean prices are likely to rise higher as the world soybean production is expected to fall 22.7 million tons to 242.9 million tons, a decrease of 8.5%, according to Oil World.
Presently, the price of the commodity is high on persisting bad weather conditions in South American nations especially Brazil and Argentina………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The second BRICS summit that gets underway here on March 29 could set the ball rolling on a pact for extending cross-country credit in local currencies of member nations.
This comes at a time when development banks of Brazil, Russia, India, China and South Africa are said to be in advanced stage of reaching a path-breaking currency agreement………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The trade group representing the largest U.S. airlines has called on the Obama administration to launch legal action against the European Union in a bid to end the bloc’s controversial carbon-trading market.
The Airlines for America lobby group dropped its own lawsuit against the EU and called on the Obama administration to bring a case through the International Civil Aviation Organisation, or ICAO, a branch of the United Nations………………………………………..Full Article: Source

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