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Commodities Briefing 08.Jun 2012

Posted on 08 June 2012 by VRS |  Email |Print

Jim Rogers“It’s coming again” warned commodity legend Jim Rogers earlier this week. When asked about the future of the U.S. economy Rogers had a pessimistic outlook, as he feels that the global financial landscape is simply too volatile to avoid another recession.
And what’s more, Rogers thinks this next one will be worse than 2008. He cites the recessions in 2002 and 2008, stating that the 2008 recession was so much worse because of higher debts. Now, in 2012, debts are even higher, leading Rogers to believe that the coming recession will be even worse……………………………………….Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Domestic commodity futures were steady ahead of Wednesday’s European Central Bank (ECB) meeting and a speech by the US Federal Reserve chairman later Thursday as anticipation built for possible monetary easing in the EU and the US.
The most traded copper contract on the Shanghai Futures Exchange (SHFE), for September delivery, rose 0.62 percent to close at 53,820 yuan ($8,456.28) per ton………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

China’s interest-rate cut shows the “urgency of the situation” as slowing growth in the country will trim demand for commodities including metals, Francisco Blanch, the head of commodities research for Bank of America Merrill Lynch said.………………………………………Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

The rally back in equities and the weakening dollar (bail out for Spain) has helped many commodities rally back some this week, but just as important for many commodities is the weather.
Soft commodities such as sugar, cocoa and coffee, are being affected by the weather. Recent ideal growing conditions in west Africa, Brazil, and Vietnam, have been key factors in the collapse in cocoa and coffee prices lately………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

The Organization of Petroleum Exporting Countries will leave exports largely unchanged as refineries worldwide approach the end of their annual maintenance periods, according to tanker-tracker Oil Movements.
OPEC will ship 24.09 million barrels a day in the four weeks to June 23, compared with 24.1 million in the period to May 26, the researcher said today in an e-mailed report. The data exclude Angola and Ecuador………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Global oil supply is sufficient and the Organization of Petroleum Exporting Countries will study the recent decline in crude prices to keep the market balanced, according to Algeria’s energy minister.
The economic slowdown in Europe because of the debt crisis may curb oil demand, and OPEC will address the situation at a meeting next week in Vienna, said Youcef Yousfi, Algeria’s Minister of Energy and Mines. The 12-member group pumps about 40 percent of the world’s crude……………………………………….Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Saudi Arabia is poised to rein in oil sales after it achieved a $100-a-barrel target by cutting the price of its crude and pumping at the highest rate in at least three decades.
The world’s biggest crude exporter started to scale back shipments this month, Vienna-based researcher JBC Energy GmbH said, citing tanker fixtures………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Iran’s Oil Ministry has officially announced former oil minister’s candidacy for the post of OPEC Secretary General.
Gholam Hossain Nosari, who served as Oil Minister during President Mahmoud Ahmadinejad’s first term, has been officially introduced to the OPEC Secretariat as Iran’s candidate for the organization’s top post, Mehr reported………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Total SA’s Chairman and Chief Executive Christophe de Margerie said Thursday he expects the Organization of Petroleum Exporting Countries to act to avert a slide in oil prices when oil ministers meet next week in Vienna, underscoring the energy major’s concerns about the sharp drop in crude.
“OPEC has all the means to prevent (crude) oil prices falling too low,” Mr. de Margerie said in an interview with Dow Jones Newswires, on the sidelines of the World Gas Conference in Kuala Lumpur………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

According to a new report released by the International Energy Agency (IEA) on June 5, 2012, China will become the third-largest gas importer behind Europe and Asia Oceania, driving a 2.7% average annual growth in global gas demand through 2017.
The report, Medium-Term Gas Market Report 2012, released at the World Gas Conference 2012 mentions that China will more than double consumption over the next five years while lower prices from the unconventional gas revolution will continue to benefit the United States………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Oil analysts already integrate “disruptive technology” in the shape of hybrid and all-electric cars in their forecasts of probable decline in the total oil demand of the world’s two-largest car fleets - in the EU27 and USA - and lower demand growth going forward for the world’s fastest-growing fleets of China, India and smaller emerging economies.
Disruptive energy economics is also at work changing the energy piechart, especially the future role of oil, gas and the renewables. Under increasingly rational outlooks, oil’s share in global energy can fall from its present 36% - 37%, to well below 33% by 2020, this forecast decline being set by the IEA and similar energy agencies as only possible by about 2030 or later………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

If you compare silver to the other precious metals markets for platinum and palladium, you’ve got a relatively small number of users of those metals compared to silver, whether that’s industrial users or jewelry manufacturers.
So in terms of measuring a market, in terms of understanding the dynamics of the market, you can segment it relatively easily and build up your own standing or picture the market that way………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Given the economic uncertainty you’d have thought that the price of gold would be flying. It has done nothing of the sort. The gold price fell 6pc over the past month as the euro zone crisis intensified – its worst month of May fall since 1982. This is the fourth consecutive month that the precious metal has fallen in price.
Indeed, after a decade of gold price growth the last six months have seen a sudden about turn, with gold being officially declared in a “bear market” after losing 20pc of its value………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Gold equities, led by Newcrest Mining, continue to underperform the broader sharemarket and the gold price. Gold exchange-traded funds (ETFs) had their biggest outflows in several weeks and a lower gold price in the past two months has prompted some commentators to suggest an 11-year bull run in gold bullion is ending.
The US-dollar gold price has fallen around 10 per cent in the past two months, because of a strengthening US dollar and general investor nervousness………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Gold and silver prices have tracked the general uptrend in commodities following the equity market which moved higher on Wednesday. US Gold August futures rose to $1634 before climbing back to $1621 on Thursday trading.
Indian demand continues to be weak on higher prices in spot and futures market, analysts said. India’s jewellery demand is set to drop on seasonal weakness as wedding season demand has ended. Markets have to wait for mid-August to resume increased sales of gold and silver jewellery………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

According to ANZ, the 2012 gold price outlook trimmed due to stronger-than-expected headwinds from a firmer U.S. dollar. Concern over the health of the global economy has seen investors reduce their exposure to gold in favor of other perceived safe havens, such as the dollar, in recent months.
Since gold is priced in dollars, a stronger greenback makes the metal less affordable for other currency holders………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Copper traders are the most bullish in three months as China, the biggest buyer, reduced interest rates to bolster growth, increasing expectations that prices will rebound from the longest slump in two years.
Sixteen of 31 analysts surveyed by Bloomberg expect the metal to gain next week and eight were neutral, the highest proportion since March 9……………………………………….Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

China is set to jolt iron ore off a six-month low after approving an estimated $23 billion of steel projects that will use the raw material produced by mining companies such as Rio Tinto Group and BHP Billiton Ltd.
The commodity will climb to $152 a metric ton in the second half, according to the average of five analyst estimates compiled by Bloomberg………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

The flurry of ETF activity continues here in June as BNP Paribas becomes the latest company to jump into the fray. The French bank is dipping its toes into the ETF world with a new commodity fund, seeking to carve out a niche in the crowded space with a new take on a contango-fighting strategy.
The new product trades under the symbol BNPC and is called the STREAM S&P Dynamic Roll Global Commodities Fund………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Commodity investing can often be difficult to manage and comes with a fair amount of risk. But most of the issues and risks are associated with a futures-based strategy. Investors looking to simplify this process can look to physical exposure.
There are now dozens of ETFs and mutual funds that focus their assets on a physical commodity, like the SPDR Gold Trust (GLD), which physically holds gold bullion in a vault in London. While these assets still carry the same risks as any other commodity, they do not fall prey to contango or any other issue that often infects a futures investment………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

Commodities daily trading on NYSE Liffe slumped 10 percent in May, led by a drop in cocoa futures. An average 73,227 commodity contracts changed hands on NYSE Liffe last month, down from 81,003 futures and options in April and 81,360 in May last year, the exchange said.
Cocoa futures trading declined 18 percent to 13,622 contracts a day and milling wheat futures trading was down 15 percent to 20,817 a day, it said………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

The hard core of Morgan Stanley’s commodities trading empire, once the mightiest on Wall Street famed for its powerful union of paper and physical deals, is shrinking.
Even as the bank is reported to be considering selling a stake in its billion-dollar commodities unit, its physical trading activity in key U.S. markets is contracting in the face of abruptly changing market dynamics as well as diminishing risk appetite due to growing regulations and capital constraints………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

It was a currency union of 15 states in 1992. Two years later, as budget deficits spiraled out of control, hyperinflation reigned and economies shriveled, just two members of the Soviet Union’s ruble zone were left.
As Greek politicians threaten to break terms of the country’s bailout with international lenders, Spain calls for financial help, and northern European nations balk at funding the south, historians are asking whether the euro region is about to face a similar exodus………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

China will continue to keep electricity prices stable depite the effect on the country’s efforts to reduce energy consumption and greenhouse gas emissions, Reuters reported, citing an official from the National Development and Reform Commission (NDRC), China’s state planning agency.
Sun Cuihua, vice-head of the climate change department of the NDRC, on Wednesday said China’s power sector will be excluded from a proposed national carbon trading scheme………………………………………..Full Article: Source

Posted on 08 June 2012 by VRS |  Email |Print

US politicians moved to ratchet up the pressure on the EU over charging carriers for carbon emitting during flights in and out of the bloc, although Brussels pledged to stand firm on the regulation.
Representatives of both parties used a Senate Commerce Committee hearing to condemn the scheme, which US airlines claim violates international treaties, will cost them more than $3bn by the end of the decade, and may force up ticket prices for travellers………………………………………..Full Article: Source

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