As the Linda Leah unloaded in a corner of Rotterdam's 35km long port last week, only a circling flock of hungry seagulls suggested that the ship contained anything other than another haul of iron ore or coal.
Sunday, January 22, 2012
Glencore's key role in the international food chain
Gold Decouples from Euro
The following table includes the correlation between gold and the most popular currency pairs over various timeframes. A value close to +1 indicates a strong positive relationship between gold and the pair, while a value close to -1 indicates a strong negative relationship. Colored values indicate week-to-week changes of over 30%.
Is the gold market rigged?
Many people ask why, if there really is a gold price suppression scheme -- a scheme of currency market intervention to support the dollar and other currencies against the true international reserve currency, gold -- some whistleblowers haven't come forward to expose it. In fact, the whistle has been blown on the gold price suppression scheme many times over the years, and by the highest authorities. They just haven't yet been recognized as whistleblowers by the news media and financial analysts.
Citadel Is Finally Back To High Water Mark
Citadel, the hedge fund behemoth that suffered more than 50 percent in losses during the financial crisis, has finally recovered. In 2008, many had all but written off the Chicago hedge fund and its founder, Kenneth C. Griffin. The firm needed gains of 100 percent or more to ever recover. Until then, it would not be able to charge the coveted performance fee, the lifeblood of these private partnerships.
Lower Court To Hear Commodity Traders' Complaint
Wall Street’s legal challenge to a regulatory crackdown met a procedural obstacle last week, when a federal appeals court dismissed the case. The lawsuit, directed at the Commodity Futures Trading Commission’s new restrictions on speculative trading, will now move to a lower-level court, delaying a decision on the legitimacy of the regulatory overhaul.
China's Copper Imports Hit Record High
Refined copper imports by China surged to a record in December, narrowing the second annual decline, as consumers built inventories ahead of a seasonal increase in demand.
Arrivals jumped 78 percent from a year ago to 406,937 metric tons, rising for a seventh month, according to an e- mailed statement from the General Administration of Customs today. That was the highest on record, according to Wang Zhouyi, an analyst at Shanghai CIFCO Futures Co.
Greece Debt-Swap Uncertainty Leads Euro Down
Jan. 23 (Bloomberg) -- The euro fell for a second day on investor concern about Greece’s fiscal crisis as creditors struggle to reach agreement on a debt-swap deal.
Speculators Bet On Metals
Speculators raised bets on higher metal prices by the most since July, turning bullish on copper for the first time in four months on signs of growth in U.S., increasing demand in China and more confidence in Europe.
Corn Subsidies Total $77.1B
Corn Subsidies in the United States totaled $77.1 billion from 1995-2010.
UAE commodities trade liberalized
ABU DHABI - The decision of the UAE Cabinet, chaired by Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Shaikh Mohammed bin Rashid Al Maktoum, to liberalize the trade of 12 essential commodities will contribute to market stability and further enhance customer rights, Eng. Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy said. Applauding the decision, he said “the 12 items that are being liberalized include livestock and dairy products, fats and oils, honey, eggs, fruit juices, salt, yeast, animal feed, detergents and hygiene products, among others.”
Heating Oil Costs Surge, You Just Cross Your Fingers And Hope It Doesn't Get Much Worse
NORTH BROOKFIELD, Mass. — When David Harris built his 2,000-square-foot hilltop home nine years ago, he wanted to put in natural gas, but the utility wouldn’t run a line to his house. Like many people here, he was stuck using heating oil.Mr. Harris added a wood stove to help cut costs and now uses only about one-third of the oil the house would otherwise need. But that did not stop a deliveryman for Crowley Fuel from handing him a $471.21 bill earlier this month for a refill that should get him to April. “You just cross your fingers and hope that it doesn’t get too much worse,” Mr. Harris said.
Will gold equities finally start performing?
Gold equities have underperformed for more than a year despite the gold price hitting a series of new all-time highs. But things could be about to change.
Rally in commodities fading
Global stock markets have seen one of the strongest beginnings to a new year for decades and the doom and gloom that persisted during parts of 2011 has at least temporarily been put aside. Cash rich money managers, of which many opted for defensive and conservative strategies at the beginning of the year, are behind the curve and have been chasing the market higher as focus have shifted away from the problems in Europe to supportive economic news from China and the US. Commodities in general have not joined the party in the same way. The energy-heavy S&P GSCI is showing a healthy return of 2 per cent for the month while the more broad-based DJ-UBS index has so far only mustered 0.3 per cent with strong gains in metals being weighed down by losses in the grains sector. Some of these gains have been eroded by the weaker dollar which ran into profit-taking after speculators built up near record long positions, especially against the Euro.
Natural Gas Outlook
Natural gas prices rose for the first time in nine days on Friday, easing off a ten-year low as short-term weather models showed snow and freezing rain moving over the central and northeastern U.S., boosting expectations for a lift in heating demand. On the New York Mercantile Exchange, natural gas futures for delivery in February settled at USD2.335 per million British thermal units by close of trade on Friday, plummeting 11.2% over the week. Natural gas prices have plunged nearly 23% in the past two weeks as concerns over elevated inventory levels and mild winter weather in the U.S. dampened sentiment on the heating fuel. So far in January, prices are approximately 50% lower than a year ago.
Gold futures called to rise
Comex gold futures ended higherFridayon prospects of possible Greek deal with private bondholders which could bolster risk appetite further. Gold’s rise was overshadowed by four percent surge in silver due to technical breakouts and expectations of positive momentum going forward. U.S. Mint data showed that sales of silver American Eagles totalled 5.3 million ounces on Friday, on pace to surpass its record high of 6.4 million ounces set in January 2011. With monetary policy easing seen across the world including emerging markets, chances are more likely that gold is going to do very well.
Euro Most Profitable in Carry Trades
Betting against the euro may be the most profitable trade in the foreign-exchange market as policy efforts to stave off a European recession debases the currency. Borrowing in euros and investing in the currencies of Australia, Brazil, Mexico, South Africa and South Korea has returned 7.7 percent since the European Central Bank cut its benchmark interest rate on Nov. 3 for the first time in more than two years, according to data compiled by Bloomberg. So- called carry trades funded with yen have lost 0.3 percent and gained 0.9 percent when financed with dollars.
First Fed Rate Outlook To Be Spelled Out
NEW YORK—Federal Reserve officials will spell out, for the first time, how they expect short-term interest rates to move for the next three years—a move that has the potential to jolt the foreign-exchange market over both the short and long term.
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