A broad array of commodities hit multiyear highs as producers of metals and agricultural goods are finding it increasingly more difficult to meet robust demand. >>>>> More
Showing posts with label Crude Oil. Show all posts
Showing posts with label Crude Oil. Show all posts
Thursday, November 11, 2010
Commodities Soar As Surging Demand Meets Dwindling Supplies
A broad array of commodities hit multiyear highs as producers of metals and agricultural goods are finding it increasingly more difficult to meet robust demand. >>>>> More
Wednesday, November 10, 2010
Gold hits record in rush to commodities
SOFTS HIT HIGHS
Raw sugar futures on ICE set a 30-year high on Tuesday while arabica coffee climbed to a 13-year peak. The sugar market has surged in recent months, with prices more than doubling since May, as expectations for a rise in output failed to materialize due to bad weather, sparking concern over low stocks.
March raw sugar futures on ICE rose to a peak of 32.68 cents a lb, a 30-year high for the benchmark front month, before easing back to 32.63 cents. >>>>>> More
Thursday, October 7, 2010
Commodity News Snapshot-Pakistan
KARACHI (October 07, 2010): Sharp recovery was witnessed on the currency market on Wednesday as the rupee maintained its surge mainly because of easy supply of the US currency, dealers said. The rupee was sharply higher by 14 paisa in relation to the greenback for buying and selling at 85.98 and 86.02, they said. In the third Asian trade dollar stayed near eight-month lows on the euro and edged towards a 15-year trough on the yen, hurt by expectations of Federal Reserve easing after Japan lined up its own reflation tools.
Prices remain firm on exporters' buying on cotton market
Prices remain firm on exporters' buying on cotton market
KARACHI (October 07, 2010): Prices showed firmness on the cotton market on Wednesday as exporters' buying helped the rates to retain the overnight levels, dealers said. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 7,050; they said. In the ready business, nearly 20,000 bales of cotton changed hands between Rs 6,850-7,100; they said.
KARACHI (October 07, 2010): Following the directives of the Economic Coordination Committee (ECC), the Trading Corporation of Pakistan on Wednesday offloaded 24,800 tons imported sugar in open market to stabilise soaring commodity prices. The ECC on September 21, decided to offload 50,000 tons of imported sugar in the open market to overcome sugar crisis, as provinces had completely failed to sell subsidies imported sugar in domestic market at low rates during Ramazan, following which sugar price hit peak level of Rs 82-84 per kg in retail market.
KARACHI (October 07, 2010): The prices of gold and silver on Wednesday struck new highs of Rs 43, 350 per tola and Rs 650 per tola respectively on the local market, traders said. Gold reached the record high mark of Rs 43, 000 per tola a day before on the local market, surpassed to a new rise of Rs 43, 350. Similarly, the price of gold 10-gram exceeded to the highest ever level of Rs 37, 157 from previous high of Rs 36, 857, according to traders.
KARACHI (October 07, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (October 06, 2010).
International News
KUALA LUMPUR (October 07, 2010): Palm oil prices hit a near one-week high on Wednesday on expectations of a new round of central bank action to ginger up weakening economies although a record US soy crop dragged on sentiment. Hopes of central banks easing monetary policies weighed on the greenback, as it would make dollar-priced commodities such as Malaysian palm oil and US soyaoil cheaper for big customers like China and India.
LONDON: Gold rose to record highs for a second day in a row on Wednesday as investors punished the dollar ahead of the Federal Reserve’s possible resumption of special measures to protect the flagging economy.
LONDON: Crude oil reached a fresh five-month high after the release of US government figures that showed a large fall in product inventories. Markets responded to this sign of high product demand by pushing up prices, despite simultaneous data showing a higher than expected rise in crude oil stocks.
MILAN (October 07, 2010): European wheat futures jumped on Tuesday on the back of strong gains in US grain futures and other commodities, shrugging off a rally in the euro that could hamper Europe's wheat competitiveness on world markets. Benchmark November on Euronext milling wheat futures closed at 205.75 euros ($283.3) a tonne, up 6.50 euros or 3.26 percent after hitting an intraday high of 206.00 euros. The next resistance level is estimated at 208 euros.
Wednesday, October 6, 2010
Commodity News Snapshot-Pakistan
ISLAMABAD (October 06, 2010): The Task Force on Agriculture (TFA) has proposed increase in wheat support price from Rs 950 to Rs 1,000 per 40 kg for the upcoming season. A meeting of the Task Force on Agriculture, presided over by Minister for Food and Agriculture (Minfa) Nazar Muhammad Gondal, was held here on Thursday.
KARACHI (October 06, 2010): The rupee maintained its climb, gaining sharply against dollar on the currency market on Tuesday, dealers said. The rupee rose by eight paisa in relation to dollar for buying and selling at 86.12 and 86.16, they said. Some improvement in the supply of dollars helped the rupee to make sharp gains versus US currency, they said.
MULTAN (October 06, 2010): The cotton crop arrivals at the ginneries across the country up to October 1, 2010 have been recorded at 2.617 million bales, showing a shortfall of 15 percent as compared to last year's 3.079 million bales. Pakistan Cotton Ginners Association (PCGA) Chairman Masud A Majeed, vice-chairman Shehzad Ali and chairman of ginners group Muhammad Akram said that the floods had damaged more than 2 million bales in southern Punjab and Sindh causing huge loss of about Rs 27 billion.
KARACHI: Trading remained firm amid strong physical prices while the spot rate eased on improved supply of cottonseed, traders at the Karachi Cotton Association (KCA), said Tuesday.
The mills purchased selective lots on competitive prices while ginners withholding fine lint offered their produce on slightly higher prices, floor brokers said.
The KCA revised the spot rate downward by Rs 50 per maund to Rs 7,050 per maund while physical prices remained on the higher side above Rs 7,200 per maund, traders said.
The KCA revised the spot rate downward by Rs 50 per maund to Rs 7,050 per maund while physical prices remained on the higher side above Rs 7,200 per maund, traders said.
LAHORE (October 06, 2010): Chairman Pakistan Sugar Mills Association (PSMA), Javed Kayani has appreciated the open market tender for 50,000 tons of sugar by Trading Corporation of Pakistan (TCP). He said that in order to keep sugar prices within reasonable limits PSMA had forewarned the government in October 2009 to import 1.2 million tons of sugar to meet with anticipated shortages but unfortunately TCP was unable to import the desired quantity.
KARACHI (October 06, 2010): Gold prices on Tuesday hit a new record high of Rs 43, 000 per tola mark after global market touched another historic level of $1337 an ounce, traders said. Gold was available for Rs 42, 500 per tola a day before and went up to a record high of Rs 43, 000 per tola. Similarly, the price of gold per 10 grams reached a fresh peak of Rs 36, 857 up from Rs 36, 428, according to traders.
International News
LONDON: Oil prices rose on Tuesday, building on a week of gains after Japan announced a surprise cut in interest rates, raising expectations of further boosts for other major economies.
The Bank of Japan cut its overnight rate target to a range between zero and 0.1 percent from 0.1 percent and pledged to buy five trillion yen ($60 billion) worth of assets in an attempt to stimulate the world’s third-largest oil-consuming nation.
US crude futures for November rose more than $1 to a high of $82.58, the highest since Aug 6, before slipping back a little to trade at $82.47, up $1.00, by 1326 GMT. ICE Brent for November gained 65 cents to $83.93.
The Bank of Japan cut its overnight rate target to a range between zero and 0.1 percent from 0.1 percent and pledged to buy five trillion yen ($60 billion) worth of assets in an attempt to stimulate the world’s third-largest oil-consuming nation.
US crude futures for November rose more than $1 to a high of $82.58, the highest since Aug 6, before slipping back a little to trade at $82.47, up $1.00, by 1326 GMT. ICE Brent for November gained 65 cents to $83.93.
* Copper at new 26-month high on easing expectations
LONDON: Gold climbed 1.8 percent, its biggest one-day rise since May 11, to record highs on Tuesday as the dollar fell versus the euro and as recent volatility in the currency markets boosted demand for the metal as a safe store of value.
Spot gold hit a high of $1,340.20 an ounce and was bid at $1,337.50 an ounce at 1549 GMT, against $1,315.20 late on Monday. US gold futures for December delivery reached a peak of $1,341.70 and were later up $21.90 at $1,338.70.
LONDON: Gold climbed 1.8 percent, its biggest one-day rise since May 11, to record highs on Tuesday as the dollar fell versus the euro and as recent volatility in the currency markets boosted demand for the metal as a safe store of value.
Spot gold hit a high of $1,340.20 an ounce and was bid at $1,337.50 an ounce at 1549 GMT, against $1,315.20 late on Monday. US gold futures for December delivery reached a peak of $1,341.70 and were later up $21.90 at $1,338.70.
NEW YORK (October 06, 2010): ICE raw sugar futures rallied on technical buying early on Tuesday and moved closer to last week's seven-month high, while arabica coffee firmed, underpinned by a weakening dollar, but still well below a recent 13-year high. Cocoa was little changed in light volumes, with the focus on the start of main crop harvesting in West Africa.
LONDON (October 06, 2010): Liffe front-month, December white sugar ended $17.60 higher at $623.60 per tonne on Tuesday. Rise driven largely by technical buying, and upside could be limited by improved crop prospects in Brazil and India. Liffe second-month January robusta coffee ended $5 higher at $1,666 per tonne. Market looking to consolidate after Monday's steep fall, with the focus on expectations for an ample harvest in top producer Vietnam.
Tuesday, October 5, 2010
Commodity News Snapshot-Pakistan
KARACHI (October 05, 2010): The rupee managed to retain its weekend's firmness against dollar on the currency market on Monday, dealers said. The rupee inched up by one paisa in relation to dollar for buying at 86.20 and two paisa for selling at 86.24, they said. In first Asian trade, the dollar surged higher in a short-covering rally against yen, which retreated against other currencies as investors unwound some long yen positions ahead of a Bank of Japan (BoJ) policy meeting this week.
KARACHI (October 05, 2010): Firmness prevailed on cotton market on Monday as prices held the previous levels due to short crop news, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 7100, they said. In ready business, nearly 17,000 bales changed hands at rates between Rs 6900 and Rs 7200, they said.
KARACHI (October 05, 2010): Gold prices on Monday swelled to Rs 42,500 per tola from record high but silver price reached new peak of Rs 640 per tola on the local market, traders said. Gold was available for Rs 42, 600 on Saturday, which dipped by Rs 100 to Rs 42, 500, traders said, adding that gold price per 10-gram went down to Rs 36,428 from Rs 36,514.
KARACHI (October 05, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (October 04, 2010).
International News
LONDON (October 05, 2010): Liffe front-month, December white sugar falls $14.1 to end at $606.00 per tonne on Monday. Dealers said sugar could drop further to entice physical buyers after a sharp rally to a seven-month high last week. Liffe second-month cocoa ended 19 pounds lower at 1,867 pounds a tonne, with the market focused on the start of West African main crop harvesting.
LONDON (October 05, 2010): Gold steadied on Monday, supported near record highs as investors fretted about the outlook for the dollar amid speculation of further US monetary easing, but with a recovery in the US unit keeping a lid on gains. Spot gold was bid at $1,315.55 an ounce at 1347 GMT, against $1,315.60 late in New York on Friday. It touched a record $1,320.80 an ounce in that session.
LONDON: Oil eased from a two-month high on Monday. By 1155 GMT, US crude fell 14 cents to $81.44 a barrel, after touching $81.87 earlier, the highest level since Aug 6. Prices have risen about 10 percent since the Sept 21 close at around $73.50.
Saturday, October 2, 2010
Huge sell-off in agriculture as speculators run
Fear of high corn stockpiles and uncertainties in the outlook for sugar and cotton sparked a massive sell-off in agricultural markets on Friday, overshadowing the rally in energy and metals.
US corn futures tumbled the 30-cent trading limit in near record volume to end down 6 per cent for the session and 10 per cent for the week in an extended reaction to Thursday's government crop report showing hefty inventories of the grain.
Soybeans fell 4 per cent on the day and wheat over 3 per cent.
Raw sugar closed down half a per cent, adding to the previous session's drop of almost 6 per cent. Analysts said investors were worried the sweetener's near 50 per cent gain during the third quarter had outpaced demand.
The liquidation marked a sharp reversal in trend for agricultural markets, which were among the biggest gainers in commodities during the just-ended quarter.
"I'm sure that the market had outstripped its fundamentals," Keith Brown, a cotton broker in Moultrie, Georgia, said after US cotton futures plunged about 4 per cent from 15-year highs. "(Speculators) carried us up ... now, they are feeding upon themselves like piranha trying to get out faster than the next guy."
The 19-commodity Reuters-Jefferies CRB index settled down almost half per cent after rising as much earlier in the session, following a 2 per cent rally in oil and copper and a new record high in gold. The CRB rose nearly 11 per cent in the third quarter, its biggest gain in five quarters, with sugar being the index's star performer.
The about-face in agriculture after the strong third quarter made some grains traders wonder if they were looking at the start of a prolonged lean period for prices. But some, like those in the sugar trade, expected a quick rebound.
"With oil so strong and the dollar weakening further, it would seem sugar will hold rather than continue the collapse, and we would expect the support to hold," said Thomas Kujawa of Sucden Financial Sugar, who predicted the sweetener would hold at above 22.50 cents a lb. New York's key raw sugar contract closed at 23.36 cents per lb.
Corn posted its biggest one-day drop since January 12, when the government released another bearish report on stockpiles of the grain. Chicago's key corn contract for December finished at $US4.65-3/4 a bushel, falling the 30 cent that also contributed to its biggest weekly loss since mid-January.
Crude oil's benchmark front-month contract in New York rose almost 2 per cent to settle above $US81 a barrel, a level not seen since August 10, as a sliding dollar caused investors to hedge in oil and metals.
Gold hit record highs for a sixth successive session, scaling above $US1320 per ounce.
Copper rose 2 per cent to scale two-year highs in both London and New York after China's latest manufacturing data showed an important engine of global growth was humming again after sputtering in the second quarter.
US corn futures tumbled the 30-cent trading limit in near record volume to end down 6 per cent for the session and 10 per cent for the week in an extended reaction to Thursday's government crop report showing hefty inventories of the grain.
Soybeans fell 4 per cent on the day and wheat over 3 per cent.
Raw sugar closed down half a per cent, adding to the previous session's drop of almost 6 per cent. Analysts said investors were worried the sweetener's near 50 per cent gain during the third quarter had outpaced demand.
The liquidation marked a sharp reversal in trend for agricultural markets, which were among the biggest gainers in commodities during the just-ended quarter.
"I'm sure that the market had outstripped its fundamentals," Keith Brown, a cotton broker in Moultrie, Georgia, said after US cotton futures plunged about 4 per cent from 15-year highs. "(Speculators) carried us up ... now, they are feeding upon themselves like piranha trying to get out faster than the next guy."
The 19-commodity Reuters-Jefferies CRB index settled down almost half per cent after rising as much earlier in the session, following a 2 per cent rally in oil and copper and a new record high in gold. The CRB rose nearly 11 per cent in the third quarter, its biggest gain in five quarters, with sugar being the index's star performer.
The about-face in agriculture after the strong third quarter made some grains traders wonder if they were looking at the start of a prolonged lean period for prices. But some, like those in the sugar trade, expected a quick rebound.
"With oil so strong and the dollar weakening further, it would seem sugar will hold rather than continue the collapse, and we would expect the support to hold," said Thomas Kujawa of Sucden Financial Sugar, who predicted the sweetener would hold at above 22.50 cents a lb. New York's key raw sugar contract closed at 23.36 cents per lb.
Corn posted its biggest one-day drop since January 12, when the government released another bearish report on stockpiles of the grain. Chicago's key corn contract for December finished at $US4.65-3/4 a bushel, falling the 30 cent that also contributed to its biggest weekly loss since mid-January.
Crude oil's benchmark front-month contract in New York rose almost 2 per cent to settle above $US81 a barrel, a level not seen since August 10, as a sliding dollar caused investors to hedge in oil and metals.
Gold hit record highs for a sixth successive session, scaling above $US1320 per ounce.
Copper rose 2 per cent to scale two-year highs in both London and New York after China's latest manufacturing data showed an important engine of global growth was humming again after sputtering in the second quarter.
Reuters
Friday, October 1, 2010
Commodity News Snapshot-Pakistan
KARACHI (October 01, 2010): The rupee failed to break the jinx on Thursday, hitting all-time low versus the dollar on both open and interbank markets, dealers said. The rupee lost eight paisa against the dollar for buying at 86.28. It shed seven paisa for selling at 86.32, they said.
ISLAMABAD: Federal Minister for Information and Broadcasting Qamar Zaman Kaira has said the country has 2.5 million tonnes of wheat and 4.2 million tonnes of rice in reserve due to the judicious storage of the last year.
ISLAMABAD (October 01, 2010): Government has decided to restrict wheat procurement to the public sector in an effort to build strategic reserves at an indicative issue price of Rs 975 per 40 kg for the year 2010-11. Sources revealed to Business Recorder that the Economic Co-ordination Committee (ECC) of the Cabinet in its meeting held on September 21, 2010, had constituted a high level committee to review the existing purchase policy of wheat and in the next meeting it recommended restricting wheat purchase for maintaining strategic reserves to the public sector.
KARACHI (October 01, 2010): Official spot rate fell on the cotton market on Thursday, as a result of modest improvement in supplies of phutti, dealers said. The Karachi Cotton Association (KCA) official spot rate dropped sharply at Rs 7,050; they said. In the ready business, around 20,000 bales of cotton changed hands between Rs 6,700-7,100; they said.
KARACHI (October 01, 2010): Another consignment of sugar import by Trading Corporation of Pakistan (TCP) has arrived on Thursday. According to detail MV "UNICORN 1" carrying 7,000 tons sugar has berthed at KPT and started discharging from 28-09-2010. While two more ships, MV "INDIAN FORTUNE" carrying 20,000 tons and MV "CAPE YORK" with 20,500 ton are scheduled to arrive on October 2, 2010 and October 6 respectively.
FAISALABAD (October 01, 2010): DCO Faisalabad, Naseem Sadiq has asked the management of sugar mills in default to immediately pay the arrears of sugarcane growers otherwise stern legal action would be taken against them. He said that the matter of the payment of dues should be settled amicably before the starting of next crushing season. He was presiding over a joint meeting of representatives of sugar mills and farmers.
International News
KUALA LUMPUR (October 01, 2010): Malaysian palm oil rose 1.19 percent on Thursday, booking its first quarterly gain in a year as a global economic recovery fuelled demand and erratic weather patterns meant an uncertain grain crop outlook world-wide.
LONDON: Oil topped $79 a barrel, hitting a fresh seven-week high on Thursday after data in the United States offered hope for a pick-up in economic activity in the world’s largest economy.
NEW YORK (October 01, 2010): Raw sugar futures settled lower on Wednesday, after the spot contract swung up to a seven-month high, bringing its premium to a three-month top just before it will expire Thursday. Arabica coffee futures consolidated from Tuesday's steep rally while cocoa negated the day's trend, with the US market closing at a six-week top.
NEW YORK (October 01, 2010): ICE raw sugar futures fell on Thursday after the spot contract swung to a seven-month high on Wednesday, with expectations of a good-sized delivery tonnage at the October expiry. Arabica coffee futures edged up in thin volumes, consolidating from Tuesday's steep rally, while cocoa edged lower on Thursday, the last trading day of the third quarter of 2010.
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