日本語
Español
中文
Русский 
- New York 15:42
- London 20:42
- Barcelona 21:42
- Tokyo 05:42
- Sydney 07:42
0
0
Commodity Observatory
Tue, Sep 15 2009, 12:58 GMT
by BBVA Bancomer Team
OPEC members decided to keep their output unchanged as the oil price has been hovering close enough to the range considered optimal by the cartel (USD 70 to USD 80 per barrel). Price’s reaction to this move was pale as the decision had been anticipated by the markets. The oil price increased slightly due to a weaker dollar and higher oil demand estimates.
Energy
The oil price increased slightly last week due to a weaker dollar and news regarding the fundamentals of the market. The International Energy Agency (IEA) revised upwards its oil demand figure for 2009. The Agency now estimates demand to drop 1.9mbd in 2009. In July the estimated drop was 2.3mbd and in June the Agency forecasted a 2.6mbd contraction. IEA’s supply estimations were kept unchanged. OPEC announced last week that production quotas will remain unchanged but warned that the cartel would act if prices drop. The compliance with current quotas declined to 66% in August (68% in July) as OPEC members increased their production. US oil inventories dropped 5.9mb while markets expected a fall of 1.5mb. Distillate inventories expanded 2mb, above the market forecast (0.8mb).
Agriculture
Sugar prices went through a small correction last week but remain very strong due to supply problems in main producer countries. Wheat prices dropped as recent rains in Australia improved perspectives regarding current crops.
Base Metals
Metals refrained to follow oil prices and a weaker dollar as some news regarding oversupply in Chinese markets stimulated a price correction. The up-to-date expansion of the lead price is the highest among all commodities (107%) as some Chinese smelters were closed due to the poisoning of hundreds of children. Last week, however, the lead price dropped due to concerns that markets overreacted to the poisoning and also due to fears about oversupply. News regarding an expansion of zinc inventories also aroused concerns with oversupply.
Precious Metals
The price of gold reached the highest level since March of 2008 as the depreciation of the dollar fostered demand for the metal.
Published on Tue, Sep 15 2009, 13:09 GMT
Archive
- Commodity Observatory
Published On Wed, Nov 18 2009, 09:59 GMT - Commodity Observatory
Published On Tue, Nov 3 2009, 08:48 GMT - Commodity Observatory
Published On Tue, Oct 27 2009, 09:25 GMT - Commodity Observatory
Published On Tue, Sep 15 2009, 12:58 GMT - Commodity Observatory
Published On Wed, Aug 26 2009, 10:39 GMT
BBVA Bancomer
| Av. Universidad 1200 Col. Xoco México 03339 D.F.
http://www.bancomer.com/economica | e.economicos@bbva.bancomer.com
Legal disclaimer and risk disclosure
This document was prepared by Banco Bilbao Vizcaya Argentaria’s (BBVA) Research Department on behalf of itself and its affiliated companies (each a BBVA Group Company) for distribution in the United States and the rest of the world and is provided for information purposes only. The information, opinions, estimates and forecasts contained herein refer to that specific date and are subject to changes without notice due to market fluctuations. The information, opinions, estimates and forecasts contained in this document have been gathered or obtained from public sources believed to be correct by the Company concerning their accuracy, completeness, and/or correctness. This document is not an offer to sell or a solicitation to acquire or dispose of an interest in securities.Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.