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Commodities Daily
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Most commodities have risen a little overnight.
Fri, Nov 6 2009, 13:08 GMT
by Danske Research Team
Commodity news
- Most commodities have risen a little overnight. Equities performed strongly yesterday on better-than-expected US jobless claims and upbeat earnings reports; EUR/USD little changed this morning.
- A copy of the IEA’s forthcoming World Energy Outlook leaked to the FT stated that
“global gas markets have evolved from a seller’s market, driven by tight supply and demand, to a buyer’s market as demand weakens while new supply comes on stream”. The IEA projection of overcapacity of gas pipelines and liquefied natural gas terminals suggests that prices could come under further pressure in coming years. As a result, Russia’s position as a prime energy provider to Europe could be in danger. - The weekly stock report from the SHFE showed that Shanghai stocks of copper, aluminium and zinc alike rose over the past week. Inventories of copper are now at levels not seen since 2004 whereas those of aluminium remain at the highest levels since records
began in 2003. Concerns over supply remain pertinent however with strikes, or threats thereof, in both Chile and Peru at the moment. - Saudi Arabia, the world’s largest oil exporter, yesterday made an air strike on Yemen, following Saudi concerns that an internal conflict in Yemen could spill over to Saudi Arabia via the border. At this point, the threat to oil production from the recent attack appears negligible though.
- On the data front, the key release today will be the non-farm payroll figure for the month of October. Our economists look for a fall of just 120K, which should be positive for commodities, compared with the median forecast for a decline of 175K. Since the early 1980s the CRB index has shown some leading properties for US employment (see chart) but a positive surprise in payrolls would in turn suggest that consumer demand for e.g. energy is picking up and could thus support commodities.
Published on Fri, Nov 6 2009, 13:12 GMT
Archive
- Still expect WTTI to hit USD90 within a three-month period
Published On Fri, Nov 20 2009, 13:08 GMT - Mixed movements in commodities this morning
Published On Thu, Nov 19 2009, 13:09 GMT - Commodities are up across the board this morning on the back of a slightly stronger dollar
Published On Wed, Nov 18 2009, 13:07 GMT - Copper soared to a 14-month high of USD6,855 yesterday
Published On Tue, Nov 17 2009, 13:10 GMT - Commodities are up a little this morning
Published On Fri, Nov 13 2009, 13:04 GMT
Danske Bank
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http://www.danskebank.com/ | danskeresearch@danskebank.com
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This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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