On Tuesday, news agencies reported that London Metal Exchange copper rallied to a 20-month high above $8,000 a tonne. This rally is a hint for the things to come in the new financial year. If you take note of the new trend in copper market, the metal has jumped 165% from its low during the bad days of late 2008 and early 2009. Along with that, lead and nickel also climbed 150%, and zinc has jumped 125% .
One of the world's leading miner, BHP Billiton has hugely hiked iron ore price for some of its Asian customers for second quarter in 2010. According to sources, BHP has managed to secure a 99.7 per cent price hike for iron ore, up from the $60-a-tonne price settled through the annual contract system for 2009-10.
The upbeat movement in steel prices in the last one month created much debate as the price rise in the key input to varied industries including automobile, real estate, consumer durables, has created ripples of turbulence across the sectors. But it is evident from the global coal scenario that steel prices may continue to dent the profitability of key sectors in India.
World's largest oil consumer, the US increased its crude oil price forecast for 2010 on projections of a speedy global economic recovery. In its monthly Short- Term Energy Outlook, the US Energy Department said the West Texas Intermediate oil, the US benchmark, will average $80.74 per barrel this year, up from last month's forecast of $80.06.
Amid looming fuel shortages, Uganda on Tuesday announced fresh plans to sell the Jinja Oil Reserves. In a statement, Uganda's energy ministry said the government does not have the money to maintain the reserves. This will not be the first time that the country's oil reserves are being put up for sale. The earlier deal that was awarded to Libya's Tamoil to manage the reserves was cancelled by the government following procurement irregularities.
Indonesia's Energy ministry said Wednesday it will auction 35 new oil and gas fields later in the year. In a statement, country's Energy ministry announced the maximum 35 blocks planned to be auctioned this year. Of the 35 blocks, 19 are to be offered under regular tender procedures and the remaining 16 blocks are planned to be offered under joint study mechanisms.
At a time when gold prices are showing a downfall, in the US the gold coins business is roaring. Does it have anything to do with the gold scam which rocked the world last month. It seems so. Gold exchange traded funds (ETFs) and future trading are under the shadow for the past few weeks due to the US Commodity Futures Trading Commission hearing where gold cartels were exposed by some traders. In fact investors have been short-changed by big cartels during the past many years, especially during...
The world has been hit with recession, subprime crisis, bubbles, inflation, deflation and stock market crashes in the last 10 years. But one asset has withstood the economic turmoil and remained as the most robust investment vehicle for the poor and the rich alike in the world is, of course, gold.
U.S. gold rose to its highest since January on Wednesday, rising toward $1,150 an ounce, as renewed worries over Greece's ability to resolve its debt crisis prompted investors to pile into the metal as a safe haven.
The world knows very well about the rule of Robert Gabriel Karigamombe Mugabe in Zimbabwe, a country with over 1,00,000 per cent inflation rate. This is despite the country having the best diamond fields in the world. There is a saying in Zimbabwe if you own the diamonds in the country you can buy any African country now.
U.S. gold rose to a one-month high on Tuesday in the face of a stronger dollar, boosted by safe-haven demand driven by currency uncertainties and worries about Greece and other euro-zone economies.
U.S. palladium and platinum futures rose to their highest since 2008 on Monday on strong physical demand and better sentiment, and gold contracts hit a two-week high in thin post-holiday trade.
UAE's largest oil company, Abu Dhabi National Oil Co (ADNOC) followed Saudi Arabia's Aramco in raising crude oil prices for Asia and US. In a statement, Adnoc said it raised March crude selling prices more than 5 percent to the highest since November. The Abu Dhabi-based company increased the price for Murban crude, its largest export grade, to $78.30 a barrel. Lower Zakum crude rose the most, adding $4.20 a barrel, or 5.7 percent, to $78.15 a barrel.
Russia expressed its willingness to extend help to Venezuela for the development of more oil fields, said Russian Prime Minister. Speaking here after talks with Venezuelan president Hugo Chavez, Russia on P M Vladimir Putin said Our partners have said they are ready to expand our partnership in the energy sector. If an agreement is reached, Russia will pay Venezuela an additional $1 billion bonus for oil field development.
Is Gold the best investment? You may have heard this and read about this phrase a million times already. Now it seems Gold investment reading is becoming too stereo cast that it has lost its sheen. But wait a minute. Though too much written word about Gold has turned out to be boring, the yellow metal itself has not shown the boredom in its rise. It has given good investment returns for those who put their trust in it.
Silver prices are easier to manipulate than gold as the market is small and its short position is concentrated. However, gold price manipulation is done on a much larger but less noticeable, according to National Inflation Association (NIA), USA. NIA said that CFTC is under pressure not to do anything about the manipulation,because the lower the gold and silver prices are, the stronger the US dollar appears to be. If we saw an explosion to the upside in gold and silver prices, it would result in...
Gems and jewellery exports from India, the world's largest supplier, is expected to grow to US$ 25 billion by 2012, according to the Investment Commission of India. India is the largest importer and consumer of gold in the world. Exports jewellery products consisting of gold and silver jewellery items from the country grew from $5.54 billion (Rs.22,315 crore) in 2007-08 to $6.85 billion in 2008-09 despite the economic slowdown.
Confusion confounded. That is the apt description for the global bullion markets now. Talk of gold, you will get a bunch of positive advices from market analysts saying that Indian festival and wedding seasons are round the corner and the demand for the metal is set to go up in the coming days.
In a bid to corner more profits for cash-scarce oil companies, the US president Barack Obama has today announced that his administration would consider offshore drilling in the mid and south Atlantic and in the Gulf of Mexico. The move is expected to help increase employment and ease gas prices in the country. However, Obama, who needs bipartisan support to pass a bill that would set limits on US greenhouse gas emissions, cautioned that expanding drilling was not a catch-all answer to US energy ...
Pakistan has increased fuel prices again with effect from April 1. Country's Oil and Gas Regulatory Authority (OGRA) announced the new petroleum product prices with Pak Rs 2.57 per litre increase in petrol price, Pak Rs 1.50 per litre increase in HOBC, Pak Rs 2.73 per litre increase in light diesel and Pak Rs 3.31 per litre increase in kerosene oil from April 1.
A few months ago I had written about the gold's love for tragedies. Gold always thrived on disasters like recession and rising inflation rates. So when the world is looking rosy and there are no immediate financial dangers lurking in the backyard of countries, what will the much-sought-after yellow metal do? If you want to know this, just have a look at the movements of gold prices in the recent past when World Bank and International Monetary Fund predicted that the global economy is back on tra...
Gold rose on Thursday to a two-week high and platinum group metals rallied to their highest in more than 20 months as fresh investment money poured into commodities.
The previous edition of This Week In Petroleum reported negative earnings for major refiners during the fourth quarter of 2009, reflecting declining petroleum product demand and a weak economy over the past 18 months. One consequence of the sharp decline in oil demand has been the development of significant excess refining capacity and the shutdown or idling of several U.S. refineries. Two East Coast refineries have been closed in recent months; and several smaller plants have been idled, but co...
U.S. Department of Energy announced that it will work with organizations in China on joint research initiatives over the next five years. A total of $37.5 million will be invested in the joint research, said the department, adding that around $75 million will be used for the improvement of energy efficiency, clean coal technologies, carbon sequestration and green vehicles.
The area under wheat cultivation is expected to shrink in 2010-11, in the Northern hemisphere that includes North America, about two-thirds of Africa, all of Asia and Europe due to the falling global prices for the grain.
Gold is driving the gems and jewellery export orders from India. According to the Investment Commission of India, exports are likely to grow to US$ 25 billion by 2012. Following are some of the India government steps to boost gold trade in the country.
Just over four weeks ago we wrote that the duel between economic recovery and accompanying inflation versus economic stagflation and unemployment has kept crude oil futures within a $13.00 barrel trading range since October, 2009
Zimbabwe is a nation with lots of diamonds and minerals but is one of the poorest in the world. Its inflation rate is almost 1,00,000 per cent. And in Zimbabwe, there is a place called Chiadzwa, which is known for its massive diamond deposits that can be dug out with simple tools only a few feet below the ground.
Following a court's decision to send four of steel giant Rio Tinto's employees to jail for accepting bribe, the world is waiting with bated breath to see how the steel firm reacts to the Chinese government's move. The verdict has cast a cloud over China as a destination for global firms to do business. After the verdict, the Australian government and media had expressed concerns over the trial and the conviction of Rio's four employees, including its China head.
Facing enormous energy shortage, Vietnam on Tuesday signed an agreement with the US to boost nuclear energy production in the country. According to Vietnam's energy ministry, the deal will help the country to meet growing energy demand as it allows U.S. firms to help build nuclear plants in the country.
