June 25th, 2012

Commodity Futures – Tropical Storm Debby weakened in the Gulf of Mexico off the Florida Panhandle after shifting away from oil- and natural gas-production areas where Anadarko Petroleum Corp., BP Plc and rivals halted output.

Debby’s top winds slipped to 50 miles (80 kilometers) per hour as the storm was almost stationary about 90 miles south- southwest of Apalachicola, Florida, the National Hurricane Center said in a 4 a.m. Central time advisory. The storm is expected to move little in the coming days though restrengthening is possible within 48 hours, the NHC said.

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June 20th, 2012

Commodity Brokers – U.K.-based brokerage house London Commodity Brokers said Wednesday it’s planning to launch in two weeks’ time an online auction exchange platform to buy and sell strategic South African commodities on a spot basis.

The platform is aimed at addressing concerns that South African commodity producers are too fragmented in certain commodities such as ferrochrome to viably extract more value from their resources vis-a-vis Chinese consumers who are more organized with regard to their raw materials purchases.

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Nymex Oil Settles below $79/Barrel

On June 23, 2012, in Uncategorized, by Infinity Trading

June 21st, 2012

Nymex crude-oil futures settled below $80 a barrel Thursday for the first time since October–and Brent crude futures closed below $90 a barrel for the first time since December 2010–as the oil markets were hit by a host of factors, including fresh signs of anemic industrial activity.

Oil futures for light sweet crude on the New York Mercantile Exchange settled at $78.20 per barrel, down $3.25 or 4%, piercing the psychologically important $80-a-barrel level. Brent oil futures, the European benchmark, also declined sharply, dropping $3.46, or 3.7%, to $89.23 a barrel.

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June 23rd 2012

Nymex Exchange – Morgan Stanley will pay a $50,000 fine to the New York Mercantile Exchange, which alleged that the bank overstated open interest in oil futures markets last November, NYMEX parent company CME said in a statement on Friday.

Morgan Stanley, which operates a large commodity trading operation, was found to have overstated open interest in the December, 2001 U.S. crude future contract during trading on November 17, 2011, allegedly violating reporting rules to the exchange, CME said.

The fine was part of a settlement agreement in which the bank admitted no wrongdoing, CME said. Morgan Stanley spokeswoman Mary Claire Delaney declined comment.

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June 5th, 2012

Gold Futures – Gold is stuck in the longest slump in a decade as investors shun bullion for the dollar and bonds, just seven months after Bank of America Corp. said Europe’s debt crisis would send prices to a record $2,000 an ounce.

The bank was joined by Goldman Sachs Group Inc., Morgan Stanley and Barclays Plc in urging investors to buy in December and January. Now, after gold fell 10 percent in a four-month slide through May, they say prices will rebound this year or next as the Federal Reserve shores up the world’s biggest economy by easing monetary policy and devaluing the dollar.

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June 4th, 2012

Ethanol futures rebounded from the lowest level in 20 months on speculation that cheaper prices will spur demand.

Ethanol futures prices rose the most since May 16 after its two worst weeks this year, giving blenders an incentive to use more of the fuel. Ethanol in the U.S. is made from corn and mixed with gasoline to augment supply and meet federal mandates.

“Anytime you get a 1 in front of ethanol prices, it gets people to salivating and they want to get some,” said Jerrod Kitt, an analyst at Linn Group in Chicago. “Prices got pretty darn cheap. We finally got a print under $2, which started a relief rally.”

Denatured ethanol for June delivery climbed 3.5 cents, or 1.8 percent, to settle at $2.01 a gallon on the Chicago Board of Trade. Prices rebounded from $1.975 on June 1, the lowest price since Oct. 6, 2010. Futures have fallen 8.8 percent this year.

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June 5th, 2012

Gold futures rose in New York for the second time in three sessions on speculation that the world’s policy makers will take measures to stimulate economic growth, reviving demand for the metal as an inflation hedge.

The finance ministers and central bank governors from the Group of Seven nations plan to hold telephone discussions today before a summit of leaders from the Group of 20 in Los Cabos, Mexico. The Federal Reserve purchased $2.3 trillion of debt in two rounds of so-called quantitative easing from December 2008 to June 2011 to boost the economy, helping gold surge to a record $1.923.70 an ounce in September.

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June 5th, 2012

Soybean futures’ price decline last month offers a buying opportunity for consumers because demand for U.S. beans is expected to be “strong” in the September-to- February period, Oil World said.

U.S. soybean exports in the first half of the 2012-13 crop year are forecast to jump to 33.5 million metric tons from 24.2 million tons in the year-earlier period, the Hamburg-based oilseed researcher wrote in an e-mailed report.

Demand for U.S. beans is forecast to climb after drought cut the harvest in Brazil and Argentina, the biggest shippers after the U.S. in 2011-12, according to Oil World. Soybean futures fell 11 percent in Chicago in May, the biggest monthly drop since September amid expectations for a bigger U.S. crop.

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June 5th, 2012

Euro futures – The euro declined from a one-week high against the dollar as Spanish Budget Minister Cristobal Montoro called for European Union funds to be used to shore up the nation’s banks.

The 17-nation currency weakened for the first time in three days against the yen after European retail sales fell more in April than economists forecast and German factory orders declined. The yen strengthened against most of its major counterparts as investors sought safer assets. The pound fell versus the dollar after Egan-Jones Ratings Co. cut the U.K.’s credit ranking.

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June 4th, 2012

Gasoline futures rose, reversing an earlier loss, as the dollar fell against the euro after European leaders agreed to discuss more cooperation among banks using the European benchmark currency.

Gasoline futures advanced as a weaker dollar boosted the investment appeal of commodities. The euro was up 0.6 percent against the U.S. benchmark after German Chancellor Angela Merkel said systemic banks may need supervision at the European level as the European Union weighs possible steps toward “political union.”

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