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December 28th, 2012
Rubber futures will likely extend a bull market next year as monetary and fiscal stimulus from Japan to China and the U.S. will accelerate a global recovery and boost raw-material demand.
Rubber futures in Tokyo, a global benchmark, will climb 14 percent to 344 yen a kilogram ($3,981 a metric ton) by March, according to the median estimate from seven analysts surveyed by Bloomberg, who correctly predicted in September that the price would climb to 300 yen by the end of 2012. The threshold was crossed yesterday for the first time since May.
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December 27th, 2012
Silver futures for March delivery advanced 1.1 percent to $30.365 an ounce. Earlier, the price dropped as much as 1.1 percent.
Gold futures rebounded after U.S. Senate Majority Leader Harry Reid said that the budget dispute probably won’t be resolved before Jan. 1, boosting demand for the metal as a haven.
Republicans won’t cooperate, said Reid, a Nevada Democrat. The impasse leaves the U.S. closer to more than $600 billion in automatic tax increases and spending cuts set to begin in 2013. Earlier, gold fell as much as 0.5 percent.
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December 27th, 2012
Heating oil advanced on forecasts for colder weather in the U.S. Northeast and for a decline in distillate inventories from the lowest seasonal level in 12 years.
Heating Oil futures rose as the National Weather Service’s Climate Prediction Center predicted below-normal temperatures in the Northeast from Jan. 1 to Jan. 9. The Energy Department will probably report tomorrow that heating oil and diesel supplies declined 1 million barrels last week to 116 million, according to the median estimate of nine analysts in a survey by Bloomberg.
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December 27th, 2012
S&P 500 Futures – U.S. stocks fell, after a three-day drop for the Standard & Poor’s 500 Index, as consumer confidence declined more than forecast and lawmakers returned to Washington to resume budget talks.
Marvell Technology Group Ltd. fell 3.6 percent after being downgraded by JMP Securities LLC. BCD Semiconductor Manufacturing Ltd. (BCDS) almost doubled after Diodes Inc. agreed to buy the company for $151 million.
The S&P 500 fell 0.2 percent to 1,417.62 at 10:09 a.m. in New York. The Dow Jones Industrial Average lost 13.69 points, or 0.1 percent, to 13,100.90 today. Trading in S&P 500 companies was 36 percent below the 30-day average at this time of day.
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December 26th, 2012
Lumber futures jumped to the highest in seven years after U.S. home prices climbed more than forecast in October, adding to signs of stabilization for the housing market.
The S&P/Case-Shiller index of property values in 20 cities increased 4.3 percent from October 2011, the biggest 12-month advance since May 2010, the group said today. The median forecast of 30 economists in a Bloomberg survey projected a 4 percent gain. The average rate of housing starts from September through November was the strongest since the three months ended August 2008, the Commerce Department said last week.
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December 27th, 2012
Rubber futures rallied above the 300-yen level for the first time since May as Japan’s currency dropped to a 27-month low on prospects for additional stimulus driven by Prime Minister Shinzo Abe’s new government.
Rubber for delivery in June advanced 1.6 percent to 300.7 yen a kilogram ($3,507 a metric ton) on the Tokyo Commodity Exchange, the highest settlement for the most-active contract since May 8. Futures have gained 14 percent this year.
The yen slid to the lowest level against the dollar since September 2010 on expectations that the new government will push for more cash infusions to bolster the economy. A weaker Japanese currency makes yen-denominated contracts cheaper for holders of other currencies, and helps exporters such as Toyota Motor Corp. (7203) boost sales overseas.
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December 26th, 2012
Cotton futures rose to a nine-week high as exports surged from the U.S., the world’s biggest shipper. Sugar and coffee advanced, while cocoa and orange juice fell.
In the four weeks that ended Dec. 13, U.S. export sales of upland cotton soared sixfold from a year earlier, Department of Agriculture data showed on Dec. 20. Cotlook Ltd., the publisher of a benchmark price index, raised its forecast for global consumption, citing increases in countries including India.
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December 26th, 2012
Dow Jones Futures – The deal that seems possible to fix the U.S. budget is getting smaller and smaller.
Five days before a deadline that would trigger more than $600 billion in tax increases and spending cuts that could cause a U.S. recession, Congress will return Dec. 27 amid calls for action in the Senate.
The politics of progress there are easier than in the Republican-controlled House of Representatives, which balked last week at Speaker John Boehner’s plan for tax increases on income above $1 million. Still, the House would have to sign off next. Boehner and President Barack Obama have been unable to agree on the tax-rate increase on top earners Obama wants or the cuts to entitlement programs that Boehner sought, complicating the chances of getting a package done.
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December 26th, 2012
Crude oil futures rose in New York for the first time in three days as President Barack Obama will cut short his vacation for talks to avert spending cuts and tax increases that threaten the economy of the world’s biggest crude consumer.
West Texas Intermediate gained as much as 0.7 percent before Democrats and Republicans convene tomorrow for talks aimed at avoiding more than $600 billion in automatic measures known as the fiscal cliff, which are scheduled to take effect Jan. 1. Crude stockpiles in the U.S. probably fell last week to the lowest in 10 weeks as imports decreased, a Bloomberg News survey showed. The volume for all WTI contracts was down 87 percent on the 100-day average.
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December 24th, 2012
Canadian Dollar Futures – The Canadian dollar rose against the majority of its most traded peers with investors optimistic about the country’s economic prospects even with the risk that the nation’s largest trading partner may enter a recession.
The Canadian currency gained against its American counterpart after the U.S. Congress recessed for the Christmas holiday with only a week left to negotiate a deficit-cutting plan to avoid automatic tax increases and spending cuts set to take effect Jan. 1 which may trigger an economic contraction. Even with the U.S. budget debate, figures released late last week show traders remain optimistic on the longer-term prospects of the Canadian currency.
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