Commodity Portfolio Management News
Petroleum leads S&P GSCI gains in Q1
London, 10 April 2012
The S&P GSCI gained 5.88% in the first quarter but ended on a weak note with a decline of 2.35% in March. Every major sector posted declines on the back of less-robust economic data from China and greater-than-expected supplies in some commodities.
Goldman cuts commodities to neutral from overweight
London, 28 March 2012
Spring doldrums before summer storms: Goldman Sachs is shifting its recommendation on commodities to "neutral" from "overweight" on a near-term horizon, as most commodity markets have reached their near-term targets. "We are shifting our commodity recommendations ... and we believe that the macro environment is likely to soften in 2Q with few near-term upside catalysts other than increased tensions in the Middle East. However, we remain overweight on a 12-mo horizon, with an expected 12-mo return of 10%," according to Goldman's Jeffrey Currie.
Read more: Goldman cuts commodities to neutral from overweight
Commodities and stocks show divergence
London, 16 March 2012
The strong dollar has pressured most commodity prices so far in March with the exception of agriculture. The S&P GSCI has declined despite solid gains in equities. "Divergence between the S&P GSCI and S&P 500 has caused some stubbornly high correlation measures to begin to decline and may be yet another sign of the improving post 2008 investment environment," according to Mike McGlone, Senior Director of Commodity at S&P Indices.
12 new exchange-traded commodities listed on Xetra
London, 16 March 2012
ETF Securities, one of Europe’s leading providers of exchange-traded products, has launched a range of ten new euro-hedged exchange-traded commodities (ETCs) on Xetra. The products are designed to mitigate the effects of currency volatility in the portfolios of euro-based investors by reducing exposure to the US dollar – the currency in which most commodities are priced. The ETC provider also listed two new Brent Crude products on Xetra - ETFS Brent Crude and ETFS Forward Brent Crude - in recognition of Brent’s growing importance as the new global benchmark for oil.
Read more: 12 new exchange-traded commodities listed on Xetra
Commodities: Petroleum takes control
London, 2 March 2012
The S&P GSCI gained 6.06% in February, led by strength in petroleum. Increasing political tension, notably with Iran, and a backdrop of increasing global economic optimism, higher equity prices and a weakening U.S. dollar provided solid underpinnings for commodity prices in February. Year-to-date (YTD), the S&P GSCI ended the month with a gain of 8.43%, just behind the S&P 500® YTD total return of 9.00%. Due to its high world production-weighted significance, petroleum has had the greatest positive impact on S&P GSCI total returns in 2012, as measured by the 10.54% YTD gain in the S&P GSCI Petroleum Index and the sharp 8.34% increase in February alone.
Gold fall creates "Fantastic window of opportunity" for buyers
London 1 March 2012
A reported 31 tonne sell order on the CME rocked gold which saw prices collapse from a high of $1790 in London hours to $1703 during NY trading, followed by a further dip to the low of $1687 in out of hours electronic trading. A fall of over 6% which erased roughly half of the gains since the beginning of the year.
Read more: Gold fall creates "Fantastic window of opportunity" for buyers
Commodity investing to rebound in 2012
London, 27 February 2012
Investment in the commodities complex is due a rebound this year, after risk aversion caused many market participants to scale back their exposure in 2011, according to Barclays Capital's 8th annual survey of institutional investors, published Monday. After cutting their exposure to commodities in 2011 as part of a general desire to reduce risk, investors plan to significantly increase their commodity investments in 2012.
Commodities: The end of the beginning
London, 11 February 2012
Where are we in the commodities cycle? Moving into 2012, there has been a degree of reevaluation in key commodities markets about the relative weighting they should give to demand-side fears and supply-side dynamics. As Barclays Capital note in their latest Commodity Refiner, in general, there has been a shift back to a fuller consideration of the supply side after a year that was dominated by demand-side concerns and fears of macroeconomic discontinuities.
Rapid Ratings to Testify on the collapse of MF Global
London, 2 February 2012
James Gellert, the CEO of independent ratings, research and analytics firm Rapid Ratings, will be testifying at the House Committee on Financial Services hearing on the collapse of MF Global, today, February 2, alongside S&P and Moody’s. Please find his testimony on the subcommittee website here: http://financialservices.house.gov/Calendar/EventSingle.aspx?EventID=276489
Read more: Rapid Ratings to Testify on the collapse of MF Global
Heart of China Bull Beats Strong
London, 28 January 2012
Frank Holmes, U.S. Global Investors: My debate this week with Gordon Chang on China’s future at the Vancouver Resource Investment Conference was a stimulating, intellectual exercise. A healthy market needs a compromise between the bid and ask, and discussions between people who strongly disagree is a great way to promote critical thinking.
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