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ozaccess Commodities News

The latest breaking Commodities news articles, financial market, rates and more.

 

Commodities rout a result of China's financial constraints - The West Australian

The unfolding rout in commodity markets that knocked the Australian sharemarket to a four-month closing low yesterday is shaping up to be a repeat of 2015 because China has limited financial ability to remain the global buyer of last resort.

Stockpiling in China and speculative demand around the world were mostly behind the commodity rebound last year, not final consumer demand.

Record speculative interest betting on global growth acceleration was registered in commodities, bonds and global stocks but the US Federal Reserve’s three interest rate increases have raised the cost of funding speculative bets with margin debt.

Global growth bellwethers, oil, natural gas and iron ore, have all fallen into technical bear markets with losses in excess of 20 per cent.

Fortescue Metals Group's supersized ships will transport iron ore directly to China.

Defying OPEC production curbs and major...


Read full article on News GN Commodities


Read more: Commodities rout a result of China's financial constraints - The West Australian

Bear market for commodities? Not so fast says Capital Economics - The Australian Financial Review

Capital Economics sees the Bloomberg index rising near 5 per cent from now through the end of the calendar year; the GSCI is forecast to lift 14.6 per cent.

by Timothy Moore

Oil's fall into a bear market has made a lot of headlines, but the overall commodities sector isn't about to face a similar decline, Capital Economics says. In fact, there's reason to be somewhat optimistic for the asset class.

Aluminium, copper, lead, tin and zinc traded in London have seen prices appreciate so far this year versus average prices in 2016 amid an easing of some specific supply and inventory data and steadier industrial output.

That's a very different scenario to early last year, when worries about the global economy's health triggered big losses across the commodities board, in turn affecting sharemarkets.

This time around, it's more a case of oversupply that's dragging on the likes of oil and...


Read full article on News GN Commodities


Read more: Bear market for commodities? Not so fast says Capital Economics - The Australian Financial Review

Gartman: The oil bear market has turned crude into a 'worthless' commodity - CNBC

show chapters

Crude oil has officially entered a bear market, and Commodities king Dennis Gartman told CNBC the pain is far from over.

In a recent interview, the editor and founder of The Gartman Letter said oil conglomerate OPEC was losing the war on oil, especially in light of the ascension of Saudi Arabia's new crown prince, Mohammed bin Salman. Crude oil is down nearly 20 percent in 2017, and is tracking for its biggest six-month drop since the late 1990s.

"He understands that crude oil, over the course of the next 20 to 40 years, is going to be a worthless commodity," said Gartman. "It will be supplanted by something else."

Crude oil posted its fifth consecutive weeks of losses, its longest weekly losing streak since August 2015. While Gartman expects the crude crush was far from over, he does expect oil to bounce back to $46 in the short-term.

"I bet over the next 2...


Read full article on News GN Commodities


Read more: Gartman: The oil bear market has turned crude into a 'worthless' commodity - CNBC

Asian markets gain, thanks to tech stocks and commodities - MarketWatch

Tech stocks and stabilizing commodity prices helped stocks in Asia start the week on an up note amid a lack of major data releases or other market catalysts.

After notching a fifth straight weekly decline, oil prices rose steadily in Monday-morning trading, putting session gains at about 1%, with August Brent futures LCOQ7, +0.33%   rising above $46 a barrel.

In Australia, oil-and-gas producer Santos STO, -0.34%   rose 1.7% while Japan’s Inpex 1605, +1.49%  gained 1.8%.

Stabilization in commodities is helping beaten-down Australian stocks, noted Michael McCarthy chief market strategist at CMC. The S&P/ASX 200 fell 1% last week amid weakness in commodity stocks, with Australian equities notably lagging others in the region.

The index XJO, -0.12%  ended 0.1% higher on Monday, while Japan’s Nikkei NIK, +0.30%  also gaining that much.

Tech was also a tailwind Monday for Asian stocks. A...


Read full article on News GN Commodities


Read more: Asian markets gain, thanks to tech stocks and commodities - MarketWatch

Canadian Stocks Are Struggling As Commodities Weaken - Canadian Commentary - Nasdaq

Shutterstock photo

(RTTNews.com) - The Canadian stock market got off to a positive start Monday, but has pared its gains in early trade and has now slipped into negative territory. Healthcare stocks are turning in a strong performance this morning, but shares of energy and gold stocks are falling as commodity prices weaken.

Markets in Europe are trading higher Monday, with banks leading gains, after Italy moved to shore up confidence in its fragile banking system. The Italian government agreed to bail out two banks in the Venice region at a cost of 5.2bn euros after the European Central Bank ruled that those banks were "failing or about to fail."

Markets in the United States are up slightly Monday, but have pared their early gains. Investors were disappointed by the weaker than expected durable goods report for the month of May released this morning.

On Friday, the index closed up...


Read full article on News GN Commodities


Read more: Canadian Stocks Are Struggling As Commodities Weaken - Canadian Commentary - Nasdaq

Commodities Update - EveryInvestor

Gold

During the week, gold traded 0.18% higher and ended at USD1257.80 per ounce.

In the Asian session, at GMT0500, gold is trading at USD1254.80 per ounce, marginally higher from the New York close.

Gold is expected to its find first weekly support at USD1239.60 per ounce, and a fall through could take it to the next support level of USD1223.00 per ounce. The yellow metal is expected to find its first weekly resistance at USD1273.20 per ounce, and a rise through could take it to the next resistance level of USD1290.20 per ounce.

Positive sentiment still exists as the Williams%R indicator has moved up from the oversold region.

Crude Oil

Crude oil weakened during the week, closing 3.87% lower at USD43.17 per barrel.

In the Asian session, at GMT0500, the precious metal is trading at USD43.54 per barrel, marginally higher from the New York close.

Crude oil is expected to its find first...


Read full article on News GN Commodities


Read more: Commodities Update - EveryInvestor

Strategy Webinar: Monthly Close Setups– Commodities, FX Majors in Focus as USD Struggles - DailyFX

Talking Points

  • Review of current / active setups in heading into the monthly close
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Trading Webinars on Mondays at 12:30GMT

Weaker than expected US Durable goods orders early in the week have fueled some dollar weakness early in the session taking the DXY into near-term support around 97.10. Key support / bullish invalidation remains steady at 96.91/96.

Kiwi remains on the radar for possible exhaustion with the EUR & CAD our favored plays on a weaker dollar. Keep in mind we have key US inflation data on tap into the close of the week / month and it’s a good time to be extra nimble / reduce leverage.

See our 2Q projections on the majors in the DailyFX Trading Forecasts.

In this webinar we discussed examples of basic median-line analysis and review both current and pending setups & updated technical levels on DXY,


Read full article on News GN Commodities


Read more: Strategy Webinar: Monthly Close Setups– Commodities, FX Majors in Focus as USD Struggles - DailyFX

These Commodities Led to a Rise for Norfolk Southern in Week 24 - Market Realist

Week 24: North American Freight Rail Volumes Are on the Rise PART 2 OF 14

By Samuel Prince  | Jun 26, 2017 2:00 pm EDT

Norfolk Southern’s carloads

Norfolk Southern (NSC) and its rival CSX Corporation (CSX) operate in the eastern United States. In the week ended June 17, 2017, NSC’s total railcar volumes rose 2.2% to ~69,000, compared to over 67,000 carloads in the comparable week in 2016.

The company’s total railcars excluding coal and coke witnessed a marginal fall of 0.4% in the reported week of 2017. The rise in NSC’s coal and coke volumes (ARLP) has slowed in recent weeks, but the commodity group expanded its volumes by 9.1% in the week ended June 17, 2017. The rise in coal carloads put smiles back on the faces of railroad companies, including Norfolk Southern.

These Commodities Led to a Rise for Norfolk Southern in Week 24

Coal’s drivers in 2017

Norfolk Southern reports its revenue in three segments: coal, merchandise, and...


Read full article on News GN Commodities


Read more: These Commodities Led to a Rise for Norfolk Southern in Week 24 - Market Realist

Chicago agricultural commodities close mixed - Xinhua

Video PlayerClose

CHICAGO, June 26 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed mixed Monday with wheat future falling more than 1.5 percent on profit-taking after a run-up to one-year highs last week.

Corn and soybeans rose in a light recovery bounce from multi-month lows set last week.

The most active corn contract for July delivery rose 1.25 cents, or 0.35 percent, to 3.59 dollars per bushel. September wheat delivery declined by 8 cents, or 1.69 percent, to close at 4.655 dollars per bushel. July soybeans rose 2.25 cents, or 0.25 percent, to 9.0675 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.35 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 48 points higher.

Traders were adjusting positions ahead of the United States Department of Agriculture's June 30 acreage and quarterly stocks reports....


Read full article on News GN Commodities


Read more: Chicago agricultural commodities close mixed - Xinhua

Top firm says commodities trading unit suffered 'substantial losses' in alleged scam - HITC

Not good news.

Bloomberg News reports that Australia & New Zealand Banking Group told a U.S. court that its commodities trading arm suffered “substantial losses” after it discovered that receipts for metal held in Glencore’s Access World warehouses are probably fake.

When ANZ looked into selling the nickel, it discovered 83 out of 84 receipts it held were likely forgeries, the Australian lender said in a June 6 petition filed in a U.S. court in San Francisco. It’s part of a request for information the bank could use in lawsuits in other jurisdictions. ANZ has hired lawyers in the U.S., Hong Kong and Singapore to attempt to recover its losses and pursue the alleged fraudsters, ANZ said.

The case follows Access World’s January warning to customers that it found forged warehouse receipts circulating in the market. The announcement sent shock waves through the commodities trading...


Read full article on News GN Commodities


Read more: Top firm says commodities trading unit suffered 'substantial losses' in alleged scam - HITC

Bear market for commodities? Not so fast says Capital Economics - The Australian Financial Review

Capital Economics sees the Bloomberg index rising near 5 per cent from now through the end of the calendar year; the GSCI is forecast to lift 14.6 per cent.

by Timothy Moore

Oil's fall into a bear market has made a lot of headlines, but the overall commodities sector isn't about to face a similar decline, Capital Economics says. In fact, there's reason to be somewhat optimistic for the asset class.

Aluminium, copper, lead, tin and zinc traded in London have seen prices appreciate so far this year versus average prices in 2016 amid an easing of some specific supply and inventory data and steadier industrial output.

That's a very different scenario to early last year, when worries about the global economy's health triggered big losses across the commodities board, in turn affecting sharemarkets.

This time around, it's more a case of oversupply that's dragging on the likes of oil and...


Read full article on News GN Commodities


Read more: Bear market for commodities? Not so fast says Capital Economics - The Australian Financial Review

Commodities rout a result of China's financial constraints - The West Australian

The unfolding rout in commodity markets that knocked the Australian sharemarket to a four-month closing low yesterday is shaping up to be a repeat of 2015 because China has limited financial ability to remain the global buyer of last resort.

Stockpiling in China and speculative demand around the world were mostly behind the commodity rebound last year, not final consumer demand.

Record speculative interest betting on global growth acceleration was registered in commodities, bonds and global stocks but the US Federal Reserve’s three interest rate increases have raised the cost of funding speculative bets with margin debt.

Global growth bellwethers, oil, natural gas and iron ore, have all fallen into technical bear markets with losses in excess of 20 per cent.

Fortescue Metals Group's supersized ships will transport iron ore directly to China.

Defying OPEC production curbs and major...


Read full article on News GN Commodities


Read more: Commodities rout a result of China's financial constraints - The West Australian

Gartman: The oil bear market has turned crude into a 'worthless' commodity - CNBC

show chapters

Crude oil has officially entered a bear market, and Commodities king Dennis Gartman told CNBC the pain is far from over.

In a recent interview, the editor and founder of The Gartman Letter said oil conglomerate OPEC was losing the war on oil, especially in light of the ascension of Saudi Arabia's new crown prince, Mohammed bin Salman. Crude oil is down nearly 20 percent in 2017, and is tracking for its biggest six-month drop since the late 1990s.

"He understands that crude oil, over the course of the next 20 to 40 years, is going to be a worthless commodity," said Gartman. "It will be supplanted by something else."

Crude oil posted its fifth consecutive weeks of losses, its longest weekly losing streak since August 2015. While Gartman expects the crude crush was far from over, he does expect oil to bounce back to $46 in the short-term.

"I bet over the next 2...


Read full article on News GN Commodities


Read more: Gartman: The oil bear market has turned crude into a 'worthless' commodity - CNBC

Commodities Technical Analysis, June 26th – June 30th, 2017 - FX Empire

Commodities prices continue to be investors’ safe haven as political uncertainty and weaker than expected economic data raised investors concerns.

Falling crude oil prices for the fifth weekly loss pulled commodity prices down as oversupply continued the ‘black gold’ downtrend.

The technical analysis, that includes the indicators’ data and major pivot points for WTI Oil, Gold, Silver and Copper as traded on spot market as of June 25th, 2017:

Crude Oil

Indicators

Moving Averages

RSI

Parabolic SAR

CCI

Short Neutral Short Short
Crude Oil Daily Chart - MACrude Oil Daily Chart – MA

Floor Pivot Points

3rd Sup

2nd Sup

1st Sup

Pivot

1st Res

2nd Res

3rd Res

38.81 40.45 41.78 43.42 44.75 46.39 47.72
Crude Oil Daily Chart - Pivot PointsCrude Oil Daily Chart – Pivot Points

Fibonacci Retracement Levels

0.0%

23.6%

38.2%

50.0%

61.8%

100.0%

42.08 42.78 43.21 43.57 43.92 45.05
Crude Oil Daily Chart - FibonacciCrude Oil Daily Chart – Fibonacci

Gold

Indicators


Read full article on News GN Commodities


Read more: Commodities Technical Analysis, June 26th – June 30th, 2017 - FX Empire

JSE opens slightly weaker as commodities slip, market awaits direction - Business Day (registration)

The JSE opened the week fractionally lower on Monday, as local markets wait for direction from a raft of data releases this week.

At 10.16am the all share was down 0.17% to 51,415.60 points, led by gold miners which gave up 1.62%. Gold itself was down 0.78% to $1,247.10 an ounce and platinum 0.7% to $921.87.

The blue-chip top 40 gave up 0.26%, while banks rose 0.34%, financials 0.06% and platinums 0.23%.

Industrials lost 0.26%, resources 0.32%, property 0.26%, food and drug retailers 0.51% and general retailers 0.14%.

Statistics SA data on employment‚ producer price inflation‚ private sector credit extension and trade are due this week, with most expected to continue their downward trend.

The releases will begin with quarterly employment statistics‚ surveying the formal‚ nonagricultural economy‚ for the first quarter on Tuesday. With SA in technical recession, the figures could give...


Read full article on News GN Commodities


Read more: JSE opens slightly weaker as commodities slip, market awaits direction - Business Day (registration)

Asian markets gain, thanks to tech stocks and commodities - MarketWatch

Tech stocks and stabilizing commodity prices helped stocks in Asia start the week on an up note amid a lack of major data releases or other market catalysts.

After notching a fifth straight weekly decline, oil prices rose steadily in Monday-morning trading, putting session gains at about 1%, with August Brent futures LCOQ7, +0.04%   rising above $46 a barrel.

In Australia, oil-and-gas producer Santos STO, -0.51%   rose 1.7% while Japan’s Inpex 1605, +1.25%  gained 1.8%.

Stabilization in commodities is helping beaten-down Australian stocks, noted Michael McCarthy chief market strategist at CMC. The S&P/ASX 200 fell 1% last week amid weakness in commodity stocks, with Australian equities notably lagging others in the region.

The index XJO, -0.58%  ended 0.1% higher on Monday, while Japan’s Nikkei NIK, +0.19%  also gaining that much.

Tech was also a tailwind Monday for Asian stocks. A...


Read full article on News GN Commodities


Read more: Asian markets gain, thanks to tech stocks and commodities - MarketWatch

Commodities Update - EveryInvestor

Gold

During the week, gold traded 0.18% higher and ended at USD1257.80 per ounce.

In the Asian session, at GMT0500, gold is trading at USD1254.80 per ounce, marginally higher from the New York close.

Gold is expected to its find first weekly support at USD1239.60 per ounce, and a fall through could take it to the next support level of USD1223.00 per ounce. The yellow metal is expected to find its first weekly resistance at USD1273.20 per ounce, and a rise through could take it to the next resistance level of USD1290.20 per ounce.

Positive sentiment still exists as the Williams%R indicator has moved up from the oversold region.

Crude Oil

Crude oil weakened during the week, closing 3.87% lower at USD43.17 per barrel.

In the Asian session, at GMT0500, the precious metal is trading at USD43.54 per barrel, marginally higher from the New York close.

Crude oil is expected to its find first...


Read full article on News GN Commodities


Read more: Commodities Update - EveryInvestor

Canadian Stocks Are Struggling As Commodities Weaken - Canadian Commentary - Nasdaq

Shutterstock photo

(RTTNews.com) - The Canadian stock market got off to a positive start Monday, but has pared its gains in early trade and has now slipped into negative territory. Healthcare stocks are turning in a strong performance this morning, but shares of energy and gold stocks are falling as commodity prices weaken.

Markets in Europe are trading higher Monday, with banks leading gains, after Italy moved to shore up confidence in its fragile banking system. The Italian government agreed to bail out two banks in the Venice region at a cost of 5.2bn euros after the European Central Bank ruled that those banks were "failing or about to fail."

Markets in the United States are up slightly Monday, but have pared their early gains. Investors were disappointed by the weaker than expected durable goods report for the month of May released this morning.

On Friday, the index closed up...


Read full article on News GN Commodities


Read more: Canadian Stocks Are Struggling As Commodities Weaken - Canadian Commentary - Nasdaq

Strategy Webinar: Monthly Close Setups– Commodities, FX Majors in Focus as USD Struggles - DailyFX

Talking Points

  • Review of current / active setups in heading into the monthly close
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Trading Webinars on Mondays at 12:30GMT

Weaker than expected US Durable goods orders early in the week have fueled some dollar weakness early in the session taking the DXY into near-term support around 97.10. Key support / bullish invalidation remains steady at 96.91/96.

Kiwi remains on the radar for possible exhaustion with the EUR & CAD our favored plays on a weaker dollar. Keep in mind we have key US inflation data on tap into the close of the week / month and it’s a good time to be extra nimble / reduce leverage.

See our 2Q projections on the majors in the DailyFX Trading Forecasts.

In this webinar we discussed examples of basic median-line analysis and review both current and pending setups & updated technical levels on DXY,


Read full article on News GN Commodities


Read more: Strategy Webinar: Monthly Close Setups– Commodities, FX Majors in Focus as USD Struggles - DailyFX

Chicago agricultural commodities close mixed - Xinhua

Video PlayerClose

CHICAGO, June 26 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed mixed Monday with wheat future falling more than 1.5 percent on profit-taking after a run-up to one-year highs last week.

Corn and soybeans rose in a light recovery bounce from multi-month lows set last week.

The most active corn contract for July delivery rose 1.25 cents, or 0.35 percent, to 3.59 dollars per bushel. September wheat delivery declined by 8 cents, or 1.69 percent, to close at 4.655 dollars per bushel. July soybeans rose 2.25 cents, or 0.25 percent, to 9.0675 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.35 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 48 points higher.

Traders were adjusting positions ahead of the United States Department of Agriculture's June 30 acreage and quarterly stocks reports....


Read full article on News GN Commodities


Read more: Chicago agricultural commodities close mixed - Xinhua

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