Saxo Bank (Saxo Bank)
Commodities  |  March 25, 2013 12:02:40

How wiggled with commodity market developments in Cyprus?


Ole Hansen, commodity strategist at Saxo Bank .

The crisis in the euro zone this week once again came to the fore and main source of uncertainty in world markets became Cyprus. And this uncertainty is then reflected in the commodity markets. Under the worse the outlook for Europe, but also signed the purchasing managers indices and the worst data arrived from France. It shows the change in trend. Previously, he was a significant difference only between the rich north and the poor south, now beginning to show a difference between the key states of the European Union, France and Germany. Greater nervousness in global markets helped prevent purchasing managers indexes in China and the United States, which both grew.

vykon komodit Jak zahýbalo s komoditním trhem dění na Kypru?

Copper failed to bounce upwards, although PMI in China and the United States grew. Although both countries are the largest consumer of industrial metals, copper was prevented from strengthening the Cyprus events and other data from the weak European economy. During the week, so copper touched her seven-month lows, which is about a ten drop from the February highs. And short-term outlook for copper remains neutral or worse, due to high inventories and growth of supply of this raw material. These two factors basically rule out any attempt to change the trend.

Cereal prices on stock exchanges in Chicago and Paris are slightly raised. The reason for the low supply in Europe and relatively inexpensive corn in the United States, whose consumption and exports are growing. According to Bloomberg statistics, even during the upcoming season corn planted area to achieve the highest levels since 1936.

The International Grains Council again expected to lead to devítiprocentnímu increase production to a record 927 million tons, which could help to quickly fill the empty warehouses of this commodity. The dramatic increase in maize production could already be reflected in the prices of forwards, when summer contract sold with 22 percent discount to current prices. However a month ago the difference was about 19 percent.

Stocks of soybeans are also far enough, Even though the bumper crop is still delayed in Brazilian ports because of limited clearance capacities. Soybean prices helped some merchants, such as China, who started to buy soybean in the USA.

forward komodity Jak zahýbalo s komoditním trhem dění na Kypru?

Bad week experienced a so-called soft commodities. Most lost cotton, coffee and sugar cane.

Despite the current decline in cotton prices is one of the best performing commodities this year. The correction is here for a long time waiting, especially for American farmers. They had expected due to large gains this year decided to drop a lot more of this crop. At the same time as reports arrived from China about the upcoming sale of nearly one-third of the state reserves cotton. These stocks do try to complement China for two years and during that time managed to amass nearly ten tons. During the following months, but wants the local processors roughly three tons of cotton to sell.

Price high-quality arabica coffee fell to nearly a three-year lows. The reason is the expected record harvest of coffee in Brazil. While South American superpower is the largest producer and exporter of the commodity.
Brazilian coffee production from one year to another. The price of this type of coffee while under pressure due to concerns about demand from Europe and also due to abundant supplies still last year. Finally, the price of coffee to find support because the Brazilian coffee seems to be either too expensive or too cheap, plus the price difference compared to ROBUSTE fell to its lowest level since 2008.

vyvoj ceny arabica Jak zahýbalo s komoditním trhem dění na Kypru?

Precious Metals has finally got at least a slight burst. Gold has managed to overcome the limit of $ 1,600 per ounce, but the value of $ 1,620 has already been beyond his power. Even so, the metal managed three weeks in a row to stay in the black, which can be termed as the longest rally for the last six months. Gold and even overtook silver and platinum. This is once again trading below gold metal, while silver is (compared to the difference in gold) found itself the lowest since August. Worried markets are making a further reduction of positions at the stock exchange traded products (ETPs), which should be taken as an important barometer of investment. Position is falling now the sixth week in a row, despite support from higher gold prices and the risk of infection from Cyprus. This country will be an important topic in the coming weeks. Correction can then occur when the situation around this problem will not escalate the island.If the gold but it will move to 1620 dollars per ounce, it could become the next frontier of resistance to climb to about $ 30 to $ 1,650 and then $ 1,665. The boundary then support remains at 1,567 dollars.

vyvoj cena zlato Jak zahýbalo s komoditním trhem dění na Kypru?

Brent crude declines now the sixth week of Sun, and now returned to the lower end of the range from 105 to 115 U.S. dollars per barrel, which prevails since last August. Oil weakened primarily due to lower demand associated with maintenance of refineries, uncertainty over Cyprus and increased supplies from the North Sea and Sudan.Additionally, the price decline has also signed reduction of speculative positions by hedge funds. Oil type WTI and Brent crude is still evolving in a different direction, and the difference between them has dropped to its lowest level since last August. In the short term it can not be ruled out a further weakening, but if we put the boundary support 107 to 109.5 dollars per barrel, perhaps we should not be fooled.

ropa brent cena Jak zahýbalo s komoditním trhem dění na Kypru?

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