| Std Bank, ICBC in $1bn resources fund
They did not ruling out a possibility of third party participating and investing in the fund. There is a huge demand for resources such as precious metals, oil and gas in China and this is also driving the commodities markets. Ridley said ICBC was interested in taking part in the resources sector and Standard Bank could provide access to over 250 professionals in commodities and resource financing worldwide. Standard Bank would also contribute to the fund by creating deal flow and fund investment opportunities. We will also leverage global franchise in resources industry, he said. ICBC could assist the fund by facilitating access to investment opportunities in China and contributing funding sources. We will complement each other, said Ridley.
Agri volumes jump on rise in position limits
MUMBAI: Volumes in spices and few other farm commodities increased on Wednesday on NCDEX with the commodities market regulator Forward Markets Commission (FMC) increasing the position limits in most of the agri commodities. Commodity analysts feel that the move will boost up the agri volumes.
FMC on Tuesday increased the open interest limits for 32 agriculture commodities. The position limits is the maximum level of a particular commodity that a member or a client can hold. Meanwhile the commission also reduced the daily price limits of 34 agriculture commodities.
The volume of most active pepper March contract that was on an average around 10,000 tonnes a week back on daily basis moved up to 17,000 tonnes on Wednesday, volume of jeera March contract doubled to 24,000 tonnes while volume of turmeric moved up to 45,000 tonnes from earlier levels of 35,000 tonnes.
Traders Bracing For Slump Drive Up Platinum, Wheat, Coffee And Cocoa
Platinum and spring wheat hit record highs Thursday and arabica coffee and cocoa set new trading peaks as well, as investors in commodities pursued markets deemed less vulnerable to the slowing U.S. economy. Copper, an economically sensitive base metal, overcame jitters over U.S. growth by reacting to Wednesday's cut in interest rates. Traders said copper was also inspired by Thursday's rebound in Wall Street stocks and lingering production issues in China. But broad commodity futures indexes closed mixed, with the Reuters-Jefferies CRB and Dow Jones-AIG up and the S&P GSCI down. U.S. crude oil also fell, closing 58 cents lower at $91.75 a barrel on fears of slowing growth in the world's largest economy and the leading energy-consuming nation. Investors in energy were also sidelined ahead of an OPEC meeting on production quotas set for Friday.
New Zealand Stock Exchange Selects TCS BANCS Market Infrastructure ...
MUMBAI, India, Sept. 28 /PRNewswire/ -- TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO) dedicated to providing business application solutions to the banking, insurance and capital markets industries, today announced that its TCS BANCS Market Infrastructure solution has been chosen by the New Zealand Stock Exchange (NZX). TCS BANCS Market Infrastructure provides multientity, multilingual support to Depository and Clearing institutions with comprehensive functionality across Equity, Fixed Income, Commodities and Derivatives asset classes. This product offers complete functional coverage across technology platforms and delivery channels. TCS BANCS Market Infrastructure is fully compliant with international standards from the G30 and the Bank of International Settlements.
Quarterly earnings surge again at Cargill
Profit for the second quarter was nearly $1 billion at Cargill, the Minnetonka-based agricultural giant, as capital investments helped the company move more commodities over longer distances, the company reported Monday. The earnings of $954 million for the quarter ended Nov. 30 were a 44 percent gain over the same quarter last year. "We are very pleased with today's results," Greg Page, the Cargill chairman and chief executive who took over the company last June, said in a prepared statement. "Today we are moving bigger volumes of commodities, through more facilities, at higher utilization rates and over longer distances. As we've grown, we've also strengthened our ability to measure and assess risk. That's been crucial, given the speed and magnitude of price movements in today's agricultural and energy markets." Earnings for the first six months of the company's fiscal year stand at $1.87 billion, a 61 percent increase from the previous year's first half.
MCX to support Microsoft's rural technology training programme
MUMBAI: Multi Commodity Exchange of India on Thursday announced its support to an ongoing computer literacy programme of Microsoft and Indian Society of Agribusiness Professionals in rural Maharashtra.
This marks the launch of MCX's Corporate Social Responsibility initiative aimed at empowering the youth and women of rural areas of the state with technology skills.
Till now over 15,500 people have been trained and more than 24,000 people are using this service across 16 districts by the means of understanding the futures markets prices of the area specific commodities.
MCX's support will help in increasing deployment of laptop and desktop computers and thereby strengthen the ongoing technology training and adoption efforts through the project.
Tranportation woes delay Indian sugar exports
MUMBAI (Reuters) -India's sugar exports are getting delayed due to a shortage of trucks and rail wagons for transportation to ports, resulting from a surge in exports of various commodities, industry officials said. There is robust demand for agricultural commodities, especially for cotton, soymeal and sugar, from overseas markets, and exports are set to rise in the crop year to September 2008. India aims to export around 3 million tonnes of sugar in the crop year to September 2008, from 1.7 million tonnes a year ago. "The only problem we are encountering is that arrival of sugar from the hinterland is not in the order. Though we have the ship alongside the berth, the cargo doesn't come from the hinterland," a senior official at Mumbai port said.
Stock Trading 101
You want to pick stocks in a sector with strong fundamentals, where demand for their goods or services is growing faster than they are able to supply it. Demand outstripping supply means higher prices, which translates into higher profits for producers and ultimately higher stock prices. As a student of the markets and speculator, my favorite sectors since 2000 have been in the commodities arena. Commodities infrastructure was rusted and neglected after two decades of bear markets ending in the early 2000s, crimping supplies. While worldwide supplies were low, Asia started demanding enormous amounts of raw materials to industrialize. Now global demand in many commodities is at record highs while miners struggle to keep pace. But finding and bringing new mineral deposits to market takes years or even decades, so prices tend to stay high for many years before supply growth catches up with demand growth.
Councilman MikeK Recalls Knievel Action Figure
It is hard to see any other alternatives now that U.S. Magistrate Mikel Williams has found Beck, of Boise, and his 71 fellow plaintiffs lack standing to challenge the state's primary election law in court. Only the party can do that, Williams ruled/Jim Fisher, Lewiston Tribune. Full editorial here. Question: If disgruntled Republicans succeed in closing Idaho's primaries, will you be more/less likely to vote Republican?
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