6:52 AM Commodity mkts have had a good start to 2009 with the CRB index up by 12%
since the 31st. Star performers are Crude (24%), Copper (+21%),
Platinum (9.5%). That’s exactly three of the products that are
going to benefit most from the annual Commodity Index rebalancing
exercise. This rebalancing starts this week but looking at the
above performances some have jumped ahead and started buying
early.
6:53 AM Crude Oil: Reached and breached $50 yday but fell back later in the day.
The downbeat minutes from the FED meeting and talk of another build
in oil inventories took the focus away from the supply side where
the Gaza Strip and the Russia/Ukraine problems had been main focus
up until now. Weekly inventories today at 16:30 GMT [or CET]
and Reuters are forecasting Crude +900k, Distillate +800k, Gasoline
+1400k.
The glut of supply continues to widen the spread between near
month and back month with the Feb/Mch spread already trades as high
as $4.46.
CLG9 is still consolidating but the macro picture still
points to only that and the downside is still a risk as long we
fail to break $52.95. Sup: 4760 4550 4215, Res: 5105 5295
7:11 AM Euro gov bonds fell by the most in four mths yday ahead of sales of debt in
the Euro region. Bunds broke the 124 support lvl as supply worries
has lead to curve steepening trades being implemented. The 2yr to
10yr spread has widen by nearly 25 bp since the 30th Dec. BUBA will
issue 6bn 10yr today followed by issuing from Spain (6 bn) and
France (7bn tomorrow.
8:03 AM Germany: unemployment rate November 7,1 pct - as expected. prior was also 7,1 pct.
HARRY BOXER's top picks for 09: http://www.advicetrade.com/wwizard/157.php
Some commodity news/summary Boxer's 2009 picks
Posted by pki on 7th of Jan 2009 at 03:33 am
All times CET [GMT +1]
6:52 AM Commodity mkts
have had a good start to 2009 with the CRB index up by 12% since the 31st. Star performers are Crude (24%), Copper (+21%), Platinum (9.5%). That’s exactly three of the products that are going to benefit most from the annual Commodity Index rebalancing exercise. This rebalancing starts this week but looking at the above performances some have jumped ahead and started buying early.
6:53 AM Crude Oil:
Reached and breached $50 yday but fell back later in the day. The downbeat minutes from the FED meeting and talk of another build in oil inventories took the focus away from the supply side where the Gaza Strip and the Russia/Ukraine problems had been main focus up until now. Weekly inventories today at 16:30 GMT [or CET] and Reuters are forecasting Crude +900k, Distillate +800k, Gasoline +1400k.
The glut of supply continues to widen the spread between near month and back month with the Feb/Mch spread already trades as high as $4.46.
CLG9 is still consolidating but the macro picture still points to only that and the downside is still a risk as long we fail to break $52.95. Sup: 4760 4550 4215, Res: 5105 5295
7:11 AM Euro gov bonds
fell by the most in four mths yday ahead of sales of debt in the Euro region. Bunds broke the 124 support lvl as supply worries has lead to curve steepening trades being implemented. The 2yr to 10yr spread has widen by nearly 25 bp since the 30th Dec. BUBA will issue 6bn 10yr today followed by issuing from Spain (6 bn) and France (7bn tomorrow.
8:03 AM Germany: unemployment rate
November 7,1 pct - as expected. prior was also 7,1 pct.
HARRY BOXER's top picks for 09:
http://www.advicetrade.com/wwizard/157.php
Great post, pki. Thank you
Posted by winter39 on 7th of Jan 2009 at 07:21 am
Great post, pki. Thank you