Commodity Trading

Ottawa, Ontario, Canada (AHN) – The federal government of Canada appears to have learned its environmental lessons from the recent deaths of ducks in Alberta’s lakes used as tailings pond by oil sands companies.

On Tuesday, Environment Minister Jim Prentice said Ottawa had rejected the proposed Prosperity mine near Williams Lake in British Columbia. The decision was based on the possible negative impact of the mine on the surroundings, including Fish Lake, which is known for its picturesque scenery.

BC Premier Gordon Campbell had been pushing for the $800 million project because of its potential to boost the province’s coffers. BC Minister of State for Mining Randy Hawes said Ottawa’s decision is not embarrassing, just disappointing.

Hawes said BC would continue to help the operator, Taseko Mines, win the federal government’s okay and to subsequently register the gold-copper project.

On the same day, Prentice gave the go signal for a gold-copper mine project at Mount Milligan, near Prince George.

Prentice explained the different responses by Ottawa to the two projects. He said in a statement, “We believe in balancing resource stewardship with economic development. The Mount Milligan project has been designed in a way that minimizes impacts to the environment, while the significant adverse environmental effects of the Prosperity project cannot be justified as it is currently proposed.”

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Ottawa, Ontario, Canada (AHN) – The Canadian government announced Tuesday the opening of an ombudsman office to resolve disputes involving the overseas operations of Canadian mining companies.

Ottawa opened the office, headed by Marketa Evans, because of mounting complaints of human rights abuses and environmental damage caused by Canadian mining firms abroad.

The announcement came a day ahead of a vote in the House of Commons on a bill authored by Toronto MP John MacKay. The bill pushes for greater corporate responsibility among mining, oil and gas Canadian firms operating in developing nations.

The bill would impose sanctions on Canadian firms proven to have engaged in immoral behavior. The sanctions would affect the companies’ Export Development Canada funding and embassy promotion. MacKay said he filed Bill C-300 because of complaints that some Canadian companies resort to rape and murder to secure their sites, operate without licenses and harm the environment.

The bill passed in April 2009 with a vote of 137-133, but stayed at the committee stage for more than a year because of extensions and the temporary closure of Parliament.

MacKay criticized the ombudsman office for lacking powers to sanction erring Canadian firms, but Evans stressed her office’s role is to solve problems, not to probe. The Mining Association of Canada favored the ombudsman’s office over the body proposed by MacKay’s bill because of the punitive measures in Bill C-300.

Evans is the former director of strategic partnerships for the nonprofit group Plan International.

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Tel Aviv, Israel (TML) – Housing prices in Israel are the fastest increasing in the world, says one industry watchdog.

The cost of real estate has risen by 30 percent since September 2008 according to Bank of Israel Governor Stanley Fisher.

Young couples and everyday Israelis are finding it harder to break into the housing market, many choosing to relocate to Jewish communities east of the Green Line, where costs are lower.

The Israeli banking system came out of the global financial crisis relatively unscathed, Fisher said at a July press conference. He added that the housing price increase in Israel is common to most countries in the world in similar economic situations.

“This housing problem of rising prices is happening in almost every country whose financial system stayed intact during the crisis. Every country reduced interest rates. If the banks were still operating normally, then lower interest rates led to higher demand for durables, of which housing is the most durable of the durables. Housing prices have gone up in Canada, they’ve gone up in Australia, they’ve gone up in Hong Kong.”

However, according to Global Property Guide, a trade magazine that monitors housing markets, housing prices in Israel have risen faster than any other in the world, leading some to question whether the market is in the midst of a bubble.

But Fisher refuted this claim.

“There is not yet a bubble in the housing sector. Prices are not much above where they were a decade ago, but they’ve risen over 20 percent in the last year and if they keep rising at this rate, we will have a bubble.”

The problem, according to Fisher, is that supply hasn’t matched demand. Interest rates have been at low levels, increasing demand for houses, but there simply aren’t enough homes on the market to match that demand. The ideal solution, Fisher said, would be to build more houses. But he doesn’t foresee this type of response anytime soon.

“We do not see big increases in the supply of housing at the moment. The alternative is to work on the demand side.” Thus, the Bank of Israel has raised interest rates several times in the past months, so that it now sits at two percent.

The Yesha council, which represents all of Jewish community councils located on land captured by Israel in the 1967 war, released statistics last week showing that in some of those communities, population growth was way above the national average, and well above what would be expected as a result of natural growth. Both the Efrat and Binyamin Regional Councils reported growth of over 8 percent.

This is despite at 10-month construction moratorium imposed by the Israeli government between November 2009 and September 2010.

Naftali Bennett, Director General of the Yesha Council, told the Media Line that many of the people who have moved to communities east of the 1967 Green Line have done so not for ideological, but for economic reasons. “People think it’s about ideology, but it’s simple supply and demand.”

“Movement to Judea and Samaria is the result of price rises in the center. Prices in Tel Aviv are at an all time peak, and the only place for natural growth in Israel is Judea and Samaria,” Bennett said.

Bennett added that, along with recent housing price increases, and because of the proximity of many of the communities east of the 1967 Green Line to the urban centers of Tel Aviv and Jerusalem, many young couples have found moving to these communities an advantageous option.

“Young couples find it very convenient. It’s one-quarter the cost and only 20 minutes from Tel Aviv. Why wouldn’t you do it?” Bennett said.

In June, the average price of purchasing a three-bedroom apartment in Tel Aviv was 2.15 million NIS, or $560,000, compared to 1.73 million NIS the year before. In Jerusalem the average price for an apartment in June was 1.55 million NIS, or $403,000, up from 1.31 million NIS the year before, according to government statistics.

Shelly Levine, of the prominent Jerusalem real estate firm Tivuch Levine, also pointed to the burden that the housing price increase has had on young couples.

“What are young people to do? There’s no way for them to break into the market. It’s crazy.”

Levine sees it as a result of low supply.

“There’s nothing to sell. There aren’t any houses on the market,” she said.

“It’s very dangerous for the country for prices to be so high,” Levine added, alluding to the possible long-term consequences of ever increasing housing prices.

“It’s the first time in my 30 years in the business that it’s been totally out of control.”

What is needed, according to Levine, is more land to build on.

“The government must release land. They must put out tenders for young couples and everyday Israelis or the prices will keep going up.”

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Ottawa, Ontario, Canada (AHN) – After listing the chemical bisphenol-A as a harmful substance, Canadian Environment Minister Jim Prentice over the weekend gave businesses in the country 60 days to draw up plans to limit their releases of BPA to the ecosystem.

Prentice said the new measure would address industrial use of the chemical, which does not harm the environment, but releases high amounts to fish and other marine organisms.

BPA has been linked to breast and prostate cancer. A survey made by Statistics Canada found that Canadians have high levels of BPA in their blood stream, particularly children and youth.

Aside from listing BPA as a harmful substance, Environment Canada has banned the advertising, importation and sale of polycarbonate baby bottles made with the chemical and is coordination with provinces and towns to address potential release of BPA into the environment during disposal or recycling of products.

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Ottawa, Ontario, Canada (AHN) – Ottawa has added the compound bisphenol A to a list of toxic substances under the Canadian Environmental Protection Act. Canada is the first country in the world to ban the compound, also known as BPA.

BPA is a man-made compound used in making plastics. According to experiments, BPA mimics the hormone estrogen and could cause prostate and breast cancer.

Canada banned BPA in 2008, but was delayed in listing the chemical as toxic because of an objection from the American Chemistry Council in 2009. The ACC insisted BPA was safe.

ACC’s Steven Hentges criticized Ottawa’s decision as unwarranted and unnecessary. He cited the recent confirmation by the European Food Safety Authority that BPA is safe for use in food-contact items.

Ottawa’s move Wednesday is a victory for Environmental Defense, a green advocacy group that fought for the prohibition of the chemical. The group is now pushing the federal government to expand Health Canada’s ban on the use of BPA on plastic baby bottles to include all food and beverage cans.

BPA is also used as an epoxy to can liners to help preserve food, but studies showed that trace amounts leak from the containers and are ingested. Because of the prolonged use of the toxic chemical, a Statistics Canada survey made this year discovered that 91 percent of Canadians have BPA in their bodies. The survey said children and teenagers have higher levels of the toxic chemical than adults.

Since the ban of BPA on baby bottles in 2008, some countries have issued a similar prohibition. Legislation is under consideration in the U.S., U.K. and Belgium seeking a ban on the chemical.

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Mississauga, Ontario, Canada (AHN) – Canadian Finance Minister Jim Flaherty will provide a fiscal update on Tuesday in a speech at the Mississauga Chinese Business Association.

Flaherty’s update will have no new policy measures. Instead, Flaherty will emphasize that Ottawa’s priority is to help Canada’s economic recovery because global recovery is still fragile. He will also commit to balancing the federal budget in the medium term or by 2014-15.

Observers are awaiting Flaherty’s policy on the possible extension of stimulus spending beyond March 2011 and a cap in increases on employment insurance benefits starting January 2011.

Flaherty is also expected to provide final figures for the 2009-2010 fiscal year. He had warned previously the final deficit could go beyond the $53.8 billion forecast in the 2010 budget because of year-end accounting charges after the recent implementation of the harmonized sales tax in Ontario and British Columbia.

Last week Flaherty met with private sector economists in a run-up to the fiscal update to get their inputs. After the meeting, the minister declared Canada’s boom times are over amid high uncertainty in global outlook.

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Ottawa, Ontario, Canada (AHN) – Statistics Canada will use the new but shorter census form when the agency conducts a head count next year.

The Federation of Francophone and Acadian Communities in Quebec had attempted to secure a judicial review of the Ottawa decision to scrap the mandatory long census form. However, Federal Court Judge Richard Boivin on Wednesday dismissed the federation’s application.

The federation argued the use of the shorter voluntary survey form would result in less reliable information about minority French-speaking communities. This, in turn, would stand in the way of the federal government’s ability to fulfill its obligations under the Official Languages Act.

In rejecting the petition for a judicial review, Brown said the act did not specify the tools that government must use to support and serve minorities who use different languages. The justice added it is too early to judge if the voluntary survey form would yield unreliable data, as groups opposed to the change in census form point out.

Marie-France Kenny, president of the federation, was disappointed with the court’s decision, but said they have not yet decided if the group would appeal the ruling.

A similar petition has been filed by some First Nations group.

Industry Minister Tony Clement said that because of advice from StatsCan about the importance of questions pertaining to the Official Languages Act, the new census form would include questions about support for official languages. These questions will remain mandatory, according to Clement.

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Ottawa, Ontario, Canada (AHN) – Canadian Finance Minister Jim Flaherty has declared as over the economic boom times. He based his pessimistic outlook on weak, uneven economic global recovery and even high uncertainty when it concerns the U.S. economy.

Flaherty cautioned Canadians to expect just modest growth in the country’s gross domestic product to 2.6 percent and to brace themselves to adjust their expectations.

The Finance Minister’s forecast is similar to that of Bank of Canada Governor Mark Carney, who said on Sept. 30 that Canadians should anticipate slower economic growth in the coming months.

Flaherty is expected to delivery later this month the Finance Ministry’s yearly fiscal update to Parliament. As a run-up to the update, Flaherty met on Monday with 14 private sector economists.

However, the economists provided Flaherty a wide range of opinion on Canada’s economic prospects that the difference between the highest and lowest estimates was wider than previous forecasts.

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Ottawa, Ontario, Canada (AHN) – Canadian Environment Minister Jim Prentice announced on Thursday the creation of a six-member panel to review Alberta’s controversial oil sands projects. The review was prompted by rising number of complaints against the tar sands due to its negative impact on the environment, particularly water pollution which had led to deformed fish catch from the Athabasca River.

Prentice said the panel will be made up of a chairwoman and five members who are independent and respective academicians. The panel will finish the review in two months. Prentice did not yet name the members of the panel.

With the announcement, Prentice rejected a proposal by Alberta Environment Minister Rob Renner to set up a joint investigation. Renner admitted he was surprised by Prentice’s announcement.

While Renner stressed Alberta has lead jurisdiction, Prentice insisted water management is a federal responsibility. Renner acknowledged that Ottawa’s review will lead to future revisions on the province’s way of monitoring water quality. Renner created Alberta’s own investigating team because of differences between the findings by environmental groups and the province’s study on the impact of the tar sands on water quality.

While the oil sands projects have boosted the financial stock of Alberta, pro-environment groups are questioning the long-term effect of the venture on the province. Aborigine groups have lately joined the growing voice against the oil sands by lobbying in Washington to stop a planned expansion of an oil pipeline to transport oil from Alberta to the U.S.

This week, Canadian-born director James Cameron – who megged the Hollywood blockbuster “Avatar” – inspected the oil sands and joined the voices against the venture. However, while Cameron’s high-profile visit was covered extensively by Canadian press, reports said American and British media generally ignored the event.

YouTube postings of the Cameron visit had less than 40 views each, while the remaining U.S. coverage of the event was mainly done through blogs. A green blogger from Los Angeles theorized the cold shoulder given to the Cameron story may have been due to fatigue over celebrity opinion of environmental issues.

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St. John’s, Newfoundland and Labrador, Canada (AHN) – Newfoundland and Labrador have started to clear its roads of snapped tree trunks as the first step toward rebuilding the province massively damaged by Hurricane Igor on Tuesday. St. John’s Director of Public Works Paul Mackey estimated that more than 2,000 trees were uprooted.

More than 40 trees were felled in St. John’s Bowery Park, including a 94-year old lime tree planted by the Duke of Connaught in 1914 when the park was officially opened.

Because of the large number of downed trees, Mackey said St. John’s has opened three sites where residents could bring the snapped plants. The massive damage led the city government to assign its 400 workers to hurricane clean-up tasks, while water and sewer crews were ordered to address flooding problems.

The Royal Canadian Mounted Police also identified on Thursday the 80-year old resident who was swept away by floodwaters as Allan Duffett. The octogenarian was swept away near his residence on Random Island after the ground under his feet collapsed.

Canadian Prime Minister Stephen Harper is expected to inspect the extent of damage on Friday after he arrives from his trip to New York where he addressed the United Nations General Assembly twice. Harper promised disaster relief funds for Newfoundland.

Premier Danny Williams said residents will be reimbursed for repairs they make on their damaged homes. Defense Minister Peter MacKay told Williams Canadian forces are ready to help Newfoundland residents if the soldiers are needed for reconstruction efforts in the hurricane-ravaged province.

View full post on Environmental Issue Stories

St. John’s, Newfoundland and Labrador, Canada (AHN) – Newfoundland and Labrador have started to clear its roads of snapped tree trunks as the first step toward rebuilding the province massively damaged by Hurricane Igor on Tuesday. St. John’s Director of Public Works Paul Mackey estimated that more than 2,000 trees were uprooted.

More than 40 trees were felled in St. John’s Bowery Park, including a 94-year old lime tree planted by the Duke of Connaught in 1914 when the park was officially opened.

Because of the large number of downed trees, Mackey said St. John’s has opened three sites where residents could bring the snapped plants. The massive damage led the city government to assign its 400 workers to hurricane clean-up tasks, while water and sewer crews were ordered to address flooding problems.

The Royal Canadian Mounted Police also identified on Thursday the 80-year old resident who was swept away by floodwaters as Allan Duffett. The octogenarian was swept away near his residence on Random Island after the ground under his feet collapsed.

Canadian Prime Minister Stephen Harper is expected to inspect the extent of damage on Friday after he arrives from his trip to New York where he addressed the United Nations General Assembly twice. Harper promised disaster relief funds for Newfoundland.

Premier Danny Williams said residents will be reimbursed for repairs they make on their damaged homes. Defense Minister Peter MacKay told Williams Canadian forces are ready to help Newfoundland residents if the soldiers are needed for reconstruction efforts in the hurricane-ravaged province.

View full post on Environmental Issue Stories

Moscow, Russian Federation (AHN) – In what could end decades long dispute and pay way to their keenness to exploit the Arctic, Russia and Norway have signed a maritime border agreement.

This could boost offshore oil and gas exploration, which was banned in the region because the two nations have been at odds over ownership of a 67,000 square miles, half the size of Germany, in the Barents Sea since past 40 years. Unregulated fishing was also accelerating the conflict between them.

The foreign ministers signed the agreement and would submit it to their respective parliaments for approval. Russian President Dmitry Medvedev and Norway’s Prime Minister Jens Stoltenberg were also present during the signing ceremony in the Russian city of Murmansk.

Talking to reporters after the signing, Medvedev described this effort as an important step forward and added that this would allow them to jointly and constructively solve tasks and work on economic development projects.

The Russian leader further said this agreement is a “constructive” model to demonstrate how rival Arctic powers should settle their differences. Five Arctic powers are Russia, Canada, Denmark, the US and Norway.

He also told NATO to keep itself away from the region. Norwegian Foreign Minister Jonas Gahr Stoere said that the two nations agreed to cooperate on fishing, and regulated oil and gas offshore exploration in the border zone.

A Kremlin source said, “Engagement in this area will be regulated by the principle of shared handling of all mineral deposits, crossed by the delimitation line.”

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Commodities are all the rage today among traders and investors. The multi-year rallies in crude oil, gold, natural gas, silver, copper, wheat, and other commodities is casting a spotlight on the sector. But did you know that you can play the commodity bull market via the forex market?

The countries that export large quantities of commodities are enjoying tremendous rallies in their currencies. The reasoning for this phenomenon is quite simple. Consider the following scenario.

A refiner in the United States needs some crude oil to turn into gasoline and diesel. This refiner can’t find any oil for sale in the United States, so it turns north and looks for a supplier in Canada. It just so happens that a driller in Canada is sitting on hundreds of thousands of barrels of oil that it needs to sell. The U.S. refiner contacts the Canadian driller and arranges for payment and transportation of the crude oil. In order to complete the sale, the U.S. refiner needs to convert his U.S. dollars into Canadian dollars. The transaction is the equivalent of selling U.S. dollars and buying Canadian dollars.

This transaction is taking place in many different forms all across the world as countries that need commodities are buying from countries that produce the commodities. The commodity producing countries are seeing an unprecedented demand for their currencies.

One of the major players in the global commodity boom includes Canada, which is a resource rich country. Canada is a major supplier and producer of fossil fuels, including crude oil and natural gas. Additionally, the country exports a lot of timber, wood pulp, aluminum, and fertilizer.

Another major force in the global commodity boom Is Australia. The country exports a tremendous amount of metals, including gold, iron ore, coal, wheat, and wool. Neighboring New Zealand, although small in terms of GDP and population, is also a major force in the global commodities trade. New Zealand is a major exporter of food products, specifically dairy, meat and fish. New Zealand exports most of its commodities to Australia, the U.S., Japan, and China.

Norway is emerging is a major force in the global commodities boom because of the country’s rich oil deposits. Norway exports over 3 million barrels of oil per day, mainly to the U.K., Germany, the Netherlands, France, and Sweden.

With the prices of crude oil, natural gas, and food rising, you can now see how currencies like the Canadian dollar, Australian dollar, New Zealand dollar, and Norwegian krone are strengthening. As the prices of these commodities continue higher, so too will the currencies of the countries that export these commodities. It’s due to the simple principles of supply and demand. The demand for the currencies of countries that export commodities increases due to the foreign exchange that must take place in order to trade these commodities.

The trends in commodities and the commodity-related currencies are far from over. You can learn how to identify these trends, and profit from them, right in the forex market. By simply knowing which countries export what commodities, you can join the commodity bull market and profit.

Author: Eric Stout
Article Source: EzineArticles.com
Canadian crossborder shopping

A commodity exchange is the type of market where commodities are dealt with. Almost any article of trade are bought and sold in commodity exchanges. Most of the leading commodity exchanges are found in USA and the UK. There are commodity exchanges existing in various other countries too. Based on the goods that are being traded and on their location and size, commodity exchanges differ significantly.

Certain exchanges are famed for trading in particular products. For example, the Chicago Board of Trade, the largest futures exchange, is famous for its trading activities in coffee and sugar. London is known for its metal exchange and petroleum exchange and so on and so forth. One can find commodity exchanges spread throughout the world in places like Brazil, China, Canada, South Africa, Japan, and Russia, to mention only a few countries.

Commodity exchanges commonly deal with agricultural products like Soya products, sunflower seeds, corn, beans, coffee, or other grains. Dairy products and meat are also items which are extensively traded through commodity exchanges. The closing prices set by leading commodity exchanges have huge impact on the trade around the world. Petroleum products like crude oil, gasoline, and precious metals are also dealt widely by commodity exchanges.

One can trade in futures or options in these commodity exchanges. When it comes to futures, one is bound by a contract which specifies the delivery of a commodity at a specific date, whereas in the case of options, it is not so. Buying of options does not bind one to buy anything. Instead, one is given the right to buy certain products for a price, but one need not do so, if required. The flip side with options is that the deal expires after a specified time period.

Most of the commodity exchanges make their closing prices public. Trading is typically done on a large scale. This is the reason why smaller producers and investors don?t trade in large commodity exchanges. However, the bigger traders on the commodity exchanges work closely with smaller traders and businesses, giving them an opportunity to trade their products on a global scale. The traders on commodity exchanges charge a fee from the smaller businesses for doing so.

Author: Richard Romando
Article Source: EzineArticles.com
Programmable Multi-cooker

Commodity ETFs: How to Profit from Lower Risk Exposure

A common mistake made by many investors is to allow themselves to become intimidated by the world of commodities. Yes, it is true that investing in commodities can be risky, probably more so than stocks and definitely more so than buying bonds or mutual funds, but that doesn’t mean commodities should be ignored altogether when constructing your portfolios. If nothing else, commodities are a great way to hedge your portfolio against the vagaries of inflation. After all, the major commodities, such as crude oil and gold are denominated in US dollars. Meaning that when their prices rise, the purchasing power of dollars is weakened.

Fortunately there’s a way for astute investors to benefit from this scenario without incurring unnecessary risks.

Commodities ETFs Save The Day

As the popularity of the ETF (Exchange-Traded Fund) has surged in recent years, so has the number of commodity-centric ETFs. There are now hundreds of commodity ETFs available to investors. These offerings are ideal for investors seeking commodities exposure without the risk involved in playing the futures markets. Name a commodity and there’s probably a corresponding ETF. Everything from crude oil to coffee to gold to forex futures has been rolled into an ETF.

So what’s the advantage of owning shares in a commodity compared to the corresponding futures contract? As we’ve already highlighted, commodity ETFs significantly diminish your risk exposure. Commodities markets are notoriously volatile and it is possible to lose more than your initial investment on a commodities contract if you’re not careful. Since commodities ETFs are just like other ETFs in that they trade like stocks, your risk is simply limited to the daily performance of the ETF.

What Makes Commodities ETF Different

If you’re familiar with equity ETFs, you probably know that these funds hold a group of stocks that fit a certain criteria. For example, the SPDR S&P Retail ETF (XRT) holds only retail stocks. That’s generally the point of equity ETFs: To give investors exposure to a variety of stocks in a single sector. On the other hand, commodities ETFs may hold the actual physical commodity the ETF is supposed to be tracking, futures contracts with varying dates for that commodity or a mixture of both.

If you follow the oil sector, you have heard of the United States Oil Fund ETF (USO). USO is designed to closely mirror the daily price action in West Texas Intermediate Light Sweet crude oil. USO invests in crude oil futures contracts, cash-settled options and forward oil contracts. However, it does not directly own physical oil.

Now if you’re looking for a commodity ETF that actually holds the physical commodity, gold is the area you might want to look. Take the SPDR Gold Shares (GLD). GLD, which is designed to mirror the daily performance of gold prices, holds actual gold bullion. In fact, GLD has quickly become one of the largest holders of gold in the world. This ETF owns more gold than the central banks of many of the world’s countries. GLD never sells its gold unless it needs to pay expenses related to operating the fund.

These are just two examples of how commodity ETFs are different from their peers and there is no empirical evidence to suggest that commodity ETFs that hold futures contracts outperform those that hold the physical asset or vice versa.

Commodities Have Long-Term Potential

One of the axioms that investors hear about quite frequently is investing for the long-term, especially as it pertains to stocks. Well, that certainly applies to commodities as well. Certainly, commodities have a penchant for wild price swings, and it’s difficult for retail investors to purchase futures contracts that are more than a couple of months out, but history has show that despite the price swings, commodities typically return to their long-term averages.

This makes commodity ETFs all the more appealing because their ideal holding periods are often more favorable to investors that don’t need to make a quick buck. Holding a commodity ETF for a year or more probably isn’t ideal, but a holding period of say, several months doesn’t enhance risk and can put the investor in position for some nice returns.

The Trend Is Your Friend With Commodities ETFs

That’s another old investing adage that you’ve probably heard a million times, but being on the right side of the trend is always important, especially with commodities. Bullish commodity trends can last for extended periods and commodities don’t need a bull market in stocks to have bull markets of their own. So make sure a positive trend is forming in the commodity you’re considering before diving into its corresponding ETF.

Author: Max D.
Article Source: EzineArticles.com
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