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gewoon futures kopen, turbo's is voor amateurs.

PS: zit ze tot mijn spijt helaas short, niet long ;)
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Commodity `Supercycle' Not Over, Morgan Stanley Says (Update1)

By Saijel Kishan

Oct. 5 (Bloomberg) -- The commodities ``supercycle'' isn't over and prices may rise because of production shortages next year, said Morgan Stanley, the world's biggest securities firm by market value.

Global supplies, which are three to five years behind demand, may test record lows in 2007, the New York-based bank wrote in a report today. ``The next leg upward in the commodities cycle'' will happen in the next 12 months, it said.

``The best-ever fundamentals for the sector remain fully in place,'' analysts led by Wiktor Bielski said in the report. ``We believe that we may not yet have seen the highs for commodity prices and therefore the commodities supercycle is just pausing for breath.''

The Reuters/Jefferies CRB commodity Index has slumped 19 percent from its May 11 record, ending a rally in prices that began in 2001, because of concern that rising interest rates and slower global economic growth may curb demand for raw materials.

``We believe these fears are overdone,'' Morgan Stanley said. Consumers in Europe, Japan and other Asian countries will replace the slowdown in U.S. consumer spending, the bank said. An increase in company expenditures and the effects of globalization will limit the slowdown in U.S. housing.

Economic expansion in China, the world's most populous country, a shortage of mining supply and investor demand for commodities will drive prices higher for a ``number of years, although we of course expect pauses and bumps in the road,'' the bank said. Pension and mutual funds have invested $120 billion to $150 billion in commodities, it said.

Forecasts Raised

Morgan Stanley raised its 2007 forecast for average copper prices by 17 percent to $3.50 a pound and $3.15 a pound for this year, compared with its previous 2006 forecast of $2.98 a pound.

The bank also increased its forecast for nickel prices next year by 30 percent to $10.75 a pound. Iron ore prices may rise 15 percent next year, Morgan Stanley said.

The bank cut its forecasts for coking coal, used to make steel, by 9 percent to $105 a metric ton for the Japanese financial year 2007 and 2008.

Morgan Stanley also reduced its forecast for aluminum by 16 percent to $1.05 a pound in 2007, and forecast a ``modest decline'' in steel prices early next year.

Bielski's views on commodities conflicts with those of Morgan Stanley chief economist Stephen Roach, who said last week that a correction in commodities has only just begun. ``As always, there will be fits and starts and possibly some tradable rebounds along the way. But a China slowdown, in conjunction with a downturn in commodity-intensive U.S. homebuilding activity, will challenge the widely held belief in the commodity supercycle,'' he said in an e-mail response to questions.

To contact the reporter on this story: Saijel Kishan in London at skishan@bloomberg.net .

www.bloomberg.com/apps/news?pid=20601...
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De vraag-toename komt vooral uit China en andere opkomende landen en niet de VS.
De beperkte groei vanuit VS + Europa werd daarom zonder problemen de laatste 20 jaar opgevangen door bestaande capaciteit + mijnen maar nu China+India erbij komen is verbruikstoename in een hogere versnelling gekomen. Ik zie dit nog bij lange na niet opgevangen door nieuwe capaciteit.

Rustig afwachten maar zolang er geen recessie in Azie komt, komt een prachtig instapmoment steeds dichter bij elkaar. Ik wacht een positieve divergentie af tussen prijs en MACD (duurt nog wel enkele maanden) voordat ik weer in commodities ga.

Voorlopig rijpen mijn calls op de AEX rustig door.

EIB
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Door de enorme prijsstijgingen, sommige commodities met enkele honderden procenten, iedereen met een schop in zijn bezit is aan het graven.
Normale varkenscyclus.
Gebruiks commodities die volop voorradig zijn zullen weer overvloedig worden.
Timing blijft moeilijk.
gr.fes
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quote:

pcrs7 schreef:

Waar is die produktie dan ?
-pcrs
Bij veel vraag en hoge prijzen gaan producten meestal direct van producent naar consument, zonder tussenkomst van bemiddelaars of beurzen.
In normale omstandigheden spelen beurzen weer een rol van betekenis, die alles weer netjes registreren.
Je zal zien bij de derde kwartaalcijfers van de mijnen dat er meer dan voldoende geproduceerd is.
gr.fes

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Als je wilt investeren in commodities, maar niet weet in welke index, overweeg dan eens BHP Billiton (ticker: BHP). Het is geen index, maar een bedrijf. Ook wel de supermarkt van de commodities genoemd. BHP heeft een flinke correctie doorgemaakt:

finance.yahoo.com/q/bc?s=BHP&t=1y&l=o...
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quote:

postzak schreef:

finance.yahoo.com/q/bc?s=BHP&t=1y&l=o...
[/quote]

[quote=postzak]
Bielski's views on commodities conflicts with those of Morgan Stanley chief economist Stephen Roach, who said last week that a correction in commodities has only just begun.
[/quote]

[quote=fes]
Normale varkenscyclus.
Timing blijft moeilijk.
gr.fes
Wat betreft BHP,ik hou 't in de gaten,veert nu aardig op na correctie van een 30%,maar hoewel ik geen taer ben:een groot hs neklijn 900(koers nu 912)heeft een koersdoel 600p,dit komt overeen met koersdoel 25$ dat prudential begin dit jaar gaf:

Lundi 27 Février 2006
27/02/2006 BHP BILLITON (ADR) : viser 25 USD selon Prudential

Overigens lijkt BHP met een KW van 8 en een prachtige spreiding(van staal en kolen,olie tm uranium)een "must have".

kck
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Ik heb BHP lang in porto gehad, maar heb het ergens tijdens de correctie gedumpt. Ik wacht nog even af, maar stap ergens de komende weken weer in.

Verder ben ik op zoek naar een junior uraniumaandeel om het gewicht van uranium in de porto wat op te voeren. Ik kijk met belangstelling naar:
finance.yahoo.com/q/bc?s=ABN.V&t=1y&l...

Ook op gebied van aardgas wil ik een aandeel toevoegen. Ik volg met veel interesse:
finance.yahoo.com/q/bc?s=RIX.V&t=1y&l...

gr postzak
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Nikkelprijs stijgt naar nieuw all-time high
Op de termijnmarkt in Londen is de prijs van nikkel maandag naar een nieuw recordniveau gestegen. Een scherpe daling van de beschikbare voorraden in de wereld wakkert de vrees aan dat het aanbod niet kan voldoen aan de vraag.

De hoge metaalprijzen leggen de mijnbouwers ondertussen geen windeieren. Zo maakte Norilsk Nickel, het grootste mijnbouwconcern van Rusland, afgelopen vrijdag bekend dat het in de eerste zes maanden van dit jaar omgerekend €1,9 mrd heeft verdiend, bijna drie keer zoveel als in dezelfde periode van 2005. Norilsk is goed voor een vijfde van de mondiale nikkeloutput, meer dan de helft van het palladium in de wereld en een zesde van de platinaproductie.

Marcel de Boer

www.fd.nl/ShowRedactieNieuws.asp?Cont...
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quote:

kck schreef:

Nikkelprijs stijgt naar nieuw all-time high
Op de termijnmarkt in Londen is de prijs van nikkel maandag naar een nieuw recordniveau gestegen. Een scherpe daling van de beschikbare voorraden in de wereld wakkert de vrees aan dat het aanbod niet kan voldoen aan de vraag.

De hoge metaalprijzen leggen de mijnbouwers ondertussen geen windeieren. Zo maakte Norilsk Nickel, het grootste mijnbouwconcern van Rusland, afgelopen vrijdag bekend dat het in de eerste zes maanden van dit jaar omgerekend €1,9 mrd heeft verdiend, bijna drie keer zoveel als in dezelfde periode van 2005. Norilsk is goed voor een vijfde van de mondiale nikkeloutput, meer dan de helft van het palladium in de wereld en een zesde van de platinaproductie.

Marcel de Boer

www.fd.nl/ShowRedactieNieuws.asp?Cont...
zie bijgevoegde grafiek:

Bijlage:
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CHICAGO (Dow Jones)--U.S. wheat futures are called to open firmer Monday on
strong electronic trading over the weekend and weather forecasts that show
little relief for parched areas of Australia and Argentina, sources said.

Benchmark Chicago Board of Trade December futures are called to open 17-20
cents higher a bushel.

In e-cbot trade, December wheat was 20 cents firmer at $4.84.

"There's no wheat," a floor source said.

Indeed, the Grains Council of Australia said Monday that drought could drive
the country's wheat production down by almost two-thirds, to less than 10
million metric tons from 25 million tons last crop year. In the face of a
possible domestic shortage of grain, Australia has received applications to
import a variety of grain types from a number of source countries, a government
spokeswoman said.

"Growers are telling us that in many instances, crop failure will mean they
simply won't be harvesting this year," with many crops being grazed by
livestock or cut for hay, Grains Council Chairman Murray Jones said in a
statement.
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FUND VIEW-China and India to drive commodity boom

Wed Oct 11, 2006 11:06 AM BST

HONG KONG (Reuters) - China will continue to play a key role supporting the boom in commodity markets, while investors hope that Indian consumption adds fuel to the bull run, a portfolio manager for JPMorgan Asset Management said on Wednesday.

Ian Henderson, who manages a $2.5 billion (1.3 billion pound) resources fund, said the latest price falls in commodity markets are a short-term correction in a multi-year boom.

"China has been the biggest single factor. People will soon start having a hope on India," the London-based Henderson told Reuters in Hong Kong on the sidelines of a precious metals conference.

Copper reached its record high of $8,800 a tonne in May this year and nickel hit its peak price of $30,250 a tonne on Monday, mostly due to continued expected strong demand from China. Gold reached a 26-year high of $730 an ounce in May.

Crude oil, meanwhile, reached a record high of $78.4 a barrel in July.

But prices have fallen over the past few months, with copper dropping 16 percent from its peak and oil prices losing nearly 25 percent in the past three months.

"I generally think that it is a short-term correction," Henderson said, adding that the outlook for commodity prices in the longer term remains strong.

Some 60 percent of Henderson's portfolio consists of shares in base and precious metals mining companies, with 30 percent in oil and the remaining 10 percent in rare commodities such as uranium and diamonds.

A TRIGGER

A loss of $6.4 billion on energy trades by Amaranth Advisors, a U.S. hedge fund, triggered investors to liquidate part of their long positions across the commodities market, adding pressure to the latest correction, Henderson said.

Amaranth offloaded its remaining energy portfolio at a loss to JPMorgan Chase & Co. and Citadel Investment Group. Amaranth officials have said they plan to liquidate assets.

"I do believe the Amaranth thing had a significant impact on the energy complex because you do get those off-setting contracts," Henderson said.

He said the latest correction in the commodity market was nearly over, and now was not the time to take short positions.

"Going short, certainly on base metals, is completely insane," he said. "I can see people unwinding long positions but actually going short -- not for me, thank you very much."

Henderson would increase investment in uranium and diamonds in the medium term if he wanted to adjust his current portfolio.

He sees the uranium market staying strong in the next five years due to falling stocks.

today.reuters.co.uk/news/articleinves...
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Can You Spell Commodity?
While commodities swoon, Jim Rogers, who called the raw materials rise years ago, is upping his bets. Economist Stephen Roach thinks that's nuts.
By Bernard Condon | 30-okt-2006 | 1171 words, 0

While the Dow Jones booms, commodities like oil and gas swoon. Jim Rogers, the man who called the raw materials rise years ago, is upping his bets. Economist Stephen Roach thinks that's nuts.
In three months crude oil has fallen 20% to $60 a barrel. A price drop in natural gas severely wounded hedge fund Amaranth Advisors. Gold and sugar are in bear markets. In August the Goldman Sachs Commodities Index fell, breaking four years of month-on-month increases.

To Jim Rogers, the man who called the commodity boom seven years ago, those are mere blips. This is a great time to invest in commodities, and he's backed this up by investing more of his own money. Supply of things like base metals, oil and rubber is crimped after years of underinvestment in mines and oilfields and farms, he says, so prices are heading up. And they will go up, with some transitory hiccups, well into the next decade and perhaps even the one following. Copper, zinc and oil have all at least doubled in the past three years. You'll see more doublings in many more commodities.

That's the Rogers view. And then there's economist Stephen Roach, the Morgan Stanley bear every bull loves to gore. He thinks Rogers is dead wrong. Roach says commodity prices could fall another third from here, putting an end to silly notions of a so-called supercycle of commodity increases. The culprits: slowing growth in China, a voracious buyer of commodities, and a U.S. housing recession that, he says, will slash demand for building materials like copper and weigh down the global economy.

If you've been distracted by whether the Dow Jones stock index will stay in record-setting territory, there's a less-noticed but raging debate about the future of commodities. This, by the way, is a debate that can get personal. Rogers says Roach "couldn't even spell 'commodities' two years ago." Roach wearily responds that, yes, he used to write "commodities" with one "m" before Rogers kindly set him straight. The sparring recalls a famous exchange a quarter-century ago, during another price runup, when the ever-optimistic economist Julian Simon bet doom-and-gloom environmentalist Paul Ehrlich $10,000 that metals would fall over the next decade, ending 1990. Simon won. He wasn't a pessimist in the manner of Roach. His theory was that technology would eventually find a solution to any raw material shortage. We ran out of whale oil but found petroleum. Copper is expensive, but optical fiber is replacing a lot of it.

If the issue of resource scarcity is similar, the wagers today are a bit bigger. Hedge funds have put $70 billion into energy, double the level of two years ago, says the Energy Hedge Fund Center. Investment banks have beefed up their trading desks with commodities experts. Merrill Lynch paid $800 million for an energy trading unit after unloading a similar business a few years earlier. Bond investors are watching closely, too. Increased commodity prices usually mean inflation is right around the corner.

The peripatetic Rogers, 63, who once set a Guinness World Record by riding his motorcycle around the world, brings a lot of credibility to the bull case. A founder with George Soros of the legendary Quantum Fund, he started a commodities index in 1998 when investors were caught up in the dot-com frenzy. The Rogers International Commodities Index has since returned 16.9% annually versus 13.9% and 11.8% for rivals from Goldman Sachs and Dow Jones-AIG, respectively. This year the gap has widened. Rogers' is up 7% through August. Goldman's is down 0.4%, and Dow Jones-AIG's up 3%.

Rogers, author of Hot Commodities, says his optimism comes right out of the history books. The shortest commodity boom, which began in 1966, was 15 years, he says. The longest: 23 years. The current one: 7 years (forget the slump we're in now). The long trend reflects this fact: Lots of commodities can't be produced quickly. By the time miners or drillers or farmers realize that demand has outstripped supply, it's too late. New sources need to be found underground and regulators need to sign off before a shovel can even hit the ground. Food inventories are the lowest since 1972, he notes. Acreage devoted to wheat, for instance, has been falling for three decades. Cotton could also take off, he says, as clothesmakers switch to natural fabrics to avoid the rising cost of oil used in synthetics. Rogers says "soft" commodities like grains, oilseeds and fabrics, which have generally not shared in the boom, are likely to outperform. Rogers is relatively bearish on zinc and copper, however; they could drop like an anvil after having more than doubled in a year.

Then there's China. Sure, the country's economic growth could slow, but over the long term Rogers is an unabashed bull. So much so that he's taught his 3-year-old daughter Mandarin and, in preparation for moving to a "Chinese-speaking" city with her, has put his Manhattan manse up for sale for $15 million.

Roach's response: China will be slowing, and that's a big problem. The country is responsible for half the growth in purchases of aluminum, copper and steel and more than 85% of the growth in tin and nickel. Roach says bank reserve requirements and rises in interest rates, combined with Beijing's recent "administrative edicts" to rein in investments, will throw cold water on the "China mania" gripping investors who blithely assume 11% growth every year. It could also kill off a few of the mania's side effects--like Mandarin lessons for kids and uprooting families to Asia--what Roach calls "Rogers' whole schtick."

Roach says crude oil prices are more likely to head down than up; Rogers says they will approach $100 a barrel before the commodity boom ends. Roach says cheap Chinese imports create "headwinds" against inflation and that rising U.S. bond prices wisely reflect that. Rogers says inflation, far from retreating, is rampant, and he is shorting U.S. Treasury bonds. Roach says the influx of money into commodities means trading "technicals" with no relation to fundamentals can cause investors to "overshoot." Rogers notes that there are fewer than 50 mutual funds worldwide dedicated to commodities versus 70,000 for stocks and bonds, though he too fears man's tendency to overshoot. It's Roach's timing that's off, he says.

"Call me in 2019," says Rogers, which he considers a more likely peak-price year than today. "I will say, 'Sell commodities.' And you will laugh and giggle and say, 'Commodities always go up. You are an old fool.'"

Roach might be thinking something along those lines right now. He apparently sees opportunity in the coming real estate crash. He jokes that he put in a bid of $1.5 million for Rogers' house (eight bedrooms, five baths). Roach says, "He hasn't gotten back to me yet."

www.keepmedia.com/pubs/Forbes/2006/10...
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Bloomberg: Nikkel en zink zitten in een geweldige squeeze. De voorraden nemen steeds meer af en de vraag blijft maar stijgen. De geregistreerde nikkelvooraden zijn nog genoeg voor 2 dagen. Niet alleen China koopt veel maar de prijs stijgt ook nu de Amerikaanse economie toch niet lijkt te crashen, zoals sommigen beweren.
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BHP Billiton chairman sees slowing global growth, but encouraging demand

Edited Press Release
LONDON (MarketWatch) -- At BHP Billiton's annual meeting Thursday, Don Argus, the chairman, said rates of growth around the world are likely to slow but the company views the global economic outlook as positive. He said the demand outlook for commodities is encouraging. But the outlook is not without risk. Escalating geopolitical tensions, supply disruptions and high energy prices are adding increased uncertainty in markets.
Argus said that growth in north east Asia will continue to be a major driver of the global economy. Japan's expansion is well-established and China's economic growth is expected to remain strong, even if the attempts to cool recent accelerations are successful.
He added that the U.S. economy is slowing from the rapid growth experienced earlier in the year but the company expects it to remain solid.
Argus said that the company expects natural and man-made events will continue to disrupt the supply side of the commodity chain. As well, regulatory approvals and rising capital costs are delaying project developments.
The likely outcome of these circumstances is an extended period of high cyclical prices for the commodities that BHP Billiton produces.
The primary safety indicator, the Total Recordable Injury Frequency Rate, was flat for the year.
In the Aluminium CSG, underlying EBIT increased by 24% to $1.2bn. Higher prices were achieved for both aluminium and alumina. The benefits of our technical expertise are evident at the Mozal and Hillside aluminium smelters in southern Africa, where production records were set again.
Base Metals underlying EBIT rose 149% to $5.4bn. We had record copper production during the year, with the highest ever production from both Escondida in Chile and Antamina in Peru. The integration of Olympic Dam in South Australia made a significant contribution to volumes and all this was achieved at a time of record copper prices.
Two copper projects in Chile were completed during the year and another, Spence, which you can see here, is on schedule to start producing in December this year. At full capacity, Spence will be one of the 20 largest copper mines in the world Thursday.
Carbon Steel Materials - that is iron ore, coking coal and manganese - recorded a 61% increase in underlying EBIT to $4.5bn. This was largely driven by higher product prices and record iron ore sales. With seven Carbon Steel Materials projects in our pipeline, volume growth will continue to be delivered in all three commodities.
The underlying EBIT for Diamonds and Specialty Products decreased by $215 million to $345 million, mainly due to lower value material being produced at our EKATI diamond mine in Canada. While the lower diamond grades will continue to impact earnings from EKATI, in the medium term increasing production from the new Koala pit will help restore profitability.
As well, Cerro Matoso in Colombia had annual record production. The Yabulu expansion in Queensland, Australia is on track for delivery next year, however the budget and schedule for the Ravensthorpe nickel project in Western Australia is under review. The company is looking forward to increasing our overall production of nickel when Ravensthorpe comes on line but the reality is that cost pressures in the industry and low contract labour productivity have had an impact on progress.

www.marketwatch.com/News/Story/Story....
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Commodities drawing interest in spite of risks

Published November 10, 2006

A diversified basket of commodities has not performed as well this year as a diversified basket of stocks.

Fledgling commodity investors must decide whether this year's results represent the problem or the solution.

This week, Goldman Sachs estimated that money tracking commodity indexes, including the Goldman Sachs commodity index and the Dow Jones/AIG commodity index, will total $110 billion next year, up from $70 billion this year and $12 billion in 2002.

"I'd be very surprised if you'd find anyone who says investment in the indices has gone down this year," said Heather Shemilt, a managing director at Goldman Sachs. "The Goldman Sachs commodity index is down 10 percent year to date, yet look at the investment growth."

Clearly, something more than hot money chasing commodities is happening. Why the interest in commodities today?

"There is a good argument to have a small allocation in commodities, say 5 percent, from the standpoint of balancing a portfolio of traditional assets like stocks and bonds," said Brett Rentmeester, senior consultant at Chicago-based Altair Advisers.

But only in recent years have academic studies endorsed the still-controversial view that commodity futures offer a reasonable offset to weakness in stock and bond markets, Rentmeester said.

The relatively new urge to begin a program of commodities investing has some experts worried.

Commodity markets have expanded, along with global economic growth. But is the dollar amount of the commodities futures markets large enough to handle the popularity of commodity index investing?

Yes, said Shemilt. "A client could put in a half-billion dollars in a day, and these markets could easily take that," she said. "If we had an OPEC announcement on the same day, and OPEC said they were increasing [oil] supply, the market would go down. The market fundamentals are driving the price, not the investment in the indices."

The problem for novice commodity investors is more subtle, said Doug Hepworth, chief investment officer at Gresham Investment Management in New York.

A commodity futures contract, unlike General Electric stock, cannot be bought and held as a long-term investment. Futures contracts expire frequently throughout each year.

To track an index dedicated to representing a basket of commodities, a commodities fund must constantly roll over the expiring contracts into new contracts.

"The key to the problem is the turnover," Hepworth said. "The investment flows are a small part of total trading, but they can have a big impact."

Professional commodity traders anticipate the constant, forced demand for commodity futures from investors tracking commodity indexes, he said. In effect, traders seek to take advantage of the turnover, much like traders seek to profit when stock indexes announce changes to the index components. The profit to the nimble trader can be the loss to the index fund. Funds, in turn, seek to outwit traders.

"I see it as a continual struggle between traders and index providers," Hepworth said.

If you want to invest in commodity index funds, here's a tip: Buyer, buyer, buyer, buyer beware.

www.chicagotribune.com/business/yourm...,0,6353544.column?coll=chi-business-hed
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Kitco:

kopermarkt " collapsed" agv verwachting dat de huizenmarkt in de VS verder zal instorten en met name doordat de vraag uit China de afgelopen 10 maanden zeer fors is gedaald.

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quote:

erwin1 schreef:

agv verwachting dat de huizenmarkt in de VS verder zal instorten
Laat je niet verleiden door de massa en de media.

gr.fes
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