Jeffrey Currie News
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Saudi Arabia is deploying the most oil rigs in four years as it prepares for possible shortages caused by tension with Iran, giving President Barack Obama one less reason to answer calls to curb prices by releasing supplies from America’s emergency reserves.
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Global reserves of soybeans are shrinking the most in 16 years as demand for food, feed and fuel rises, creating the biggest-ever exports for U.S. farmers.
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Bullish commodities futures rose above 1 million contracts for the first time in five months as U.S. growth prospects improved and Goldman Sachs Group Inc. predicted further price gains.
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Goldman Sachs Group Inc. cut its 12- month prediction for commodity returns, while forecasting gains for crude oil and gold and keeping an “overweight” allocation in raw materials.
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Speculators raised bullish bets on commodities to a 12-week high on signs that global growth will boost demand at a time when shortages are forecast for everything from copper to palladium to cocoa.
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Investments in commodities are expanding at the quickest pace in six years on signs of rising economic growth, even as JPMorgan Chase & Co. and Goldman Sachs Group Inc. warn that some prices have rallied too fast.
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Goldman Sachs Group Inc. is staying “overweight” on commodities as a rebound in demand revives speculation of shortages, with gold a favorite for 2012 as investors seek a hedge against Europe’s debt crisis.
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Current tensions between the West and Iran may prompt Saudi Arabia to increase crude production, potentially putting pressure on oil prices, according to Goldman Sachs Group Inc.
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Goldman Sachs Group Inc. is positive on corn short-term, while soybeans are favored long-term, Jeffrey Currie, head of commodities research, told a conference in London today.
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Hedge funds increased wagers on rising commodity prices to the most in two months and the rally in raw materials accelerated as the Federal Reserve pledged to keep borrowing costs low for three more years.
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