FX COMMODITIES SILVER Producers (million USD)
Mexico Peru' China
Australia Chile
4.550 4.108 3.510 2.119 1.451
Other main producers: Bolivia, US, Poland, Russia, Argentina
WORLD 26.036
Precious Metals Precious metals production ranges from nearly 22,800 tons for silver to a mere 7.8 tons for iridium. One of the major distinguishing features of the gold market
Exporters (million USD) Chile
Zambia Japan Russia Peru
28.242 6.711 4.706 3.957 3.244
Other main exporters: Australia, Kazakhstan, Poland, Canada, Belgium
WORLD 70.146
Consumers (million USD) US
China Japan India
Germany
6.708 4.500 3.612 3.329 1.401
Other main consumers:
Italy, Thailand, South Korea, UK & Ireland, Belgium
WORLD 31.099
compared to other commodities is that annual mine production for gold is less than 10% of total above ground stocks. This tends to mean that the gold forward curve is always in contango and level of
COPPER Importers (million USD) China
Germany US
Italy Taiwan
26.023 5.971 5.196 4.697 4.429
Other main importers:
South Korea, Turkey, Brazil, Thailand, France WORLD
66.822 IRON ORE Exporters (million USD)
Australia Brazil India CIS
South Africa
72.903 49.003 17.022 11.692 6.534
Other main exporters: Canada, Sweden, Middle East
WORLD 177.786 42 FX TRADER MAGAZINE July - September 2011 Importers (million USD)
China Japan
South Korea Germany
Middle East
106.431 23.040 8.597 7.393 3.095
Other main importers: France, Taiwan, Italy
WORLD 179.454
volatility tends to be lower than other commodity markets where inventories are significantly lower compared to annual demand and supply. Gold held by central banks amounted to just over 30,500 tons as of the end of March 2011. The lion’s share of these holdings is held by the United States, Germany, Italy and France. These countries’ gold holdings are equivalent to around two-thirds of their total reserves, compared to a world average of just over 11%. Gold to total reserve ratios are significantly lower in Asia and the Middle East and in some circumstances below 3% of total reserves. The performance of the gold price has been closely linked to the course of the US dollar and the level of real interest rates in the United States.
Industrial Metals The benchmark contracts of this sector are listed on the London Metal Exchange (LME). The LME was founded in 1877 and much of the business is still conducted through open outcry trading in the ‘Ring.’ Volume on the LME is dominated by aluminum, copper and zinc contracts, which combined represent around 85% of all turnover on the exchange. The LME is a highly liquid market and in 2010 turnover reached a new record of 120 million lots, equivalent to USD11.6 trillion. During 2010 the LME increased the number of listed futures contracts with, for example, cobalt and molybdenum. One of the most important trends
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