Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Tuesday, January 15, 2008

Lotsa News for Tuesday

Here is some news you can use. First, the outlook for oil and iron remains bullish

Bush Urges OPEC to Increase Oil Output to Lower Near-Record Crude Prices U.S. President George W. Bush, on his first visit to Saudi Arabia, urged the Organization of Petroleum Exporting Countries ahead of its Feb. 1 meeting to pump more oil in an effort to lower near record crude prices.

Rio Expects China Demand to Sustain `Strong' Market Outlook for Iron Ore Rio Tinto Group, battling a hostile takeover proposal from BHP Billiton Ltd., expects the ``strong market outlook'' for iron ore to continue on demand from China.

It will be interesting to see how uranium stocks react to this next one. Paladin in Australia jumped over 7% on the good news from ERA …

Energy Resources Jumps After Higher-Than-Expected Uranium Price Increases Energy Resources of Australia Ltd., producer of more than a 10th of the world's mined uranium, rose the most in almost five months in Sydney trading after it won greater-than-estimated prices for the fuel.

Even this news didn’t hold it back …

Australia Won't Sell India Uranium, Reversing Previous Government's Stance Australia, holder of the largest known uranium reserves, won't sell the fuel to India because the country isn't a signatory of the Nuclear Non-Proliferation Treaty, reversing a decision by the previous government.

China and Energy – full steam ahead …

China's 2007 Coal Imports Jump 34% as Economic Expansion Increases Demand China, the world's biggest user and producer of coal, increased purchases of the fuel from overseas by 34 percent last year as its economy expanded.

December Diesel Imports Rise More Than Fourfold on China Demand for Fuel Diesel imports by China, the world's second-largest energy consumer, jumped more than fourfold in December from a year earlier after the government ordered refiners to ensure supplies and ease shortages.

India – bearish force (short-term, anyway) for wheat and gold?

Wheat Production in India May Rise to Seven-Year High, Reducing Imports India, the world's largest wheat consumer after China, may reap its biggest harvest in seven years after favorable weather and increased planting, easing pressure on the government to import the grain for strategic reserves.

Indian Housewives Boost Old Jewelry Sales as Gold Prices Soar to Record Sales of gold scrap in India, the world's biggest buyer of the precious metal, have increased as record prices prompt housewives and other consumers to recycle more old jewelry, curbing demand for new supplies of bullion.

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