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Banker sees commodities price rise
Published in The Saudi Gazette on 21 - 08 - 2009

Commodities prices will see a sustained rise due to continued demand from China and economic stimulus spending on infrastructure, Argentine Central Bank President Martin Redrado said in a speech.
Redrado said biofuel demand in the United States and Europe would also help sustain grains prices.
Argentina is a major producer of soy, wheat, corn and beef, the No. 3 exporter of soybeans and the top supplier of soyoil and soymeal. Soy prices plunged last year after reaching historic highs in July 2008, but have now stabilized.
“There is a great quantity of information that justifies a sustained rise in prices (for raw materials),” he said.
Redrado pointed to an increase “in biofuels production goals in the United States and Europe, and a general restocking (of major commodities) which took advantage of this year's low prices along with a reduction in shipping costs”.
He said metals prices have risen thanks to Chinese demand and stimulus programs in many of the world's leading economies.
Increasing land purchases by China, Saudi Arabia and private investors, among others, of arable land in Africa and Latin America, also indicated a favorable outlook for commodities prices, Redrado said.
“This factor shows a renewed interest by investors in a direct way in agricultural activity,” he said.
In other comments, Redrado said that regional currencies such as Brazil's real BRBY and China's yuan will take on a greater role in the wake of the global economic crisis.
“If something comes out of the crisis, it will be the emergence of a more dispersed monetary power,” he said.
Argentina's central bank has agreed on a currency swap line with China and is working on establishing one with Brazil. China and Brazil are two of the country's biggest trading partners.


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