Rohstoffnews

18 Okt 2004 17:45

18.10.2004 17:29:40 Gold kann Dollarschwäche nicht nutzen

London, 18. Okt (Reuters) - Gold hat am Montag im europäischen Handel nicht an den Höhenflug von Ende letzter Woche anknüpfen können. Dass das gelbe Metall trotz des weiter unter Druck geratenen Dollars die wichtige Marke von 420 Dollar je Feinunze nicht dauerhaft geknackt habe, sei schon enttäuschend, sagten Händler.

Im Verlauf stieg Gold bis auf 420,00 Dollar, fiel danach aber wieder ab und kostete zu Handelsschluss 418,95/419,70 Dollar pro Feinunze nach 419,05/419,80 am Freitag. In London wurde das Edelmetall am Nachmittag bei 419,10 und am Vormittag bei 418,50 Dollar gefixt. Am Freitagnachmittag war das Fixing bei 420,40 Dollar erfolgt.

Spekulative Anleger könnten in Anbetracht des unentschiedenen Auf und Abs um die 420 Dollar-Marke herum trotz des an sich nach oben weisenden Umfelds versucht sein, ihre Positionen aufzulösen und auf unedle Metalle oder Rohöl zu setzen, schreibt Gold-Experte Alexander Zumpfe von Dresdner Kleinwort Wasserstein. Händler erwarten, dass der Goldkurs im Laufe der Woche zwischen 415 und 421,50 Dollar pendeln werde. Die entscheidenden Impulse sollten weiterhin vom Dollarwechselkurs sowie der Entwicklung des Ölpreises ausgehen.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.439/16.689 (16.512/16.762) sfr an.

pma/ajs

20 Okt 2004 12:36

20.10.2004 12:33:01 Europe gold chugs higher, eyes year peak

LONDON, Oct 20 (Reuters) - Dollar weakness buoyed gold in Europe on Wednesday, bringing January's 15-year high back in to sights, although the latest leg up was attracting good selling, traders said.

Several dealers and analysts said they would have expected gold to perform better than it has during this latest bout of dollar weakness.

"It is looking better than it did," one trader said, noting gold had managed to absorb a chunk of selling at $420 the previous day -- an area it had failed to crack since last week.

"Given the strength of the euro against the dollar, you'd expect it to go higher than this. That said, I still think it's looking to break out."

By 1023 GMT, spot gold firmed to $422.50/423.20 a troy ounce, up from New York's late quote on Tuesday at $420.10/420.60.

Gold's next target will be the October 8 $423.70 high, followed by $425. A break of that level would open the way up to the year's peak of $430.50, bullion's highest since late 1988.

The dollar weakened broadly against major currencies as a sell-off on the back of recent worries about the U.S. economy and interest rate outlook gained momentum.

It extended losses to $1.2592 per euro, within four cents of a record low set in February.

Andy Smith, precious metals analyst with Mitsui, said both the euro and gold could still see further up moves, but warned markets could fall prey to profit-taking.

"Speculators and funds have been tunnelling in many markets for escape and blue sky...but the tunnels have been caving in on them and breakouts have been frustrated,"

"When you start to see the last grains of soil, and blue sky, you tunnel faster...adding to positions as you approach breakout," he said, referring to the latest spate of buying.

In silver especially, Smith said this was translating into a build-up of open interest in call options on nearby contracts (on the New York futures market) that was acting as a gravitational pull.

"Speculators are now seeing the chance of escape and of profit, so they will now dig furiously."

Nevertheless, Smith admitted it was "not impossible, but unlikely" that gold could yet revisit January's high.

Silver was equally buoyant, tracking gold's firm tone, and honing in on six-month highs above $7.29 an ounce. By 1018 GMT, spot was quoted at $7.24/7.27 an ounce, up from New York's previous $7.16/7.19.

Platinum group metals largely ignored the upmove, firming modestly within familiar ranges. Spot platinum gained to $842.00/846.00 from $835.50/840.50, while palladium rose to $215.00/219.00 from $211.50/217.50.

20 Okt 2004 16:56

20.10.2004 16:37:43 COMEX gold rallies early but holds off fresh high

NEW YORK, Oct 20 (Reuters) - Gold futures advanced but held off from a fresh 6-1/2-month peak on Wednesday morning, as a dollar weakened by U.S. growth worries and strong oil prices drew investors to the precious metals.

Silver, platinum and palladium also got a boost from the euro's break to near eight-month highs, trade sources said.

"The dollar weakness is the main thing," said Frank Aburto at F.C. Stone.

By 9:58 a.m. EDT (1358 GMT), gold for December delivery on the New York Mercantile Exchange's COMEX division rose $3.80 to $425.40 an ounce.

Gold's early range ran from $421 to $426.80, which was the loftiest for futures since early April, after an intraday high at $427 was erased from the board.

The dollar slid to a 7-1/2-month low against the euro beyond $1.26 per euro on worries about the sustainability of U.S. economic growth. The dollar bought around 108.30 yen , near its weakest in three months.

A tumbling dollar this week has brightened gold's sheen for investors by making its price cheaper in non-U.S. currencies, while a surge in crude oil also lifted the precious metal, which is typically seen as as classic hedge against inflation.

One dealer at a large bank said news that UBS Investment Bank revised upward its short-term spot gold price forecast and lowered expectations for the dollar did not have a big effect on gold's rise.

"It's all technically driven. We broke through $1.2550 and then $1.26" in the euro, which immediately bolstered gold, he said.

UBS precious metals analyst John Reade said spot gold was now seen at $425 a troy ounce in one month and $430 in three months, versus a previous $405 and $425, respectively.

Reade was upbeat about longer-term prospects for dollar-denominated gold, forecasting it to average $460 an ounce in the fourth quarter of next year.

Gold has not traded over $460 since June 1988.

Spot gold was quoted at $423.45/4.2, not far from a 6-1/2-month peak of $425.15 hit earlier, and above Tuesday's New York close at $420.10/0.60. Wednesday's London afternoon fix was at $423.60.

Analysts pegged resistance in December gold at $426, $431 and $436.50, with support at $416.10 and $410.50.

Oil held strong above $53 a barrel as worries over a winter supply crunch countered expectations that high fuel costs would curb growth in petroleum demand next year.

Silver prices turned choppy by midmorning, with December flat at $7.195 an ounce, moving between $7.15 and $7.29, a high since Oct. 11. Spot fetched $7.14/7.17 versus $7.16/19. Wednesday's fix was at $7.24.

January platinum rose $8.10 to $847 an ounce. Spot platinum reached $847.00/851.00.

Thinly traded December palladium inched up 35 cents to $217 an ounce. Spot hit $214.00/218.00.

© Reuters 2004

20 Okt 2004 17:20

20.10.2004 17:15:08 Commodities News Summary

TOP NEWS
> Weak dollar lifts gold, silver to 6-month peaks [nL20369207]

LONDON - Gold and silver jumped to their highest levels since April in Europe on Wednesday, as a bruised dollar made precious metals more attractive to investors.

High oil prices have also contributed to the latest leg up, due to the damaging effect they may have on the global economy. Gold has traditionally served as a hedge in times of trouble or inflation.

- - - -

> London coffee tumbles as support breaks [nL209418]

LONDON - London robusta coffee futures dropped as much as 3.6 percent on Wednesday as a technical breakdown set off sell-stops, traders said.

LIFFE's benchmark November contract traded at $563 a tonne at 1404 GMT, down 3.4 percent after earlier reaching as low as $561.

- - - -

> Ivory Coast farmers block cocoa supply for 3rd day [nL2018650]

ABIDJAN - Cocoa farmers in Ivory Coast demanding higher prices for their beans blocked deliveries for a third day on Wednesday after a meeting with the cocoa marketing body (BCC) failed to produce a breakthrough.

Major exporters remained closed on Wednesday at the demand of the striking farmers and because roadblocks in cocoa growing regions around the West African country were preventing cocoa from reaching warehouses.

- - - -

> China loses as EU focuses trade support on poorest [nL20207791]

BRUSSELS - Chinese clothing and textiles will lose their low-tariff support from the European Union under a proposed reform of the bloc's preferential tariff scheme which aims to ensure that the world's poorest nations benefit most.

But the international development agency Oxfam promptly slammed the EU's new Generalised System of Preferences (GSP) after it was unveiled on Wednesday, branding it unfair to the developing world and "blatantly protectionist".

- - - -

> Bove calls for European civil disobedience on GMOs [nL20371432]

BRUSSELS - Radical French farmer and anti-globalisation activist Jose Bove urged Europeans on Wednesday to engage in civil disobedience to prevent the spread of biotech foods.

- - - -

METALS > COMEX gold rallies early but holds off fresh high [nN20377101]

NEW YORK - Gold futures advanced but held off from a fresh 6-1/2-month peak on Wednesday morning, as a dollar weakened by U.S. growth worries and strong oil prices drew investors to the precious metals.

Silver, platinum and palladium also got a boost from the euro's break to near eight-month highs, trade sources said.

- - - -

> Harmony sure regulators to approve Gold Fields bid [nL20685269]

JOHANNESBURG - Harmony Gold (/HARJ.J) was confident on Wednesday that South Africa's competition watchdog would approve its plan to take over rival Gold Fields (/GFIJ.J) although the deal would create the world's biggest gold company.

- - - -

GRAINS/OILSEEDS/LIVESTOCK
> French wheat down as euro rises to 8-month high [nL20141874]

PARIS - French wheat prices fell slightly on Wednesday, undermined by a bleak export outlook and by the euro's sharp rise against the dollar, making French grain more expensive on world markets, traders said.

- - - -

> S.Africa revises down wheat estimates on dry spell [nL20347133]

JOHANNESBURG - South Africa on Wednesday cut its estimate for the 2004/05 wheat crop by 3.6 percent to 1.976 million tonnes from September's forecast of 2.05 million tonnes due to a dry spell hitting key regions.

"The crop is down slightly due to dry conditions in the Western Cape as well as the western parts of the Free State," National Crop Estimates Commitee chairman Rodney Dredge said.

20 Okt 2004 19:20

20.10.2004 18:58:34 Gold steigt dank Dollar-Schwäche über 425 Dollar

London, 20. Okt (Reuters) - Gold hat nach bröckelnden Dollarkursen am Mittwoch in Europa klar die Hürde von 420 Dollar per Feinunze genommen. Bei 425,15 Dollar erreichte das Edelmetall sein Tageshoch. Ein nachhaltiges Durchbrechen der 425 Dollar-Marke könnte das im Januar markierte 15-Jahreshoch von 430,50 Dollar in Reichweite bringen, hiess es. Charttechnisch sei ein weiterer Anstieg bis 430 Dollar möglich, hatte die Banque SCS Alliance am Morgen in ihrem allgemeinen Report geschrieben.

Die Bank UBS hob ihre Prognose für den Goldkurs an, nachdem sie ihre Annahmen für die Entwicklung des Euro revidiert hatte. Gold wird nun bei 425 Dollar in einem Monat gesehen und bei 430 Dollar nach drei Monaten, zuvor war UBS von 405 und 425 Dollar ausgegangen. Für das vierte Quartal 2005 geht die Bank nun von einem durchschnittlichen Goldkurs von 460 nach 440 Dollar aus.

Zum Handelsschluss stand Gold bei 425,05/425,80 Dollar nach 418,50/9,00 Dollar am Vorabend. In London wurde das Edelmetall am Nachmittag bei 423,60 und am Vormittag bei 421,70 Dollar gefixt. Am Dienstagnachmittag war das Fixing bei 419,35 Dollar erfolgt.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.524/16.774 (16.468/16.718) sfr an.

ish/och

20 Okt 2004 20:52

20.10.2004 20:48:14 NY gold ends up, silver scales 6-1/2-month peak

NEW YORK, Oct 20 (Reuters) - COMEX gold finished up but below its 6-1/2-month peak on Wednesday, as safe-haven precious metals beckoned investors amid a sliding dollar and rising oil prices.

Silver likewise bolted to its highest since early April, helped by the euro's advance to eight-month highs against the greenback, according to trade sources.

Gold for December delivery on the New York Mercantile Exchange's COMEX division settled up $3.20 at $424.80 an ounce after trading from $421 to $427.30 which was the loftiest level since early April.

"It is directly related to the weakness in the dollar today," Scott Meyers, analyst at Pioneer Futures, said. "The euro broke into new high territory and the metals complex went up with it.

"If the euro keeps going higher, you can look for $430 very quickly," Meyers said.

The greenback dropped to an eight-month low against the euro at $1.2628 per euro on U.S. growth worries and against a backdrop of rising oil prices and firmer gold.

Dollar weakness tends to lift demand for dollar-denominated gold by making the metal cheaper in non-U.S. currencies.

Oil charged back up to $55 a barrel as a fresh fall in heating oil stocks stoked fears over winter supply.

News that UBS Investment Bank revised upward its spot gold price forecast and lowered expectations for the dollar did not have a major effect on gold's rise, dealers said.

UBS said spot gold was now seen at $425 an ounce in one month and $430 in three months, versus a previous $405 and $425, respectively. Longer-term, UBS predicted it would average $460 an ounce in the fourth quarter of next year.

Gold has not traded over $460 since June 1988.

Spot gold last changed hands at $423.20/3.90, near the 6-1/2-month peak of $425.15 hit earlier, and above Tuesday's New York close at $420.10/0.60. Wednesday's London afternoon fix was at $423.60.

In COMEX December gold, analysts pegged resistance at $426, $431 and $436.50, with support at $416.10 and $410.50.

December Silver surged 15.7 cents to $7.352 an ounce, moving from $7.15 to $7.385 which was its highest since April. Spot fetched $7.14/7.17 versus $7.16/19 previously. Wednesday's fix was at $7.24.

Speculative buying in platinum touched off stop-loss orders and kicked prices to a one-week high before they pared gains.

"There was light commission house and fund buying, but the trade was a seller," Rocky D'Esposito at RJ futures said.

NYMEX January platinum ended at $848.10 an ounce, up $9.20. Spot platinum reached $846.00/850.00.

Thinly traded December palladium slipped $1 to $215.65 an ounce. Spot hit $214.00/218.00.

© Reuters 2004

21 Okt 2004 10:09

21.10.2004 10:00:54 TOCOM gold hits one-week high, platinum follows

TOKYO, Oct 21 (Reuters) - Tokyo gold futures extended gains on Thursday to their highest level in more than a week, as sentiment turned bright after a weaker dollar and strong oil prices boosted New York gold to a 6-1/2-month peak.

Platinum futures also firmed to a one-week high, as they chased the rally in gold amid a lack of fresh fundamental incentives.

The benchmark August gold contract on the Tokyo Commodity Exchange (TOCOM) rose as far as 1,480 yen per gram on Thursday, its highest since Oct. 12.

Spot gold was quoted at $425.00/75 per ounce at 0630 GMT, up from the late U.S. level of $423.20/90.

"Gold was sought as a hedge against the dollar's depreciation," a Tokyo broker said.

The dollar fell to a three-month low against the yen on Thursday as traders zoomed in on growing concerns about the U.S. economic outlook and the yawning trade deficit amid a lack of fresh economic data.

The dollar was at 107.81/85 yen at 0630 GMT, down from 108.25 in late U.S. trade. It hit a low of 107.66 earlier in the day.

Japanese investors placed fresh buy orders for TOCOM gold as the market looked technically positive after the benchmark contract breached near-term resistance at 1,479, the Tokyo broker said. Next resistance is pegged at 1,492 yen.

At the close, August gold was up five yen at 1,473, off the day's high on profit-taking. Other months gained three to eight yen.

TOCOM's benchmark gold marked a 12-year high of 1,503 yen on Oct. 6, as a record-breaking rally in oil prices fuelled worries about inflation and strengthened interest in gold, which is traditionally considered an inflation hedge.

TOCOM's benchmark August platinum contract closed up 11 yen per gram at 2,892. Other months were up three to 15 yen.

Spot platinum was quoted at $852/$857 an ounce at 0630 GMT, compared with $846.00/850.00 in late New York.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams:

For open interest details please click
Closing price Turnover (lots)
GOLD 1,473 (up 5) 77,416
SILVER 252.2 (up 3.9) 6,399
PLATINUM 2,892 (up 11) 53,834
PALLADIUM 753 (up 2) 472

21 Okt 2004 12:59

21.10.2004 12:25:36 Gold hovers near 6-month peak in Europe, dlr weak

LONDON, Oct 21 (Reuters) - Gold bullion was trading around fresh six-month highs in Europe, with the metal's upturn maintained by more weakness in the dollar, traders said.

The dollar was near the eight-month low against the euro hit on Wednesday, and a four-month trough versus the yen . The rate against the euro was around $1.2615, some three cents above the record low hit in February.

"It's pretty much crunch time for the dollar. If it does break down, gold could take out $431. Barring that, gold could make a high between current levels and $431 and then retreat. It's delicately poised at the moment," a trader said.

Fundamentally, gold's upturn looks set to continue, because as well as dollar weakness, gold is also being supported by record high oil prices as a hedge against inflation, they said.

"This move in the dollar looks increasingly like a sustained break lower and this is likely to see the dollar-denominated gold price move higher," John Reade of UBS said.

However, speculative liquidation is likely to cap the move higher at some point, he added.

On the charts, the next target is the $428.95 and $430.40 peaks hit in April, with the key objective the $430.50 high of January. Above here, the market would be at levels last seen in December 1988.

Spot gold was quoted at $424.75/425.50 an ounce at 1020 GMT, up from New York's late quote on Wednesday of $423.20/423.90.

Silver was again strong on Thursday, having notched up a six-month peak of $7.36 on Wednesday, standing just below those levels in midmorning.

Traders said the market picked up support on retracements towards the $7.00 level, although general direction was less clear.

"The fundamental situation leaves familiar doubts. Industrial demand, which recently re-emerged to some extent is likely to be hampered at the current price level," broker Dresdner Kleinwort Wasserstein (DKW) said in a report.

So the market will be predominantly exposed to speculative activity, which means it will be vulnerable to both upside and downside corrections, DKW added.

Spot silver was quoted at $7.31/7.34, up from New York's late quote of $7.14/7.17.

In the platinum group metals (PGMs), platinum rose to $852.00/857.00 from $846.00/846.00, eying the $870.00 level overhead. Palladium was at $215.00/220.00, against $214.00/218.00.

Uncle Sam verschafft sich nochmal bischen Luft,aber lange schaffen sie es nicht mehr....

21 Okt 2004 18:07

21.10.2004 17:22:21 Gold legt bis auf 426 Dollar zu

London, 21. Okt (Reuters) - Gold hat am Donnerstag nach einem Anstieg auf 426 Dollar pro Feinunze im europäischen Handel wieder deutlich unter den Schlussstand von Mittwoch geschlossen. Wiederum zeigte sich das Edelmetall von den Bewegungen am Devisenmarkt getrieben.

Die nachgebende US-Währung habe Gold zunächst zu einem Anstieg verholfen, jedoch habe der am Nachmittag wieder zulegenden Dollar das gelbe Edelmetall für Anleger aus anderen Währungsräumen weniger attraktiv gemacht, sagten Händler. Allerdings haben wohl auch spekulative Positionsauflösungen zur

Konsolidierung beigetragen. Halte die Dollarschwäche an,
könnte Gold bis auf 431 Dollar vorstoßen, so ein Händler.
Charttechnisch liege das nächste Ziel bei den im April
erreichten 428,95 und 430,40 Dollar. Endziel sei die im Januar
erreichte Marke von 430,50 Dollar, gehe Gold darüber hinaus,
würde es ein seit Dezember 1988 nicht mehr erreichtes Niveau
erklimmen.

Zum Handelsschluss stand Gold bei 422,55/423,30 nach 425,05/425,80 Dollar Vorabend. Am Nachmittag wurde Gold in London bei 422,50 Dollar gefixt, nach 425,50 Dollar am Vormittag und 423,60 am Mittwochnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.464/16.714 (16.524/16.774) sfr an.

21 Okt 2004 18:08

21.10.2004 17:45:06 Europe gold moves off 6-mo high, ends lower

* Gold falls off away from an earlier 6-1/2 month high at $426.00 an ounce to close European trade weaker at $422.65/423.40 an ounce by 1515 GMT, softer than from New York's previous $423.20/423.90. * Traders say needs to take out January's 15-year peak at $430.50 this week to avoid another correction lower. * Seen continuing to track euro/dollar moves. * Silver also off its six-month high of $7.37, to trade at $7.19/7.22 but still up from New York's previous $7.14/7.17 * Platinum unchanged at $846.00/850.00. * Palladium ticks down to $212.00/217.00 from $214.00/218.00.

21 Okt 2004 18:08

21.10.2004 18:05:36 Base metals end mixed, LME trade erratic

LONDON, Oct 21 (Reuters) - Base metals ended an uncertain session mixed, with the complex unable to establish a clear trend, and irregular movements tended to reflect currency factors, London Metal Exchange (LME) traders said.

"It has been very whippy today, and a lot of people are just sitting on the sidelines," a trader said on Thursday.

Last week's wide movements, when many metals hit multi-year highs only to be subsequently battered by speculative investment fund liquidation have deterred some interest.

"We had the fund selling, then we got some consumer buying, but now we're back to trading against currencies," the trader said.

The weak dollar provided some support, with the euro at eight-month highs early on Thursday.

Copper was also supported to some extent by ongoing labour worries, although traders said these are now being factored into prices.

Workers at Peru's top copper company, Southern Peru Copper Corp, will call a new strike next week if the company does not reinstate a sacked colleague.

Strikes are also continuing at Grupo Mexico's La Caridad and Cananea mines, which together have the world's second-largest copper reserves.

Copper, which hit highs near $2,840 at one point, stumbled back towards $2,800/2,810 before closing the kerb at $2,825, still up from a previous $2,800.

"It got over-long earlier, and that is why it came off sharply," the trader added.

In other mtals aluminium held in a fairly narrow band, ending at $1,750 against $1,746. Tight nearby dates continued to feature, with cash/one day trading at $5 backwardation.

Nickel was unchanged at $13,300, while lead rose $11 to $852.

Zinc gained $10 to $1,051, but tin slipped to $8,775 from $8,950.

Alphöttä
Die News kommen über Reuters und werden nur sporadisch übersetzt.Wenn,dann stelle ich sie ein, aber das kommt leider nur selten vor.
Eigene Kommentare spare ich mir zumeist,es sollte sich jeder eine eigene Meinung bilden. Mit meinem Nick ist über meine eigentlich alles gesagt...
Hopp Schwyz!
GC

21 Okt 2004 19:19

21.10.2004 18:49:55 Commodities News Summary

TOP NEWS
> UPDATE 1-Egypt buys 415,000 T Argentine and U.S. w [nL21692064]

CAIRO - The Egyptian government's main wheat buyer said on Thursday it had bought 415,000 tonnes of wheat -- 60,000 tonnes of U.S. soft white and 355,000 from Argentina -- for shipment either from Nov. 20-30 or Dec. 1-10.

- - - -

> UPDATE 2-Ivory Coast cocoa farmer blockade stays i [nL21646299]

ABIDJAN - Union officials representing Ivory Coast's striking cocoa farmers said another round of talks on Thursday with industry officials had failed to produce a deal and their blockade of cocoa deliveries would continue.

- - - -

> UPDATE 1-Gold wobbles off 6-month peak, seen chopp [nL21254003]

LONDON - Gold bullion fell from earlier six-month highs in Europe on Thursday afternoon, tracking moves in the dollar, and needs to launch an attack on the year's high this week to avoid a sell-off, traders said.

- - - -

METALS > UPDATE 2-Chile gov't sees 2005 copper output up 3. [nN21451274]

SANTIAGO, Chile - Chilean government copper commission Cochilco forecast on Thursday 2005 copper output would rise 3.5 percent from 2004 due to expanded production by the country's top two miners, state-owned Codelco and global mining leader BHP Billiton (/BLT.L) (/BHP.AX).

- - - -

> UPDATE 1-European copper TC/RCs of $120/12 ct reac [nL21165990]

HAMBURG - European copper smelters have settled spot copper treatment and refining charges (TC/RCs) of between $117/11.7 cents to $120/12 cents, traders said on Thursday.

- - - -

GRAINS/OILSEEDS/LIVESTOCK
> Tunisia buys 75,000 T feed barley in tender [nL21165315]

HAMBURG - Tunisian state grains agency Office des Cereales has purchased 75,000 tonnes of feed barley in a tender for the same volume which closed on Thursday, traders said.

- - - -

> UPDATE 3-Pakistan may seek fresh wheat imports in [nSP52104]

SINGAPORE - Pakistan, fearing a drop in wheat output, is likely to finalise plans for fresh imports of the grain within a week and the government might initially aim to buy about 500,000 tonnes, sources in Pakistan said on Thursday.

- - - -

> Italy delays genetically modified food law [nL21632103]

ROME - Italy has delayed issuing a law on keeping genetically modified (GM) food separate from fields of conventional and organic crops, amid reports of government infighting over the controversial issue.

- - - -

COCOA/COFFEE/SUGAR > UPDATE 3-Hershey profit up, to start selling cooki [nN21240120]

CHICAGO - Chocolate maker Hershey Foods Corp. (/HSY.N) on Thursday posted a higher-than-expected 16 percent rise in quarterly profit and said it will get into the cookie business.

- - - -

> EU sells 56,000 T white sugar at tender - trade [nEUSUG1]

LONDON - The European Union sold 56,000 tonnes of white sugar at a maximum rebate of 45.758 euros per 100 kg at Thursday's tender, traders said.

Out of this, traders in Belgium received 10,000 tonnes, France 15,000, Germany 18,000, Poland 10,000 and Britain 3,000, they added.

22 Okt 2004 10:50

22.10.2004 10:17:01 Tokyo gold falters on strong yen, platinum mixed

TOKYO, Oct 22 (Reuters) - Tokyo gold futures dropped on Friday as the firm yen prompted active selling to adjust positions ahead of the weekend, with slight falls in the dollar-based spot price also hurting, traders said.

The benchmark gold futures on the Tokyo Commodity Exchange (TOCOM) slumped near to this week's low of 1,464 yen per

gram as the spot price drifted from a 6-½ month high of
$426 per ounce hit the previous day.

"As spot gold seems to be losing momentum above $425, the market sold to adjust positions in TOCOM gold by factoring in a stronger yen," said Shuji Sugata, assistant manager at Mitsubishi Corp. Futures Ltd.

"The spot price needs to climb convincingly in order to see the yen-based gold rising but otherwise it could be under pressure if the yen stays strong," Sugata said.

The August gold contract closed down 7 yen per gram at 1,466 yen. It had moved in a range of 1,464-1,470 yen.

Other contracts closed down 3 to 11 yen.

Spot gold lost momentum after it failed to test $430 an ounce, reflecting a slowdown in jewellery purchases, especially in India, the world's largest buyer.

At 0737 GMT, spot gold was at $423.40/90 an ounce, versus $423.85/4.60 in New York on Thursday.

The dollar regained some ground against the yen on Friday, moving away from four-month lows hit the previous day, but sentiment for the currency was bearish after it lost about 3 percent in two weeks, currency dealers said.

The dollar was quoted at 107.61/64 yen from 107.48 in late U.S. trade and a four-month low of 107.35 on Thursday.

The euro was at $1.2630/33 against 1.2616. It rose to an eight-month high of $1.2652 on Thursday.

"The dollar should set trends for precious metals, but nervousness will grow ahead of the U.S. presidential election," said a trader at a Japanese trading house.

TOCOM platinum futures were off their lows after meeting solid bargain-hunting, traders said, adding that end-users were buying the physical metal on price falls.

TOCOM's benchmark August platinum contract closed up 1 yen per gram at 2,893. Other contracts were unchanged to down 15 yen.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams:

For open interest details please click

Closing price Turnover (lots)
GOLD 1,466 (down 7) 54,646
SILVER 251.0 (down 1.2) 3,504
PLATINUM 2,893 (up 1) 26,992
PALLADIUM 748 (down 5) 643

Dauernd taucht in den Kommentaren das Wort sell-off auf,für meinen Geschmack zu oft.....ist das Gegenteil der Fall?

22 Okt 2004 12:35

22.10.2004 12:18:21 Gold eases in Europe, sell-off fears build

LONDON, Oct 22 (Reuters) - Gold bullion softened in Europe on Friday morning despite a steady euro, and traders said the metal needed to crack the year's high at $430 sooner rather than later to avoid fund liquidation.

Several traders have expressed disappointment at the yellow metal's inability to take out January's 15-year peak in the latest leg up, especially given dollar weakness and stubbornly high oil prices.

"We're a bit soft here in London this morning," one trader said. "There's been some genuine selling around...it may be producer-based."

Standard Bank London said gold's weaker note in Europe may suggested "decent selling", possibly from producers and/or central banks.

Gold jumped higher on Wednesday when sentiment on the dollar turned sour again, culminating in a 6-1/2 month high of $426 on Thursday morning. It has since backed off, following a lack of follow-through in New York.

By 1011 GMT, spot gold fell to $422.50/423.25 compared with $423.85/424.60 in New York on Thursday.

The euro was mostly steady on the day at $1.2621/23, against 8-month highs of $1.2651.

Dresdner Kleinwort Wasserstein said in a report it expected gold to consolidate within a $420-426 range on Friday, especially given the absence of any U.S. economic data releases.

Traders said a clear break of the previous day's peak at $426 should bring in fresh momentum fund buyers looking towards $450 and higher -- levels unvisited since June 1988.

"However another failure to make the anticipated move could result in disappointed long liquidation by the weaker holders although any weakness should stall ahead of a solid band of support in place between $415 and $410," Standard Bank said.

Silver clung to gold's coattails, staying away from Thursday's peak of $7.37. Spot fell to $7.17/7.20 from $7.27/7.30.

James Moore of TheBullionDesk.com said news that economic growth in China had slowed in the third quarter of the year could affect metals markets.

"The Chinese growth reports may have more implications for silver than gold for the time being, with a slowing in growth reducing demand for base metals such as copper and aluminium," he said.

Platinum was largely unchanged at $845.00/850.00 from $846.00/851.00, while palladium was flat at $212.00/216.00.

Ich entschuldige mich schon mal im Voraus das ich den Text in Englisch hier rein stelle (mein Übersetzer ist derzeit im Urlaub), auch den Link kann ich hier leider nicht reinstellen,da die Infoquelle kostenpflichtig ist...........

auf jeden Fall wollte ich Euch den wiederholten sell-off (= Ausverkauf) nicht vorenthalten....

22 Okt 2004 17:01

22.10.2004 16:58:07 UPDATE 1-Gold eases in Europe, sell-off fears build

(updates to afternoon)

LONDON, Oct 22 (Reuters) - Gold bullion softened in Europe on Friday despite a strong euro, and traders said the metal needed to crack the year's high at $430 sooner rather than later to avoid fund liquidation.

Several traders have expressed disappointment at the yellow metal's inability to take out January's 15-year peak in the latest leg up, especially given dollar weakness and stubbornly high oil prices.

Traders reported good selling earlier in the day, which they potentially attributed to producers.

Gold jumped higher on Wednesday when sentiment on the dollar turned sour again, culminating in a 6-1/2 month high of $426 on Thursday morning. It has since backed off, following a lack of follow-through in New York.

By 1438 GMT, spot gold fell to $422.75/423.50 compared with $423.85/424.60 in New York on Thursday.

The euro was up at $1.2631/32, off earlier 8-month highs of $1.2658.

"I think that the performance of the gold price disappointed this afternoon given where we were in EUR/USD," said Alexander Zumpfe of Dresdner Kleinwort Wasserstein.

"The more often it fails to break $424 or this week's high, despite the support from the currency side and the oil price, it is increasingly vulnerable to a correction," he added.

A clear break of Thursday's peak at $426 should bring in fresh momentum fund buyers looking towards $450 and higher -- levels unvisited since June 1988.

"However another failure to make the anticipated move could result in disappointed long liquidation by the weaker holders, although any weakness should stall ahead of a solid band of support in place between $415 and $410," Standard Bank London said in a report.

Silver tracked gold's moves, staying away from Thursday's peak of $7.37. Spot dipped to $7.23/7.25 from $7.27/7.30.

Platinum weakened to $839.00/844.00 from $846.00/851.00, while palladium inched up to $213.00/218.00 from $212.00/216.00.

22 Okt 2004 17:30

22.10.2004 17:01:13 Gold zum Wochenschluss stabil

London, 22. Okt (Reuters) - Gold hat zum Freitag in Europa nahezu auf dem Vortagsschlussstand geschlossen. Das gelbe Metall habe beflügelt durch ein Achtmonatstief des Dollar zum Euro einen kurzen Ausbruchversuch auf 424,50 Dollar gewagt, verlor bis Handelschluss aber wieder, so Händler.

Gold schloss auf 422,75/3,50 Dollar nach 422,55/423,30 am Vorabend. Am Nachmittag wurde Gold in London bei 422,80 Dollar gefixt, nach 422,40 Dollar am Vormittag und 422,50 am Donnerstagnachmittag.

Einige Marktteilnehmer seien enttäuscht, dass Gold nicht weiter gestiegen sei, und verkauften ihre Bestände, sagten Händler. Auch die Ausbleiben neuer Wirtschaftsdaten aus den USA habe die unentschlossene Tendenz des Marktes unterstützt.

Sollte der Aufwärtskurs des Goldes ein weiteres Mal scheitern, könnten Long-Positionen liquidiert werden; ein tieferer Fall sollte jedoch durch den soliden Widerstand bei 415 und 410 Dollar gebremst werden, schreiben die Analysten der Standard Bank.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.455/16.705 (16.464/16.714) sfr an.

pma/ajs

22 Okt 2004 21:06

22.10.2004 20:38:50 NY gold settles flat at week's end, silver firms

NEW YORK, Oct 22 (Reuters) - COMEX gold futures erased morning losses to end flat Friday while silver edged higher with the strong euro, but profit-taking kept the metals from returning to the 6-1/2-month peaks they scaled on Thursday, dealers said.

At the COMEX division of the New York Mercantile Exchange, December delivery gold ended unchanged at $425.60 an ounce, after keeping to a narrow band between $423.20 and $426.50.

Gold was consolidating in a roughly $5 trading range due to a lack of significant U.S. economic data during the day to sway financial markets, analysts said.

Refco analyst Tom Boustead expected gold to stay in its recent range as long as COMEX December holds between key support at $423 and first resistance at $428. The next upside targets lie at $430 and then $433, which represents a 15-year peak for futures reached back in April.

With runaway oil prices and the dollar in a downtrend, investors boosted gold futures to $427.50 an ounce on Thursday, its highest mark since April.

The euro charted fresh eight-month highs against the greenback on Friday to trade at $1.2636 in the afternoon, which was up from the previous close at about $1.2615.

"I would have expected a bit more positive price action given the euro," commented Paul McLeod, a precious metals vice president at Commerzbank Securities.

Gold tends to benefit from dollar weakness as dollar-denominated metals get cheaper in non-U.S. currencies.

But an already large fund net long position in gold may have given the market pause on Friday before it takes another stab at higher prices, McLeod said.

"(Gold) kind of got out ahead of itself -- it had a bit of run before the euro made the play upward -- so it's been more of a rebalancing impact over the last couple of days," he added.

Meanwhile, crude hit a record high $55.50 a barrel.

Spot gold priced at $423.95/4.70, barely changed from Thursday's New York close at $423.85/4.60. The afternoon London fix was at $422.80.

COMEX December silver rose 2.3 cents to $7.333 an ounce, within a $7.20 to $7.37 range. Spot silver reached $7.38/31 versus its previous late quote at $7.27/30. It fixed Friday at $7.205.

NYMEX January platinum fell $6.90 to close at $844.90 an ounce. Spot platinum hit $841.00/846.00.

December palladium lost 95 cents to $215.95 an ounce. Spot palladium traded at $213.00/218.00.

© Reuters 2004

25 Okt 2004 13:40

25.10.2004 13:32:38 Silver fixes up, Europe gold around six-month peak

* Silver fixes sharply higher at 744.00 cents per ounce compared with previous fixing at 720.50 cents. Spot silver trades around highest in six months, in line with sharp moves up on gold, at $7.44/7.47 per troy ounce by 1112 GMT, compared with around $7.30 in New York late on Friday. * Silver forward rates on Reuters page indicated at 1.744, 1.686, 1.686 and 1.504 for one, three, six and 12 months respectively. * Spot gold hovers under fresh six-month peak hit earlier at $430.20. Last at $428.75/429.50 at 1112 GMT from $423.95/424.70 quoted late in New York on Friday. * Euro surges beyond $1.2800 against the dollar, making gold more affordable for non-U.S. investors. * Dealers say market poised to pounce on January's then 15-year peak of $430.50 and beyond if euro can hold gains. * Spot platinum firms to $851.00/856.00, compared with $841.00/846.00 last quoted in New York. * Palladium slightly higher at $214.00/219.00, versus $213.00/218.00 in the U.S. market.

25 Okt 2004 13:42

25.10.2004 12:58:41 Europe gold eyes 16-year highs as euro surges

LONDON, Oct 25 (Reuters) - Gold hovered near its highest for almost 16 years in Europe on Monday, fired by a resurgent euro against the dollar amid worries about the U.S. economy.

Dealers said January's peak of $430.50 an ounce was in sight as inflationary fears fanned by high oil prices also gripped the market, but growing speculative exposure heightened the risks of selling.

Spot gold stood at $429.90/430.60 by 1050 GMT after hitting a six-month peak of $430.20 at one stage. That compared with $423.95/424.70 quoted late in New York on Friday.

Silver was also trading around six-month peaks at $7.45/7.48 compared with around $7.30 in New York on Friday.

"The market is looking very well bid with the euro, I think people will try and get up to the January high and beyond on gold, but it really depends on whether the euro can hold," one trader said.

The euro rose to $1.2819 , near mid-February's record high of $1.2927 and making gold more attractive to non-U.S. investors.

Oil hit an all-time peak above $55 a barrel, fuelling concern about U.S. growth and the U.S. economy's ability to attract investors.

Analysts said gold had to make a move beyond $430 or face heavy speculative selling.

"The gold market appears to be reaching make or break point as the weight of recent speculative interest battles with support generated through the drown trending dollar and rising oil prices," James Moore of TheBullionDesk.com said in a daily report.

"Resistance is...likely to be found at $435/440 although further price gains will ultimately depend on advances by the metal's main catalyst, the euro," he added.

On Friday, the Commitments of Traders data issued by the Commodity Futures Trading Commission showed the net speculative long position in COMEX gold rose to 120,914 contracts as of Oct. 19, from 115,137 contracts on Oct. 12.

Spot platinum was at $853.00/858.00, compared with $841.00/846.00 last quoted in New York.

Palladium was at $214.00/219.00, versus $213/218 in the U.S. market.

25 Okt 2004 14:37

25.10.2004 14:30:21 Gold licks at near 16-year highs, euro fans gains

By Veronica Brown

LONDON, Oct 25 (Reuters) - Gold was within reach of its highest level in nearly 16 years on Monday, fired by a resurgent euro and inflationary fears fanned by sky-high oil prices, dealers and analysts said.

"I don't think we've seen anything yet," Ross Norman of TheBullionDesk.com told Reuters in a telephone interview.

"With the euro where it is, oil where it is and tension ahead of the U.S. election I think we could see another attempt at $430.50 and it might just poke through," he added.

Bullion, which hit a 15-year peak on January 6 at $430.50, has traded steadily higher this year, extending a bull cycle that has stretched out since 2001 when prices fell towards $250.

Having struck a fresh six-month peak earlier on Monday at $430.20 per ounce, dealers said fund buyers would try and push for the January 6 peak and beyond to levels last seen in 1988, emboldened by a rampant euro making the metal more attractive.

The market's upswing has been influenced by a weaker dollar, geo-political uncertainty, producers buying back previously sold forward production and sky-high oil prices fanning inflationary worries.

"Oil is playing a part but the dollar is the big mover in gold," Peter Hillyard, head of European metal sales at ANZ Bank, told Reuters. He spoke after benchmark U.S. light crude set a fresh peak of $55.67 a barrel.

"The market believes $430-plus (for gold) will be penetrated and, depending on who you talk to, there are people saying $500. I think that's a little overdone," he added.

The euro rose on Monday to within once cent of record highs against the U.S. dollar hit in February.

Record oil prices and worries about the widening U.S. current account deficit have hit the dollar -- making gold less expensive for non-U.S. investors.

The rising price of gold was not expected to have an immediate impact on jewellery prices.

Even though analysts had noted the supportive factors behind gold's drive up, they also raised concerns about massive speculative exposure which could spark a sharp sell-off further out.

Commitments of Traders data, issued by the Commodity Futures Trading Commission and showing how much of the metal speculators have bought, showed the net speculative long position in New York's COMEX gold futures market rose to 120,914 contracts as of October 19, from 115,137 contracts on October 12.

"Gold is set to break the year high of $430.50 on dollar weakness -- but there is little else behind the move at the moment. Speculators appear to be fully loaded, or very nearly so," John Reade of UBS investment bank said in a daily report.

"For investors looking for a play on dollar weakness there are probably lower-risk alternatives available."

© Reuters 2004