Rohstoffnews

Die deutschen Meldungen zum Goldpreis kommen gewohnt dümmlich daher:

07 Okt 2004 17:36

07.10.2004 16:56:33 Gold scheitert am Widerstand bei 420 Dollar

London, 07. Okt (Reuters) - Gold hat sich am Donnerstag trotz eines Allzeithochs beim Ölpreis kaum verändert gezeigt. Nach dem Scheitern am technischen Widerstand bei 420 Dollar sahen Händler das gelbe Metall zunächst im Abwärtstrend. In Europa stieg Gold im Verlauf bis auf 419,80 Dollar per Feinunze und fiel dann zum Handelsende auf 417,15/417,90 Dollar wieder etwas unter den Vorabendstand von 418,80/419,30 Dollar. In London erfolge das Fixing am Nachmittag bei 418,10 Dollar nach 417,90 Dollar am Vormittag und 418,45 Dollar am Mittwochnachmittag.

Ein hoher Ölpreis schürt generell Sorgen vor einer Geldentwertung und kann bei Anlegern eine verstärkte Bewegung zu Gold als Inflationsschutz auslösen.

Der Goldkurs könne bis auf 414 Dollar zurück fallen, sagte ein Händler. Dies sei nach dem Anstossen bei der Marke von 420 Dollar wohl der faire Wert. Der allgemeine Trend nach oben sei für das Edelmetall aber noch intakt. Es gebe noch Potenzial für eine Rally bis auf 430 Dollar, hiess es am Markt.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.845/17.095 (16.903/17.153) sfr an.

ish/och

07 Okt 2004 17:45

07.10.2004 17:44:19 Commodities News Summary

TOP NEWS
> UPDATE 3-Copper near 10-year peaks, spurs metals r [nL07665103]

LONDON - World copper prices neared 10-year highs on Thursday, driving other metals towards new peaks, as funds lured by supply shortages and hopes of increased demand poured fresh money into the London market.

- - - -

> UPDATE 1-INTERVIEW-India bought up to 200,000 t ra [nL07489290]

LONDON - Indian millers bought 150,000 to 200,000 tonnes of October/November delivery Brazilian raw sugar in the past month, said Vinay Kumar, managing director of India's National Federation of Cooperative Sugar Factories Ltd.

- - - -

> LME breaks metals mould with plastics [nL06652344]

LONDON - The London Metal Exchange (LME) will trade plastics futures next year, optimistic that these markets will find a natural home in an exchange which has traded metals contracts for more than a century.

- - - -

> Europe gold nudges higher at close, eyes oil, dlr [nL07669347]

* Spot gold pushes up slightly to end in Europe at $418.30/419.05 by 1515 GMT, compared with $417.75/418.50 quoted late in New York on Wednesday.

- - - -

> Profit taking caps strong LME price rises [nL0789700]
* Base metals remain steady in first afternoon trading rings.
* Prices lifted by fund buying but profit taking caps firmer
advances.

- - - -

METALS
> Top Turk court rejects Newmont (/NEM.N) appeal [nL07549912]

IZMIR, Turkey - Turkey's top administrative court on Thursday rejected an appeal by U.S. company Newmont Mining Corp (/NEM.N) to reopen a gold mine it operates, which local residents say harms the environment.

- - - -

> Russia No.3 copper producer 9-mth o'put 94,500T [nL07198273]

YEKATERINBURG, Russia - The Russian Copper Company, the country's third largest producer of the metal, refined 94,500 tonnes of cathode copper in the first nine months of 2004, the company's spokesman said on Thursday.

- - - -

> UPDATE 1-INSG sees '05 world nickel output up, bal [nL07141425]

AMSTERDAM - The world primary nickel production is set to increase next year, fully covering an expected rise in global consumption compared with a deficit this year, the International Nickel Study Group forecast on Thursday.

- - - -

> UPDATE 1-Union seals Northam wage pact, hopeful on [nL07425157]

JOHANNESBURG - A South African union said it had sealed a wage pact with small platinum producer Northam (/NHMJ.J) and saw good chances for a deal later on Thursday to end a week-long strike against the world's biggest platinum producer Angloplat (/AMSJ.J).

- - - -

> UPDATE 1-Japan buys 125,000 tonnes wheat at tender [nT157874]

TOKYO - Japan's Agriculture Ministry said on Thursday it had bought 125,000 tonnes of milling wheat from the United States and Canada at a weekly tender.

- - - -

GRAINS > UPDATE 1-Egypt's GASC says buys 110,000 T U.S. whe [nL07529720]

CAIRO - Egypt's main official wheat buyer said on Thursday he had bought 110,000 tonnes of U.S. hard red winter wheat for Nov.16-30 shipment.

- - - -

> U.S. exporters sell 115,000 tonnes corn to unknown [nWAT001945]

WASHINGTON - Private exporters reported the sale of 115,000 tonnes of corn to unknown destinations for the 2004/05 marketing year, the U.S. Agriculture Department said on Thursday.

The marketing year for corn began on Sept. 1.

- - - -

> UPDATE 2-Australia sells 1 mln tonnes of wheat to [nSYD62437]

SYDNEY - Australia's monopoly wheat exporter AWB Ltd. (/AWB.AX) said on Thursday it had signed a contract to sell 1 million tonnes of wheat to Iraq.

- - - -

> UPDATE 1-S.Korea seeks 100,000 tonnes rice for Nor [nSEO199442]

SEOUL - South Korea's Agricultural and Fishery Marketing Corporation (AFMC) has issued a tender to buy 100,000 tonnes of non-glutinous long-grain white rice, an AFMC official said.

- - - -

COCOA/COFFEE/SUGAR > UN policy sours Third World sugar exporters-lobby [nL07647355]

OSLO - A U.N. drive to cut sugar consumption and obesity in the West while funding sugar production in the Third World is damaging to poor nations, a lobby group said on Thursday.

- - - -

> EU sells 105,250 T white sugar at tender - trade [nEUSUG1]

LONDON - The European Union sold 105,250 tonnes of white sugar at a maximum rebate of 45.375 euros per 100 kg at Thursday's tender, traders said.

- - - -

> Florida's citrus crop to take hard hit from hurric [nN07331111]

NEW YORK - Florida's citrus crop took a severe beating from the hurricanes that raked the Sunshine State recently, said analysts on Tuesday in forecasting what a federal government report due out next week has in store for the state's $9.1 billion citrus industry.

- - - -

> False claims "erode confidence in organic coffee" [nL07379131]

ENTEBBE, Uganda - Most consumers in rich nations are attracted to organic and fair trade products but are put off by a baffling array of categories and sometimes fraudulent product claims, a coffee conference was told.

- - - -

> German 3rd-qtr cocoa grind up 10.6 percent [nL07627881]

HAMBURG - Germany's third-quarter 2004 cocoa grind rose 10.6 percent on the year to 59,987 tonnes, confectionery industry association BDSI said on Thursday.

© Reuters 2004

Bei Gold gehts langsam in die überhitzte Zone (Bullish Consensus:80!)

07 Okt 2004 21:23

07.10.2004 21:20:10 TECHNICALS - COMEX/NYMEX metals technical indicators

GOLD SILVER PLATINUM PALLADIUM COPPER
DEC DEC JAN DEC DEC

Close Oct. 07 $419.50 $7.217 $828.30 $233.45 $142.75
High 421.70 7.300 850.50 236.00 *143.85
Low 418.80 7.165 837.00 226.50 141.95

5-DAY M.A. 419.20 7.054 842.50 225.17 141.07
20-DAY M.A. 412.10 6.575 844.40 217.44 135.28
50-DAY M.A. 406.80 6.631 842.90 217.04 129.96

9-DAY R.S.I. 63.77 78.46 42.33 75.57 86.02
14-DAY R.S.I. 64.44 76.94 44.69 71.62 82.52

Note: Data calculated from previous close. Previous high and low include ACCESS trading from previous session. Indicators are based on the time periods recommended by their developers or commonly used by technical analysts. Moving averages are simple moving averages. RSI formulas include a smoothing factor utilizing an exponential moving average (EMA), determined to be the industry standard. All calculations can be made using Reuter Graphics or Reuter Technical Analysis products.

Contract High 436.50 8.480 908.00 345.00 *143.85
Contract Low 290.00 4.440 759.00 203.50 74.20
First Notice Day Nov 30 Nov 30 Jan 01 Dec 01 Nov 30
Expiry Date Dec 29 Dec 29 Jan 26 Dec 27 Dec 29

BULLISH CONSENSUS ON October 05: 24 Month Range
Low Hi
Gold 80 from 77 on September 28 13 - 91
Silver 64 from 54 on September 28 13 - 89
Platinum 65 from 71 on September 28 14 - 95
Copper 84 from 81 on September 28 08 - 88

* Bullish Consensus, Copyrighted, Market Vane Corporation, P.O. Box 90490, Pasadena, CA 91109-0490. Phone +1 626 395 7436. The survey expresses a percentage of bullish sentiment among analysts and advisors. The company said 50 percent is considered support in a bull market and resistance in a bear market. Data are most recent available.

For prices, double click on: -2

For related news, double click on: [GOL] [MTL] [MET] [MIN] [GOL/X] [PLA/] [COP/X] [MINT] ["DLA"]

For updated CFTC Commitment of Traders report, double click on for the latest week's data and for the previous week's data. Futures/options data is on and .

08 Okt 2004 09:57

08.10.2004 09:53:40 TECHNICALS-Copper needs to confirm peaks on closing basis

--------------------------------------------------------------

3 MTH KERB CLOSE * SUPPORT * RESIST * RSI14 * MA10 * MA30
COPPER 3,046 * 2,994 * 3,100 * 83.2 * 2,999 * 2,865
ALUMINIUM 1,850 * 1,820 * 1,925 * 70.5 * 1,830 * 1,754
--------------- VIEWS FROM THE MARKET - Oct 8 ---------------

LONDON, Oct 8 (Reuters) - London Metal Exchange copper still needs to close above January 1995 highs in order to target peaks dating back to early 1989 above $3,100, traders and analysts said on Friday.

Copper flew higher in early trade as Chinese traders returned from a near week-long holiday eager to buy, while news that a unit of the world's largest copper producer was set to strike added fuel to the fire.

"The Chinese came back this morning and they started to buy all the way up to $3,085 a tonne, taking us up to new historical highs," a German trader said.

So far on Friday, three months copper has peaked at $3,087.50 a tonne.

Some analysts were becoming wary of copper's latest thrust higher, especially given the importance of key U.S. September payrolls data due out at 1230 GMT.

"In an environment where most are short dollar and long commodities, a strong payroll result could generate a very strong trading reaction," Martin Fewings, metals analyst with Mitsui Bussan, said in a daily report.

COPPER - Expected to post further gains despite overbought indicators, but needs to close above Jan 1995 peak in order to maintain rally.

"The RSI has pushed further into overbought territory, suggesting that we may see a period of consolidation or a corrective move," Angus MacMillan, metals strategist with Prudential Bache, said in a daily note.

But he noted that diverging short-term moving averages pointed to further gains.

"Technically, a close above $3,055 is needed to maintain upside momentum and provide a platform for further forays towards $3,100 and above," Robin Bhar of Standard Bank London said in a report.

Overnight news that Chile's Codelco Norte unit had failed to settle a contract dispute by a Thursday deadline with a union, setting the stage for a strike, was also supportive.

Workers at Atlantic Copper in Sapin, owned by Freeport McMoRan Copper and Gold (/FCX.N) have also been on strike this week.

Another strike was also looming at Southern Peru Copper Corp (SPCC), after the failure of talks designed to avert further industrial action this month after a 13-day strike in September.

By 0736 GMT three months copper was up $29 at $3,075/3,080.

ALUMINIUM - Similar to copper, needs to close above $1,850 to maintain upside momentum and attract further speculative buying.

MacMillan said further gain would target $1,875/80, then $1,895/1,900.

JP Morgan said in a daily metals technical report that it expected the rally to continue toward $1,895/1,920, but reject the high.

"A subsequent breakdown through $1,780/70 will confirma that a medium-term top is in place."

Bhar said the trend remained positive but he did not expect the straight-line advance to be sustained for much longer.

By 0741 GMT three months aluminium was up $10 at $1,860/1,863, but had so far failed to top Thursday's fresh nine-year peak at $1,877.

08 Okt 2004 17:33

08.10.2004 17:07:51 Commodities News Summary

TOP NEWS
> UPDATE 1-Chile's Codelco Norte supervisors' union [nN08289540]

SANTIAGO, Chile - The supervisors' union at Codelco Norte, the largest division of the world's largest copper miner, went on strike early on Friday, a company spokesman told Reuters.

- - - -

> COMEX gold rises to 6-month high on weak US jobs d [nN08356802]

NEW YORK - COMEX gold futures rose to a fresh six-month high Friday morning as a less-than-expected gain in U.S. September payroll jobs undercut the dollar and boosted investment in the safe-haven metal.

- - - -

> UPDATE 3-Copper nears 16-yr peak, Chinese buyers b [nL08361468]

LONDON - World copper prices soared to their highest in nearly 16 years on Friday as a potential strike at a unit of the world's largest producer lured in fresh buying.

- - - -

> COMEX copper races up 16-year peak as funds buy [nN08518070]

NEW YORK - The December COMEX copper contract rose to a high dating back to 1988 at $1.4650 per lb on Thursday as funds bought heavily, brokers said.

- - - -

> Labour unrest haunts global metals sector [nL07182713]

LONDON - The global metals industry is heading for tougher labour negotiations in the coming years as contracts expire at a time of higher metals prices but rising costs, analysts said.

- - - -

> Metals boom: Brave new world or meltdown ahead? [nL05609810]

LONDON - China's industrial revolution and prospects for huge Indian growth have fueled what some analysts see as a long-term metals boom which investors ignore at their peril.

- - - -

METALS
> UPDATE 2-Alcoa smelter to restart; stock rises [nN08515246]

NEW YORK - Alcoa Inc. (/AA.N) workers at the idled Wenatchee, Washington, aluminum smelter voted to accept a labor agreement that opens the way for the facility to resume operations, the company said on Friday.

- - - -

> Alcan to sell ores, concentrate trading division [nWEN6638]

VANCOUVER, British Columbia - Alcan Inc. (/AL.TO) has reached an agreement to sell its ores and concentrates trading division to the unit's management team, the world's second biggest aluminum producer said on Friday without giving a price for the deal.

- - - -

> UPDATE 2-Gold Fields says challenging Q1 to preced [nL08094805]

JOHANNESBURG - South African gold miner Gold Fields Ltd (/GFIJ.J) said on Friday first quarter results to the end of September would be "challenging", but the following two quarters could see a strong improvement.

- - - -

> Morocco's Managem starts Niger's gold mine [nL08101276]

RABAT - Moroccan Managem (/MNG.CS) mining firm has started operating the new Samira Hill gold mine in Niger which can produce a total of 618,000 ounces (19.2 tonnes), a company senior manager said on Friday.

- - - -

GRAINS > EU's Kyprianou signals little change in GMO policy [nL08203083]

BRUSSELS - The European Commission will treat approval requests for new genetically modified (GMO) foods based on science, the next EU food safety chief said on Friday, signalling that existing GMO policy is unlikely to change.

- - - -

> UPDATE 1-Japan wants more info before easing U.S. [nT188054]

TOKYO - Japan's Agriculture Ministry, considering conditions to resume U.S. beef imports, said on Friday it needs more information on how to tell the age of American cattle, as a U.S. explanation was insufficient.

- - - -

> UPDATE 1-Bulgaria exports 25,200 T wheat to Tunisi [nL08121900]

SOFIA - Bulgaria will export 25,200 tonnes of milling wheat to Tunisia via the Black Sea port of Varna next week from its abundant 3.8-million wheat harvest this year, a port official said on Friday.

- - - -

COCOA/COFFEE/SUGAR
> EU's former colonies slam sugar reform plan [nL08437135]

BRUSSELS - A group of Europe's former colonies lambasted proposals to reform the EU's 35-year-old sugar regime on Friday, saying the plans violated international treaty obligations and would cause huge socio-economic damage.

- - - -

> UPDATE 1-Mauritius cuts 2004 sugar production fore [nL08536226]

PORT LOUIS - Mauritius cut its 2004 sugar production forecast to 575,000 tonnes from an initial forecast of 590,000 due to poor weather, the Mauritius Chamber of Agriculture said on Friday.

- - - -

> East Africa poised to lead in specialty coffees [n]

ENTEBBE, Uganda - Small-scale farmers in East Africa are perfectly placed to exploit rapidly growing global demand for specialty coffees, a major conference of organic coffee farmers, exporters and roasters heard on Friday.

- - - -

> EU tender saw 68 bids for 314,500 T white sugar [nL08305306]

BRUSSELS - The EU's regular export tender attracted 68 bids for 314,500 tonnes of current series white sugar, member state officials said on Friday.

- - - -

> India seen big sugar importer two more seasons-ISO [nL0886829]

LONDON - India, the world's biggest sugar consumer, will likely remain a large scale importer for at least two seasons to come, the International Sugar Organization (ISO) said.

- - - -

08 Okt 2004 17:36

08.10.2004 17:09:26 UPDATE 1-Europe gold spikes to six month peak, eyes new highs

(writes through with quotes, details, prices)

By Veronica Brown

LONDON, Oct 8 (Reuters) - Gold shot to its highest since early April on Friday afternoon in Europe as funds seized on a surging euro after weak U.S. jobs data cast doubt on the pace of monetary tightening there, traders said.

With other commodities like base metals soaring, analysts said fresh investor cash could pump gold prices up to test new highs for this year beyond $430 per ounce.

Spot gold was at $422.65/423.40 by 1441 GMT after hitting a peak of $423.70 -- the highest since early April, when prices came within 10 cents of Janary's 15-year peak at $430.50.

Gold was at $417.80/418.55 late in New York on Thursday.

"We've had a bid tone to gold all week -- the market was looking for a catalyst to break through $420 and that was always going to be a weak jobs report," Barclays Capital analyst Kamal Naqvi told Reuters.

The euro jumped to top $1.2400 against the dollar after the U.S. government reported that businesses added 96,000 jobs to payrolls in September, well below Wall Street economists' forecasts for 148,000 new jobs.

Traders said the weak data supported expectations that the Federal Reserve would pause this year in its drive to lift interest rates, which would hurt the dollar and add gloss to gold.

"The euro rose to $1.24 so gold went up as expected. People will now be looking at whether the euro continues to run higher," a dealer said.

"Given that we're seeing other metals and energy commodities at the very least testing their highs for this year, or multi-decade or multi-year highs, its logical that the next target for gold would be the highs for this year," Naqvi added.

COMMODITIES SURGE
Soaring base and precious metals prices and near record energy costs on Friday extended a rally in the benchmark Reuters CRB Index of 17 commodity futures further into levels last seen in early 1981.

Base metals were led by copper prices, which surged to their highest in nearly 16 years as a potential strike at a unit of the world's largest producer lured in fresh buying.

Platinum was firmer at $840.00/845.00 from $838.50/843.50 quoted late on Thursday in New York.

Support was still coming from labour unrest at the world's two biggest platinum producers Angloplat (/AMSJ.J) and Implats (/IMPJ.J).

Angloplat said late on Thursday it was confident of a deal with unions to end a week-long dispute.

Also on Friday, independent research group Virtual metals said that platinum could push up to $1,000 an ounce over the next six to nine months as tight supply worsened.

Silver zipped up, encouraged by the gains in gold and base metals to $7.25/7.28 from $7.16/7.19, while palladium also firmed to $233.00/238.00 from $228.50/234.50.

11 Okt 2004 13:42

11.10.2004 12:20:35 Europe gold eases slightly, uptrend still intact

LONDON, Oct 11 (Reuters) - Gold backed down slightly in Europe on Monday morning after the market in Asia had failed to repeat last week's high of $423.70, but dealers were still bullish about further gains.

Dealers said that a firmer euro, high oil prices and general strength in other commodities could lure fresh investor cash into gold, sending prices up to new highs this week beyond the 15-year peak of $430.50 achieved in January.

Spot gold eased to $421.25/422.00 by 1002 GMT from $422.45/423.20 late in New York on Friday.

The market moved to its highest since early April on Friday as funds seized on a surging euro after weak U.S. jobs data cast doubt on the pace of monetary tightening there.

"There's been some light selling but things are looking fairly neutral after last week," one dealer said on Monday.

"The market is looking a little overbought but the commodities index is beginning to show that people are comfortable being long on gold," he added.

Soaring base and precious metals prices took the CRB Index of 17 commodity futures (.CRB) to a fresh 23 year high last Friday.

The euro was last at $1.2403, near Friday's high of $1.2433.

Oil prices stayed on the boil above $53 a barrel early on Monday, bolstered by persistent anxiety over OPEC member Nigeria and the nearly month-long loss of a quarter of U.S. Gulf of Mexico production.

Inflationary concerns sparked by the strong oil price have lured investors into bullion as a safe haven.

James Moore of TheBullionDesk.com said in a daily note that there was a risk of prices correcting lower due to speculators having extended their exposure on the New York COMEX gold futures market.

"The key however remains the $1.25 level in the euro, which with more dollar sensitive U.S. data out this week could be tested...with a drive higher indicating a test towards $430 and potentially the year's highs," he said.

Platinum firmed to $844.00/848.00, versus $841.00/845.00 in New York, while palladium slightly eased at $228.00/232.00 from $230.00/235.00.

Silver moved back slightly in line with gold to $7.24/7.27 compared with $7.25/7.28 in the U.S. market late on Friday.

11 Okt 2004 13:43

11.10.2004 13:15:47 Silver fixes up, Europe gold backs off peaks

* Silver fixed higher on Monday at 723.50 cents per ounce, compared with previous fix at 715.00 cents. Spot market dips slightly in line with gold to $7.22/7.25 per troy ounce by 1107 GMT from $7.25/7.28 in New York late on Friday.

* Silver forward rates on Reuters page indicated at 1.660, 1.675, 1.680 and 1.563 for one, three, six and 12 months respectively.

* Gold slips back in Europe to $421.20/421.90 per troy ounce by 1107 GMT, compared with $422.45/3.20 quoted late in New York on Friday.

* Market seen looking for further upward momentum after reaching six-month peak of $423.70 on Friday when a weaker than expected U.S. jobs report boosted the euro over $1.24.

* Euro last at $1.2393.

* Platinum firms to $844.00/848.00 from $841.00/845.00 previously.

* Palladium eases to $228.00/232.00 from $230.00/235.00.

11 Okt 2004 18:00

11.10.2004 17:51:06 Commodities News Summary

TOP NEWS
> Marchers attack French, U.N. troops in Ivory Coast [nL11661996]

BOUAKE, Ivory Coast - U.N. peacekeepers in Ivory Coast fired into the air and French soldiers blasted teargas to disperse stone-throwing demonstrators in the rebel-held town of Bouake on Monday, the French army and witnesses said.

- - - -

> Workers shut down Spain's Atlantic Copper plant [nL11536045]

MADRID - Striking workers shut down Atlantic Copper's smelting plant in Huelva, Spain, for the second time in three days on Monday with the latest of their programmed one-day strikes, company and union officials said.

- - - -

METALS
> Phelps Dodge to expand Cerro Verde mine in Peru [nWEN6661]

NEW YORK - Phelps Dodge Corp. (/PD.N) on Monday said it is planning an $850 million expansion to its Cerro Verde mine in Peru, which it expects to triple copper production at the mine.

- - - -

> China finds big lead-zine deposit in central Hunan [nPEK222996]

BEIJING - Chinese geologists have found a lead and zinc deposit with reserves estimated at 10 million tonnes in central Hunan province, the official Xinhua news agency reported on Monday.

- - - -

> UPDATE 1-India's NALCO completes aluminium smelter [nBM300911]

BOMBAY - India's state-run National Aluminium Company Ltd. said on Monday it had completed the first phase of an aluminium smelter expansion.

- - - -

> Spot alumina prices rise as China resumes buying [nHKG223798]

HONG KONG - Spot alumina prices to China have risen as Chinese buyers resume purchases after a week-long public holiday, traders said on Monday.

- - - -

> LME sees no change in stock reporting policy [nHAY137040]

LONDON - The London Metal Exchange (LME) has no plans to change its current warehouse stock reporting practice and will not issue details on off-warrant material, Neil Banks, exchange director of strategy, said on Monday.

- - - -

> Substitution to hit nickel, supply worry persists [nL1125014]

LONDON - High nickel prices could cause permanent damage to global demand due to increasing substitution, but ongoing concerns over future supply will keep the market volatile, CRU International said on Monday.

- - - -

> LME aluminium to average $1,760 in 2005-analyst [nL11654962]

LONDON - London Metal Exchange (LME) aluminium prices will average around $1,760 a tonne (80 cents a lb) on expected firm fundamantals, analyst Adam Rowley of Macquarie Bank Ltd said on Monday.

- - - -

> Top performing tin seen strong again in 2005 [nL11671606]

LONDON - Tin, which has been the London Metal Exchange's (LME) best performer in the last three years, will continue to shine next year, analyst Peter Kettle of CRU International said on Monday.

- - - -

> Global zinc market seen in deficit in 2005 [nL11174955]

LONDON - The world zinc market will continue in deficit in 2005 due to strong demand, especially from China, the International Lead and Zinc Study Group said on Monday.

- - - -

> Strike ends at Wabush Mines after labor deal ratif [nWEN6656]

NEW YORK - Cleveland-Cliffs Inc. (/CLF.N) said Monday a contract settlement at Wabush Mines in Canada was ratified by the United Steelworkers union.

- - - -

> Global lead market seen in deficit in '05 on China [nL11660892]

LONDON - The global refined lead market will remain in deficit in 2005 on steady demand for batteries, especially from China, the International Lead and Zinc Study Group (ILZSG) said on Monday.

- - - -

> INTERVIEW-U.S. aluminum premiums forced up by shor [nL11642570]

LONDON -U.S. aluminium buyers are being forced to pay more as global demand outstrips supply by 750,000 tonnes this year and ships full of metal steam for China, the head of purchasing and sales for world leader Alcoa (/AA.N) said.

- - - -

GRAINS > Taiwan's MFIG to seek 56,000 T US corn on Tuesday [nTP218347]

TAIPEI - Taiwan's Members Feed Industry Group (MFIG) will tender for 56,000 tonnes of U.S. corn on Tuesday, a group official said on Monday.

- - - -

> UPDATE 2-EU says open to Russia, Ukraine talks on [nL1126774]

BRUSSELS/KIEV - The European Union is ready to discuss opening exclusive wheat import quotas for Russia and Ukraine for 2005, separate from their current arrangements, a European Commission official said on Monday.

- - - -

> Algeria not under pressure to buy market grains [nL11627198]

ALGIERS - Algeria, one of the world's largest cereals importers, has several months of stocks and is not under pressure to buy grains on the international market, Agriculture Minister Said Barkat said.

- - - -

> French grain trade seeks more China deals [nL11583223]

PARIS - France's wheat trade welcomed the first major export deal with China in years on Monday, but the amount was less than some hoped and more sales were needed to ease the country's big stockpile, traders and analysts said.

- - - -

COCOA/COFFEE/SUGAR
> Brazil's coffee belt set for beneficial wet week [nN11600160]

RIO DE JANEIRO, Brazil, Oct 11 (Reuters)> - Widespread rain will fall on Brazil's southeastern coffee area this week, benefiting flowering of next year's crop, private meteorologists Somar forecast on Monday.

- - - -

> UPDATE 3-Ivory Coast's new cocoa price angers farm [nL11639289]

ABIDJAN - Ivory Coast set an indicative cocoa farmgate price of 390 CFA francs ($0.74) per kg on Monday for the start of the 2004/05 (Oct-Sept) season but farmers said it was too low and threatened to block exports.

12 Okt 2004 20:16

12.10.2004 16:17:11 NY gold and silver slip to 1-week lows on strong dollar

NEW YORK, Oct 12 (Reuters) - COMEX gold and silver futures fell to their lowest levels in a week Tuesday morning as a stronger dollar sparked speculative selling across the metals complex, traders said.

Platinum and palladium likewise sagged to their cheapest in a week as traders and players cashed in on recent price rallies.

December gold at 9:50 a.m. EDT (1350 GMT) was down $7.20 at $416.20 an ounce after breaking below chart support points at $421.50 and $420 and then $418.

"The markets are getting ahead of themselves and you're getting a swift technical correction in the metals," said AG Edwards & Sons commodity commentator James Quinn.

Gold extended its slide from Monday on more profit-taking from Friday's six-month peak at $426 that was fueled by surging oil prices and weaker-than-expected U.S. jobs data.

A fresh rise in oil prices above $54 a barrel and a slippage in U.S. equities failed to lend much strength to the metal while the dollar firmed against the euro to hold near $1.23.

Dealers said that funds were trimming long positions in the precious metals after last week's sharp run-up.

"We broke a strong trend-line that was going back to the beginning of September at $417.60, basis spot, and with the open interest extremely high, there was a lot of pressure," said a head trader an international bank.

Spot gold last changed hands at $414.25/5.00, compared to Monday's close at $421.45/2.20. Tuesday's early London fix was at $418.20.

Dealers peg support in COMEX December gold at around $415 and then at $413.30 with resistance lurking up at $430.

In silver, COMEX December fell 18.7 cents to $7.07 an ounce, trading from $7.265 to $6.96. Spot hit $7.01/04 against $7.16/19 late Monday. The London fix was $7.025.

NYMEX January platinum lost $15 to $834 an ounce. Spot platinum was worth $836.00/841.00.

December palladium shed $9 to $222 an ounce. Spot hit $216.00/221.00.

© Reuters 2004

Die wahren Gründe liegen wohl eher im Ölpreis(fällt derzeit wie ein Stein)

13 Okt 2004 10:05

13.10.2004 09:57:13 Tokyo gold, platinum fall but demand seen firm

TOKYO, Oct 13 (Reuters) - Tokyo gold futures slipped on Wednesday, pressured by a decline on the New York market, while platinum tumbled on news that a strike had ended at a South African producer.

However, market players said demand for both metals was steady, and that the declines were likely to be limited.

The benchmark August gold contract on the Tokyo Commodity Exchange (TOCOM) fell 24 yen to 1,464 yen per gram after hitting a high of 1,469 yen.

The day's trough of 1,462 yen was the lowest level in about two weeks, and is almost 3 percent below a 12-year high of 1,503 yen marked on October 6.

Analysts said, however, that market sentiment was firm.

"Looking at it from the near and medium-term, there is steady demand for gold. I see this as a temporary position adjustment," a Tokyo analyst said.

Spot bullion wavered narrowly, and was quoted at $413.75/4.50 an ounce at TOCOM's closing bell against $414.25/415.00 in New York.

Gold closed down in New York on Tuesday as a strong dollar sparked fund selling.

December gold settled $6.80 lower at $416.60 an ounce on Tuesday.

Some analysts have said they no longer hold as strictly to the traditional view of gold buying as a hedge against inflation, but others have said that stronger crude prices remain a factor to support gold prices.

These analysts say TOCOM could test the 12-year high of 1,503 yen marked last week when crude oil tries to top $55.

Crude oil prices, ripe for a correction after an almost unbroken climb since mid-August, slipped on Wednesday but dealers cautioned that the decline might only be a temporary reprieve.

U.S. light, sweet crude was trading at around $52.30 a barrel, down from from Tuesday's all-time high of $54.45.

Elsewhere, TOCOM platinum fell across the board with most contracts falling by their daily limit of 80 yen per gram.

Spot platinum was at $829/834 versus $836/841 last quoted in New York.

News that a strike at the world's second-largest platinum producer had ended pushed prices lower, although market players continue to watch developments at top producer Angloplat (/AMSJ.J) where miners continued to stay off the job.

Workers at Implats (/IMPJ.J) agreed on Tuesday to a new wage offer to end a 12-day strike.

August palladium on TOCOM was at 789 yen, down 30 yen, while August silver was at 243.8 yen, down 9.6 yen.

In the currency market, the dollar was at 109.89/94 at 0630 GMT, compared with late U.S. trade at around 109.68 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 1,464 (down 24) 105,315
SILVER 243.8 (down 9.6) 6,492
PLATINUM 2,846 (down 75) 77,759
PALLADIUM 789 (down 30) 1,072

13 Okt 2004 11:17

13.10.2004 11:05:41 Aluminium talk pushes Shanghai copper down

SHANGHAI, Oct 13 (Reuters) - Shanghai copper futures closed lower for the second straight session on Wednesday, as renewed talk that China would end rebates on aluminium exports helped copper contracts reverse early gains, traders said.

A slide in copper prices on the London Metal Exchange also hurt sentiment, they said.

Shanghai's most active January copper contract ended down 230 yuan at 28,630 yuan ($3,459) per tonne, after jumping 610 yuan in early morning trade.

"It was completely unexpected," said a Shanghai trader. "Aluminium prices suddenly plunged on those rumours late in the morning, ending the copper rebound abruptly."

By Wednesday's close, most aluminium futures had gone limit-down. The active December contract plunged 500 yuan to 16,480 yuan as combined aluminium volume rose to 50,172 lots from Tuesday's 32,640 lots.

The talk, which could not be officially confirmed, went that Beijing would stop paying eight percent value-added rebates for aluminium exports starting 2005, traders said.
Speculation of such a move had surfaced intermittently since the start of 2004 when China trimmed rebates from 15 percent.

Other copper contracts dropped between 230 yuan and 780 yuan on Wednesday as combined volume soared to a rare 311,034 lots from 157,806 lots on Tuesday, helped by volatile trading.

Spot copper in Shanghai plunged about 700 yuan to move in a range between 30,640 yuan to 30,770 yuan on Wednesday.

On the LME, copper futures shed about $45 in Wednesday's Asian trade. LME three-month copper was trading at $3,030/$3,040 a tonne by 0415 GMT after it had started the day around $3,075 and traded up before diving in the late morning.

Domestic copper futures prices closed limit-down on Tuesday on profit-taking sparked by renewed market speculation of an impending appreciation of the Chinese yuan currency.

China's foreign exchange watchdog denined the rumours after the market closed on Tuesday, but that did little to stabilise domestic metal prices, traders said.
The price ratio between the Shanghai January contract and the LME three-months stood at 9.41 at the close of the Shanghai market at 0700 GMT on Wednesday, edging up from 9.37 on Tuesday.

Traders say investors tend to buy LME copper when that ratio exceeds 10.3, which typically includes import and shipping fees.

If the ratio is lower than 10.3, that indicates LME prices that are higher than costs of importing the metal, opening up the reverse of that arbitrage opportunity. ($1 = 8.276 Yuan)

© Reuters 2004

13 Okt 2004 17:50

13.10.2004 17:45:51 Gold fällt in Europa zeitweise unter 410 Dollar

London, 13. Okt (Reuters) - Gold ist am Mittwoch in Europa vorübergehend unter 410 Dollar je Feinunze gesunken. Unter Druck kam das Edelmetall einerseits durch die Gewinne der US-Devise und andererseits durch eine allgemeine negative Tendenz an den weltweiten Rohstoffmärkten.

Anleger, die auf einen anhaltende Aufwärtsbewegung gesetzt hatten, nachdem Gold in der vergangenen Woche auf ein Sechsmonatshoch von 423,70 Dollar gestiegen war, zeigten sich enttäuscht. Technische Verkäufe drückte das gelbe Metall weiter, nachdem die Unterstützung bei 414 Dollar deutlich unterschritten wurde, begründeten Analysten den Abgabedruck. Der anziehende Dollar sorgte zudem für einen Rückzug von Investoren, die das in der US-Währung gehandelte Gold mit Fremddevisen bezahlen müssen.

Zu Handelsschluss in Europa stand Gold bei 411,95/412,80 Dollar nach 413,95/414,70 Dollar am Vorabend. Das Tagestief lag bei 409,70 Dollar. Das Nachmittagsfixing in London erfolgte bei 411,25 Dollar nach 412,45 Dollar am Vormittag. Am Dienstagnachmittag war Gold noch mit 414,70 Dollar gefixt worden.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.570/16.820 sfr nach 16.627/16.877 sfr am Vorabend an.

ish/par

13 Okt 2004 18:03

13.10.2004 17:58:22 Commodities News Summary

TOP NEWS
UPDATE 2-Copper price collapses, oil and equities [nL13498792]

LONDON - Copper prices dived nearly 10 percent in London and eight percent in New York on Wednesday as investment funds jettisoned holdings and took profits after driving it to 16-year highs on Monday.

- - - -

> UPDATE 1-Europe gold falls on firm dollar, $410 su [nL1390947]

LONDON - Gold fell in Europe on Wednesday, coming under pressure from a stronger dollar and a general washout in commodity markets across the board, traders and analysts said.

- - - -

> Commodity companies' stocks fall with metal prices [nN13603415]

NEW YORK - Shares of mining and steel companies fell in the biggest single-day commodities decline in more than two years on Wednesday as copper and other metal prices fell from recent highs.

- - - -

METALS
> London mining shares sink as LME prices tumble [nL13434548]

LONDON - London's major listed mining stocks were hammered across the board on Wednesday as metal prices, copper in > particular, plunged on a wave of corrective selling by London Metal Exchange traders.

- - - -

> Angloplat says most workers on job despite strike [nL1338873]

JOHANNESBURG - Most workers at the world's largest platinum producer Anglo American Platinum (/AMSJ.J) returned to work on Wednesday despite the main union seeking to press on with a strike, the company said.

- - - -

> UPDATE 1-Most Zimbabwe mine workers back to work - [nL13271507]

HARARE - Zimbabwe's main mining body said on Wednesday the majority of workers had gone back to work after the government ordered unions to call off a five-day strike that could threaten export earnings.

- - - -

> Russia RUSAL may build 1 mln T alumina plant [nL13273591]

ST.PETERSBURG - Russia's top aluminium producer RUSAL may build an alumina plant with an estimated capacity of 1 million tonnes of intermediate product per year by 2010-2011, a regional official said on Wednesday.

- - - -

> Chalco gets go-ahead for Shanxi alumina project [nHKG246088]

HONG KONG - Aluminum Corp. of China Ltd. (Chalco) (/2600.HK) is set to start building a new alumina refinery in Shanxi province after getting approval from the local government, industry and company officials said on Wednesday.

- - - -

> INTERVIEW-No let-up in Chinese copper demand -Phel [nCUL256811]

LONDON - Measures taken by the Chinese government this year to cool its overheated economy did not suppress the appetite of the most populous nation for copper to feed its construction boom, the chief executive of no. 2 copper producer Phelps Dodge (/PD.N) said.

- - - -

> UPDATE 2-Singapore LME aluminium stocks rise 22 pe [nSP244555]

SINGAPORE - Aluminium stocks in Singapore's London Metal Exchange warehouses rose by almost 22 percent on Wednesday to 105,850 tonnes, data from the exchange showed.

- - - -

> INTERVIEW-Codelco Teniente wants front seat in cop [nN13709208]

RANCAGUA, Chile - While Chile's El Teniente copper mine is putting the finishing touches on a major expansion, it is already looking ahead to its next big leap in output to feed what it sees as unrelenting global appetite for the metal.

- - - -

GRAINS > CBOT soybeans sag on record US crop outlook, harve [nN13611070]

CHICAGO - Chicago Board of Trade soybean futures sagged on Wednesday while soyoil futures and deferred soymeal set contract lows on forecasts for a record U.S. soy crop this year and excellent harvest progress, brokers said.

- - - -

> CBOT wheat sags on setback, spread unwinding [nN1314656]

CHICAGO - Soft red winter wheat futures at the Chicago Board of Trade were lower on Wednesday on a setback from Tuesday's rally, traders said.

- - - -

> ANALYSIS-Southern Africa faces dry weather threat [nL13606036]

JOHANNESBURG - Raised sea temperatures indicate Southern Africa faces a weak El Nino weather pattern, with reduced rains in the next few months threatening the coming year's crops, forecasters say.

- - - -

> Saskatchewan harvest 76 pct complete-report [nN13732256]

WINNIPEG, Manitoba - Farmers in the Canadian Prairie province of Saskatchewan were finished with 76 percent of harvest as of Oct. 10, the provincial government said in its crop report.

- - - -

> UPDATE 2-ONIC sees brighter French grain export ou [nL13456612]

PARIS - French grain export prospects have brightened following a big wheat sale to China and a European Union decision to restart subsidies on barley exports, national cereals office ONIC said on Wednesday.

- - - -

> Canada grain weighers return but inspectors strike [nN133648]

WINNIPEG, Manitoba - Canadian grain weighers returned to work on Wednesday but inspectors were still on strike, a spokesman for the Canadian Grain Commission said on Wednesday.

- - - -

> Forecasters warn of extra-cold winter in Britain [nL13492942]

LONDON - Get out your woollies -- forecasters who accurately predicted a wet summer say it's going to be extra chilly in Britain this winter.

- - - -

> UPDATE 1-Ukraine grain exports jump to 1.2 mln T i [nL13302633]

KIEV - Ukraine's grain exports rose to 1.2 million tonnes in September 2004 from 757,000 tonnes in August and 219,000 tonnes in July, a Kiev-based agriculture agency said on Wednesday, far below figures provided by the government.

- - - -

> Denmark, Italy call for EU task force on GMO crops [nL13286883]

BRUSSELS - Denmark and Italy will argue next week that Europe needs a special task force to help EU countries decide how their farmers should separate different crop types, particularly biotech, officials said on Wednesday.

- - - -

COCOA/COFFEE/SUGAR > Colombia Sept. coffee exports and production fall [nN1311982]

BOGOTA, Colombia - Colombian coffee exports fell to 472,000 60-kg bags in September from 744,000 bags in the same month last year, the Colombian Coffee Growers' Federation said on Wednesday.

- - - -

> Pakistan sugar output seen falling in 2004/05 [nISL176563]

KARACHI - Pakistan sugar production is expected to decline in the year from November to 3.3 million to 3.4 million tonnes from a year-earlier 4.0 million tonnes, industry officials said on Wednesday.

- - - -

© Reuters 2004

Sinkende Ölbestände gemeldet, und nun rauschen Öl und Gold wieder in die Höhe.....................

13 Okt 2004 20:07

13.10.2004 19:54:54 NYMEX oil flips up,heating oil jumps ahead of data

NEW YORK, Oct 13 (Reuters) - U.S. crude oil futures flipped higher Wednesday afternoon, pulled up by strong rally of heating oil fututres ahead of weekly inventory data on Thursday expected to show that heating oil stocks fell last week.

At 1:50 p.m. EDT (1750 GMT), NYMEX November crude futures traded up 51 cents at $53.02 a barrel after hitting a high of $53.25. The low was posted at $51.50.

"The market is focused pretty much on the distillate forecast, everybody seems to be on the same page, expecting a draw with the only question being the magnitude of the draw," said Marshall Steeves, market analyst at Refco Group.

In London, November Brent crude pared losses and was 10 cents higher at $49.70 a barrel.

NYMEX heating oil futures were up 2.95 cents at $1.4840 a gallon, after moving as high as $1.4850. It traded as low as $1.4350 earlier. It hit a record $1.493 on Tuesday.

The premium of prompt heating oil to crude shot up to over $9, more than twice its value from a year ago.

A Reuters survey of analysts on Tuesday showed expectations for a 1.1 million barrel draw in distillate stocks, including heating oil, for the week ended Oct. 8. Demand for heating oil was expected to increase, with buying for home heating on the rise ahead of the winter.

The survey also showed expectations for a 700,000 barrel drop in gasoline stocks while crude stocks were expected to have risen by 1.7 million barrels.

The U.S. Energy Information Administration will release its latest weekly storage data at 10:30 a.m. EDT (1430 GMT) on Thursday, delayed by a day because of the Columbus Day holiday.

Prices remain supported by worries over the prolonged recovery of production in the Gulf of Mexico after last month's rampage by Hurricane Ivan.

About 470,000 barrels per day of oil production for the gulf is still out four weeks after the hurricane struck, according the U.S. Minerals Management Service.

A general strike in Nigeria was about to enter its fourth day afrer a court rebugged a government request to declare it illegal on Wednesday.

The strike hasn't hindered hindered the country's 2.3 million bpd of crude production as oil unions said they would maintain essential services.

he agency also warned that China, the engine behind this year's explosive growth in fuel usage, has begun promoting fuel saving-measures and seeking alternatives to oil.

November gasoline was up 1.27 cent at $1.3930 a gallon, after falling as low as $1.36 earlier.

18 Okt 2004 16:48

18.10.2004 16:27:53 COMEX gold firms early, bolstered by euro's rise

NEW YORK, Oct 18 (Reuters) - Gold futures inched higher on Monday morning, propped up by a dip in the dollar and oil prices holding close to record highs, dealers said.

December gold on the New York Mercantile Exchange's COMEX division rose 30 cents to $420.40 an ounce, moving between $419.10 and $421.70. a high since last Tuesday.

A weaker dollar and surging crude oil have drawn investors into hard-asset gold as a hedge against inflation, although market sources said speculative players have been cashing in on gains at the highs.

Gold rose to a six-month peak on Oct. 8 at $426 before skidding back to a low last week at $410.50 on Wednesday.

The euro on Monday jumped to near eight-month highs against the dollar above $1.25, boosted by data showing net capital inflows to U.S. assets fell to $59 billion in August, from a revised $63.1 billion in July.

At midmorning, the euro was trading around $1.2533, versus about $1.2488 before the data.

Crude oil remained just below the $55 a barrel Monday, close to its highest mark in 21 years of trading on NYMEX.

Meanwhile, the latest traders' commitments data were slightly more bearish for gold as well as silver in the latest week, said an analyst.

The Commodity Futures Trading Commission's closely watched Commitments of Traders data issued Friday showed the net fund long position in COMEX gold futures as of last Tuesday rose 1,045 contracts to 115,137 lots.

Tim Evans, senior commodity analyst at IFR Markets, said the data suggest the inflow of longs into the market has dried up, but the net long position was still elevated, which was a more bearish scenario than the week before.

"Due to the long exposure already on board here, we'd be skeptical of new highs but more trusting on new lows," Evans said in a report. "The market may also have the option to just sit within the recent range until it makes up its mind."

Evans pegged resistance at $426, $431, $432 and $436.50, with support seen at $418 and 410.50.

Spot gold fetched $419.05/9.80, above Friday's late quote in New York at $418.45/9.20. Monday's early London fix was $418.50.

December silver slipped 2.0 cents to $7.09 an ounce, within a $7.11-$7.02 range. Spot silver traded at $7.05/7.08, from $7.04/07 previously. London's fix was at $7.04.

The latest CFTC data showed COMEX silver net longs rose 7,172 lots to 53,453 by last Tuesday.

Resistance, basis December, lurks at $7.34 an ounce and then at $7.80-8.00, with support at Wednesday's low of $6.80 and then at the $6.72 low from Oct. 5, Evans said.

January platinum eased 50 cents to $846.50 an ounce. Spot platinum was steady at $844.00/849.00.

December palladium fell $3.35 to $215 an ounce. Spot palladium was at $213.00/218.00.

© Reuters 2004

18 Okt 2004 16:51

18.10.2004 16:50:07 UPDATE 1-Gold flat in Europe, must try harder

(Updates to afternoon)

LONDON, Oct 18 (Reuters) - Gold stuck close to unchanged territory during most of Monday's session in Europe, but some traders were disappointed by its failure to build on recent gains despite further dollar weakness.

Spot gold was quoted at $418.50/419.20 a troy ounce by 1420 GMT, virtually unchanged from New York's late quote on Friday of $418.45/419.20.

Bullion trotted up to the day's high of $420 when the euro broke through $1.25 versus the dollar .

"However, it ran out of steam slightly above $420 and, given the firm euro and the overall strength of the oil price, gold's performance is rather disappointing," said Alexander Zumpfe of Dresdner Kleinwort Wasserstein.

Gold chopped around in a wide range last week. It peaked at $422.95 on Monday only to slump to $408.95 on Wednesday, then partially recover back above $421 during Friday's session.

Traders said the precious metal would nevertheless continue to take its lead from currency and oil.

Although speculators seemed content to hold on to their gold longs for now, some traders feared they could soon be tempted to throw in the towel and sell -- especially given relative performances in oil and base metals.

"If it fails to break through $420 again and again despite supporting external factors, I could imagine that speculators will loose their patience with the metal at some point," Zumpfe added.

In euro terms, gold (XAUEUR=R) was languishing near last week's low below 334 euros an ounce.

The dollar hit its lowest level against the euro since March 1 after the release of capital flows data suggested foreign demand for U.S. assets could be waning.

The euro was quoted at $1.2520/23 by 1433 GMT, not far from its earlier peak of $1.2535.

Oil made fresh gains above $55 a barrel, led by record- breaking heating oil prices on fears of a winter supply crunch.

Kamal Naqvi, precious metals analyst at Barclays Capital, said in a report that recent interest in gold seemed to stem more from short-term uncertainties rather than a more broad-based concern about the dollar and/or inflation.

Gold scored a then 15-year peak of $430.50 in January, a level it nearly matched in April.

Traders expected spot gold to move in a $415 to $421.50 range this week.

No market impact was seen from news that South Africa's Harmony Gold (/HARJ.J) has pounced on bigger domestic rival Gold Fields (/GFIJ.J) with an unsolicited all-share takeover bid. Both companies are non-hedgers.

The combined firm would potentially form the world's biggest gold producer at 7.5 million ounces annually.

Silver was little changed at $7.03/7.06 from $7.04/7.07, while platinum was flat at $844.00/848.00. Palladium fell to $213.00/218.00 from $218.00/222.00.

18 Okt 2004 17:43

18.10.2004 17:34:39 Commodities News Summary

TOP NEWS
> UPDATE 5-S. African gold miner Harmony bids for Go [nL18055344]

JOHANNESBURG - South Africa's Harmony Gold (/HARJ.J) has pounced on bigger domestic rival Gold Fields (/GFIJ.J) with an unsolicited, all-share takeover bid worth about $8 billion to create the world's biggest gold producer.

- - - -

> Grupo Mexico sees mine strike being decreed illega [nN18377155]

MEXICO CITY - Grupo Mexico, the world's No. 3 copper producer, said on Monday that it expected the government to declare a four-day-old strike at its copper mine illegal and added that the workers lacked justification for walking off the job.

- - - -

> EU likely to maintain ban on Spain sheep, cattle [nL18197903]

LUXEMBOURG - EU vets are unlikely to lift an export ban on sheep, goats and cattle from southern Spain now that the bluetongue virus, an emerging epidemic disease, is thought to be spreading in the region, officials said on Monday.

- - - -

> China boom revives old Australian mine projects [nHKG176092]

HONG KONG - China's voracious appetite for minerals, already the driving force behind several large-scale overseas mining ventures, is also breathing life into a number of smaller and long-forgotten projects in the Australian outback.

- - - -

> UPDATE 1-Chile's Codelco copper strike to end Mond [nN17280049]

SANTIAGO, Chile - Striking workers at the largest unit of Chile's Codelco copper company voted in favor of a new contract offer on Sunday and said they will return to work early Monday after a 10-day strike that threatened to curb copper output.

- - - -

METALS > LME copper eases on light liquidation in PM rings [nL18270853] * London Metal Exchange copper slips in Monday's third rings on small-scale liquidation in thin volumes. Only aluminium and nickel trade.

- - - -

> COMEX gold firms early, bolstered by euro's rise [nN18364110]

NEW YORK - Gold futures inched higher on Monday morning, propped up by a dip in the dollar and oil prices holding close to record highs, dealers said.

- - - -

> COMEX copper opens lower, dollar lends support [nN18363456]

NEW YORK - Copper futures began the week with modest losses on Monday, with the market trying to find some firm footing as a weaker dollar supported prices at around $1.30 a lb., traders said.

- - - -

> Zambia Bwana Mkubwa mine copper output up 53 pct [n]

LUSAKA - Zambia's Bwana Mkubwa Mining Limited has posted copper cathode output of 30,600 tonnes from January to September this year, a 53 percent increase over the same period last year, a senior mine official said on Monday.

- - - -

> UPDATE 4-N.Hydro Q3 profits rise, hikes '04 oil ou [nL177358]

OSLO - Norway's Norsk Hydro (/NHY.OL) reported a 50 percent rise in third-quarter earnings on Monday, slightly less than forecast despite soaring oil prices, and bumped up its petroleum production target for 2004.

- - - -

> UPDATE 2-Spanish unions call new strikes at Atlant [nL18122255]

MADRID - Unions at Atlantic Copper's smelter in Huelva, Spain, have called 17 one-day strikes in October and November, a union leader said on Monday.

- - - -

GRAINS > Iraq seeks ports in Iran, Kuwait for wheat imports [nOWE846315]

BAGHDAD - Iraq is negotiating with Iran and Kuwait to use their Gulf ports to import one million tonnes of Australian wheat, Iraqi officials say.

- - - -

> Hungary, Czech grain request falls on deaf EU ears [nL18197176]

LUXEMBOURG - Hungary and the Czech Republic may receive EU financial aid to help transport their intervention grain to ports but there will be no special export subsidies, European Commission officials said on Monday.

- - - -

> Israeli firm tenders for up to 40,000 T US maize [nL18203040]

HAMBURG - An Israeli private buyer has issued a tender to purchase between 32,000 and 40,000 tonnes of U.S.-origin maize, European traders said on Monday.

- - - -

> Bulgaria rushes to meet 87,000 T EU maize quota [nL18578378]

SOFIA - Ships carrying Bulgarian maize are heading for southern Europe with shipments that should total some 86,000 tonnes by the end of the month, traders said on Monday.

- - - -

> UPDATE 1-Japan to hold ordinary tender for 47,000 [nT294907]

TOKYO - Japan's Agriculture Ministry will hold an ordinary import tender for 47,000 tonnes of rice on Oct. 22, a ministry official said on Monday.

- - - -

> China could release GMO rice as early next year [nHKG200889]

HONG KONG - China, the world's top producer and consumer of rice, could release its genetically modified rice as early as next year, as pressure mounts to boost domestic production and spur farmer income.

- - - -

COCOA/COFFEE/SUGAR > UPDATE 1-India's Tata Coffee to sell beans to Star [nDL313302]

BANGALORE - India's Tata Coffee Ltd. said on Monday it signed an agreement last week with Seattle-based Starbucks Corp. (/SBUX.O), the world's largest coffee chain, to sell premium arabica grade coffee beans.

- - - -

> Ivorian cocoa farmers strike, vow to stop trucks [nL18122377]

ABIDJAN - Striking cocoa farmers in Ivory Coast, who are demanding higher farmgate prices for their beans, tried to stop cocoa trucks coming into the main city of Abidjan on Monday while other growers protested at the port.

- - - -

> Sucden opens Dubai white sugar trading branch [nL18115777]

LONDON - Sugar merchant Sucden has opened a white sugar trading office in Dubai in order to be closer to its end-user clients, a company official said on Monday.

- - - -