Rohstoffnews

11 Jan 2005 14:48

11.01.2005 13:26:17 Silver fixes up, Europe gold treks higher with euro

* Silver fixed higher at 652.25 cents per ounce compared with previous fix at 647.00 cents. Spot market follows higher gold prices to $6.52/6.55 by 1220 GMT, from $6.41/6.44 late in New York on Monday.

* Silver forward rates on Reuters page indicated at 2.178, 2.182, 2.157 and 2.012 for one, three, six and 12 months respectively.

* Gold firms to $421.75/422.50 by 1220 GMT from $419.00/419.50 late in New York on Monday. Market closely tracking euro/dollar with single European currency firming to $1.3163, compared with $1.3073 in late New York.

* Platinum at $855.00/859.00 from $846.00/850.00.
* Palladium up $1 at $189.00/194.00.

11 Jan 2005 23:06

11.01.2005 21:37:43 NY gold ends higher, palladium hits 1-month peak

NEW YORK, Jan 11 (Reuters) - U.S. gold futures closed higher on Tuesday, extending a bounce from last week's almost- three-month low, as a lower dollar this week made precious metals a better buy for non-U.S. investors.

As prices for benchmark metal gold rose, silver and platinum touched eight-day highs and thinly traded palladium hit a one-month peak on fund and broker buying, dealers said.

"We're seeing some fund and speculative interest in palladium on platinum's move, but it's tough to say why, as the fundamental outlook is still poor for the metal" and funds are technically overly long the market, said a source at a precious metals refiner.

At the New York Mercantile Exchange, palladium for March delivery rose $4.20 to end at $195.80 an ounce, its strongest close since Dec. 9. Spot palladium was last at $189.50/195.50.

As sister-metal platinum remains firm due to robust industrial demand from China, palladium has managed to climb in recent days in thin trading amid a lack of the producer selling seen during December, dealers said.

Meanwhile in gold, February futures on NYMEX's COMEX division rose $2.70 to $422.40 an ounce after trading from $419.60 to $423.30. Estimated volume was a quiet 46,000 contracts.

It rose while the dollar has fallen from seven-week highs against the euro this week, as investors braced themselves for Wednesday's U.S. trade data and bought euros on the back of strong German confidence data, dealers said.

Analysts believe gold could be vulnerable to selling if economic data this week boosted the dollar; but longer-term, gold was poised to go higher on investment demand, they said.

Gold's safe haven allure should grow due to "the Iraq elections at the end of the month, G7 meeting in February and general geopolitical picture, with last week's correction likely to prove healthy, enabling the metal to extend above last year's $458 (spot) high," said James Moore at TheBullionDesk.com.

Spot gold was last quoted at $421.80/422.55 an ounce, compared with $419.00/419.50 late Monday in New York. London's afternoon fix was at $421.35.

A U.S. November trade balance report on Wednesday was forecast to show a deficit just slightly below the record $55.46 billion shortfall recorded in October.

Midafternoon in New York, the euro was almost 0.4 percent higher against the dollar at $1.3132.

Analysts peg resistance in COMEX February gold at the 100-day moving average at $427.30, and then at $432.90 and $446.20, with support at $417, $411.50 and $400.

COMEX March silver rose 18.8 cents to $6.638 an ounce, within a range of $6.45 to $6.67, its highest level since Jan. 3. Spot silver traded to $6.63/66 from $6.41/44 previously. Tuesday's fix was at $6.5225.

NYMEX April platinum jumped $16.60 to $863.50 an ounce, also its highest since Jan. 3. Spot platinum reached $858.50/863.50.

12 Jan 2005 10:30

12.01.2005 08:05:54 TOCOM gold eases, platinum slips from 2-week high

TOKYO, Jan 12 (Reuters) - Tokyo gold futures drifted lower on Wednesday on mild selling spurred by a firmer yen, with trade subdued ahead of the release of closely watched U.S. trade data.

Platinum futures tracked New York's rally to a two-week high in early trade. But the market soon reversed course as profit-taking gathered force after prices approached the upper end of recent ranges, brokers said.

The December gold contract on the Tokyo Commodity Exchange (TOCOM) finished down three yen per gram at the day's high of 1,414. The low was 1,410 yen, one yen above a four-month nadir marked on Tuesday.

"The market dipped due to a firmer yen. But there were no aggressive sellers as the spot market showed resilience," a Tokyo broker said.

Spot gold was quoted at $422.80/423.30 an ounce at 0630 GMT, up from $421.80/422.55 in late New York.

Gold bounced back from Friday's low of $416.15, its cheapest since Oct. 19. Bullion had come under pressure due to the dollar's recovery against major currencies, which reduced the safe-haven appeal of the yellow metal.

"Gold is consolidating as the dollar's recovery seems to be running out of steam," the broker said, adding that metal prices would rebound further if U.S. trade data due later in the day triggered dollar selling.

The dollar stayed under pressure on Wednesday ahead of the data, which could swing the market's focus back to the problem of huge deficits in the United States, dealers said.

A Reuters poll forecast the deficit narrowed to $54.0 billion in November from a record $55.46 billion in October, as slow overseas demand was offset by a drop in oil prices and a weaker dollar.

At 0630 GMT the dollar was at 103.40/43 yen , up from 103.32 yen in late New York but down from around 103.95 yen in late Tokyo on Tuesday. The euro was steady at $1.3114/17 .

In the platinum market, TOCOM's benchmark December contract settled down 18 yen per gram at 2,758.

Earlier the contract rose as high as 2,784, its highest since Dec. 28, on follow-through bids after NYMEX April platinum jumped $16.60 to $863.50 an ounce.

But the market soon lost steam as investors took profits amid a firmer yen and a lack of bullish fundamental incentives.

"Platinum movement was technically driven. I did not see any fundamental factor that could push the key contract out of the 2,700-2,800 yen range," another broker said.

Spot platinum was at $853/858 an ounce at 0630 GMT, down from $858.50/863.50 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 1,414 (down 3) 66,872
SILVER 220.1 (up 3.2) 3,139
PLATINUM 2,758 (down 18) 40,696
PALLADIUM 639 (down 1) 671

12 Jan 2005 14:40

12.01.2005 13:10:00 Silver fixes up, Europe gold steady, eyes US data

* Silver fixed higher at 658.00 cents per ounce from the previous fix at 652.25 cents. Spot metal at $6.56/6.59 at 1205 GMT, down from $6.63/6.66 in New York on Tuesday.

* Silver forward rates on Reuters page indicated at 2.187, 2.192, 2.158 and 2.012 for one, three, six and 12 months respectively.

* Gold in tight ranges, awaiting dollar-sensitive U.S. trade data at 1330 GMT.

* Spot bullion at $421.70/422.20 per troy ounce by 1205 GMT, compared with $421.80/422.55 late in New York on Tuesday.

* Euro holds in tight ranges against the dollar around $1.3134.

* Platinum eases to $854.00/859.00 from $858.50/863.50, while palladium stands at $188.00/192.00 versus $189.50/195.50.

12 Jan 2005 14:41

12.01.2005 12:50:54 Europe gold holds steady ahead of U.S. trade data

LONDON, Jan 12 (Reuters) - Gold prices were little changed in Europe on Wednesday morning, reflecting a steady dollar/euro rate ahead of U.S. trade data later in the day which could affect currencies, dealers said.

Spot gold stood at $421.65/422.40 by 1120 GMT, from $421.80/422.55 late in New York on Tuesday.

"Things are pretty quiet so far as people seem to be waiting for the U.S. trade figures, but there is good physical demand," Simon Weeks, director, bullion at ScotiaMocatta said, adding that the market may look at slightly higher ground around $424.

The dollar held in narrow ranges against the euro as markets looked to monthly U.S. trade figures due at 1330 GMT to gauge how much the United States needs to attract funds to fill its gap.

The euro was last at $1.3088/91. A weaker U.S. currency makes dollar-denominated gold more attractive to non-U.S. investors.

Analysts say worries about how the world's biggest economy will fund its budget, current account and trade deficits have been a major driver behind the dollar's three-year downtrend -- taking the greenback to a record low against the euro in December.

A Reuters poll forecast the U.S. trade deficit to narrow to $54.0 billion in November from a record $55.46 billion in October as a weaker dollar and cheaper oil prices more than compensated for sluggish foreign demand.

"A worse than expected reading is likely to pressure the dollar, which we expect will attract fresh buying into gold," Barclays Capital said in a daily report.

UBS Investment Bank analyst John Reade said the market was ripe for fresh gains.

"We believe that after the recent sharp sell-off in gold, which has seen the metal fall from $456/oz to lows of $417/oz, the risks of long liquidation have diminished; strong physical demand is supporting the gold price, which will also help prevent the metal falling further," he said.

Platinum eased slightly to $854.00/858.00 compared with $858.50/863.50 in New York, while palladium stood at $188.00/192.00 from $189.50/195.50.

Silver slipped back as investment buying faded. Spot silver was last at $6.56/6.59 from $6.63/6.66.

12 Jan 2005 15:59

12.01.2005 14:40:51 Europe gold firms with rising euro on US trade data

* Gold rises in line with a stronger euro after U.S. trade deficit for November unexpectedly swells to fresh record.

* Spot bullion at $423.60/424.10 per troy ounce by 1335 GMT, compared with $421.80/422.55 late in New York on Tuesday and $420.90 ahead of the data.

* The U.S. trade deficit widens in November to a record $60.3 billion, propelled by the highest-ever oil import bill and a drop in exports, a government report shows.

* Euro jumps to $1.3200 from below $1.3100 before the 1330 GMT data.

12 Jan 2005 16:54

12.01.2005 16:23:03 NY gold bolts to 1-week high on record US trade gap

NEW YORK, Jan 12 (Reuters) - U.S. gold futures rose to a one-week high Wednesday morning on heavy investor buying as the dollar fell on surprisingly weak U.S. trade data for November, dealers said.

"The trade gap was much bigger than expected, so the euro started rallying rather severely and took gold with it," said a dealer at a precious metals refiner.

Many investors as well as currency dealers turn to the precious metal as an alternative to a lower dollar.

February gold futures on the New York Mercantile Exchange's COMEX division rose $4.40 to $426.80 an ounce by 9:57 a.m. EST (1457 GMT), near a session peak, trading from $421.10 to $426.30 which was its highest mark since Thursday.

The price of bullion also jumped, reaching $426.50/7.00 an ounce, which was way up from its prior New York close at $421.80/2.55. The afternoon London fix Wednesday was at $426.60.

Long liquidation as the dollar was rallying last week shoved gold to near three-month lows on Friday, with futures hitting $417.10.

"I think we bottomed out for the correction that we had to see below $420," said a trader. "And with the trade gap widening, the curve is getting steeper and steeper and that is a little disturbing to people out there."

The U.S. trade deficit widened to a record $60.3 billion in November, which was far beyond expectations for it to narrow to $54 billion. October's deficit was revised to a wider $56 billion.

Steady pressure is expected on the dollar if Americans keep buying foreign goods faster than U.S. businesses can export their goods and services, making the outflow of dollars heavy.

Midmorning in New York, the euro soared to session highs around $1.3272 from $1.3123 earlier.

Analysts peg resistance in COMEX February gold at about $430 followed by $432.90 and then $446.20 with support at $417 and $411.50 and $400.

Holdings of gold in the U.S. exchange-traded fund streetTRACKS , which is backed by bullion, hit a record high 139.60 tonnes on Jan. 11.

The ETF has become an increasingly popular way to invest in gold, and it has amassed more than $1.5 billion in assets since it launched Nov. 18 on the New York Stock Exchange, according to Morningstar research.

Barclays Global Investors plans to soon launch a gold ETF that has been in registration with the Securities and Exchange Commission for around a year.

In other precious metals, silver hit a nine-day high on the back of gold's rise, but platinum and palladium gave back some of Tuesday's gains.

March silver rose 9.7 cents to $6.735 an ounce, within a range of $6.60 to $6.74 which marked its highest since Jan. 3. Spot silver fetched $6.69/72 from $6.63/66 previously. Wednesday's fix was $6.58.

NYMEX March palladium shed $3.80 to $192 an ounce, down from prior one-month highs. Spot palladium hit $188/193.

April platinum fell $6.50 to $857 an ounce, down from a previous one-week high. Spot platinum traded to $854/858.

12 Jan 2005 17:38

12.01.2005 17:37:15 Commodities News Summary

TOP NEWS
> UPDATE 1-Europe gold hits 1-wk peak as trade gap s [nL12312802]

LONDON - Gold prices bounced to a one-week high in Europe on Wednesday, prompted by a surprise swelling of the U.S. trade deficit that sent the dollar tumbling and pulled fresh money into the metal, dealers and analysts said.

- - - -

> NY gold bolts to 1-week high on record US trade ga [nN12371196]

NEW YORK - U.S. gold futures rose to a one-week high Wednesday morning on heavy investor buying as the dollar fell on surprisingly weak U.S. trade data for November, dealers said.

- - - -

> NY copper advances as trade data pound the dollar [nN12382977]

NEW YORK - COMEX copper futures shot higher Wednesday morning after the U.S. trade deficit ballooned to a wider shortfall than anyone forecast and sent the dollar tumbling against the euro, traders said.

- - - -

> UPDATE 2-ONIC cuts EU wheat exports, sees high sto [nL12188496]

PARIS - French grain office ONIC on Wednesday cut its forecast of European Union wheat exports this season by nearly two million tonnes due to competition on world markets from Argentina and continued dollar weakness.

- - - -

METALS > EU aluminium scrap steady, seen rising later in Q1 [nL12656246]

LONDON - European aluminium scrap prices held steady this week at around 30-35 euros a tonne over the London Metal Exchange (LME) cash price, traders said on Wednesday.

- - - -

> UPDATE 1-Brazil's CVRD offers 30,000 T of Australi [nL12607362]

LONDON - Brazil's Cia Vale do Rio Doce (CVRD) (/RIO.N)(/VALE5.SA) has offered 30,000 tonnes of Australian alumina for March shipment via a tender in the spot market, trade sources said on Wednesday.

- - - -

> UPDATE 3-Mittal in talks to buy into Chinese steel [nPEK213361]

SHANGHAI/AMSTERDAM - Mittal Steel (/ISPA.AS), set to become the world's top steel producer via a multi-billion dollar merger, wants to gain a foothold in China, the world's biggest market, as global demand begins to slow.

- - - -

> EU copper scrap discounts widen as LME rises [nL12484751]

LONDON - European copper scrap price discounts have risen, while premiums have been eroded away in the past few weeks against the rising cost of primary metal, traders said on Wednesday.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > World GMO crop area rises by 20 pct in 2004 -ISAAA [nL12713443]

BRUSSELS - World plantings of biotech crops jumped by 20 percent last year and should grow massively by the end of the decade as more Third World farmers opt for the technology, an industry lobby group said on Wednesday.

- - - -

> UPDATE 2-EU extends ban on Asian poultry imports t [nL129401]

BRUSSELS - EU animal health experts have extended a ban on poultry imports from eight Asian nations until the end of September due to uncertainty that deadly bird flu is under control in the region, the EU executive said on Wednesday.

- - - -

> Iran delays palm olein buy, eyes lower prices [nL12610686]

LONDON - Iran's state-run Government Trading Corporation (GTC) on Wednesday said it had decided to delay a planned tender to buy 15,000 tonnes of RBD Malaysian palm olein until market prices eased further.

- - - -

> Tunisia buys 175,000 T optional wheat at tender [nL12350158]

PARIS - Tunisia's state-run Office des Cereales has bought seven cargoes totalling 175,000 tonnes of soft wheat at between $153.60 and $154.60 a tonne C&F at a tender, European traders said on Wednesday.

- - - -

> UPDATE 1-EU extends ban on Asian poultry imports t [nL129401]

BRUSSELS - EU animal health experts have extended a ban on poultry imports from eight Asian nations until the end of September due to uncertainty that bird flu disease is under control in the region, officials said on Wednesday.

- - - -

> UPDATE 1-Syria tenders to sell 100,000T soft, duru [nL12383173]

DAMASCUS - Syria's state grains agency issued a tender on Wednesday to sell and export 50,000 tonnes of soft wheat and 50,000 tonnes of durum wheat, the agency said in a statement.

- - - -

> Oil World sees lower global soybean prices [nL12503982]

HAMBURG - Global soybean prices are likely to fall further in coming months because of large supplies, Hamburg-based newsletter Oil World said.

- - - -

SOFT COMMODITIES
> Ivory Coast smuggling increases as prices drop [nL1295810]

ABIDJAN - Cocoa smuggling from Ivory Coast has increased in recent weeks as lower world market prices are passed onto the farmgates, prompting more and more farmers to avoid official channels, industry players say.

- - - -

> UPDATE 1-Dubai refinery to deliver 10,000T sugar t [nL12213943]

LONDON - Dubai's Al Khaleej sugar refinery, the only sugar refinery in the Gulf, will send 10,000 tonnes of white sugar to the state-run Taiwan Sugar Corp. after a tender, the refinery's chairman Al-Ghurair Jamal said.

- - - -

> NY coffee jumps, sugar surges and cocoa rises [nN12375130]

NEW YORK - Price levels for the New York Board of Trade (NYBOT) coffee, sugar and cocoa markets:

NYBOT COFFEE - March arabica soared just above 100 cents a lb, or about 4.5 percent, in intraday trading before sliding back. At 10:17 a.m. EST (1517 GMT), March was trading up 3.3 percent at 98.80 cents a lb, dealing from 96.25 to 100.15 cents.

- - - -

> Greencore to close factory, blames EU reform [nL1264277]

DUBLIN - Irish food producer Greencore (/GNC.I) plans to close its Carlow sugar factory in March with the loss of over 300 jobs, ahead of reform in European sugar markets and because of increased competition.

- - - -

> UPDATE 1-Brazil 04/05 sugarcane crop seen at recor [nN12384754]

SAO PAULO, Brazil - Brazil's 2004/05 (May/April) center-south sugarcane crop will be a record 327.14 million tonnes, up from the 320 million tonnes forecast in August, the Sao Paulo Cane Agroindustry Union said Wednesday.

- - - -

12 Jan 2005 19:04

12.01.2005 18:18:07 Fallender Dollar treibt Goldpreis nach oben

London, 12. Jan (Reuters) - Der Goldpreis ist am Mittwoch als Reaktion auf den fallenden Dollar in die Höhe geschnellt. Analysten sehen das Edelmetall noch den jüngsten Abgaben nun wieder auf Kurs nach oben.

Gold hatte sich zunächst in engen Spannen bewegt, da der Handel auf die Daten zur US-Handelsbilanz und die Reaktion der Devisenmärkte wartete. Nachdem sich das amerikanische Aussenhandelsdefizit unerwartet auf ein Rekordniveau ausweitete und der Dollar deutlich nachgab, legte der Goldpreis rapide zu und erreichte ein Tageshoch von 427,35 Dollar.

Die Entwicklung im Goldhandel in den vergangenen Tagen könne eine Trendwende bedeuten; es geben keinen Grund, warum Gold nun nicht eher früher als später über 430 Dollar steigen sollte und auch in Richtung 440 Dollar zulegen könne, so HSBC-Metallanalyst Alan Williamson. Auch John Reade von UBS Investment Bank sieht das gelbe Metall reif für neue Zugewinne. Nach den jüngsten Abgaben habe das Risiko von Auflösungen von Long-Positionen abgenommen. Zudem unterstütze eine starke physische Nachfrage Gold.

Zum Handelsschluss in Europa notierte die Feinunze Gold bei 426,10/426,30 Dollar nach 421,15/421,90 Dollar am Vorabend. Das Fixing in London erfolgt am Nachmittag bei 426,60 Dollar nach 421,70 Dollar am Vormittag und 421,35 Dollar am Dienstagnachmittag. Eine Schweizer Grossbank gab den Gold-Kilopreis mit 15.840/16.090 (Vorabend 15.8849/16.099) sfr an.

ish/par

12 Jan 2005 21:31

12.01.2005 21:05:33 NY gold gallops to 1-week high on US trade data

NEW YORK, Jan 12 (Reuters) - U.S. gold futures closed at a one-week high Wednesday on investment fund and dealer buying as the dollar fell on surprisingly weak U.S. trade data for November, traders and analysts said.

February gold futures rose $4.20 to $426.60 an ounce on the New York Mercantile Exchange's COMEX division, after dealing between $421.10 and $428.30, which was its highest close since last Wednesday.

The U.S. trade deficit widened to a record $60.3 billion in November, which was far beyond expectations for it to narrow to $54 billion. October's deficit was revised to a wider $56 billion.

The data ignited selling in the dollar and the euro rallied, which lifted gold with it, traders said. Many investors turn to gold as an alternative to a lower dollar.

Gold stretched higher after popping above a key chart point $425 an ounce, which was the 100-day moving average on a continuation basis, said Refco analyst Tom Boustead.

"Down on the floor, there was dealer buying early on but that turned two-way," he said. A few "fast" funds (short-term technical funds) also got long in futures, before other fund-type accounts turned sellers at higher prices, he added.

Gold was a "buy" at the low $420s area due to strong physical demand in the market, Boustead said, but he noted dealer and fund selling still was filtering in on rallies. Boustead pegged technical resistance at $429-$430.

Gold futures fell to near three-month lows last week at $417.10 on long liquidation tied to a rally in the dollar.

"I think we bottomed out for the correction that we had to see below $420," said one trader. "And with the trade gap widening, the curve is getting steeper and steeper and that is a little disturbing to people out there."

Steady pressure is expected on the dollar if Americans keep buying foreign goods faster than U.S. businesses can export their goods and services, making the outflow of dollars heavy.

Midafternoon in New York, the euro traded at $1.3273, up from $1.3123 earlier.

Spot gold last changed hands at $425.65/6.40 an ounce, way above Tuesday's New York close at $421.80/2.55. The afternoon London fix on Wednesday was at $426.60.

Holdings of gold in the U.S. exchange-traded fund streetTRACKS , which is backed by bullion, hit a record high 139.60 tonnes on Jan. 11.

ETFs have become a popular way to invest in gold and streetTRACKS has amassed more than $1.5 billion in assets since it launched Nov. 18 on the New York Stock Exchange, according to Morningstar research.

March silver rose 10.5 cents to $6.743 an ounce, within a range of $6.60 to $6.75 which marked its highest since Jan. 3. Spot silver hit $6.70/73, above its last close around $6.63/66. Wednesday's fix was $6.58.

NYMEX April platinum fell $3 to end at $860.50 an ounce, down from a previous one-week high. Spot platinum was last at $859/864.

March palladium shed $3.60 to $192.20 an ounce, down from prior one-month highs. Spot reached $187.50/193.50.

13 Jan 2005 10:21

13.01.2005 08:14:35 Europe gold edges higher as dollar struggles

* Gold starts European trade slightly firmer at $426.20/426.70 a troy ounce by 0704 GMT, versus $425.65/426.40 in late New York trade on Wednesday. * Boosted to one-week high the previous session after record U.S. trade deficit knocked dollar, making bullion more attractive to holders of other currencies. * Silver down to $6.69/72 from $6.70/6.73. * Platinum edges up to $861.00/866.00 from $859.00/864.00. * Palladium little changed at $188.00/193.00 from $187.50/193.50.

13 Jan 2005 10:21

13.01.2005 06:28:09 Gold off 1-week high in Asia, physical demand slow

(Updates to afternoon)

SINGAPORE, Jan 13 (Reuters) - Gold held steady in Asia on Thursday after hitting a one-week high the previous day, but trading was thin ahead of the release of more U.S. data.

Investors and jewellery makers were on the sidelines after buying some gold at around $420 an ounce on Wednesday before weak U.S. trade data for November knocked down the dollar and pushed up gold to $427.35 an ounce, its highest since Jan. 5.

Spot gold was quoted at $426.25/427.00 an ounce by 0450 GMT, compared with $425.65/426.40 late in New York.

Amid a dearth of gold-related news, the market awaits Thursday's U.S. retail sales and Friday's report on producer prices for direction.

Dealers pegged key support for gold at $418 an ounce.

In Tokyo gold futures, the most active December TOCOM gold futures contract lost two yen per gram at 1,412 yen.

"I am looking at a trading range of $424 to $428 an ounce in Europe. At the moment, gold is still tracking the euro and sterling movements," said one dealer in Singapore, a centre for bullion trading in Southeast Asia.

"I did see some investors interest yesterday. For bargain hunters, $420 is a nice buying level. They are very well-rewarded," he said.

In the currency market, the dollar was a $1.3252 per euro , versus $1.3256 in New York, where it had fallen more than 1 percent after data released on Wednesday showed the U.S. trade deficit expanded to a record $60.3 billion in November, much more than market expectations.

The U.S. currency was well off the 1-½ month high of
$1.3025 touched late last week.

Many investors turn to gold as an alternative to a lower dollar.

Platinum was trading at $860/865 an ounce, versus $859/864 an ounce in New York. The white, lustrous metal touched a fresh two-week high at $864 an ounce in Asia due to early buying in Tokyo gold futures .

But some dealers in Japan said recent gains in TOCOM was mostly driven by technicals and not physical-related buying.

Sister metal palladium was at $187/192 an ounce, compared with New York's $187.50/193.50.

Spot silver was at $6.69/6.72, versus $6.70/6.63 an ounce late in New York.

13 Jan 2005 14:36

13.01.2005 12:44:48 Europe gold retreats as euro rally fades vs dollar

LONDON, Jan 13 (Reuters) - Gold cooled off slightly on Thursday in Europe from a one-week peak reached in the previous session as the dollar pared its losses against the euro, dealers said.

Spot gold stood at $425.10/425.60 per troy ounce by 1132 GMT, from $425.65/426.40 late in New York on Wednesday.

Wednesday's surge was prompted by a surprise widening of the U.S. trade deficit that sent the dollar tumbling and gold to a peak of $427.35.

Dealers said that a lack of fresh impetus was now seeing the dollar drift back up, with gold prices moving down due to the metal's inverse relationship with the currency.

The euro was last at $1.3241.

"Yesterday's jump was all on the back of the trade figures -- the euro rally seems to have run out of steam now so I wouldn't be surprised if gold drifted back towards $422 today," one dealer said.

The U.S. trade gap ballooned to $60.3 billion in November, defying Wall Street expectations that it would narrow to $54 billion. October's deficit was revised to a wider $56 billion.

Analysts say worries about how the world's biggest economy will fund its budget, current account and trade deficits have been a major driver behind the dollar's three-year downtrend -- taking the greenback to a record low against the euro in December.

James Moore of TheBullionDesk.com said in a daily report that Wednesday's trade data served as a reminder of fundamental reasons behind the dollar's three-year bear run, supporting the case for traditional safe-haven assets such as precious metals and oil.

"For the moment, gold should find support around $425/426 with resistance seen between $430-32, but I think we will see gold work back towards $432-45 before heading back towards $455-58," he added.

Bullion scaled a 16-1/2 year peak in December at $456.75.

In other precious metals, silver was at $6.71/6.74 from $6.70/6.73 in New York on Wednesday.

Platinum rose slightly to $860.00/864.00 from 859.00/864.00 previously, while palladium eased to $186.00/191.00 from $187.50/193.50.

13 Jan 2005 18:02

13.01.2005 16:52:06 NY gold slips then holds lower early on firm dollar

NEW YORK, Jan 13 (Reuters) - U.S. gold futures fell before steadying on lower ground early Thursday morning as the dollar pared gains following a double dose of U.S. economic data that, on balance, pointed to less economic strength than forecast.

Gold dipped overnight after three straight days of gains, due to profit-taking in Asia, with trade seen on the thin side and guided by currency moves before a U.S. holiday weekend, dealers said.

"Gold, silver and copper have been trading a little weaker in here off the firmer dollar, but there's not a lot of volume," said James Quinn, commodity commentator at AG Edwards & Sons. "A stronger dollar suggests easier metals trade. Expect sideways to lower in gold."

In silver, Quinn said the metal looked poised to break back up near $6.78 an ounce, as long as the fund and local buying seen earlier in the ring remained in force.

By 10:22 a.m. EST (1522 GMT), gold for February delivery shed $2.40 to $424.20 an ounce on the New York Mercantile Exchange's COMEX division, moving between $427.30 and $423.60.

New York metals will close early at around noon on Friday and will stay shut on Monday for Martin Luther King, Jr. Day.

Gold climbed to a one-week high Wednesday at $428.30 as the dollar fell on news the U.S. trade deficit widened to a record $60.3 billion in November. Many investors turn to gold as an alternative to a lower dollar.

On Thursday, the dollar was firmer. U.S. retail sales rose 1.2 percent, higher than economists' forecasts for up 1.0 percent. But, excluding autos, sales rose 0.3 percent, undershooting forecasts for up 0.4 percent.

Jobless claims for the latest week were 367,000, above economists' expectations for 340,000.

Midmorning in New York, the euro was down at $1.3206 versus $1.3225 before the reports, and off from levels late Wednesday.

Earlier the European Central Bank left Eurozone interest rates unchanged at a low 2 percent.

Analysts said gold traders were now focused on Friday's U.S. Producer Price Index for December, which is expected down 0.1 percent

Since Christmas, gold has been pushed lower by weaker fabrication demand and by a cutback in speculative interest in the market, in addition to a firmer dollar, said Merrill Lynch's latest weekly Global Precious Metals report.

But, "Based on two factors, including Merrill Lynch's view that the euro will strengthen to $1.39 by May and renewed fabrication demand due to the Indian wedding season (March to May), we expect the gold price to rise above $450 over the next several months," it added.

Separately, consultancy GFMS said in an updated gold survey prices should recover from a choppy start to the year to average $447 in the first half of 2005, as it expected renewed fund and speculative buying to boost the market.

Spot gold hovered at $423.25/4.00 an ounce, off from Wednesday's New York closing level at $425.65/6.40. Thursday's late London fix hit $423.60.

COMEX March silver slipped 5.3 cents to $6.69 an ounce, dealing from $6.745 to $6.68. Spot silver was at $6.65/68 against its prior late New York quote at $6.70/73. It fixed higher at $6.7075.

NYMEX April platinum rose 50 cents to $861 an ounce. Spot platinum touched $858/862.

March palladium fell $2.20 to $190 an ounce. Spot was at $185/189.

13 Jan 2005 18:11

13.01.2005 17:00:05 Commodities News Summary

TOP NEWS
> NY gold slips then holds lower early on firm dolla [nN13384520]

NEW YORK - U.S. gold futures fell before steadying on lower ground early Thursday morning as the dollar pared gains following a double dose of U.S. economic data that, on balance, pointed to less economic strength than forecast.

Gold dipped overnight after three straight days of gains, due to profit-taking in Asia, with trade seen on the thin side and guided by currency moves before a U.S. holiday weekend, dealers said.

- - - -

> Gold retreats in Europe as euro surge fades [nL13386033]

LONDON - Gold cooled off slightly on Thursday in Europe from a one-week peak reached in the previous session as the dollar rallied against the euro, dealers said.

- - - -

> Morocco buys 166,000 T EU wheat, 40,000 T barley [nL13390820]

HAMBURG - Moroccan grains agency ONICL bought 166,000 tonnes of European Union-origin wheat and 40,000 tonnes of EU barley in an import quota tender which closed on Wednesday, traders said on Thursday.

The office was selling import licences for EU grain under the terms of a deal with the EU. No prices were available.

- - - -

> Brazil extends soy diplomacy to China [nN1366662]

SAO PAULO, Brazil - Brazil's agriculture ministry and soy industry are stepping up diplomatic efforts to secure a market for the South American country's largest farm export in China, the world's largest soy importer.

China's farm ministry said on Monday it was not accepting applications for imports of GMO soybeans from Brazil, the world's No. 2 soybean exporter.

- - - -

METALS > UK's FSA ends aluminium probe, no prosecution [nL13208541]

LONDON - Britain's financial watchdog, the Financial Services Authority (FSA), said on Thursday it was closing its probe into possible misconduct in the London Metal Exchange aluminium market and would be taking no further action.

The FSA began its investigation into possible collusion and misconduct in the London Metal Exchange aluminium market in December 2003 when the LME handed over its findings after a four-month internal probe that it said had uncovered evidence of a form of collusion and misconduct by non-LME members.

- - - -

> COMEX copper slips on thin volume as dollar firms [nN13377619]

NEW YORK - Copper futures started unchanged then lost ground Thursday morning after a rise in U.S. retail sales lifted the dollar, but traders said the lack of participation should limit moves in either direction.

- - - -

> Investment to boost gold price in H1 '05 -GFMS [nL12677555]

LONDON - Gold prices should bounce from a wobbly start in 2005 to average $447 per ounce in the first half due to renewed investor vigour, consultancy GFMS Limited said on Thursday.

GFMS said in an update to its Gold Survey 2004 that dollar weakness, compounded by the fiscal and current account deficits in the United States, plus low real interest rates, would be the major factors behind bullion as an alternative asset.

- - - -

GRAINS/OILSEEDS/LIVESTOCK
> Iberian traders turn to new crop, farmers fret [nL13261495]

MADRID - Spanish and Portuguese grain traders started dealing new crop wheat this week while farmers said they were worried that if a dry spell continued the harvest could be ruined.

- - - -

SOFT COMMODITIES > Greencore sugar factory closure seen premature [nL13276481]

DUBLIN - A decision by Ireland's only sugar producer to close one of its factories has undermined farmers' efforts to encourage the EU to abandon a planned reform of its quota system, the country's leading farmers' group said.

Greencore announced on Wednesday it would close its Carlow factory and consolidate all sugar production at its Mallow site with the loss of over 300 jobs. It blamed proposed changes to EU subsidies and quotas, as well as increased competition.

- - - -

13 Jan 2005 20:07

13.01.2005 19:48:58 TECHNICALS - COMEX/NYMEX metals technical indicators

GOLD SILVER PLATINUM PALLADIUM COPPER
FEB MAR APR MAR MAR

Close Jan. 13 $425.10 $6.745 $861.50 $189.00 138.10
High 427.30 6.775 866.50 191.00 140.40
Low 423.60 6.680 859.00 188.00 137.60

5-DAY M.A. 422.70 6.606 854.70 190.52 138.43
20-DAY M.A. 434.10 6.733 850.10 186.08 140.74
50-DAY M.A. 439.40 7.200 851.60 202.24 138.53

9-DAY R.S.I. 44.35 65.75 63.62 51.16 42.91
14-DAY R.S.I. 39.41 54.70 59.67 50.95 44.65

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 458.70 8.280 884.00 250.00 147.75
Contract Low 331.50 4.850 804.00 170.60 74.40
First Notice Day Jan 31 Feb 28 Apr 01 Mar 01 Feb 28
Expiry Date Feb 24 Mar 29 Apr 27 Mar 29 Mar 29

BULLISH CONSENSUS ON Janaury 11: 24 Month Range
Low Hi
Gold 65 from 68 on January 04 13 - 91
Silver 55 from 51 on January 04 13 - 89
Platinum 69 from 66 on January 04 14 - 95
Copper 69 from 65 on January 04 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.

13 Jan 2005 21:44

13.01.2005 21:24:06 NY gold settles a touch lower on dollar's rebound

NEW YORK, Jan 13 (Reuters) - U.S. gold futures drifted lower on Thursday as the dollar inched up after a double dose of U.S. economic data that, on balance, pointed to less economic strength than forecast, dealers said.

Gold prices initially fell overnight, after three straight days of gains, on profit-taking in Asia.

Its next move was seen linked to the euro/dollar's moves, players said, with trade expected to be thin before a U.S. holiday weekend. A firm greenback usually pressures gold, as it become more expensive for non-U.S. investors.

"The market has backed off, but volume is pretty light," said James Quinn, commodity commentator at AG Edwards & Sons. "We have an early close tomorrow and we're closed on Monday."

Quinn said a firmer dollar was suggesting sideways to lower gold prices for the short term.

Gold for February delivery lost $1.50 to end at $425.10 an ounce on the New York Mercantile Exchange's COMEX division, after trading from $427.30 to $423.60.

New York metals will shut early at around 1200 EST (1700 GMT) on Friday and will stay closed on Monday for Martin Luther King Jr. Day.

Spot gold last changed hands at $424.35/5.10 an ounce, off from Wednesday's New York closing level at $425.65/6.40. Thursday's late London fix was at $423.60.

The dollar was moderately higher after December U.S. retail sales were reported to have risen 1.2 percent, higher than economists' forecasts for up 1.0 percent. But excluding autos, sales rose 0.3 percent, undershooting forecasts for up 0.4 percent.

Jobless claims for the latest week were 367,000, above economists' expectations for 340,000.

Midafternoon in New York, the euro was hardly changed from the morning at $1.32, versus $1.3225 before the U.S. data, and off from levels late Wednesday.

Gold hit a one-week high Wednesday at $428.30 as the dollar fell on news that the U.S. trade deficit had widened to a record $60.3 billion in November.

Analysts said gold traders were now focused on Friday's U.S. Producer Price Index for December, which is expected down 0.1 percent.

Consultancy GFMS said gold should recover from a choppy start to 2005 to average $447 in the first half of the year, as renewed fund and speculative buying emerge in the market.

Merrill Lynch said in a report that gold has been pushed lower by weaker fabrication demand since Christmas and by a cutback in speculative interest recently, in addition to a recently stronger dollar.

However, based on two factors, including Merrill's view that the euro will strengthen to $1.39 by May and stronger fabrication demand will emerge in the Indian wedding season (March to May), the firm forecast gold would top $450 over the next several months.

COMEX March silver edged up 0.2 cent to $6.745 an ounce, after dealing from $6.77 to $6.68. Spot silver traded to $6.71/74, near its last late New York quote at $6.70/73. It fixed higher at $6.7075.

NYMEX April platinum rose $1 to $861.50 an ounce. Spot platinum was at $857.50/862.50.

March palladium fell $3.20 to $189 an ounce. Spot hit $185/191.

14 Jan 2005 09:44

14.01.2005 08:10:37 TOCOM gold hits new 4-month low on weak spot market

TOKYO, Jan 14 (Reuters) - Tokyo gold futures dipped to a fresh four-month low on Friday, reflecting losses in the spot market amid the dollar's rebound against the euro, brokers said.

The December 2005 gold contract on the Tokyo Commodity Exchange (TOCOM) slid as low as 1,403 yen, the lowest for TOCOM's benchmark gold since September 8.

At the close it was down seven yen at 1,404, with other months losing six to 11 yen.

"Buying interest in TOCOM was weak because bullion prices were capped," a Tokyo broker said.

Spot gold was quoted at $422.60/423.10 an ounce at 0630 GMT, down from $424.35/425.10 in late New York.

A higher dollar against the euro is negative for dollar-based gold prices, as bullion becomes more expensive for European investors. A stronger dollar also weakens the safe-haven appeal of the yellow-metal.

The broker also said TOCOM participants were concerned about the yen's further rise against the dollar, after the European Central Bank (ECB) said Asian currencies needed to appreciate.

A higher yen has the effect of reducing yen-based gold prices.

TOCOM gold also looks vulnerable as stop-loss selling is expected to emerge if the benchmark contract breaks the psychologically important 1,400 yen level, another broker said.

"The contract could fall as far as 1,375 yen if it breaks the 1,400 yen mark," he added.

In the currency market, the euro was at $1.3111/14 at 0630 GMT, down from $1.3224 in late New York trade.

Against the yen, the dollar was at 102.96/103.01 at 0630 GMT, against 102.38 in late New York. It hit a five-year low of 101.83 yen in early December.

The dollar jumped against the euro on Friday, building on overnight gains made after the ECB reiterated that Asian currencies should be more flexible, taking pressure off the single currency to climb.

ECB President Jean-Claude Trichet indicated on Thursday that the consensus within the Group of Seven industrial powers was that emerging Asian currencies needed to appreciate.

In the platinum market, the benchmark December contract closed down five yen per gram at 2,760, after trading between 2,749 and 2,773.

Other months lost six to 10 yen.

Spot platinum was quoted at $857/862 an ounce at 0630 GMT, little changed from $857.50/862.50 in late New York.

Brokers said TOCOM platinum needs fresh fundamental incentives to get out of the 2,700-2,800 yen range, where the market has been stuck since Dec. 13.

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 1,404 (down 7) 89,175
SILVER 221.2 (up 1.0) 2,492
PLATINUM 2,760 (down 5) 27,630
PALLADIUM 620 (unchanged) 1,130

14 Jan 2005 14:41

14.01.2005 13:22:55 Silver fixed lower, gold eases in Europe

* Silver fixed at 663.00 cents an ounce, down from Thursday fix of 670.75. Spot eases to $6.63/66 from $6.71/6.74 late in New York, pulled back by gold.

* Silver forward rates on Reuters page indicated at 2.193, 2.197, 2.162 and 2.012 for one, three, six and 12 months respectively. * Gold at $420.50/421.75 a troy ounce by 1215 GMT, versus $424.35/425.10 in late New York trade on Thursday, easing as dollar extends gains against the euro . * Platinum edges down to $855.00/859.00 from $857.50/862.50. Palladium at $183.00/187.00 from $185.00/191.00.

14 Jan 2005 14:44

14.01.2005 12:59:42 Gold dips in Europe as dollar extends gains

LONDON, Jan 14 (Reuters) - Gold fell in Europe on Friday morning, with sentiment stifled after Washington's pledge for a tighter budget held back worries over ballooning U.S. deficits and boosted the dollar, dealers said.

Spot gold fell to $421.50/422.00 by 1154 GMT from $424.35/425.10 in late New York trade on Thursday. Bullion was fixed on Friday morning at $421.70.

"The market is fairly quiet today and looking a bit vulnerable on the dollar -- it will be interesting to see what happens when the New York market opens but I don't see it dipping below the $416 area," one dealer said.

Trade was expected to be thin in New York ahead of a long weekend for the Martin Luther King holiday on Monday.

The dollar surged on Friday after a senior Federal Reserve official hinted the United States could accelerate the pace of raising interest rates and Washington pledged a tighter budget and strong dollar policy. The euro was last at $1.3112.

St. Louis Federal Reserve President William Poole told Reuters that the central bank would not hesitate to depart from its pace of measured interest rate increases if necessary.

Higher interest rates tend to boost demand for dollar deposits and dent that of dollar-priced gold for non-U.S. investors.

However, analysts were still pointing to higher gold prices further out as they expected the fiscal, current account and trade deficits to continue adding downward pressure to the greenback.

Despite the rally in the dollar, the dollar-denominated gold price continues to hold up quite well.

"We continue to view the recent sell-off in gold as a temporary phenomenon and that once the correction in the dollar is done, gold will rally," John Reade of UBS Investment Bank said in a daily report.

Consultancy GFMS said on Thursday that it expected gold to average $447 an ounce in the first half of this year, with the market recovering from a wobbly start as the dollar's overall downtrend is resumed.

Silver followed gold lower to $6.65/6.68 from $6.71/6.74

Platinum dipped to $855.00/860.00 from $857.50/862.50, while palladium eased to $183.00/187.00 from $185.00/191.00.

17 Jan 2005 10:13

17.01.2005 08:56:48 Tokyo gold tumbles to five-month low on strong yen

TOKYO, Jan 17 (Reuters) - Tokyo gold futures tumbled to a 5-1/2-month low on Monday as the strength of the yen helped push key contracts below a closely watched support level, which then triggered substantial liquidation.

Gold contracts on the Tokyo Commodity Exchange (TOCOM) plunged below the 1,400-yen-level across the board for the first time since Aug. 3, triggering large stop-loss sell orders.

"The yen's latest rise to the 101-yen level (versus the dollar) has had a big psychological impact on the market," said Tatsuo Kageyama, an analyst at Kanetsu Asset Management.

"The technical trend looks very bearish now and prices could fall even further in this mood."

The December TOCOM gold contract closed down 15 yen per gram at 1,389 yen from Friday's settlement of 1,404.

The contract dropped to a session low of 1,385 yen -- the lowest since July 28.

Other contracts closed down by 16-19 yen.

"Dollar-based gold continues to be supported but the yen's rise is clearly making (yen-based) investors very keen about unwinding their positions," said a metals section manager at a Japanese trading house.

"The market is in a downward test focusing closely on the yen."

At 0630 GMT, spot bullion was quoted at $421.00/1.75 an ounce compared with $422.70/3.20 last traded in New York on Friday.

The strong spot bullion and firmness in COMEX gold futures have supported TOCOM prices, but yen-based players are closely watching the strength of the Japanese currency.

A stronger Japanese currency makes yen-denominated gold cheaper in export markets, which usually drives TOCOM prices lower, traders said.

December TOCOM gold has dropped nearly 8 percent from a 12-year high of 1,505 yen per gram marked on Dec. 2.

The yen held near a five-year high versus the dollar after comments by European Central Bank (ECB) officials last week that were seen as urging China to revalue its yuan currency.

The dollar was at 102.12/15 yen after falling to a fresh five-year low around 101.80 yen on Friday. It dropped as low as 101.87 in Asia on Monday.

"Market bears could further drive down TOCOM gold, but they will be careful about selling too heavily based simply on forex ahead of the G7 meeting," Kageyama said.

Finance ministers and central bankers from the Group of Seven (G7) countries will meet on Feb. 4-5.

Falls in gold dragged down other precious metals prices.
TOCOM platinum futures dropped to a 1-½ week low,
but the white metal continued to lack clear direction, with the
key distant contract locked in a range between 2,700 to 2,800 yen
per gram for the past one month.

The December contract closed down 20 yen at 2,740 yen. It had moved in a range of 2,728 to 2,750 yen. Other contracts closed down by 18 to 31 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 1,389 (down 15) 110,532
SILVER 215.6 (down 5.6) 4,492
PLATINUM 2,740 (down 20) 37,555
PALLADIUM 606 (down 14) 942