Rohstoffnews

    25 Feb 2005 14:32



    25.02.2005 13:23:49 Silver fix down, Europe gold pressured by dollar



    * Silver fixes lower at 724.25 cents per ounce compared with previous fix at 747.00. Spot metal drops in line with gold to $7.23/7.26 by 1216 GMT from late New York's $7.34/7.37.


    * Silver forward rates on Reuters page indicated at 2.510, 2.510, 2.540 and 2.510 for one, three, six and 12 months respectively.


    * Gold falls to $431.30/431.90 per troy ounce by 1216 GMT from $433.75/434.50 late in New York on Thursday.


    * Market under pressure after falling back from a fresh seven-week high in the previous session as dollar climbs against euro. Dealers looking to U.S. GDP data at 1330 GMT for fresh dollar direction. Euro last at $1.3148.


    * Platinum edges up to $863.00/866.00 from $860.50/865.50 previously, while palladium stands at $183.00/185.00 from $181.00/185.00.

    DRD South A`s.-largest producer of Africa gold, Durban Roodepoort deeply (DRD), said yesterday that, while it does not see growth opportunities in the country by research or expansion it possible growth by acquisition and compression - a tendency sees, resulting out dem?crisis? in the industry of South Africa gold. The South African gold producers are, in the recent times, their profits abgefressen by the edge of strengthening seen, which bit denominiertes export income in it in dollar. The ExecutivvorsitzendmarkierungsWellesley wood, reporting on the results of the group for the terminated quarter September 30, explained to a conference call that DRD?come a long way to holding bleeding for its South African enterprises? has. It added that the company foresees therefore ein?clean? Decembers quarter and - so long, as the edge gold standard over the level R82 000/R83 000/kg remains - no further restrictions are expected. The September quarter saw however the reports of three of the local enterprises of the company - Blyvoor, northwest enterprises and ERPM - resulting in the Downscaling of DRDs workers by one approximately to Third. Labor costs, said Wellesley wood, form approx. 50% of the costs of the company. After the restriction from 1 619 employees, at costs R24-million, in September, a six-monthly plan was used into the place, the Blyvoor to profitability is returning aimed at. Wellesley wood commentated that the basis of this plan mining industry of the ranges was to reduce, which concentrate by expensive infrastructure and on ranges are maintained, within which improved efficiencies results. The restriction of the employees with Blyvoor was obtained in the record time and a basic rule ' of the best man for the job ' was used, in order to guarantee a holding back of the key authority. Metallurgical improvements resulted in an increase of the resumptions of 53%. Other sources of surface production are investigated, in order to use the surplus capacity in the gold enterprise. Wellesley wood explained to guarantee that the group sought now to develop the pit into a high-quality enterprise of the low ton in order its sustainability into the future. After the restriction of 119 employees, at costs R3,7-million, at the section Buffels, DRDs held northwest enterprises No. 9 and no 11 waves with Buffels in production. The main focus is however on improving the recovered degree and consequently moves the calibration of the mining industry on high degree waves with Harties - no wave 2, no wave 4 and no wave 5 - with preselected win only takes place at no wave 6, at no wave 7 and at no wave 8. All production of the underground is treated at the south enterprise and treatment rate of 125,000 t one month is planned now for the remainder of the financial year. During the quarter recommissioned the north enterprise was drawn in and with segregated surplus rock dump material. This drives until one time that the present source of the material is used, with additional possibility of the processing of the alternative surface basic material away. This project produced 2,572 ounce (80 kilograms) for gold during September. Meanwhile disturbed limited pit ERPM went through extensive restructuring, and results in the restriction of 806 mountain men. This led, connected to an important decrease of the costs with improved productivity. Consequently the pit was repaired to profitability, and original planned latches of the underground section one postponed. Group gold production being somewhat down quarterly up quarters, with 220,524 ounce (6,859 kilograms), which debt mainly for lowering the production of the South African enterprises, specifically Blyvoor, in which a report 60-day was accomplished, and which results in a slowing down in production. Group unit cost prices were somewhat more highly, like a direct result of lower production in South Africa, but the costs of the second quarter to be expected, over in agreement with those of the June quarter, now restructuring was accomplished to be there. The average gold standard, which became to receive for the quarter under report, was compared $403/oz (R82 785/kg) with $395/oz (R85 804/kg) the preceding quarter. in order to strengthen and further geographical diversity obtain its global exposure, Wellesley wood that the company would look for Wachstumgelegenheiten beyond South Africa and the Pacific edge, underlined in which it enterprises already manufactured.

    25 Feb 2005 19:05



    25.02.2005 17:46:14 Commodities News Summary


    TOP NEWS
    > CBOT wheat holds firm as soybeans surge again [nN25135386]


    CHICAGO - Wheat futures at the Chicago Board of Trade were holding firm early on Friday with the market taking its cue from another strong surge in soybeans, traders said.


    - - - -



    > UPDATE 1-Gold flat in Europe, seen range-bound [nL25151516]


    LONDON - Gold remained hemmed in familiar ranges in Europe on Friday, mirroring the lack of direction in currency markets, dealers said.


    - - - -



    > COMEX copper falls on dollar gains, buyers support [nN25375916]


    NEW YORK - U.S. copper futures slipped on Friday, with the higher dollar pointing the way lower, but fund and trade buyers kept prices supported, traders said.


    - - - -



    > Flat-screen metal indium hits high above $1,000 [nL25198380]


    LONDON - Indium prices rose to all-time highs on Friday, bolstered by prospects of ever-tighter supplies in a market where availability is already scarce, traders said.


    - - -



    > French wheat firm on EU subsidy award, UK slips [nL25132411]


    PARIS - French wheat firmed on Friday as traders viewed the European Union's refund award as postive for exports but British prices sagged after a stronger start as the recent run-up in prices encouraged fresh selling, traders said.


    - - - -



    GRAINS > UPDATE 1-EU reaches deal with U.S. on rice duties [nL2542797]


    BRUSSELS - The European Union has struck a deal with the United States on import duties for rice, ending a dispute that had prompted Washington to threaten higher tariffs on $33 million of EU exports, the EU executive said on Friday.


    - - - -



    > UPDATE 3-Asian countries appeal for bird flu help [nBKK136928]


    HO CHI MINH CITY - Asian countries battling a bird flu virus that threatens to create a human pandemic that could kill millions need urgent help from the wealthy West if they are to succeed, a 28-nation conference said on Friday.


    - - - -



    > Stocks to pressure EU wheat, bar a weather crisis [nL25327138]


    PARIS - Europe's mounting wheat stocks, with another big crop on the way, threaten to maintain the heavy pressure on prices beyond the current season -- barring a decisive blow by the weather.


    - - - -



    > China cotton imports foreseen soaring 60 pct in 05 [nWAT002672]


    WASHINGTON - China's cotton imports will soar to 14.5 million bales of cotton in 2005/06, the U.S. Agriculture Department projected on Friday.


    - - - -



    > UPDATE 1-US soy, corn end stocks lower in 05/06-US [nN25101183]


    WASHINGTON - The U.S. Agriculture Department on Friday projected U.S. soybean end stocks in the 2005/06 marketing year would be 410 million bushels, down slightly from the previous year.


    - - - -



    > USDA foresees China still a net corn exporter in 2 [nWAT002673]


    WASHINGTON - China should remain a net exporter of corn this year, the U.S. Agriculture Department said Friday, but termed the Asian giant the "chief source of uncertainty" in the global corn market.


    - - - -



    > Central Europe to request EU help with grain stock [nL25171434]


    BRUSSELS - Four central European countries will ask the EU next week for help in shifting their hefty cereal surpluses, including via export tenders and increased silo space, officials said on Friday.


    - - - -



    > USDA projects larger soy oil, soymeal exports [nN2572966]


    WASHINGTON - U.S. soybean meal exports will expand by 12 percent in 2005/06 and soybean oil exports would rise by 15 percent, the Agriculture Department projected on Friday at its annual Outlook conference.


    - - - -



    METALS > UPDATE 1-S.African DRDGOLD shares drop 23 pct afte [nL25339948]


    JOHANNESBURG - Shares in South African gold miner DRDGOLD (DRDJ.J) plummeted 23.5 percent on Friday, a day after the company posted a deeper interim loss, and auditors warned it might not have enough cash to meet obligations.


    - - - -



    > INTERVIEW-China steel output growth to slow [nSP124489]


    SHANGHAI - China, the world's top steel producer, is expected to see output growth halve this year as mills focus on high-quality steel for ships and trim output for construction, the chairwoman of China's largest steel maker, Baosteel Group, said on Friday.


    - - - -



    > INTERVIEW-Angloplat output target rests on rand [nT274321]


    TOKYO - The head of the world's top platinum producer, Angloplat (AMSJ.J), said on Friday the firm would accelerate production projects again if the rand price of the metal rose by 15-20 percent.


    - - - -



    > Most of G7 backs IMF debt relief gold sales-paper [nL25162610]


    FRANKFURT, Feb 25 (Reuters) - A majority of Group of Seven members favour selling some of the International Monetary Fund's gold reserves to finance debt relief, a German newspaper on Friday reported G7 sources as saying.


    - - - -



    > Minor metals-Molybdenum rallies, indium near highs [nL25692244]


    LONDON - Noble alloy prices showed renewed strength this week as molybdenum reversed a sharp downward lunge and indium held near all-time highs, dealers said.


    - - - -



    > INTERVIEW-High prices may create iron ore surplus [nL25551462]


    LONDON - Surging annual iron ore settlement prices, which have risen 71.5 percent for 2005, could prompt higher output and push the market into surplus by 2008, a Stockholm-based analyst told Reuters on Friday.


    - - - -



    > UPDATE 2-Harmony bid for Gold Fields hit by watchd [nL25599089]


    JOHANNESBURG - Harmony Gold (HARJ.J) said on Friday it would decide whether to press on with its takeover bid for Gold Fields after the Competition Tribunal set May hearing dates that threaten the $5.3 billion offer.


    - - - -



    > UPDATE 1-Northgate mine strike ends with deal [nN25350222]


    VANCOUVER, British Columbia - Northgate Minerals Ltd. (NGX.TO) and striking workers reached a labor agreement on Friday, ending a work stoppage that started three days ago at the firm's only mine.


    - - - -



    SOFTS > UPDATE 2-Ghana sees 04/05 cocoa output little chan [nL25149022]


    ACCRA - Ghana expects cocoa output in 2004/05 to match or be slightly lower than the record harvest of nearly 740,000 tonnes last season, a senior Finance Ministry official said on Friday.


    - - - -

    25 Feb 2005 19:06



    25.02.2005 18:32:40 Gold steigt bis 435 Dollar



    London/Zürich, 25. Feb (Reuters) - Gold hat am Freitag Tuchfühlung mit der strategisch wichtigen Marke von 435 Dollar aufgenommen. Händler sehen das Aufwärtspotenzial des gelben Metalls weiter gewahrt, womit zunächst eine Anstieg bis zum derzeitigen Jahreshoch von 437,50 Dollar je Feinunze gemeint sei, es aber auch noch darüber hinaus gehen könnte.


    Andere Händler sagen jedoch, dass Gold ähnlich wie der Dollar die Orientierung verloren habe. Ohne ein markantere Bewegung des Dollars werde das gelbe Metall in der Spanne zwischen 432 und 435 Dollar stecken bleiben.


    Die Feinunze des gelben Metalls kostete zum europäischen Handelsschluss 434,30/435,00 nach 433,05/433,80 Dollar am Vorabend. Das Nachmittagsfixing in London erfolgte bei 434,25 Dollar nach 432,40 Dollar am Vormittag und 433,75 Dollar am Donnerstagnachmittag.


    Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.202/16.452 (Vorabend 16.184/16.434) sfr an.


    pma/och

    NEW YORK, Feb 25 (Reuters) - U.S. gold futures rose on Friday to close still near its priciest since the start of the year, as the dollar eased against rival currencies, making the metal more alluring to investors, dealers said.


    Gold for April delivery was up 40 cents at $436.10 an ounce on the New York Mercantile Exchange's COMEX division, after moving from $432.50 to $436.90.


    Prices broke above major resistance at $430 on Tuesday and Thursday's session high of $438.20 was gold's loftiest level since Jan. 3.


    "It's been a good week for the metal," said Paul McLeod, vice president of precious metals at Commerzbank. "We certainly have felt sentiment swing, and I think it's poised to break up to a better price range next month."


    "We're starting to get some producer reports coming out, and it looks like there are higher costs in the pipeline and lower production forecasts from the majors, so I think that will give gold some of its own momentum to move as well," he added.


    Barring any major market-moving developments, McLeod said gold should keep tracking the euro, with yellow metal prices needing to top $439-to-$440 resistance to extend their gains.


    Analysts saw support in April gold at $433 to $430.


    April gold posted a 16-1/2-year high on Dec. 2 of $460.50.


    The dollar lost ground Friday after U.S. gross domestic product data showed the economy grew slightly less in the fourth quarter than the Federal Reserve had expected.


    GDP grew at a 3.8 percent annualized rate in the fourth quarter.


    The euro was at $1.3228 at midafternoon, up from $1.3170 before the GDP data came out but not far from the $1.3193 it fetched late Thursday.


    A weaker U.S. currency tends to boost gold prices as the dollar-denominated metal gets cheaper for non-U.S. buyers.


    Meanwhile, Newmont Mining Corp. president Pierre Lassonde on Thursday said he felt the dollar will continue to slide this year, pushing the gold price to somewhere between $425-$475.


    "The dollar's fall is far from over," Lassonde said in a conference call with Wall Street analysts to discuss Newmont's fourth-quarter earnings. The greenback "will only hit bottom when it has fallen enough to be attractive for private capital to come back," he added.


    Lassonde forecast gold supply would be flat in 2005 after a 4 percent decline last year, with hedge fund buybacks continuing and central banks being net buyers of gold.


    A German newspaper on Friday said a majority of Group of Seven members favor selling some of the International Monetary Fund's gold reserves to finance debt relief.


    But an outright sale from the IMF, the world's third-largest gold holder, is not the only option under consideration, the Financial Times Deutschland report said.


    Options could include a sale to an interested central bank or a revaluation of IMF gold reserves to current market prices, which would generate a paper profit that could be used to offset losses from debt write-off.


    Spot gold last was quoted at $434.55/5.30, above Thursday's New York close at $433.75/4.50. Friday's London afternoon fix was at $434.25.


    Silver slipped from recent two-month highs on profit-taking and liquidation, as speculators wrapped up March-into-May rollover before Monday's first notice day for delivery.


    March silver ended at $7.291 an ounce, down 9.2 cents, after trading from $7.375 to $7.19. May futures closed 9.2 cents easier at $7.337.


    Spot silver hit $7.24/27 from $7.34/37 previously. London's fix was sharply lower at $7.2425.


    NYMEX April platinum fell $5.60 to $859 an ounce. Spot reached $858/863.


    March palladium settled off $4 at $179.90 an ounce, with some players transferring holdings into June futures , which also fell $4 to end at $182. Spot was quoted at $180/185.

    28 Feb 2005 10:16



    28.02.2005 08:54:27 Tokyo gold advances to 2-month high on dollar, oil



    TOKYO, Feb 28 (Reuters) - Tokyo gold futures hit two-month highs on Monday, buoyed by firmness in the dollar-based spot price, which jumped to an eight-week peak, and bullish oil prices that encouraged funds to build up new longs in the metal.


    Technical sentiment strengthened after early rounds of short-covering triggered stop-loss buying that sent the February gold futures contract on the Tokyo Commodity Exchange through the important technical level of 1,474 yen per gram.


    TOCOM gold had been in a downtrend since the benchmark gold contract plunged to 1,442 yen at the start of this year's trade after hitting a low of 1,474 yen during the final TOCOM trading day last year on Dec. 28. Monday was the first day the contract had regained the 1,474 level.


    The benchmark gold contract closed six yen higher at 1,473 yen. It moved in a range of 1,469 to 1,476 yen.


    It has climbed more than 6 percent from a low of 1,390 yen hit three weeks ago.


    "Sentiment is strong due to a weaker dollar and strong oil prices," said Hiroyuki Kikukawa, associate director at Nihon Unicom Corp.


    "The technical trend looks strong, but before we push up prices even further, we may see some correction as recent gains have been a bit too rapid."


    Other contracts closed up two to three yen.


    At 0718 GMT, spot bullion was quoted at $436.25/7.00 an ounce, compared with $434.55/5.30 in New York.


    Higher crude oil prices, which rekindled fears of inflation, supported gold.


    Benchmark U.S. crude futures were well-supported to just below $52 a barrel after comments from Saudi Arabia last week that oil prices would probably remain high.


    A German newspaper on Friday quoted sources from the Group of Seven (G7) as saying that a majority of G7 members favour selling some of the IMF's gold reserves to finance debt relief.


    Traders said, however, the market showed little reaction to the report because the United States is opposed to the idea and investors believe that would prevent the kind of selling that could hurt gold prices.


    The market paid closer attention to the dollar, which stayed under pressure against key currencies in Asia.


    The dollar was trading at 104.57/67 yen , compared with around 105.20 in New York on Friday.


    The U.S. currency briefly dropped as low as $1.3279 against the euro , its lowest level in nearly seven weeks.


    TOCOM platinum futures advanced on technical buying but continued to struggle to find a clear direction with the key February contract around the middle of the recent range of 2,800-2,900 yen.


    The contract has been stuck in that range for the past 2-½ months.


    February TOCOM platinum closed up 13 yen per gram at 2,847 yen. It had moved in a range of 2,820-2,857 yen on the day.


    Other contracts closed up two to 21 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 1,473 (up 6) 92,284
    SILVER 246.2 (up 0.2) 6,495
    PLATINUM 2,847 (up 13) 45,006
    PALLADIUM 612 (down 11) 1,021

    28 Feb 2005 11:02



    28.02.2005 09:48:21 Shanghai copper jumps after LME racks up new 16-year high



    SHANGHAI, Feb 28 (Reuters) - China's copper futures surged on Monday after the metal set a fresh 16-year high on the London Metal Exchange.


    Shanghai's most-active May contract ended at 30,860 yuan ($3,729) a tonne, up 640 yuan or 2.1 percent from Friday's close. Combined volume on the domestic market fell to 146,395 losts from 164,810 lots.


    The LME three-months , up 6 percent in value in the past month, struck $3,270 a tonne around noon in Asian trade -- just $10 shy of its all-time record, set January 1989.


    It trimmed some gains to trade $3,257 a tonne at 0710 GMT but was still up sharply from $3,191.50 at the same time on Friday, as stronger-than-expected Japanese industrial output data bolstered the yen against the U.S. dollar.


    "Chinese investors took their cue from strong LME performance," said a Shanghai trader. "But the relatively small volume indicated that many investors were cautious over the near term, partly because of rising domestic stocks."


    Copper stocks in Shanghai rose by 9,795 tonnes in the week ended Thursday, to 44,225 tonnes, according to Shanghai Futures Exchange data released Friday.


    Spot copper in Shanghai was assessed at 31,960-32,140 yuan a tonne on Monday, up from 31,600-31,800 yuan, also buoyed by LME.


    Domestic aluminium futures closed up on Monday after the LME three-months rose nearly $30 during Monday's Asian trade, helping offset oversupply on the Chinese market, traders said.


    Shanghai's most-active May contract closed at 16,560 yuan a tonne, up 80 yuan from Friday's close.


    A total 24,856 lots of aluminium futures traded in Shanghai on Monday, up from 17,626 lots on Friday. ($1 = 8.276 yuan)




    © Reuters 2004

    NEW YORK, Feb 28 (Reuters) - U.S. gold futures climbed to near two-month highs on Monday, bolstered by the dollar's fall against major currencies and higher crude oil, which raised the yellow metal's allure for investors, dealers said.


    Gold for April delivery traded at $437.60 an ounce -- up $1.50 on the day -- by 10:15 a.m. (1515 GMT) on the New York Mercantile Exchange's COMEX division, dealing from $435.90 to $439.30, which was its strongest since Jan. 3.


    Dollar weakness and inflation worries stoked by higher crude oil lifted gold to the top of a trading range, due to the metal's role as a classic safe-haven investment, traders said.


    "There is no change in the story. The dollar is the one that really dominates the movements of the gold," said Frank Aburto at F.C. Stone.


    The market's main focus should remain the dollar's moves, although gold prices needed to vault resistance at $439 to $440 an ounce to extend their gains. Analysts pegged first key support at $433 to $430.


    April gold futures hit a 16-1/2-year peak at $460.50 on Dec. 2, driven up by a falling dollar, increased investment demand, and also supported by rising geopolitical tensions.


    Aburto added that oil's surge since last week lent gold additional support. "After Friday, oil went up very quickly, as did gold."


    Oil reached a four-month high above $52 a barrel on Monday, as forecasts of more U.S. cold weather signaled that already low stocks of heating oil could drop further.


    The dollar tumbled versus the yen Monday on strong Japanese economic data on industrial output and retail sales and it was at a seven-week low against the euro on increasing ideas that the greenback's New Year rebound had run its course.


    Midmorning in New York, the yen was up 1 percent against the dollar at 104.16 . The euro rose to $1.3257 . Sterling hit its highest mark against the dollar in 2005.


    A weaker U.S. currency tends to boost gold prices as the dollar-denominated metal gets cheaper for non-U.S. buyers.


    The latest weekly Commitments of Traders data from the Commodity Futures Trading Commission showed the fund net long exposure in COMEX gold futures rose to 34,694 lots as of Feb. 22 from 29,770 lots in the prior week's report.


    Tim Evans, senior commodity analyst at IFR Markets, said the market could have another 100,000 contracts of fund buying to absorb before it was fully overbought and gold was only in the initial stages of a larger cycle of long accumulation.


    "We would certainly allow for the possibility of a run to the $470-$480 zone before the market runs out of steam," Evans said.


    Spot gold hit $435.55/6.30, above Friday's New York close at $434.55/5.30. Monday's London afternoon fix was at $435.45.


    May silver , new most-active COMEX contract, firmed on the back of gold, rising 6.3 cents to $7.40 an ounce, within a range of $7.29 to $7.495.


    Monday is first notice day for March metal delivery.


    CFTC said the net speculative long position in COMEX silver futures climbed to 42,413 lots on Feb. 22 from 36,974 lots previously


    Spot silver fetched $7.34/37 from $7.24/27 previously. London's fix was at $7.35.


    April platinum gained $5.50 to $864.50 an ounce. Spot touched $863/867.


    Benchmark June palladium rose $1.50 to $183.50 an ounce. Spot reached $180/184.

    28.02.2005 17:13:41 WDHLG-Kreise - Saudi-Arabien nährt Furcht vor höheren Ölpreisen





    Kuwait-Stadt, 28. Feb (Reuters) - Der stellvertretende saudiarabische Ölminister Prinz Abdulasis bin Salman bin Abdulasis hat nach Angaben aus deutschen Delegationskreisen Befürchtungen hinsichtlich eines langfristig deutlich höheren Ölpreises genährt.


    Der Prinz habe den Mitgliedern einer deutschen Wirtschaftsdelegation in Begleitung von Bundeskanzler Gerhard Schröder am Sonntag gesagt, dass Öl noch wesentlich teurer werden würde. "Ich habe bei dem Gespräch den Eindruck gewonnen, dass der Ölpreis auf längere Sicht nicht bei 80 Dollar je Barrel stehen bleiben wird", sagte ein deutsches Delegationsmitglied der Nachrichtenagentur Reuters am Montag. Die Möglichkeit eines Ölpreises von rund 80 Dollar war jüngst auf dem Davoser Weltwirtschaftsforum diskutiert worden. Der stellvertretende saudi-arabische Ölminister habe gesagt, Öl sei eben ein knappes Gut und werde noch erheblich teurer werden. Sinngemäss habe er jedem empfohlen, wenn er denn ölpreis-sensibel sei, sich für die Zukunft um alternative Energiequellen zu bemühen. Saudi-Arabien werde jedenfalls nicht seine Ölförderung bei jeder Gelegenheit hochfahren, um den hohen Bedarf zu decken und den Ölpreis entsprechend zu dämpfen.


    Aussagen von saudiarabischen Regierungsvertretern, dass die Regierung des ölreichsten Landes der Welt mit einem Ölpreis von 40 bis 50 Dollar rechne, seien nur kurzfristig zu verstehen, gab ein Delegationsmitglied die Äußerungen von Prinz Abdulasis wieder. Auf längere Sicht werde der Preis noch weit höher ausfallen, weil Öl ein knappes Gut sei und die Nachfrage auch auf längere Sicht hoch bleibe.


    Das Thema Öl spielt beim Besuch des Kanzlers in den Ölstaaten des Golfs eine Rolle. In einem vorab veröffentlichten Text einer Rede hatte Schröder Saudi-Arabien ausdrücklich für seine konstruktive und verantwortungsvolle Ölpolitik während der massiven Ölpreisausschläge nach oben im Jahr 2004 gedankt. Zugleich hatte er in dem Redetext angekündigt, dass das Thema Öl und der Wunsch nach einer größeren Transparenz an den Ölmärkten zur Eindämmung der Spekulation auch den nächsten G-8-Gipfel in Großbritannien beschäftigen wird. Diese Passagen hatte der Kanzler dann aber nicht vorgetragen.


    Der Ölpreis war in den letzten Tagen in New York wieder deutlich über die 51-Dollar-Marke je Barrel (159 Liter) gestiegen. Am Montagnachmittag wurde da Barrel im April-Kontrakt dort um 51,60 Dollar gehandelt. Politiker in den Industrieländern haben wiederholt gewarnt, ein zu hoher Ölpreis könnte das Weltwirtschaftswachstum beeinträchtigen.


    hel/kps




    © Reuters 2004

    28 Feb 2005 18:28



    28.02.2005 17:25:14 Gold steigt auf neues Jahreshoch



    London/Zürich, 28. Feb (Reuters) - Der Goldpreis ist am Montag dank des schwachen Dollars und der anziehenden Ölpreise vorübergehend bis auf ein neues Jahreshoch bei 437,55 Dollar je Feinunze gestiegen. Der Widerstand um 438 Doller erwies sich dann allerdings als hartnäckig und einsetzende Gewinnmitnahmen liessen die Notierunge wieder abbröckeln.


    Angesichts der andauernd erwarteten Schwäche der US-Währung räumen Experten Gold allerdings weiteres Aufwärtspotenzial ein. Sollten 438 Dollar fallen, sei der Weg vorerst frei bis zu den zu Jahresende 2004 erreichten 440 Dollar. Dann dürfte Gold das Anfang vergangenen Dezember erreichte 16 1/2-Jahre-Hoch bei 456,75 Dollar anvisieren.


    Die Feinunze Gold kostete zu Handelsschluss in Europa 436,65/437,40 Dollar nach 434,30/435,00 Dollar am Freitagabend. Das Nachmittagsfixing in London erfolgte bei 435,45 Dollar nach 436,55 Dollar am Vormittag und 434,25 Dollar am Freitagnachmittag.


    Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.167/16.417 (Freitagabend 16.202/16.452) sfr an.


    par/ajs

    28 Feb 2005 19:04



    28.02.2005 18:00:37 Commodities News Summary



    TOP NEWS
    > NY cocoa rises to 15-week high on Ivorian unrest [nN28245412]


    NEW YORK - New York cocoa rallied more than 5 percent Monday morning to nearly a three-month high amid speculative buying on renewed violence in top cocoa grower Ivory Coast.


    Traders also cited a lack of producer selling.




    GRAINS
    > CBOT soybeans rally early on follow-through buying [nN28264051]


    CHICAGO - Chicago Board of Trade soybean futures rallied early Monday, up about 15 to 18 cents per bushel, on follow-through technical buying from Friday's strong close, traders said.


    - - - -



    > EU wheat prices firmer, still buoyed by EU tender [nL28702838]


    PARIS - Europe's main wheat markets were mostly firmer on Monday, still underpinned by the higher EU wheat export refunds granted last week, traders said.


    - - - -



    > EU 2005 cereals output seen lower at 264 mln T [nL28398236]


    BRUSSELS - European Union cereals output should decline to 263.96 million tonnes this year, down from 283.39 million harvested in 2004, EU grains lobby Coceral said on Monday, slightly revising down the 2004 estimate.


    - - - -






    METALS
    > COMEX copper opens up touching new contract highs [nN28363666]


    NEW YORK - U.S. copper futures posted modest gains Monday morning, hitting new contract highs after what traders termed Friday's key rebound.


    "We had a tremendous comeback on Friday and the market looks like it's still trying to hold onto those gains," said one floor trader.


    - - - -



    > Norilsk sees 2005 nickel, copper output flat [nL28406135]


    MOSCOW - Russian Norilsk Nickel (GMKN.RTS), the world's top nickel producer and a key player on the copper market, said on Monday it expects its output of the two metals this year to be little changed from 2004.


    - - - -



    > Chile's copper output jumps 11.9 pct in Jan [nN28251233]


    SANTIAGO, Chile - Chile, the world's biggest copper miner, produced 431,072 tonnes of refined copper in January, up 11.9 percent from the same month of 2004, the government statistics institute said on Monday.


    Many Chilean miners have expanded production due to strong demand from Asia, especially China, and as copper prices have soared to multi-year highs.


    - - - -



    > China's Baosteel to pay 71.5 pct more for iron ore [nN28255185]


    RIO DE JANEIRO, Brazil - Brazilian iron ore mining giant CVRD (VALE5.SA) on Monday said it reached a deal to raise prices by 71.5 percent for China's biggest steelmaker, Baosteel (600019.SS), the latest in a string of similar big price hikes.


    - - - -



    > Cobalt eases to 2-1/2 mth low, hit by African ore [nL28703862]


    LONDON - Cobalt prices bucked the barnstorming trend in minor metals markets, easing under $17.00 a pound on Monday to hit a 2-1/2 month low amid increased availability of ore from Democratic Republic of Congo.


    - - - -






    SOFTS
    > Ivory Coast pro-government militia attack rebels [nL28613099]


    ABIDJAN - Pro-government militia attacked rebel fighters in western Ivory Coast on Monday, raising fears of a return to all-out war in the world's top cocoa grower.


    The fighting erupted around 4 a.m. (0400 GMT) in Logouale, 55 km (34 miles) north of Duekoue, rebels and militia fighters said. There was no immediate word of casualties.


    - - - -



    > EU agrees Balkan sugar quotas, aims to curb fraud [nL28606821]


    BRUSSELS - EU agriculture ministers approved duty-free import quotas for sugar originating in three western Balkan countries on Monday to curb unwanted supply flow and avoid repeats of previous customs scams, EU officials said.


    - - - -





    © Reuters 2004

    NEW YORK, Feb 28 (Reuters) - U.S. gold futures closed at a 2005 high on Monday, boosted by a broadly lower dollar and strong oil prices, which raised the yellow metal's allure for investors, dealers said.


    Gold for April delivery on the COMEX division of the New York Mercantile Exchange rose $1.50 to $437.60 an ounce, its highest settlement since Dec. 30, after trading a session range of $435.90 to $439.30.


    Dollar weakness and inflation fears stoked partly by higher crude oil were prodding gold higher, due to the metal's role as a classic "safe-haven" investment, market sources said.


    Carl Birkelbach, president of Birkelbach Management Corp. in Chicago, said gold appeared to have ended its downward technical correction after a spike in bullion prices to a 16-1/2-year peak at $456.75 in early December, and the market seemed to be starting a new uptrend.


    Two main factors fueled the current buying, he said, were fears about inflation due to expectations for stronger U.S. corporate earnings this year, as well as gold's improved chart picture after it broke above a downside trend-line earlier this month.


    "I think we may have put in the low for the year," he said. "And, if the market can break above (the December highs), I think the next stop is $500."


    But Birkelbach warned that if the market decided to pressure gold back below $410 an ounce, a new trading scenario would emerge and the rally would be on hold.


    Many traders and analysts felt that prices should keep moving in opposition to the dollar. Chartists pegged resistance at $439 to $440 and support down at $433 and then at $430.


    COMEX April gold hit a 16-1/2-year peak at $460.50 on Dec. 2.


    Oil reached a four-month high above $52 a barrel on Monday, as forecasts of more U.S. cold weather signaled that already low stocks of heating oil could drop further.


    The dollar tumbled versus the yen on strong Japanese economic data on industrial output and retail sales and was at a seven-week low against the euro on the belief that the greenback's New Year rebound had run its course.


    Midafternoon in New York, the euro rose to $1.3257 .


    A weaker U.S. currency tends to boost gold prices as the dollar-denominated metal gets cheaper for non-U.S. buyers.


    The latest weekly Commitments of Traders data from the Commodity Futures Trading Commission showed the fund net long exposure in COMEX gold futures rose to 34,694 lots as of Feb. 22 from 29,770 lots in the prior week's report.


    The market could have another 100,000 contracts of fund buying to absorb before it was fully overbought, said Tim Evans, senior commodity analyst at IFR Markets, who added that gold was only in the initial stages of a larger cycle of long accumulation.


    "We would certainly allow for the possibility of a run to the $470-$480 zone before the market runs out of steam," Evans said in a weekly report.


    Estimated gold futures volume was 43,000 lots, against 45,478 lots tallied on Friday.


    COMEX open interest rose 4,601 contracts to 283,530 lots as of Feb. 25.


    Spot gold last priced at $436.00/6.70, versus Friday's New York close at $434.55/5.30. Monday's London afternoon fix was at $435.45.


    May silver , the new most-active COMEX contract, firmed on the back of gold, rising 5.8 cents to end at $7.395 an ounce, after trading between $7.29 and $7.495.


    CFTC showed the net fund long position in silver futures was up at 42,413 lots on Feb. 22 from 36,974 lots previously.


    Spot silver last was worth $7.33/36 an ounce, against $7.24/27 late on Friday. London's fix was at $7.35.


    April platinum gained $7.10 to settle at $866.10 an ounce. Spot platinum traded to $862.50/867.50.


    Benchmark June palladium rose $2.85 to $184.85 an ounce. Spot was at $180/185.

    01 Mrz 2005 10:15



    01.03.2005 07:12:29 Gold falls in Asia as euro retreats, off 2005 high



    (Updates prices, adds tael and premiums in Hong Kong)


    By Lewa Pardomuan


    SINGAPORE, March 1 (Reuters) - Gold fell in Asia on Tuesday as the dollar rebounded against the euro, but the market may see the return of fund buying which had propelled prices to a 2005 high of $437.55 an ounce, traders said.


    Spot gold was trading at $434.90/435.40 per ounce by 0600 GMT, down from $436.00/436.70 late in New York and London's Monday afternoon fix of $435.45 an ounce.


    Chartists pegged resistance at $440, a level last seen in December. Gold peaked in early December at $456.75 an ounce -- its highest since June 1988.


    Jewellers held back from the physical market, waiting for the price to fall further. But dealers said fund buying and fresh interest from U.S. investors that had pushed up the price to this year's high of nearly $438 on Monday was likely to continue.


    "The market still remains very bullish," said Martin Mayne, associate director at N M Rothschild in Sydney.


    "I think the market is looking for that sort of level, $440, and even a test of December's high," said Mayne, adding gold was expected to push higher again later on Tuesday.


    Despite the dollar rebound, gold's safe-haven appeal was intact because of high crude oil prices, which have raised fears of inflation, as well as tension in the Middle East, said dealers.


    The euro eased against the dollar to around $1.3205 from levels close to $1.3230 in late New York trade.


    The currency market was looking ahead to the release of major economic data this week and to more congressional testimony from Federal Reserve Chairman Alan Greenspan.




    IMF MEETING
    "The tone is quite strong. The only overhanging issue is the IMF meeting in April," said one dealer in Singapore, a centre for bullion trading in Southeast Asia.


    "I don't see any reason for gold to crack $440 before April."


    Further debt relief for poor countries is at the centre of global economic discussions after G7 finance ministers in February agreed to deal with the issue at IMF meetings in April.


    "Proposed gold sales by the IMF to fund debt relief for poor nations, tabled by the British Chancellor of the Exchequer Gordon Brown at the last G7 meeting, has received much positive press in recent weeks," said Mayne of Rothschild.


    "However, with the U.S. against such a move and their effective veto on the matter, it is currently unlikely to come into fruition," he said.


    The IMF is the world's third-largest gold holder.


    In other precious metals, platinum was at $866/871 an ounce, up from $862.50/867.50 in late U.S. trade but off a two-week high of $875.00 hit on Monday.


    Sister metal palladium was at $181/186, against $180/185 in New York.


    Spot silver was at $7.29/7.32, against $7.33/7.36.


    In Tokyo, the benchmark February gold futures contract lost nine yen per gram to 1,464 yen, pausing for breath after hitting two-month highs on Monday.


    On Hong Kong's Chinese Gold and Silver Exchange, tael gold (37.5 gramme ingot) was quoted at HK$4,038 by midday, compared with an opening of HK$4,045.


    Premiums for gold bars were flat at between 10 to 30 U.S. cents an ounce in Hong Kong, a key bullion trading centre in East Asia .

    01 Mrz 2005 10:17



    01.03.2005 08:00:32 TOCOM gold off 2-mth high on weaker spot market



    TOKYO, March 1 (Reuters) - Tokyo gold futures slipped from a two-month high on Tuesday after profit-taking was triggered by a fall in spot gold prices in the face of a higher dollar.


    The benchmark February gold contract on the Tokyo Commodity Exchange finished down 11 yen per gram at the day's low of 1,462, slipping from its high of 1,468.


    Other months were seven to 10 yen lower at the close.


    "The market was due for a correction after recent steep gains, and selling was triggered by a more than $2 fall in spot gold prices," a Tokyo broker said.


    TOCOM's benchmark gold rose as high as 1,476 yen on Monday led by fund buying, gaining more than 6 percent from a low of 1,390 yen hit three weeks ago to the highest level since Dec. 28.


    Gold rallied as a weaker dollar prompted investors to seek an alternative investment tool, while surging oil prices rekindled inflation worries and renewed interest in gold. Gold is traditionally seen as a hedge against inflation.


    Technically, TOCOM gold looks strong after the benchmark contract confirmed a floor around 1,385 yen. But before testing the December high of 1,505 yen, the market needs to build a base around the current level, the broker said.


    He pegged a core range for the benchmark contract this week at 1,450-1,480 yen.


    TOCOM gold had been in a downtrend since the benchmark gold contract plunged to 1,442 yen at the start of this year's trade.


    In the currency market, the dollar climbed on Tuesday after data showing a swelling in Australia's current account gap to a record sent the Australian dollar tumbling and sparked broader buying of the U.S. currency.


    The yen also strengthened against the euro and other currencies after data showed unemployment in Japan stayed at a six-year low while household spending surged, adding to a string of upbeat news on the growth outlook.


    By 0615 GMT, the euro had bounced back to $1.3195, down 0.3 percent after skidding to near $1.3170. The dollar was down slightly at around 104.55 yen after briefly gaining.


    Platinum futures finished lower on Tuesday in thin trading, pressured by a weaker gold market.


    TOCOM's benchmark February contract finished down 13 yen per gram at 2,834, after trading between 2,822 and 2,839.


    Other months were 17 to 27 yen per gram lower.


    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 1,462 (down 11) 40,478
    SILVER 243.1 (down 3.1) 3,075
    PLATINUM 2,834 (down 13) 22,138
    PALLADIUM 618 (up 6) 882

    01 Mrz 2005 13:05



    01.03.2005 11:57:22 Gold consolidates, ticks down on firmer dollar



    LONDON, March 1 (Reuters) - Gold fell back in Europe on Tuesday under pressure from a firmer dollar, but most traders and analysts thought it would tilt again at its high for the year of $437.55 per ounce.


    By 1033 GMT, spot gold traded at $434.40/435.10 a troy ounce, down from New York's late quote on Monday of $436.00/436.70.


    John Reade, precious metals analyst with UBS Investment Bank said he expected to see gold higher through the balance of the year but felt its near-term outlook was clouded by the threat of gold sales from the International Monetary Fund.


    "We've had a fair short-covering rally and we are in a position now where gold will find it harder work to move up from here," he said.


    Nevertheless, he pegged gold's one-month target at $430 an ounce and three-month at $450, up from $410 and $440 respectively -- with the rise attributed to further expected weakness in the dollar.


    The dollar retreated from the previous session's six-week lows versus the euro as investors focused on the potential for U.S. interest rates.


    Reade was also eyeing interest rates.


    "It feels to me that the market is beginning to realise that U.S. rates are actually too low," he said, adding that any sign rates may have to rise faster than expected could trigger a sell-off in many asset classes, gold included.


    James Moore of TheBullionDesk.com said the dollar would remain key to market direction, noting economic data from the United States later in the week could influence markets.


    The ISM non-manufacturing data for February is due out on Thursday, followed by non-farm payrolls on Friday.


    Silver slipped back a little to $7.28/7.31 an ounce from $7.33/7.36.


    Platinum firmed to $864.00/868.00 from $862.50/867.50, while palladium was unchanged at $180.00/185.00.

    01 Mrz 2005 14:38



    01.03.2005 13:33:48 Silver fixes softer, gold down as dollar firms



    * Silver fixed weaker at 726.00 cents a troy ounce, down from previous day's 735.00 cents. Spot retreats to $7.25/28 by 1223 GMT from $7.33/36 late in New York.


    Forward rates on Reuters page indicated at 2.567, 2.567, 2.603 and 2.563 for one, three, six and 12 months respectively. * Gold stagnates around $434 an ounce, slightly weaker at $434.30/435.00 a troy ounce against New York's late quote on Monday of $436.00/436.70 as the dollar strengthens modestly and oil prices ease after hitting $52 a barrel. * Bullion scored its highest for the year the previous day at $437.55 an ounce and many traders looking for the precious metal to forge ahead towards $440 area. * Platinum gains to $864.00/869.00 from $862.50/870.50 an ounce. * Palladium flat at $180.00/185.00.

    01 Mär 2005 20:14



    01.03.2005 19:25:49 Gold gibt etwas nach



    London/Zürich, 01. Mär (Reuters) - Mit dem wieder festeren Dollar hat der Goldpreis am Dienstag nachgegeben. Das Edelmetall habe seinen bisherigen von knapp 430 bis 438 Dollar je Feinunze reichenden Handelsbereich allerdings nicht verlassen, so Händler.


    Die weitere Entwicklung hänge aber weitgehend von den Wechselkursen ab. Zuletzt seien die Goldnotierungen auch durch Deckungskäufe getrieben worden, doch nun dürften weitere Kursgewinne schwieriger zu realisieren sein, hiess es weiter. Hinzu komme, dass der Markt von steigenden Zinsen in den USA ausgehen müsse. Falls sich die Einschätzung verbreite, dass die amerikanischen Zinsen möglicherweise schneller steigen könnten als bisher erwartet, könne dies zu einem Ausverkauf bei einer Reihe von Anlageformen führen - und dazu dürfte dann auch Gold zählen, so ein Experte bei UBS Investment Bank in London.


    Die Feinunze Gold kostete zu Handelsschluss in Europa 432,00/432,70 (Vorabend 436,65/437,40) Dollar. Das Nachmittagsfixing in London erfolgte bei 433,45 Dollar nach 434,65 Dollar am Morgen und 435,45 Dollar am Vortag.


    Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.076/16.326 (16.167/16.417) sfr an.


    ajs/och

    02 Mrz 2005 17:31



    02.03.2005 16:22:42 UPDATE 1-Gold perks up after rumoured producer sales



    (updates to afternoon)


    LONDON, March 2 (Reuters) - Gold steadied on Wednesday in Europe after a bout of rumoured producer selling dried up and investors stepped back up to the board, traders said.


    Bullion had tested the bottom end of a week-long trading range around $428 earlier in the day, pressured by a firmer dollar and what several traders suspected was producer sales.


    By 1510 GMT, spot gold was quoted at $431.95/432.70 a troy ounce, little changed from New York's late level of $432.40/433.10 and well off an earlier low of $428.50..


    "There was some borrowing in the forwards this morning, coupled with the price being lower. The conclusion drawn by the market was that a producer was in," one trader said.


    "But it could be anything...new mine or project related."


    Another trader said it was encouraging that once the selling dried up, the market bounced. Many had feared a breakdown through $428 an ounce could take gold all the way back down to last month's low of $410.


    Bullion prices would certainly remain under the influence of the dollar for short-term direction.


    The dollar lost a bit of ground after Federal Reserve Chairman Alan Greenspan said the U.S. economy was growing at a "reasonably good pace" but faced a backdrop of budgetary concerns.


    A weaker U.S. currency makes gold less expensive for overseas investors.


    "I think we're still in a $428-438 range. I think the general feeling is that it will hold and people are pretty non-plussed within that range," a second trader said.


    Silver dropped to a 3-1/2 week low of $7.06 an ounce following weakness in gold and base metals, before tracking gold's bounce. Spot was last indicated at $7.19/7.22, little changed from New York's $7.20/7.23.


    Platinum group metals continued to hold within familiar ranges. Platinum has been stuck in a broad $880-760 range since last April, while palladium has traded in a $190-175 limit since the end of last year.


    Spot platinum dipped to $857.00/861.00 from $861.00/866.00, while palladium ticked up to $182.00/186.00 from $180.50/185.50.

    02 Mär 2005 17:25



    02.03.2005 17:21:39 Europe gold ends down but off lows



    * Gold ends European trade slightly softer at $431.65/432.40 a troy ounce by 1615 GMT, well off an earlier low of $428.50 and only slightly lower than New York's late Tuesday quote of $432.40/433.10.


    * Traders say market hit by rumoured producer selling in morning session, but investor demand reappears when New York opens to steady the market.


    * Dollar eases slightly after Fed chief Alan Greenspan's sounded less optimistic on U.S. economic prospects, quashing market hopes of more aggressive monetary tightening.


    * Silver bounces with gold, moving back into positive territory after earlier touching a 3-1/2-week low of $7.06 cents. Spot ends at $7.22/7.25 from $7.20/23 late in New York.


    * Platinum dips to $858.00/862.00 from $861.00/866.00 an ounce.


    * Palladium at $183.00/187.00 versus $180.50/185.50.

    02 Mär 2005 17:42



    02.03.2005 17:29:37 Commodities News Summary


    TOP NEWS
    > CBOT soy, corn, wheat climb early on fund buying [nN02448908]


    CHICAGO - Chicago Board of Trade soybeans, wheat and corn futures climbed early Wednesday on technical buying by commodity funds, traders said.


    - - - -



    > LIFFE coffee up 4.8 pct on fund interest [nL02577736]


    LONDON - London's coffee market jumped as much as 4.8 percent on Wednesday as reduced selling pressure allowed fund buying to push prices through resistance levels, traders said.


    - - - -



    > UPDATE 3-Copper futures cool off [nL02493723]


    LONDON - Copper futures touched two-week lows on the London Metal Exchange (LME) on Wednesday as the market cooled after Monday's 16-year peak, traders and analysts said.


    - - - -



    > ANALYSIS-Funds turn to cocoa after Ivorian clashes [nL02338385]


    LONDON - Cocoa looks poised to rally as civil conflict in top producer Ivory Coast and a world supply deficit make it a new target for funds on the prowl for dollar-based commodities, market sources say.


    - - - -



    > Cuba drought to hoist Brazil sugar sales to Russia [nL02319501]


    MOSCOW - Cuba's worst drought in many years will cut Cuban sugar exports to Russia, and Brazil will scoop up most of the lost Cuban business, trade sources said on Wednesday.


    - - - -



    METALS
    > Gold perks up after rumoured producer sales [nL02558182]


    LONDON - Gold steadied on Wednesday in Europe after a bout of rumoured producer selling dried up and investors stepped back up to the board, traders said.


    - - - -



    > Alcoa to supply aluminum for Chinese Boeing 737's [nWEN6240]


    NEW YORK - Alcoa Inc. (AA.N) said on Wednesday it received a multiyear contract from Chinese aircraft builder Shanghai Aircraft Manufacturing Factory to provide aluminum extrusions for the horizontal stabilizer tail section assembly of the Boeing 737 airliner.


    - - - -



    > Greater demand, fund investment to lift zinc price [nN01187563]


    LAS VEGAS - Already, 2005 zinc forecasts are too low and will soon be upwardly revised to account for increased growth in global demand and greater participation in commodity investments by large funds, said Kamal Naqvi, commodity analyst for Barclays Capital.


    - - - -



    > China zinc smelters resume output as power returns [nHKG283913]


    HONG KONG - China's top zinc smelters are returning to full production as improved electricity supply brings to an end several weeks of power-related output cuts, company officials said on Wednesday.


    - - - -



    > Firm Q2 outlook seen for ferrochrome - Xstrata [nL02698571]


    LONDON - London-listed global miner Xstrata Plc (XTA.L) said on Wednesday the ferrochrome outlook for the second quarter of the year was bright, and the firm anticipated good prices.


    - - - -



    > UPDATE 4-Xstrata drops conditions on WMC bid [nL01669563]


    LONDON - Copper and coal miner Xstrata Plc (XTA.L) stepped up its fight for Australia's WMC Resources (WMR.AX) on Wednesday, dropping conditions on its A$8.2 billion hostile bid, as the London-listed firm beat profit forecasts.


    - - - -



    > Short-sellers' zeal for metals and mining down-Pru [nN02703987]


    NEW YORK - Short-sellers' appetite for metals and mining stocks cooled last month, according to a research note published on Wednesday by Prudential Equity Group, LLC.


    - - - -



    > Harmony sees no problem extending Gold Fields bid [nN02438305]


    NEW YORK - South Africa's Harmony Gold (HARJ.J) on Wednesday said it does not expect any problem extending its hostile takeover bid for Gold Fields (GFIJ.J) as competition authorities won't hear the offer until May.


    - - - -



    GRAINS/LIVESTOCK > UPDATE 1-Brazil soy crop seen lower at 58.3 mln T [nN02444765]


    SAO PAULO, Brazil - Brazil's 2004/05 soybean crop is expected to total 58.3 million tonnes, down from 61.5 million tonnes seen in January, the Vegetable Oils Industry Association said Wednesday.


    - - - -



    > Brazil Jan soybean crush at 1.37 mln T - Abiove [nN0286310]


    SAO PAULO, Brazil - Brazil's soybean crush rose to 1.37 million tonnes in January from 1.32 million a year ago but fell from December's 1.80 million, Brazil's Vegetable Oils Industry Association (Abiove) said Wednesday.


    - - - -



    > UPDATE 1-Hungary producers warn of illegal GMOs [nL02495651]


    BUDAPEST - Hungarian seed producers warned farmers on Wednesday about a suspected illegal inflow of genetically modified (GMO) maize seed from Romania and called for government measures to stem it.


    - - - -



    > EU says won't meet 2 pct biofuel target this year [nCUL254666]


    LONDON - Europe will not succeed in its goal of having two percent of all transport fuels derived from biofuels by the end of 2005 but is making great strides in that direction, an EU official said on Wednesday.


    - - - -



    SOFTS
    > Support limited for Ivory Coast cocoa protest [nL02708476]


    ABIDJAN - Protests planned by Ivory Coast's cocoa farmers demanding government financing for cooperatives drew limited support on Wednesday, with just one march taking place, cocoa buyers said.


    - - - -



    > Rains to ease Brazil's south soy drought next week [nN02410724]


    SAO PAULO, Brazil - A cold front due to arrive in southern Brazil next week should ease the effects of a drought that has already caused irreversible losses to the region's soybean and corn crops, private meteorologists said Wednesday.


    - - - -



    > World cocoa deficit of 50,000 T seen in 04/05-ICCO [nL02238657]


    LONDON - The world faces a 50,000-tonne cocoa deficit in 2004/05 compared with a 233,000-tonne surplus the previous year, the International Cocoa Organization said on Wednesday.


    - - - -



    > Russia seen on track for good '05 sugar crop [nL02528157]


    MOSCOW - Russia, which has just notched up its highest beet-sugar output in over a decade, is on track for another good crop this year, but opinion in the market is split over whether production will rise year on year.


    - - - -

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