Rohstoffnews

02 Mär 2005 17:53

02.03.2005 17:44:06 Gold kann sich nach Verlusten über 430 Dollar-Marke rettem

London/Zürich, 02. Mär (Reuters) - Gold hat sich am Mittwoch im europäischen Handel nach Verlusten doch noch über die wichtige Marke von 430 Dollar retten können. Im Handelsverlauf sei das gelbe Metall bis 429,25 Dollar abgesackt und habe sich damit bedenklich dem unteren Ende der Handelsspanne der letzten Wochen von 428 Dollar genähert, sagte Händler. Neben dem stärkeren Dollar haben den Investoren vor allem am Nachmittag kursierende Spekulationen über grössere Produzentenverkäufe die Laune verdorben. Die dadurch ausgelöste Verkaufswelle sei dann bald zum erliegen gekommen, und der Markt habe sich unmittelbar wieder erholt, so ein Händler, welches aufmunternd sei. Ein weithin befürchteter Abwärtstrend dürfte damit vom Tisch sein, doch dürfte der Goldpreis zunächst in der Spanne zwischen 428 und 438 Dollar gefangen bleiben, hiess es weiter.

Die Feinunze Gold kostete zu Handelsschluss in Europa 431,80/432,50 (Vorabend 432,00/432,70) Dollar.

Das Nachmittagsfixing in London erfolgte bei 431,75 Dollar nach 429,15 Dollar am Morgen und 433,45 Dollar am Vortag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.198/16.448 (16.076/16.326) sfr an.

pma/ajs

02.03.2005 18:44:24 UPDATE 4-Copper futures bounce off two-week lows

By Nick Trevethan

LONDON, March 2 (Reuters) - Copper futures bounced off two-week lows just before the close of trading on the London Metal Exchange (LME) on Wednesday to end $1 higher and in touch with Monday's 16-year peak, traders and analysts said.

"We had a weakish close on Tuesday, and were down for much of today, but in the last five minutes we pushed (copper) up $25 and have managed to make it look attractive again," one trader said.

Three months prices fell 2.1 percent to $3,132.50 a tonne at one point before recovering to end the day at $3,202.

On Monday prices rose to just $10 short of an all-time high of $3,280 set in January 1989, and market watchers said prices might exceed those level in the medium term.

"I think we could see a reasonable pull-back here. But am I bearish about copper overall? No, not yet," Macquarie analyst Adam Rowley told Reuters.

"If we do get a pull-back it's a great buying opportunity because markets are looking very tight over the next four months," he said, referring to forecasts of supply shortages.

Traders said the weaker sentiment early in the day had prompted investors to liquidate long positions, which in turn had triggered pre-positioned orders to sell copper to avoid losses.

But buyers returned late in the day to cover short positions as the brief dip in sentiment evaporated.

CHINA DEMAND
Copper, like other major industrial metals, has been driven higher partly because of China's rapid industrialisation -- the metal is widely used in construction and electrical applications.

Weakness in the U.S. currency has also supported dollar-denominated base metals, making them cheaper for holders of other currencies.

Surging demand has taken place against under-supply, with stocks at multi-year lows, although production is now being expanded.

Other base metals traded in a similar pattern to copper -- testing lower before finding renewed vigour at the close.

Aluminium rose $4 to $1,912 after dipping to $1,887.50. The metal hit a 10-year peak of $1,987 on Feb 24.

Zinc ended $6 lower, at $1,380, but near the top of the day's trading range.

The metal, used primarily as an anti-corrosive coating, reached a 7-1/4-year high of $1,416 on Feb 24.

NEW YORK, March 2 (Reuters) - U.S. gold futures settled easier but above eight-day lows Wednesday, tracking the euro mostly, after Federal Reserve chief Alan Greenspan gave a mixed reading on the U.S. economic outlook in testimony to Congress, analysts said.

Silver bounced back from a three-week low as gold trimmed losses and base metals were relatively firm on Wednesday.

Gold for April delivery on the COMEX division of the New York Mercantile Exchange slipped 10 cents to conclude at $433.80 an ounce, after trading between $429.80 -- its lowest level since Feb. 22 -- and $435.00.

The market recovered from a tumble below $430 technical support, as the dollar faltered a bit after Greenspan said the U.S. economy was growing at a "reasonably good pace" but dangerous budget deficits needed to be fixed.

Gold market watchers said investor demand reappeared at lower prices after rumored producer selling earlier during the European session, which prompted short-term speculators to cover some short positions.

"I think the Greenspan comments were a bit supportive to the gold," said Refco analyst Tom Boustead. "He was emphasizing the seriousness of the fiscal deficit. If the U.S. is running a big deficit then that means there is less money around to fund the current account."

Greenspan's testimony before the House of Representatives Budget Committee suggested using spending cuts to deal with the deficit. He said the combination of America's aging population and soaring health care costs posed the biggest budget risk.

According to President George W. Bush's fiscal 2006 budget proposal, the deficit would swell to a record $427 billion but shrink steadily over the next five years to $207 billion in 2010.

The euro traded at $1.3116 at midafternoon in New York, against an earlier eight-day low at $1.3088 and compared with Tuesday's late level at $1.3182.

Gold's direction was still mainly dependent upon the dollar's moves, said Pioneer Futures analyst Scott Meyers. He said initial resistance in April gold futures loomed at $439 to $440 an ounce, with support seen at $429.

A stronger U.S. currency tends to pressure gold as the dollar-denominated metal gets pricier for buyers outside the United States.

No major U.S. economic reports were released Wednesday. Markets are awaiting the February U.S. nonfarm payrolls report on Friday, in which a rise of 220,000 is expected by Wall Street.

On Monday, COMEX April gold had its highest finish at $437.60 since Dec. 30, supported by a weaker dollar and inflation fears spawned by rising oil prices. The contract hit a 16-1/2-year peak of $460.50 on Dec. 2.

Estimated turnover was 46,000 contracts, versus Tuesday's busier 58,956-lot tally.

Open interest in the gold futures was down 40 at 287,761 lots as of March 1.

Spot gold last priced at $432.30/3.00, below Tuesday's New York close at $436.00/6.70. Wednesday's afternoon fix in London was at $431.75.

May silver ended up 7.8 cents at $7.343 an ounce, after dealing from $7.10 to $7.38, which was its lowest mark since Feb. 11. Spot silver was at $7.19/22 an ounce versus $7.33/36 previously. The fix reached $7.13.

April platinum rose $3 to end at $865.60 an ounce. Spot platinum was quoted at $861.50/866.50.

Lightly traded June palladium rose $2.50 to $190.90 an ounce. Spot fetched $184.50/189.50.

© Reuters 2004

03 Mrz 2005 13:10

03.03.2005 12:04:23 Europe gold treads water, awaits U.S. jobs data

LONDON, March 3 (Reuters) - Gold prices were little changed in Europe on Thursday as traders preferred to wait for the dollar's reaction to the release of U.S. economic data the next day before taking on new positions.

Gold has spent most of the week consolidating the previous month's rally that saw bullion peak at its highest for the year at $437.55 on Monday.

Renewed dollar weakness was the main trigger, attracting investment funds back into the metals arena, with sharp gains in industrial metals bolstering general sentiment in commodities.

By 1037 GMT, spot gold edged up to $432.90/433.60 a troy ounce, versus late levels in New York on Wednesday of $432.20/433.00.

Traders expected bullion to stick to a $428-438 range.

"We've got U.S. payrolls out tomorrow, which from past experience, can make things a little more exciting," one trader said. "Basically the market is hunting for direction and getting no help from the dollar either."

The U.S. currency held steady below a one-week high against the euro , with gains kept in check by comments from Federal Reserve chief Alan Greenspan that failed to inspire financial markets.

Traders have now turned their attention to Friday's U.S. payrolls report for February, with Wall Street economists looking for around 220,000 new jobs.

Palladium showed a rare sign of life, trotting up to its highest in a month during the morning's fix at $190 an ounce.

"With the latest move, palladium has increased its positive momentum and technically would now be able to firm to the low $190s if industrials decide to step into the market and investor interest persists," Alexander Zumpfe, analyst with Dresdner Kleinwort Wasserstein, said in a daily report.

However the metal, used in car exhaust systems, was unlikely to make significant gains given the market is oversupplied and has few prospects for buoyant demand growth, analysts said.

Spot palladium was last at $188.00/192.00 versus New York's $184.50/189.50.

Platinum was indicated at $864.00/868.00 from $861.50/866.50, while silver gained to $7.29/7.32 from $7.19/7.22.

03 Mrz 2005 15:26

03.03.2005 13:17:28 Silver fixes up, gold flat in Europe

* Silver fixed higher at 729 cents a troy ounce, gaining from the previous day's 713 cents. Spot gains after gold stabilises and base metals rebound, moving up to $7.28/7.31 by 1207 GMT an ounce from $7.19/7.22. Forward rates on Reuters page indicated at 2.625, 2.625, 2.65 and 2.60 for one, three, six and 12 months respectively.

* Spot gold stuck in a rut ahead of Friday's U.S. non-farm payrolls data for February. Basically unchanged at $432.60/433.30 a troy ounce versus $432.30/433.00 during late New York trade on Wednesday.

* Seen tracking currency moves, with any further strengthening of the euro likely to take gold back up to the top of its current $428-438 trading range.

* Platinum inches up to $864.00/869.00 from $861.50/866.50.

* Palladium notches up a four-week high at $190.00/195.00, versus New York's previous $184.50/189.50.

03 Mrz 2005 17:58

03.03.2005 16:48:12 UPDATE 1-Gold drifts back in Europe, locked in range

(Updates to afternoon)

LONDON, March 3 (Reuters) - Gold prices drifted back in late afternoon trading in Europe on Thursday, taking their cue from modest dollar gains after U.S. economic data, dealers said.

However, gold's move was low-key and the market remained in a range ahead of potentially more significant dollar responses to Friday's U.S. economic data.

"For now gold should remain around $430-438, but tomorrow's non-farm payrolls will give a better idea of short- to mid-term direction," James Moore of TheBullionDesk.com said.

Friday's U.S. payrolls report for February is scheduled for 1330 GMT, with Wall Street economists looking for around 220,000 new jobs.

Thursday's U.S. manufacturing data for February broadly matched expectations.

By 1536 GMT spot gold was at $430.45/431.20 a troy ounce, versus late levels in New York on Wednesday of $432.20/433.00.

Gold has spent most of the week consolidating the previous month's rally, which saw bullion at its highest for the year at $437.55 on Monday.

Renewed dollar weakness was the main trigger, attracting investment funds back into metals, with sharp gains in industrial metals bolstering general sentiment in commodities.

SOUTH AFRICA SUPPORTS IMF SALES
Gold's price drift this afternoon took place against a background of further developments in the IMF sales proposal as South Africa's Treasury supports the proposed use of such gold sales to finance debt relief for poor countries.

Finance Minister Trevor Manuel said on Thursday this need not disrupt the market, however.

In a written reply to a question from parliament, Manuel said he favoured including five-year quotas for gold sales allocated to central banks in 2004 for the process, as this would ensure the local gold mining industry was not affected.

"The sale of IMF gold when done in a managed manner that is transparent, clearly communicated...and ideally along the central bank gold agreement, will mean that the market can price in the IMF gold sales and thus cause no disruptions to the market price of gold," he said.

In other metals palladium broke out of a stagnant range and rose to its highest in a month, fixing at $193.00 an ounce.

However, the metal, used in car exhaust systems, was unlikely to make significant gains given that the market was oversupplied and had few prospects for buoyant demand growth, analysts said.

"Despite the firm tone the scale of speculative longs and bearish fundamentals suggest pushes higher will be met with long liquidation," Moore added.

Spot palladium was at $195.00/200.00 versus New York's $184.50/189.50.

Platinum was indicated at $864.00/868.00 from $861.50/866.50, while silver stood at $7.23/7.26 from $7.19/7.22.

NEW YORK, March 3 (Reuters) - U.S. palladium futures jumped to near three-month highs Thursday morning on broker and fund buying after several days of gains, while gold eased but held above eight-day lows as it tracked the euro, dealers said.

Palladium for June delivery on the New York Mercantile Exchange was up $9.00 or 4.75 percent at $198.50 an ounce by 10:33 a.m. EST (1533 GMT), trading between $188.50 and $199 which marked the highest since Dec. 13, 2004.

Spot palladium rose to $195/200 from $184.50/189.50 at Wednesday's New York close.

Palladium's breakout was termed a technical rally after the market held for months above support pegged at $180. And the last three days of gains finally touched off buy-stop orders that were clustered near $190.

"This is all commission house buying here," said Ralph D'Esposito of RJ Futures. "The locals and the arbitrage funds aren't selling that much, so it just bounced."

He also cited renewed fund participation in palladium recently.

Palladium, a platinum group metal, mostly is used in automotive catalytic converters to clean toxic emissions. According to recent refiner reports, demand remains good but the market is in a supply surplus, which could limit gains.

Despite the firm tone on Thursday, the big scale of speculative longs in palladium futures and bearish supply/demand fundamentals suggest that any pushes to higher ground will meet with long liquidation, said James Moore of TheBullionDesk.com.

Meanwhile, Russia's President Vladimir Putin has signed a decree allowing disclosure of some data on platinum group metals as well as diamonds, the presidential press office said. Russia is a leading palladium producer.

April platinum futures rose $1.40 to $867 an ounce. Spot platinum fetched $864/868.

Gold for April delivery on NYMEX's COMEX division was down $2.00 at $431.80 an ounce, trading from $434.60 to $430.80.

A focus on the dollar kept the precious metals market orderly even though palladium perked up, Moore said.

"Yesterday's move (in gold) below $430 has shown that good volumes of buying remains below the market and that further dips will be quickly bought back," he added.

He said bullion should keep to a $430 to $438 range, at least before Friday's U.S. February nonfarm payrolls report. Payrolls are expected to come in at 220,000, according to Wall Street.

For COMEX April gold, brokers pegged support at $429 with resistance at $439 to $440.

The euro hovered at $1.3125 at midmorning against $1.3116 late Wednesday.

A stronger dollar tends to weigh on gold as the dollar-denominated metal gets pricier for non-U.S. buyers.

Spot gold last priced at $430.10/0.80, below Wednesday's New York close at $432.30/3.00. The afternoon fix in London was $430.20.

May silver fell 5.8 cents to $7.285 an ounce, dealing from $7.38 to $7.26. Spot silver rose to $7.22/25 from $7.19/22 last night. The fix was $7.29.

© Reuters 2004

03 Mrz 2005 18:44

03.03.2005 17:30:09 Commodities News Summary

TOP NEWS
> Copper in touch with record highs [nSP117294]

LONDON - Copper prices edged towards their all-time high of $3,280 a tonne on Thursday, with investors still hungry for industrial metals, traders said.

- - - -

> NY palladium soars, gold off but above $430 early [nN03381806]

NEW YORK - U.S. palladium futures jumped to near three-month highs Thursday morning on broker and fund buying after several days of gains, while gold eased but held above eight-day lows as it tracked the euro, dealers said.

- - - -

> Morocco suspects has first human mad cow death [nDEB340518]

RABAT - Morocco said on Thursday it believes a man died of the human form of mad cow disease, suspected to be the first case of its kind in the North African country.

The 61-year-old was a regular visitor to Europe, the health ministry said in a statement, without saying which country. He died on Wednesday in a Casablanca hospital.

- - - -

METALS > Gold drifts back in Europe, locked in range [nL03494741]

LONDON - Gold prices drifted back in late afternoon trading in Europe on Thursday, taking their cue from modest dollar gains after U.S. economic data, dealers said.

However, gold's move was low-key and the market remained in a range ahead of potentially more significant dollar responses to Friday's U.S. economic data.

- - - -

> Brazil CVRD wins 71.5 pct price rise from Arcelor [nN03519577]

RIO DE JANEIRO/BRUSSELS - Brazilian iron ore miner CVRD on Thursday said Europe's biggest steelmaker, Arcelor, agreed to pay 71.5 percent more for its ore, in line with price increases its other major clients had already accepted.

Arcelor, which is Companhia Vale do Rio Doce's largest client, previously said it did not consider the 2005 price increase a benchmark for the sector.

- - - -

> Putin approves platinum metals data disclosure [nL03555544]

MOSCOW - Russia's President Vladimir Putin has signed a long-awaited decree allowing disclosure of some data on platinum group metals (PGMs) as well as diamonds, the presidential press office said on Thursday.

- - - -

> SAfrica backs IMF gold sales for debt relief [nL03420968]

CAPE TOWN - South Africa's Treasury supports the proposed use of IMF gold sales to finance debt relief for poor countries -- a process that need not disrupt the market, Finance Minister Trevor Manuel said on Thursday.

In a written reply to a question from parliament, Manuel said he favoured including five-year quotas for gold sales allocated to central banks in 2004 for the process, as this would ensure the local gold mining industry was not affected.

- - - -

> ANALYSIS-No silver lining seen for sterling metal [nSP4374]

SINGAPORE - Buying silver may no longer be a sterling idea these days. Despite recent lofty prices, the outlook for the precious metal that was once widely used in photographic film is dimming due to oversupply and a switch to digital pictures.

- - - -

GRAINS/LIVESTOCK
> CBOT soybeans fall early on technical setback [nN03358559]

CHICAGO - Soybean futures at the Chicago Board of Trade fell about 8 to 10 cents per bushel early Thursday on a technical setback after climbing to near six-month highs on Wednesday, traders said.

There was scattered fund selling on the open, with several firms each selling 100 May contracts.

- - - -

> EU wheat market steady as tender result awaited [nL24204018]

LONDON - European wheat prices were steady on Thursday as dealers in key markets tried to second-guess the award at the EU cereals committee meeting in Brussels, with hopes pinned on a refund of 10 euros, dealers said.

- - - -

SOFTS > Cocoa buyers await Ivorian mid-crop, supply slows [nL03680619]

ABIDJAN - Cocoa arrivals at ports in Ivory Coast were more than 10 percent lower by the end of February than at the same stage last season, with buyers and exporters eager for the mid-crop to boost supplies.

- - - -

> London cocoa futures up as funds return to market [nL03279400]

LONDON - London cocoa futures notched up gains on Thursday, with renewed fund support increasing the possibility of a break above the previous session's three-month contract high, traders said.

- - - -

> Russian sugar buying seen sharply up in Q2 2005 [nL03218186]

MOSCOW - Sugar demand from Russia, the world's biggest raw-sugar importer, is expected to pick up substantially in the second quarter of 2005 after a lengthy lull, trade sources said on Thursday.

- - - -

Stelle ich hier ohne Kommentar rein....................

03 Mrz 2005 18:50

03.03.2005 09:06:31 UPDATE 1-ANALYSIS-No silver lining seen for sterling metal

(Adds digital camera sales para 8, film sales para 9)

By Lewa Pardomuan

SINGAPORE, March 3 (Reuters) - Buying silver may no longer be a sterling idea these days. Despite recent lofty prices, the outlook for the precious metal that was once widely used in photographic film is dimming due to oversupply and a switch to digital pictures.

"Digital cameras are replacing traditional cameras and it will affect silver demand," said Ellison Chu, a senior manager at Standard Bank London in Hong Kong. "The overall supply for silver is quite large."

Gone are the days when investors relied on the photography industry to suck up large amounts of silver for film processing. And while a small amount of silver is used to coat the paper photographs are printed on, digital camera buffs increasingly don't bother to print their work.

Some analysts see growth prospects in the electrical and electronic sectors, which make up nearly 40 percent of the market. But oversupply, seen at more than 30 million ounces this year, and decline in silver use for photography, which accounts for a quarter of current demand, are major concerns.

Analysts said the metal's rise to an eight month high of $8.15 an ounce in December was solely driven by speculators inspired by gains in gold and copper and not by fundamentals. Silver currently trades around $7.31 an ounce.

"We believe that the rally in silver is getting rather long in the tooth. We forecast that silver will average $5.80 in 2005 and $5.60 in 2006," said John Reade, precious metals analyst with UBS Investment Bank in London.

The outlook for digital cameras is indeed rosy. Japanese makers, who account for about 80 percent of global output and include global brands like Canon and Olympus , expect to ship 72 million cameras this year, up 21 percent.

Sales of rolls of old-fashioned film sales are projected to fall 17 percent to 2.9 billion rolls in 2008, from 3.5 billion rolls in 2000, photography industry figures show.

Because of its industrial use, silver often tracks base metals prices . Silver has excellent heat and electricity conducting property and is used in electrical switches, contacts and fuses.

Jewellery and silverware account for around 30 percent of the market but analysts said this demand would be stagnant as owners of silverware and old jewellery cash in on the high price and recycle rather than buy new silver items.

"While the metal may still challenge and break $7.0/7.50 an ounce once more on speculative buying, we expect the move lower in other commodity prices to drag silver lower later this year," said Reade.

Analysts said a recent sharp hike in lead and zinc prices would lead to increased mining for these metals. This will result in more silver being produced as a by-product, further depressing prices.

A dealer in Singapore, who also sees silver falling below $7 by mid year, said investors should not be swayed by recent big movements.

"Silver is so cheap compared to the price of gold. That's why the funds can push a lot volume around and that can really have a big impact on the market," he said.

Some dealers also said there was concern China, one of the world's main producers of silver, could be an active seller of the precious metal in the coming months.

Hong Kong dealers said China's silver export quotas this year are believed to be slightly higher than last year's 3,050 tonnes, or 98 million ounces. (Additional reporting by Nathan Layne in Tokyo)

© Reuters 2004

03 Mär 2005 19:36

03.03.2005 19:17:35 Gold touchiert in Europa 430 Dollar-Marke

London/Zürich, 03. Mär (Reuters) - Gold hat Donnerstag in einem dünnen europäischen Handel marginal unter Vortagesniveau notiert. Dollargewinne nach den jüngsten US-Daten setzten dabei den Kurs des gelben Metalls unter Druck, sagten Händler. Das in der US-Währung gehandelte Gold verteuert sich beim einem Dollaranstieg für Investoren mit Fremdwährungen.

Zudem habe sich vor den am Freitag anstehende US-Arbeitsmarktdaten niemand zu weit vorwagen wollen, hiess es. Zunächst dürfte Gold in der Spanne von 430 bis 438 Dollar je Feinunze tendieren, bevor mit den US-Daten die kurz- bis mittelfristige Kursentwicklung ein wenig klarer werden dürfte, sagte James Moore vom Branchendienst TheBullionDesk.com.

Damit habe Gold diese Woche die von einem Jahreshoch bei 437,55 Dollar gekrönte Rallye des Vormonates konsolidiert.

Die Feinunze Gold kostete zu Handelsschluss in Europa 430,15/431,00 (Vorabend 431,80/432,50) Dollar.

Das Nachmittagsfixing in London erfolgte bei 430,20 Dollar nach 433,25 Dollar am Morgen und 431,75 Dollar am Vortag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.183/16433 (16.198/16.448) sfr an.

pma/och

NEW YORK, March 3 (Reuters) - U.S. palladium futures settled at a three-month high Thursday after days of gains ignited fresh chart-based buying, while gold fell on a firm dollar before key economic data due on Friday, dealers said.

Palladium for June delivery on the New York Mercantile Exchange rose $10.35 or 5.5 percent to $199.85 an ounce, after trading between $188.50 and $200.50, which marked its highest level since Dec. 8, 2004.

Spot palladium climbed to $196/201 an ounce, up sharply from $184.50/189.50 at Wednesday's New York close.

Palladium's breakout was termed a technical rally after the market held for months above support at $180 until buying this week finally touched off buy-stop orders clustered near $190.

"This is all commission house buying here," said Ralph D'Esposito of RJ Futures. "The locals and the arbitrage funds aren't selling that much, so it just bounced." He also cited renewed fund participation in palladium recently.

Palladium, a platinum group metal (PGM), is mostly used in automotive catalytic converters to clean toxic emissions. According to recent refiner reports, demand remains good but the market is in a supply surplus, which could limit gains.

Despite the firm tone, however, the scale of speculative longs in palladium futures and bearish supply/demand fundamentals suggest that any pushes to higher ground will meet with long liquidation, said James Moore of TheBullionDesk.com.

Meanwhile, Russian President Vladimir Putin has signed a decree allowing disclosure of some data on PGMs as well as diamonds, the presidential press office said on Thursday.

The move could make the supply situation in the leading palladium-producing nation more transparent.

In platinum, April futures rose $2.90 to $868.50 an ounce. Spot platinum was last at $864/868.

Gold eased to the low-end of a trading range as the dollar rose on optimism ahead of Friday's U.S. nonfarm payrolls report for February.

Gold for April delivery on NYMEX's COMEX division fell $3.00 to end at $430.80 an ounce, after trading from $434.60 to $430.10.

TheBullionDesk.com's Moore said gold's recovery from below $430 showed the market was well supported in its range between that level and $438, but Friday's jobs report would give a better idea of short- to mid-term direction.

The payrolls report is scheduled for 8:30 a.m., with Wall Street economists looking for 220,000 new jobs in the data.

For COMEX April gold, brokers put support at $429 with resistance at $439 to $440.

The euro slid to $1.31 by midafternoon, against $1.3116 late on Wednesday. A stronger U.S. currency tends to pressure gold as the dollar-denominated metal gets pricier for non-U.S. buyers.

Spot gold last priced at $429.60/430.30, which was below Wednesday's New York close at $432.30/3.00. The afternoon fix in London was $430.20.

May silver fell 7.8 cents to $7.265 an ounce, dealing from $7.38 to $7.24. Spot silver fetched $7.18/21 from $7.19/22 last night. The fix was $7.29.

04 Mrz 2005 11:44

04.03.2005 10:10:06 PRECIOUS - Gold stuck in rut, awaiting U.S. data

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

SPOT NY CLOSE * SUPPORT * RESIST * RSI14 * MA10 * MA30
GOLD 432.30/3.00 * 428.00 * 440.00 * 47.8 * 432.28 * 425.08
SILVER 7.18/7.21 * 7.00 * 7.40 * 45.9 * 7.30 * 7.02
PLAT 864.00/8.00 * 840.00 * 875.00 * 51.9 * 862.35 * 863.05
--------------- VIEWS FROM THE MARKET - March 4 ---------------
* Palladium regains $200/oz in Asia, gold steady [nSP282552]
* NY gold ends down but atop $430, palladium jumps [nN03527092]
* Oil price hovers near high, Asian stocks gain [nL04435813]
* Dollar edges up on chance of robust U.S. jobs data[nL04716152]

LONDON, March 4 (Reuters) - Gold is expected to be confined to narrow trading ranges on Friday morning as traders wait to see the result of U.S. payrolls data due out later in the day.

Early morning trade in Europe was again subdued as dealers waited to see the dollar's reaction to the latest data before adjusting positions.

Palladium continued to rally as speculative buying took prices to their highest level since early December 2004.

Wall Street economists are betting on a rise of 220,000 jobs when February non-farm payrolls are released at 1330 GMT .

"Disappointment in the data will pose clear risks for the dollar, our FX strategists write this morning," Alexander Zumpfe of Dresdner Kleinwort Wasserstein said in a report. "That would help the gold price to regain some ground."

Spot gold traded at $429.00/439.75 a troy ounce by 0852 GMT, drifting down from New York's late quote on Thursday of $432.30/433.00.

Gold has been consolidating over the past few days after a rally since early February pushed prices to the year's high of $437.55 on Monday.

Speculative buying accelerated in palladium overnight, whipping the metal past the $200/oz barrier for the first time this year.

Analysts were mostly unimpressed by the move as its fundamentals -- oversupplied with less than rosy demand prospects -- did not support any sustained move higher.

"Nevertheless, while the funds continue to buy, the price is likely to continue to rally, notwithstanding the market's weak fundamentals," Alan Williamson of HSBC Bank said in a note.

Silver remained dominated by moves in gold and the base metals complex, but was barely changed in early trade at $7.17/7.20 an ounce, from New York's $7.18/7.21.

Platinum was similarly flat at $864.00/868.00.

04 Mrz 2005 11:47

By Lewa Pardomuan

SINGAPORE, March 4 (Reuters) - Palladium regained $200 an ounce for the first time in nearly three months on fund buying in Asia on Friday, while gold held steady ahead of key U.S. employment data.

By 0605 GMT, palladium was trading at $202/207 an ounce, its highest since Dec. 8, and up from $196/201 last quoted in the U.S. market on Thursday.

Some analysts said the gains, initially triggered by fund buying in the United States, could be short-lived because the market was oversupplied. Palladium is mostly used in automotive catalytic converters to clean toxic emissions.

"Theoretically, there is no reason for the palladium price to increase. Palladium is overvalued today but the price will be adjusted within a month," said Yukuji Sonoda, a precious metal analyst at Daiichi Commodities in Tokyo.

Sonoda estimated an accumulated surplus of around 100 tonnes this year because of rising supplies from South Africa.

Analysts said fund managers chased the palladium price higher because it had managed to hold above support of $180 an ounce for some time despite a lack of buying interest.

Sister metal platinum was much calmer. Spot platinum was trading at $865/870 an ounce, up from $864/868 in late U.S. trade.

Some dealers said the funds may ignore the fundametals and push up the palladium market further.

"If the market doesn't come down later today, that will encourage more funds (into) a second round of buying. I think the next level will be $220 an ounce," said one dealer in Singapore.

"The gain has nothing to do with physical demand, but I think palladium is due for a move upward. If we go up to $220, by then silver might be climbing back to the $7.50 level again," he said.

Gold was confined to a tight range ahead of the release of U.S. non-farm payrolls data later on Friday, which is expected to show 220,000 new jobs created in February, compared with 146,000 the previous month.

Spot gold was trading at $429.40/429.90 an ounce, versus $429.60/433.30 in New York.

"There could be some demand at the downside at around $428 but again we don't see much activity today. It seems people are waiting for someone to make the first move," said the Singapore dealer.

Silver was unchanged at $7.18/7.21 an ounce. The metal has lost nearly 4 percent in value since hitting a two-month high of $7.54 on Feb. 22.

In Tokyo, the benchmark February gold futures contract shed 4 yen per gram to 1,460 yen.

Dealers said the bullion market cautiously awaited the U.S. payroll data because of expectations the figures would strengthen the case for a faster pace of rises in U.S. interest rates.

Higher rates could attract more global funds to short-term U.S. assets and boost the dollar. A higher dollar means dollar-priced gold will be more expensive for holders of other currencies.

The euro was flat at $1.3101 .

04 Mrz 2005 14:58

04.03.2005 13:47:30 Silver fixes weaker, gold awaits U.S. data

* Silver falls to 717 cents an ounce in London fixing on Friday, down from the previous day's 729.00 cents. Spot mostly stagnant at $7.17/7.20 by 1226 GMT from New York's late quote on Thursday at $7.18/7.21. Forward rates on Reuters page indicated at 2.56, 2.56, 2.62 and 2.58 for one, three, six and 12 months.

* Gold drifts slightly lower with most traders on the sidelines ahead of key U.S. payrolls data due out at 1330 GMT. Spot at $429.30/430.00 a troy ounce, versus New York's late quote on Thursday of $432.30/433.00.

* Expectations for U.S. non-farm payrolls data for February are for 220,000 new jobs, compared with 146,000 the previous month. Any surprise could move gold sharply either way.

* Palladium, which has gained 14 percent since the start of the week, continues to rise as speculators buy. Spot quoted at fresh three-month high of $204.00/209.00, up from New York's close of $196.00/201.00.

* Platinum falls to $862.50/867.50 from $864.00/868.00.

NEW YORK, March 4 (Reuters) - Palladium futures rose to their highest price in more than three months Friday morning, as funds saw opportunity in a precious metal that had lagged rallies in other commodities in recent weeks, dealers said.

After breaking out on Thursday, June palladium at the New York Mercantile Exchange went up $19.15, or more than 7 percent, to $219 an ounce, its highest since Nov. 30, shortly after the open.

Gold and silver were also strong, mainly on a negative dollar reaction to a mixed February U.S. employment report. But they were a sideshow.

"It's all palladium. It's all fund-related. There was pretty healthy volume in the fixes the last two days," said a trader at a metals refining company.

At 9:47 a.m. (1447 GMT) the active June contract was up $13.65 at $213.50 an ounce. Spot palladium was at $208.00/211.00.

Palladium, a platinum group metal, is mostly used in automotive catalytic converters to clean toxic emissions. Analysts said that, despite strong commercial demand, a supply surplus could limit gains.

The trader said 38,000 ounces were bought at London's two palladium fixes on Friday, exceeding the 37,000 ounces purchased over Thursday's fixes. He also reported a purchase of large $220 two-month call options.

Palladium lollygagged under $200 an ounce while gold was hitting multiyear highs in December. It suddenly started to catch up as another rally in gold stalled in recent days.

Commodities commentator James Quinn at AG Edwards said worries that Russia's palladium stockpile might be smaller than expected might have added support.

On Thursday, Russian President Vladimir Putin signed a decree that could partly lift the veil on the nation's platinum group metal stockpile, which has long been protected as a state secret.

April platinum was up $6.50 at $875 an ounce. Spot platinum was last at $870/874.

COMEX gold for April delivery was up $3.60 at $434.40, trading from $430.40 to $435.60 in the morning.

Funds have been taking advantage of a weak dollar to buy dollar-priced commodities. Metals have been hot during this asset reallocation into the sector.

Gold got an extra lift after the U.S. Labor Department said nonfarm payrolls rose 262,000 in February, a much better number than the 220,000 expected by economists. But the jobs picture was confused by a rise in the unemployment rate to 5.4 percent from 5.2 percent in January.

"The dollar originally should have been neutral to a little weaker, but the dollar is full-blown weaker," said Quinn.

Spot gold priced at $433.10/3.80, up from $429.60/430.30 at the close. The morning fix in London was $433.45.

May silver was up $12.50 at $7.39 an ounce, trading from $7.19 to $7.435. Spot silver fetched $7.32/34, up from $7.18/21. The fix was $7.17.

04 Mär 2005 17:58

04.03.2005 17:44:26 UPDATE 1-Gold rallies in Europe after data, palladium firm

LONDON, March 4 (Reuters) - Gold prices rose to the day's highs in late Friday trading in Europe, underpinned by a downturn in the dollar after February U.S. payrolls data, traders said.

The data showed stronger-than-expected jobs growth last month, with 262,000 non-farm payroll jobs added. Wall Street economists had forecast an increase in jobs of around 220,000.

This signalled the economy was growing but not so fast as to fuel inflationary worries and cause faster interest-rate rises by the Federal Reserve, analysts said.

"Gold is tracking currency moves again. The dollar came under pressure after the data came out better than expected, but still below what many traders said would be necessary to support the greenback," a trader said.

Gold held around $430.00 an ounce and then pushed higher amid invester interest.

Spot moved above $433.00 to settle at $433.70/434.50 a troy ounce by 1558 GMT, versus New York's late quote on Thursday of $432.30/433.00.

Gold's target now was the year's peak of $437.55 scored earlier this week.

PALLADIUM AT THREE-MONTH PEAK
Palladium jumped to a three-month peak as speculators poured cash into the illiquid market amid speculation over metal stockpiles in Russia, the world's biggest supplier.

Analysts questioned palladium's performance -- up 14 percent this week -- given weak fundamentals and illiquid trade conditions.

On Thursday Russian President Vladimir Putin signed a decree that could partly lift the veil on the nation's platinum group metals stockpile, which has long been protected as a state secret.

"We estimate Norilsk has stocks of some 500,000-600,000 ounces of palladium, close to 600,000, which is slightly less than 10 percent of the world's annual sales volume," said Maxim Matveyev, an analyst with Alfa-Bank in Moscow.

Russia's Norilsk (GMKN.RTS) is the world's largest producer of palladium. "Norilsk does not need to sell this metal to the market," Matveyev said, putting Norilsk's palladium output in 2004 at 2.728 million ounces in 2004.

He estimated its own palladium resources in the ground at 153 million ounces and total reserves with controlled companies at 163 million.

Spot palladium was at $208.00/211.00 an ounce, up from New York's previous $196.00/201.00.

Silver jumped to $7.34/7.37 an ounce from $7.18/7.21, while platinum was at $871.00/876.00 from $864.00/868.00.

04 Mär 2005 18:19

04.03.2005 18:02:07 Gold zieht drei Dollar an

London/Zürich, 04. Mär (Reuters) - Aufgrund eines schwächeren Dollars hat der Goldpreis am Freitag angezogen. Das Edelmetall reagierte auch auf die Konjunkturdaten aus den USA, die laut Händlern zeigten, dass die US-Wirtschaft zwar wächst, aber nicht so schnell, dass Inflations- und Zinserhöhungsbefürchtungen angebracht wären. Palladium wurde auf dem höchsten Stand seit drei Monaten gehandelt. Händler wiesen jedoch darauf hin, dass der Markt sehr wenig liquide sei und Spekulanten im Markt seien.

Die Feinunze Gold kostete zu Handelsschluss in Europa 433,90/434,70 (Vorabend 430,15/431,00) Dollar.

Das Nachmittagsfixing in London erfolgte bei 433,45 Dollar nach 429,65 Dollar am Morgen und 430,20 Dollar am Vortag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.185/16.435 (16.183/16433) sfr an.

ajs/och

04 Mär 2005 18:20

04.03.2005 18:00:05 Commodities News Summary

TOP NEWS
> NY copper rallies as jobs hit dollar, help stocks [nN04402495]

NEW YORK - U.S. copper futures shot up toward the long-term high Friday, after U.S. stocks rallied and the dollar declined on a better-than-expected jobs report, traders said on Friday.

U.S. nonfarm payrolls grew by a greater-than-forecast 262,000 in February, compared with 220,000 forecast and 132,000 in January, according to a Labor Department report.

- - - -

> NY palladium jumps, mixed jobs data lift gold [nN04380474]

NEW YORK - Palladium futures rose to their highest price in more than three months Friday morning, as funds saw opportunity in a precious metal that had lagged rallies in other commodities in recent weeks, dealers said.

- - - -

> NY cocoa climbs to 16-week high on dollar weakness [nN04423068]

NEW YORK - New York benchmark cocoa prices rose to a 16-week high in late trading Friday as a weak dollar inspired speculators and funds to extend their long positions, traders said.

- - - -

METALS > Gold rallies in Europe after data, palladium up [nL04378259]

LONDON - Gold prices rose to the day's highs in late Friday trading in Europe, underpinned by a downturn in the dollar after February U.S. payrolls data, traders said.

The data showed stronger-than-expected jobs growth last month, with 262,000 non-farm payroll jobs added. Wall Street economists had forecast an increase in jobs of around 220,000.

- - - -

> Nickel hits 5-month peak, partly on China demand [nL04152346]

LONDON - Nickel, mainly used in stainless steel, hit a five-month peak on Friday as warehouse inventories fell, partly due to China's huge appetite for raw materials.

"These stocks keep on going down -- that is what is underpinning it. That, and the fund buying we have seen," one trader said.

- - - -

GRAINS/LIVESTOCK
> CBOT soybean firm early in choppy trade [nN04452472]

CHICAGO - The soybean futures market was volatile early on Friday, rallying on the open then dipping lower before bouncing back, as uncertainty about South American crop weather going into the weekend kept traders edgy, floor traders said.

- - - -

> Brazil soy crop seen losing 10 mln tonnes-Agrocons [nN04447560]

SAO PAULO, Brazil - Brazil's soybean crop will fall further to 53.1 million tonnes from an earlier forecast of 63.3 million tonnes due the drought over southern soy states, analysts Agroconsult projected on Friday.

- - - -

> EU accelerates wheat exports, stocks still to rise [nL04668710]

PARIS - The European Union's has accelerated its wheat exports by raising subsidies to 10 euros ($13.21) on over 450,000 tonnes but it may still not be enough to ease the bloc's mounting stocks, analysts said on Friday.

EU wheat export subsidies, re-introduced in early February after a gap of 18 months, have been rising steadily from a start at four euros/tonne. The award on Thursday takes them near the level exporters say are needed to win back markets in north Africa.

- - - -

> EU agency all-clear is first step to growing GMO [nL04191620]

BRUSSELS - Europe's leading food safety agency gave a clean bill of health on Friday for the planting of a genetically modified (GMO) maize, only the first step towards possible EU approval for growing.

While the EU has now lifted its 6-year ban on allowing imports of new GMOs, there have no approvals since 1998 on any new gene-spliced crop that could be planted in Europe's fields -- and the EU's 25 governments are deeply divided on the issue.

- - - -

SOFTS > Cocoa gets to Ivorian ports, some farmers strike [nL04640687]

ABIDJAN - Cocoa farmers' strike action continued on a small scale for a second day in some of Ivory Coast's production zones, but port officials said trucks were arriving at the docks at their usual pace on Friday.

- - - -

> EU Commission warns of hefty 05/06 sugar exports [nL04382541]

BRUSSELS - The European Union could see its exportable sugar surplus jump to 3.90 million tonnes in 2005/06 from 2.70 million, raising fears the bloc might breach world trade rules, an internal EU document showed on Friday.

In a simulation of the EU's sugar balance for the current 2004/05 crop year and the following one, the European Commission forecasts that high stock levels and slightly higher output would result in a large move towards exports.

- - - -

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