Beiträge von GoldenCentury

26 Jan 2005 21:35

26.01.2005 21:28:18 UPDATE 1-Canada worried by China buying its resources

(Adds quotes, details)

By David Ljunggren

FREDERICTON, New Brunswick, Jan 26 (Reuters) - Canada is concerned by the prospect of China buying up its natural resources firms and is reviewing tougher investment safeguards, Industry Minister David Emerson said on Wednesday.

Critics say that Ottawa should take steps to ensure that control over a large chunk of Canada's natural resources does not pass over to a China hungry for foreign commodities.

"I have heard general concerns expressed -- and I think I share some of those concerns -- that when you have state-owned enterprises such as enterprises owned or controlled by the government of China, that they may not be entirely market motivated," Emerson told reporters.

"That gives rise to issues that would be of some potential concern to us. That's not to say that we would not welcome Chinese investment in Canada or Canadian resource industries. It's simply to recognize that we would need some undertakings," he added.

China Minmetals Corp., the state-controlled metals trading giant, is in talks with Toronto-based Noranda Inc. (/NRD.TO) about a possible takeover of the base metals producer.

Sinopec (/0386.HK) (/SNP.N) and PetroChina (/0857.HK) (/PTR.N) are keen for a deal with pipeline operator Enbridge Inc. (/ENB.TO), which is seeking Chinese buyers for crude oil to be shipped via a planned line to the Pacific coast.

"When you expose yourself to potentially substantial parts of a given sector being taken over by a foreign government, then you have to start asking questions about at what point does that kind of dominant control of a particular sector become a matter of national interest," Emerson said.

Last week in Beijing, Prime Minister Paul Martin signed agreements aimed at boosting co-operation between the countries in oil and mineral exploration.

But Martin is under pressure from the left-leaning New Democrats -- the party keeping his minority government afloat -- to ensure Canadian sovereignty is not harmed.

Emerson said he was looking at how to strengthen the Investment Canada Act to protect Canadian interests when foreign entities bought domestic firms.

"We would probably want to ensure that these companies were open and transparent and, ideally, continue to be publicly traded," said Emerson, adding that if the act were changed it would be within the next year.

"We have to ensure that -- particularly in the case of non-renewable resources -- we're not just willy nilly unloading our natural resources without ensuring full benefits to Canada as a result."

Ottawa was also reviewing whether to amend the act to give Parliament more control over the merger process. The government currently has to approve any merger worth more than around C$250 million ($200 million).

"There is some question in my mind as to whether we might not want to have the option of review on smaller transactions that may be of a very strategic nature," said Emerson.

($1=$1.23 Canadian)

26 Jan 2005 19:09

26.01.2005 17:31:26 Commodities News Summary

TOP NEWS
> POLL-Coffee to be volatile in 2005 on supply fears [nL26447514]

LONDON - Coffee prices will be volatile in 2005 with huge increases possible if bad weather worsens an expected production deficit, a Reuters poll showed on Wednesday.

- - - -

> UPDATE 1-LIFFE sugar hits 3-1/2 mth high [nL26412014]

LONDON - LIFFE benchmark March white sugar futures hit a 3-1/2-month high at $263.0 a tonne, up 1.19 percent, on Wednesday afternoon due to arbitrage with a strong New York, traders said.

- - - -

> LIFFE cocoa nears 6-week high on speculator buying [nL2619577]

LONDON - London cocoa shot up in late trade on Wednesday to the highest level in almost six weeks as speculator interest in New York buoyed LIFFE futures, traders said.

- - - -

GRAINS/OILSEEDS/LIVESTOCK
> CBOT March soy turns up on cash, wheat/corn firm [nN26610266]

CHICAGO - Chicago Board of Trade grain and soy complex at 9:50 a.m. CST (1550 GMT) on Wednesday.

WHEAT - Higher. March up 2-1/4 at $2.99-1/4 per bushel. Deferreds steady to up 3-3/4 cents.

- - - -

> US cattle numbers seen up for first time in 9 yrs [nN26449777]

CHICAGO, Jan 26 (Reuters) - The U.S. cattle herd may show its first year-over-year increase in nine years as profitable cattle prices, reduced kill rates, and improved grazing encouraged producers to rebuild herds, analysts said.

- - - -

> S.Korea's KFA buys 55,000 tonnes soymeal-traders [nSEO306353]

SEOUL - The Korea Feed Association (KFA) bought 55,000 tonnes of South American soymeal for feed production from Cargill at $233.33 per tonne on a cost-and-freight basis, traders said on Wednesday.

- - - -

> World eyes bumper oilseed crops in 2005/06 -HGCA [nL26138401]

PETERBOROUGH, England - Word oilseed output looks set to jump to record levels in 2005/06 after a sharp rise in plantings this season, but crop development in key grower South America holds the key for prices, a senior market analyst said on Wednesday.

- - - -

> Cargill says Britain struggling on biofuels [nCUL647190]

PETERBOROUGH, England - Britain is unlikely to meet its biofuel production target this year, but investment in this embryonic sector continues to grow, a senior official of U.S. agri-business giant Cargill said on Wednesday.

- - - -

METALS > UPDATE 1-Gold rises $4 in Europe, chases euro [nL2616917]

LONDON - Gold prices ran higher on Wednesday afternoon as a rising euro made the metal a cheaper buy for non-U.S. investors.

Spot gold was at $426.90/427.70 by 1545 GMT, compared with $422.05/422.80 quoted in New York late on Tuesday.

- - - -

> INTERVIEW-Platinum eyes China bridal market [nT282695]

TOKYO - China's slumping platinum jewellery sector is poised for a rebound and affluent young couples with one eye on the altar will be the key, the head of the industry's marketing arm said on Wednesday. James Courage, chief executive of London-based Platinum Guild International, said the Chinese platinum jewellery market has grown, much as it did in Japan, because women have started buying items for themselves.

- - - -

> China alumina prices rise 2 pct on tight supply [nHKG304125]

HONG KONG - Spot alumina prices in China have risen more than two percent in the past two weeks due to tight availability and seasonal demand, traders said on Wednesday.

- - - -

> Miner Antofagasta says yr copper output up 5.6 pct [nWLB0106]

LONDON - Total copper production at Chile's Antofagasta Plc (/ANTO.L) hit 132,200 tonnes in its fourth quarter the London-listed copper miner said on Wednesday.

- - - -

> M'bishi Materials plans May maintenance at Naoshim [nL2684441]

LONDON - Mitsubishi Materials Corp. (5711.DE), Japan's third-largest refined copper producer, said on Wednesday it plans to shut its Naoshima smelter for 27 days from mid-May for maintenance.

- - - -

> Russian copper scrap premiums go as supply rises [nL26109791]

LONDON - Russian copper scrap price premiums have disappeared in 2005 after hitting a record high of $200 per tonne last year, because of increased availability, traders said on Wednesday.

- - - -

SOFT COMMODITIES > Nigerian cocoa stocks at historical highs -dealers [nL26256388]

LAGOS - Cocoa bean stocks at Lagos warehouses are at historical highs after unusually heavy arrivals in January, and this year's harvest may match last year's big crop of 190,000 tonnes, dealers said on Wednesday.

- - - -

> Brazil 04/05 cocoa arrivals fall 10 pct by Jan 23 [nLAHO15201]

SAO PAULO, Brazil - Brazilian 2004/05 (May/April) cocoa arrivals from Bahia and other states totaled 2.68 million 60-kg bags by Jan. 23, down 10 percent from 3.01 million bags a year ago, the Bahia Commercial Association said Wednesday.

- - - -

> UPDATE 2-Kenya tea production hits record high [nL2670538]

NAIROBI - Kenya's tea production hit a record high of 324.6 million kgs in 2004, growing by 10.5 percent from 293.7 million kgs the previous year, the Tea Board of Kenya (TBK) said on Wednesday.

- - - -

> Physical sugar-Firmer Indian, Pakistani demand [nEUSUG2]

LONDON - Brisk Indian and Pakistani enquiries for raw sugar underpinned physical trade this week, but traders ruled out Indian buying of whites for the time being.

- - - -

26 Jan 2005 19:05

26.01.2005 18:29:21 Nachgebender Dollar treibt Goldpreis hoch

London/Zürich, 26. Jan (Reuters) - Gold hat am Mittwoch dank des nachgebenden Dollars zugelegt. Zum Handelsschluss in Europa notierte die Feinunze bei 426,90/427,70 Dollar nach 422,85/423,60 Dollar am Vorabend.

Ein schwacher Dollar macht das in der US-Währung gehandelte Edelmetall für Anleger aus anderen Währungsräumen attraktiver. Der Dollar litt unter den Ängsten vor einer Eskalation der Lage im Irak nach dem Absturz eines US-Militärhubschraubers und zusätzlich auch unter dem für Januar überraschend gestiegenen deutschen Ifo-Geschäftsklimaindex.

Edelmetall-Analysten erwarten, dass sich Gold in der Spanne 421 bis 428 Dollar weiterhin volatil zeigt. Schlüsselereignisse wie die Wahlen im Irak oder das nächsten Monat anstehende Treffen der G-7 Staaten könnten zu nicht kalkulierbaren Ausschlägen führen, hiess es. Längerfristig sollte der Goldkurs angesichts des weiter unter Druck stehenden Dollars aber zulegen können.

Das zweite Goldfixing in London erfolgte bei 425,80 Dollar nach 423,70 Dollar am Vormittag und 424,50 Dollar am Dienstagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.133/16.383 (Vorabend 16.134/16.384) sfr an.

par/pma

26 Jan 2005 17:11

26.01.2005 17:09:10 UPDATE 1-Gold rises $4 in Europe, chases euro/dollar

(Updates to afternoon)

LONDON, Jan 26 (Reuters) - Gold prices ran higher on Wednesday afternoon as a rising euro made the metal a cheaper buy for non-U.S. investors.

Spot gold was at $426.90/427.70 by 1545 GMT, compared with $422.05/422.80 quoted in New York late on Tuesday.

The euro picked up after a strong survey on German business sentiment. It was last at $1.3070.

"Strong German business confidence data today has kept the currencies and in turn precious metals in an active mood," James Moore of TheBullionDesk.com said in a daily report.

Dealers said the market remained skittish within a broad $421-428 range, with no clear direction seen ahead of key events including elections in Iraq this weekend, U.S. President George W. Bush's speech to the nation and the Group of Seven rich nations gathering next month.

Market participants will be looking at such events mainly for their impact on the dollar, although violence in Iraq would heighten gold's safe-haven appeal.

Currency watchers' main focus is early February's G7 meeting amid speculation about a revaluation of the Chinese yuan -- ignited by China on Wednesday.

European policy makers recently urged Asian countries, especially China, to let their currencies rise to share the burden of the dollar's three-year decline.

Analysts were still broadly believers in a higher gold price in the longer term as they expected the dollar to continue its decline.

ELUSIVE TRIGGER
"We continue to expect the dollar to move lower, and gold higher, although identifying the trigger for such a move remains as elusive as ever," HSBC analyst Alan Williamson said in a report.

Williamson noted the latest statistics of the gold holdings on the streetTRACKS gold exchange-traded fund showed a sharp increase in bullion holdings over recent weeks.

Gold held in trust at the close of trading on Tuesday totalled 152 tonnes, up 54.1 tonnes from the start of the year.

In other metals, silver was steadier after prices lost more than two percent on Tuesday due to drops in gold.

Spot silver was last at $6.78.6.80 versus New York's previous $6.66/6.68.

Platinum firmed to $865.00/870.00 from $861.00/866.00, while palladium was down marginally at $187.00/192.00 from $188.00/193.00.

26 Jan 2005 17:03

26.01.2005 16:36:33 NY gold rises early as dollar falls

NEW YORK, Jan 26 (Reuters) - U.S. gold futures climbed Wednesday morning as a weaker dollar against rival currencies sparked buying in the precious metals, dealers said.

At 10:10 a.m. EST (1510 GMT), gold for February delivery was up $3.90 at $426 an ounce on the New York Mercantile Exchange's COMEX division, trading from $421.40 to $426.80.

"In the absence of any particular fundamental change right now, people are very much trading off the currencies, with short-term technical parameters being guidelines and currencies being the main driver," said a New York gold desk trader.

But declining COMEX gold open interest recently, indicating reduced speculative participation, and a smaller fund net long position, should eventually pave the way for long accumulation in gold, market sources said.

Gold futures have been stuck in a trading range from about $400 to $459 over the last five months, and analysts see the action staying choppy in the near term as traders analyze currency moves and U.S. economic data, as well as geopolitical developments.

Analysts said the Iraq presidential elections this weekend, followed by U.S. president George W. Bush's State of the Union address and the Group of Seven meeting in February should keep traders on their toes.

In currency news, some investors expect Asian money to appreciate against the dollar, given recent comments from a Chinese official on the policy of its currency. China is likely to discuss the revaluation of its yuan at the G7 meeting next week, the official said.

A weaker U.S. currency makes dollar-priced metals more attractive to non-U.S. investors.

By midmorning, the dollar fell 1 percent to 103.02 yen , while the euro traded above $1.30 to sit at $1.3050, which is well below its all-time high against the dollar at $1.3667 on Dec. 30.

Chartists peg support in COMEX gold at $420, propped up by steady physical demand due to Asian Lunar New Year, with resistance at $430.

Spot gold changed hands at $425.70/6.50, above Tuesday's late quote at $422.05/2.80. The London afternoon fix was $425.80.

Over-the-counter January options expire Wednesday and dealers said they zeroed in on strike prices around $420.

March silver gained 14 cents to $6.825 an ounce, dealing within a $6.695 to $6.85 band.

Prices of late have struggled up from the bottom of a $6.11 to $8.23 trading range.

Spot silver traded up to $6.78/81 from yesterday's late quote of $6.66/68. The fix was $6.72.

NYMEX April platinum rose $3.10 to $867 an ounce. Spot platinum fetched $864/868.

March palladium dipped $1.55 to $191 an ounce. Spot was at $187/191.

26.01.2005 13:14:29 Gold picks up in Europe, currency pressure looms

LONDON, Jan 26 (Reuters) - Gold prices rose on Wednesday after a currency-led drop the previous day, but the market may face fresh pressure from dollar moves, dealers said.

Spot gold was at $423.50/424.30 by 1158 GMT, compared with $422.05/422.80 quoted in New York late on Tuesday.

"The market held above $421 very well yesterday. I think we're looking broadly at a $421-428 range, but if we go under $420 we could see $417," one dealer said.

Support was located just above this year's low at $416.15, with resistance seen at $430.

Dealers said the market was skittish, with no clear direction seen ahead of key events including elections in Iraq this weekend, U.S. President George W. Bush's speech to the nation and the Group of Seven gathering next month.

Market participants will be looking at such events mainly for their impact on the dollar, although violence in Iraq would heighten gold's safe-haven appeal.

OTC January options are due to expire on Wednesday, with dealers pointing to strike prices around $420.

The dollar edged back against the euro after gaining broadly in the previous session on stronger-than-expected U.S. consumer confidence figures.

A stronger U.S. currency weakens non-U.S. investors' buying power for dollar-priced gold, but currency watchers were looking ahead to early February's G7 meeting amid speculation about a revaluation of the Chinese yuan.

European policy makers recently urged Asian countries, especially China, to let their currencies rise to share the burden of the dollar's three-year decline.

Analysts were still broadly believers in a higher gold price in the longer term as they expected the dollar's decline to resume.

"We continue to expect the dollar to move lower, and gold higher, although identifying the trigger for such a move remains as elusive as ever," HSBC analyst Alan Williamson said in a report.

Williamson noted the latest statistics of the gold holdings on the streetTRACKS gold exchange-traded fund showed a sharp increase in bullion holdings over recent weeks.

Gold held in trust at the close of trading on Tuesday totalled 152 tonnes, up 54.1 tonnes from the start of the year.

In other metals, silver was steadier after prices lost more than two percent on Tuesday due to drops in gold.

Spot silver was last at $6.70/6.73 versus New York's previous $6.66/6.68.

Platinum was flat at $861.00/866.00, while palladium was down marginally at $187.00/192.00 from $188.00/193.00.

25 Jan 2006 17:33

25.01.2005 17:00:08 Commodities News Summary

TOP NEWS
> POLL-Cocoa seen up in '05 on deficit, Ivory Coast [nL25341835]

LONDON - Cocoa prices are expected to make strong gains in 2005 as production lags demand for the first time in three years and political instability in Ivory Coast aggravates supply worries, a Reuters poll showed on Tuesday.

- - - -

> NY gold edges lower early in face of firm dollar [nN25369303]

NEW YORK - U.S. gold futures declined Tuesday morning amid light liquidation and end-of-the-month fund rolling due to a firmer dollar, floor dealers said.

- - - -

> EU food industry called to battle against obesity [nL25458216]

BRUSSELS - Europe's food and drink industry will soon sit down with consumers, health workers and EU regulators to agree ways to tackle a rising trend of obesity, particularly in children, the EU's executive said on Tuesday.

- - - -

> China tells provinces to gird for bird flu [nPEK308350]

BEIJING - China's agriculture ministry has called for stepped up efforts across the country to immunise poultry and help stave off bird flu, a new outbreak of which has killed nine people in Vietnam in recent weeks.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > Iraq doubles US wheat purchaes with 165,000 T buy [nN25286075]

WASHINGTON - Iraq doubled its purchases of U.S. wheat this marketing year with the announcement on Tuesday of a sale of 165,000 tonnes of U.S. hard red winter wheat, an inroad into a market dominated by Australia.

- - - -

> INTERVIEW-Tanzania ready to accept GMO technology [nL25373348]

DAR ES SALAAM - Tanzania is drafting legislation to pave the way for the introduction of genetically modified foods, which anti-GMO campaigners and some African nations fear may harm people or damage local crops.

- - - -

> Angola GMO ban to hit maize food aid imports-WFP [nL25547603]

LUANDA - Angola's ban on imports of genetically modified organisms (GMOs) has put off donors and will have an impact on efforts to provide hundreds of thousands of hungry people with food aid, a UN official said on Tuesday.

- - - -

> Oil World says low soyoil prices not justified [nL24709259]

HAMBURG - Current low soyoil prices are not justified given low stocks in major producing countries, Hamburg-based newsletter Oil World said.

- - - -

> Philippines buys 100,000 T US wheat, eyes more [nSP9515]
SINGAPORE - Philippine grain buyers have struck deals to import
100,000 tonnes of U.S. wheat for March and April shipments, and
traders are eyeing more cargoes for April and May, traders said
on Tuesday.

- - - -

> Japan sets Jan 28 tender for 53,000 tonne [nT304294]

TOKYO - Japan's Agriculture Ministry will hold an ordinary import tender for 53,000 tonnes of rice on Jan. 28, a ministry official said on Tuesday.

- - - -

> Manila buys 80,000 tonnes rice, plans mor [nMN41644]

MANILA - The Philippines bought an additional 80,000 tonnes of rice from Vietnam, and plans to seek tenders for another 500,000 tonnes next month or early March to plug a projected shortfall this year, officials said on Tuesday.

- - - -

SOFT COMMODITIES
> NY coffee slides, sugar steady and cocoa firmer [nN25372485]

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

NYBOT COFFEE - At 10:15 a.m. EST (1515 GMT), arabica March was off 1.05 cent at 103.60 cents a lb, trading within a range from 103.30 cents to 104.65 cents. Traders say coffee futures appear to be taking a breather following a 2 percent gain in prices over the past two sessions. Next technical support target in March was seen at 103.10 cents.

- - - -

> Ivory Coast farmgate cocoa prices mixed Jan 17-23 [nL25644106]

ABIDJAN - Farmgate prices in Ivory Coast's cocoa regions were mixed in the week of January 17-23, data from the BCC marketing body showed on Tuesday.

In the western region of Soubre, farmer Salifou Diakite said buyers in the region were reluctant to pay more because they said prices were falling at the ports.

- - - -

> Sara Lee sees commodity costs higher than plan [nN25296496]

CHICAGO - Sara Lee Corp. (/SLE.N) on Tuesday said it now expects costs for commodities like cotton, energy, meat and coffee to rise $350 million in the current fiscal year, up $100 million from its previous forecast.

- - - -

> Slow start to harvest is latest woe for Cuba's sug [nN25292268]

HAVANA - Cuba's sugar mills have been late opening this month due to a lack of supplies, local media said this week, further jeopardizing a draught-stricken crop which is expected to be the lowest since 1909.

- - - -

> Chocolate maker Lindt's 2004 sales beat f'cast [nL25230263]

ZURICH - Lindt & Spruengli's (/LISN.S) (/LISP.S) 2004 sales beat market expectations on Tuesday, rising 12 percent to 2.016 billion Swiss francs ($1.71 billion), driven by growth in the chocolate maker's premium sector.

- - - -

> UK sweetener company Tate & Lyle says trades [nL25443461]

LONDON - Britain's Tate & Lyle (/TATE.L) is trading well and in line with previous expectations, the sugar and sweetener firm said on Tuesday, as it reported mixed results from the 2005 pricing round at its ingredients businesses.

- - - -

METALS
> ANALYSIS-China zinc TCs rise on power shortage [nL25251087]

HONG KONG/LONDON - Chinese smelters are asking for long-term zinc treatment charges 70 percent above spot, claiming power shortages are limiting production capacity, but miners are balking.

- - - -

> INTERVIEW-Australia miner MIL shifts focus to UK, [nL2593093]

LONDON - Australian resource firm Magnesium International Ltd (MIL) (/MIL.AX) is moving its focus away from Australia, with a UK equity listing imminent and plans to build a major smelter in Egypt on course.

- - - -

> Russia No. 3 copper firm targets 200,000 T in '06 [nL25246961]

YEKATERINBURG, Russia - The Russian Copper Company (RCC), the country's third largest producer, aims to raise cathode copper output to 200,000 tonnes next year from around 130,000 tonnes in 2004, it said on Tuesday.

- - - -

> INTERVIEW-Georgia to sell copper plant, shipbuilde [nL25603585]

TBILISI - Georgia, encouraged by recent privatisation successes, plans to put a copper plant and a shipbuilder on the block this year, Economic Development Minister Alexi Alexishvili said on Tuesday.

- - - -

> India NALCO invites bids for 30,000 T alumina [nL25241876]

LONDON - India's state-run National Aluminium Company Ltd. (NALCO) (/NALU.BO) is selling 30,000 tonnes of alumina in a tender that closes on Friday, traders in Europe and Asia said on Tuesday.

- - - -

25 Jan 2006 17:31

25.01.2005 17:29:05 Dollarerholung sorgt für Gold-Abgaben

London/Zürich, 25. Jan (Reuters) - Gold hat am Dienstag seine am Vortag durch eine Euro-Rallye erzielten Gewinn grösstenteils wieder eingebüsst. Nach Händlerangaben habe eine Gemengelage aus wieder erstarktem Dollar und den Wahlen im Irak Gold unter Druck gesetzt. Nachdem das gelbe Metall am Vormittag noch auf dem Vortagsniveau von rund 427 Dollar verharrt hatte, ging der Kurs am Nachmittag aufgrund besser als erwarteter ausgefallener US-Daten in die Knie. Zumindest habe aber die wichtige Unterstützung bei 420 Dollar gehalten werden können, hiess es weiter.

Der Markt sei recht zuversichtlich, dass Gold noch einigen Spielraum nach oben habe, da die grundlegenden Faktoren für einen Aufschwung mit der Dollarschwäche weiterhin gegeben seien, sagten Händler. Das US-Doppeldefizit dürfte für eine fortgesetzte Dollarabwertung sorgen, und damit den Kauf des in der US-Währung gehandelte Gold für Anleger mit Fremdwährungen günstiger gestalten. Die Fundamente für eine Rallye seien gelegt, doch zuvor müssten die Widerstände bei 428,50 und 430 Dollar fallen, so ein Händler.

Zum Handelsschluss in Europa notierte die Feinunze Gold bei 422,85/423,60 Dollar nach 427,30/427,80 Dollar am Vortag.

Das zweite Fixing in London erfolgte bei 424,50 Dollar nach 426,20 Dollar am Vormittag und 427,35 Dollar am Montagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.134/16.384 (Vorabend 16.162/16.412) sfr an.

pma/ajs

25 Jan 2005 16:28

25.01.2005 16:22:32 NY gold edges lower early in face of firm dollar

NEW YORK, Jan 25 (Reuters) - U.S. gold futures declined Tuesday morning amid light liquidation and end-of-the-month fund rolling due to a firmer dollar, floor dealers said.

"The funds have been doing some selling down here today. The funds are long, and the guys who are not getting out of those positions are rolling forward," said one dealer.

Gold for February delivery dropped $2.60 to $424.50 an ounce by 10:23 a.m. EST (1513 GMT) on the New York Mercantile Exchange's COMEX division, dealing within a tight $424.10 to $428.20 range.

"This is all consolidation with the roll in front of the Iraq election this weekend and the Gross Domestic Product data at the end of this week," one floor source said.

In midmorning trade in New York, the euro was lower at around $1.3009 versus $1.3056 late Monday. The dollar firmed on the back of U.S. consumer confidence rising in January after improving in December. The euro hit a high against the dollar at $1.3667 on Dec. 30.

A stronger U.S. currency makes dollar-priced metals less attractive to non-U.S. investors.

James Moore of TheBullionDesk.com said gold was still dependent on the dollar with February's G7 summit likely to throw some further light on mid-term direction. But he said that if the dollar continues to weaken and fuel costs continue to rise, there could be a more fundamental increase in price as producers, particularly South African, struggle with rising costs and may have to curb production.

Technical analysts placed support for COMEX February gold at $420.30 and $417.10 with key resistance at $429.50-$430 followed by $432.90 and then $446.70.

Spot gold hovered at $424.00/4.80, down from Monday's late quote of $426.60/7.35. The afternoon fix in London was $424.50.

March silver lost 9.0 cents to $6.77 an ounce, trading from $6.735 to $6.87.

Spot silver was quoted at $6.74/76, down from yesterday's late quote at $6.82/85. Tuesday's fix was $6.79.

NYMEX April platinum dropped $8.70 to $863.50 an ounce. Spot platinum fetched $861.50/866.50.

March palladium lost $1.15 to $191.75 an ounce. Spot traded at $187.50/192.50.

© Reuters 2004

25 Jan 2005 13:25

25.01.2005 13:02:40 Europe gold in tight ranges, seeks fresh lead

LONDON, Jan 25 (Reuters) - Gold was glued in a narrow band on Tuesday, swapping a two-week-old $420-430 trading range for a slightly higher one as investors awaited fresh market impetus, European traders said.

Spot gold was at $426.30/426.80 an ounce by 1136 GMT, compared with $426.60/427.35 late in New York on Monday.

Dealers reported small-scale selling as the market approached resistance around $428 earlier, but prices were holding at current levels.

"Investors haven't jumped back into gold in a big way yet and there's plenty of scope to buy. They seem to be waiting for a number of events which are coming up, including the Iraqi election at the weekend, (President) Bush's speech to the nation and the G7 meeting," David Holmes, vice-president at RBC capital markets, said.

Analysts have said that any escalation in violence surrounding the Iraqi election would offer support to bullion as a safe haven for investors.

Currencies added little to the mix as the euro was trading broadly flat around $1.3050 versus the dollar. Bullion had rallied last week in line with a stronger euro, which made the metal cheaper for non-U.S. investors.

Bullion is some way off the 16-1/2-year peak reached in December at $456.75, but analysts were looking for another sweep higher soon.

"Overhead resistance around the $428.50 and $430.00 level needs to be overcome for further gains to be made, but there is increasing evidence that the foundations are being laid for another move higher in the bullion price," HSBC metals analyst Alan Williamson said in a report.

He noted that speculative exposure to gold via the COMEX futures market in New York had moved to its lowest since June, leaving room for fresh buying.

Silver eased down after the market ran to its highest since late December on Monday due to gains in gold.

Analysts said the market might try to move up again to $7.00 -- last seen on December 29 -- but noted that the metal was prone to sharp volatility.

Spot silver was last at $6.77/6.80 compared with $6.82/6.85 late in New York on Monday.

Platinum fell back from consumer-led gains on Monday and was last indicated at $865.00/869.00 from $869.50/874.50 previously, while palladium stood at $191.00195.00 from $188.50/194.50.

25 Jan 2005 09:39

25.01.2005 09:19:04 RPT-TOCOM gold eases in light trade, eyes on key events

(Repeats to add dropped word in headline)

TOKYO, Jan 25 (Reuters) - Tokyo gold futures eased on Tuesday, hit by light profit-taking in modest trading volume with players cautious ahead of a series of economic data and international events that could shape market direction.

The benchmark December gold contract on the Tokyo Commodity Exchange finished down one yen per gram at 1,418 yen, off one yen from a session high. The day's trough was 1,415 yen.

Other months fell by one to four yen with the exception of the spot February contract, which ended flat.

"There was some long liquidation ... but overall the market's slipped into a wait-and-see mood," a Tokyo analyst said.

He said there was reluctance to trade ahead of key economic data and global events scheduled from late January to early February.

These include the Iraqi elections on Jan. 30 and U.S. President George W. Bush's State of the Union address in early February, he said.

Market participants have said the market is likely to trade within a narrow band until early February, barring some unexpected development.

Underscoring the wait-and-see mood, trading volumes slipped.

Total gold turnover on TOCOM was estimated at a moderate 48,849 lots, down from Monday's 60,465 lots.

In the spot market, bullion approached key resistance of $428 an ounce in afternoon trading in Asia, but a firming of the dollar against the euro prevented the metal from making further gains.

Spot gold was fetching $426.50/7.25 an ounce at 0630 GMT, compared with $426.60/7.35 last quoted in New York.

In the currency market, the euro fell against the U.S. currency after more European officials called for Asian economies, particularly China, to take on a bigger share of the dollar's weakness and let their currencies rise.

The dollar was fetching 102.94/97 yen at 0630 GMT, against 102.65/68 yen in late New York trade.

In other precious metals, platinum inched down but continued to trade within a narrow band.

"(The benchmark contract) is finding it difficult to top the key 2,800 yen level ... it continues to look a bit heavy at the top," the analyst said.

He said the benchmark contract had been trading narrowly since mid-December.

Benchmark December platinum futures closed down 10 yen at 2,779 yen per gram, after moving within a range of 2,769 and 2,791 yen.

Spot platinum was at $865/870, down from New York levels of $869.50/874.50 an ounce.

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 1,418 (down 1) 48,849
SILVER 224.4 (flat) 3,363
PLATINUM 2,779 (down 10) 29,162
PALLADIUM 637 (up 2) 1,060

24 Jan 2006 21:15

24.01.2005 20:51:26 NY gold ends slightly firmer as dollar corrects

NEW YORK, Jan 24 (Reuters) - U.S. gold futures settled with slight gains on Monday, giving back almost all of the day's gains, as the dollar rebounded from earlier weakness, market sources said.

"It looked like a lot of the buying today was done in the first hour of trade, due to the dollar's weakness. There was not a lot of news out today that was going to propel the market one way or another," said one bullion dealer.

Gold for February delivery rose 0.20 cent to $427.10 an ounce on the New York Mercantile Exchange's COMEX division, after trading in a tight $426.70-$428.20 band.

"We didn't take out any technical points, with the 100-day moving average sitting right up there and we really didn't break through it," an analyst said.

The dollar traded flat to slightly higher against the euro on Monday, drawing some support from European comments urging Asian countries to let their currencies rise and share the burden of the dollar's weakness.

By the afternoon in New York, the euro was unchanged to a bit firmer at $1.3045, but well off its session high at $1.31. The euro hit a high against the dollar at $1.3667 on Dec. 30.

A softer dollar typically lifts dollar-denominated gold by making it cheaper to buy for non-U.S. investors.

James Moore at TheBullionDesk.com said that gold had another day of euro watching and was likely to remain in this mood over the next couple of weeks in the build up to the G7 summit in early February, that could either add some support to the faltering U.S. dollar, or send it plunging lower.

The Commodity Futures Trading Commission's (CFTC) Commitments of Traders data showed the net fund long position in COMEX gold futures fell to 29,566 contracts as of Jan. 18, from 36,787 contracts on Jan. 11.

It was the lowest tally since June 15, 2004, said Tim Evans, senior commodity analyst at IFR Markets, adding that a fresh cycle of long accumulation may occur in the market.

Evans pegged support in COMEX February gold at $420.30 and $417.10, with key resistance at $429.50-$430, followed by $432.90, and $446.70.

Spot gold was last quoted at $426.60/7.35, up a fraction from Friday's late quote at $426.50/7.00. London's afternoon fix was at $427.35.

In the latest CFTC data, the net speculative long position in COMEX silver was down at 32,646 contracts as of Jan. 18 from 33,118 contracts on Jan. 11.

March silver ended the day up 4.8 cents to $6.86 an ounce, moving between $6.79 to $6.89.

"The bottom in March silver may have been set Jan. 4, at 6.35, but it wad the turn higher off Thursday's 6.47 low and Friday's break to new highs that finally established the recent trading range as a foundation for a new bull run," Evans said.

Spot silver was last at $6.82/85, up from its last late quote at $6.76/79. It fixed at $6.81.

NYMEX April platinum finished up $2.90 to $872.20 an ounce. Spot platinum reached $869.50/874.50.

March palladium rose $0.85 to $192.90 an ounce. Spot traded to $188.50/194.50.

© Reuters 2004

24 Jan 2005 18:01

24.01.2005 17:56:17 Commodities News Summary

TOP NEWS
> UPDATE 1-Time for Japan to resume US beef purchase [nN24123200]

WASHINGTON - U.S. Agriculture Secretary Mike Johanns on Monday said he would do everything possible to resume U.S. beef sales to Japan, interrupted for the past year by the discovery of the first U.S. case of mad cow disease.

- - - -

> UPDATE-LME metals surge on Chinese buying, dollar [nSP31027]

LONDON - London Metal Exchange prices surged on Monday, with copper advancing towards last October's 16-year high and zinc at a new 7-1/4 year peak on Chinese buying and dollar weakness.

- - - -

> Up to Buba to decide on gold sales - German finmin [nPAB001489]

PARIS - The German government has put no pressure on the Bundesbank to sell gold, German Finance Minister Hans Eichel said on Monday.

- - - -

> UPDATE 1-Europe gold firm, meets tough resistance [nL24704388]

LONDON - Gold was firm in Europe on Monday after cutting loose from a $420-425 trading range last week as the euro rallied against the dollar, but resistance was proving hard to crack, dealers said.

- - - -

GRAINS/OILSEEDS/LIVESTOCK
> Snow protects US Midwest wheat [nN24129715]

CHICAGO - Heavy snows that fell across the upper U.S. Midwest this weekend protected the dormant soft red winter wheat crop from frigid temperatures, a private forecaster said on Monday.

- - - -

> UPDATE 1-Algeria tenders to buy 50,000 T wheat [nL24643003]

LONDON - Algeria's state grains agency OAIC has issued a tender to buy 50,000 tonnes of milling wheat, traders said on Monday.

- - - -

> Rain relieves dry Brazil Rio Grande do Sul soy [nN24410724]

RIO DE JANEIRO, Brazil - Rain reached dry soybean areas in Rio Grande do Sul, Brazil's No. 3 soy producing state, improving crop prospects, private meteorologists Somar said on Monday.

- - - -

> Angola bans gene modified imports except aid [nL24522723]

LUANDA - Angola has banned the import of all genetically modified organisms (GMOs) except for food aid destined to feed its hungry, state run news agency Angop reported on Monday.

- - - -

> UPDATE 2-India's oilseeds, grain output forecast [nDL39256]

NEW DELHI - India on Monday forecast a sharply lower grains output and a marginal dip in oilseeds due to poor rains but the country is unlikely to face food shortages or see a spurt in edible oil imports.

- - - -

SOFT COMMODITIES > ANALYSIS-Cocoa market wary of harvest, Ivory Coast [nL24708740]

LONDON - Cocoa market bulls are preparing for a jump in prices on expectations of a disappointing harvest and possible renewal of unrest in Ivory Coast, where a 2002 war pushed cocoa values to a 17-year peak.

- - - -

> Russians consuming less sugar for liquor, jams [nL24587025]

MOSCOW - Top sugar buyer Russia will consume less of the sweetener in 2005, as rising incomes mean Russians make less moonshine liquor and fruit jams at home, while the population keeps dwindling, analysts said on Monday.

- - - -

> China car sales trend weighs on rubber market [nHKG162882]

HONG KONG - A slowdown in China's passenger car sales may offset strong demand for bus and truck tyres in the world's top natural rubber consumer, leaving the rubber market again facing the possibility of global surplus.

- - - -

> Rain to move through Brazil's coffee belt [nN24585939]

RIO DE JANEIRO, Brazil - A cold front will move northward through Brazil's coffee belt, bringing widespread rain to aid crop growth, private forecasters Somar predicted Monday.

- - - -

> Dry spell in Ivory Coast a worry for cocoa farmers [nL24644981]

YABAYO, Ivory Coast - Rainfall is needed after several weeks of dry weather and desert winds in Ivory Coast's cocoa-growing regions to help new pods develop for the upcoming mid-crop (April-Sept) season, farmers said on Monday.

- - - -

> Brazil sees record 2005 cane crop, strong demand [nN2457087]

SAO PAULO, Brazil - Brazil's sugar and ethanol industry expects another record sugar cane crop this year in the main center-south region, as well as continued firm prices due to strong demand.

- - - -

> Physical Sugar-India said to be looking for whites [nN24383699]

NEW YORK - India was said to be inquiring about a cargo or two of white sugar, but business was subdued on the whole given the recent firmness in prices, brokers said Monday.

- - - -

METALS
> Zinc miners, smelters struggle to agree charges [nL24468176]

LONDON - Zinc smelters are resisting calls from mining firms for record low annual treatment charges after more than two weeks of talks, traders said on Monday.

- - - -

> Glencore says Portovesme zinc plant under review [nL24448827]

LONDON - Swiss-based international producer and trader Glencore Intl AG put a question mark over the future of its Portovesme ISF zinc smelter on Monday.

- - - -

24 Jan 2005 17:19

24.01.2005 17:16:47 Gold nutzt schwachen Dollar zu Kursgewinnen

London/Zürich, 21. Jan (Reuters) - Gold hat am Montag mit einem kräftigen Kurssprung die engen Korridor der vergangenen Woche hinter sich gelassen. Vor allem der wieder verstärkt unter Druck geratene Dollar habe das gelbe Metall aus der Spanne von 420 bis 425 Dollar befreit und nach oben ausbrechen lassen, sagten Händler. Dabei habe der Dollar unter gedämpften Spekulationen über Zinserhöhungen in den USA, dem wieder höheren Ölpreis an den Terminmärkten sowie schwächer erwarteten US-Konjunkturdaten gelitten. Zudem werden die Märkte angesichts der bevorstehenden Wahlen im Irak und einer möglichen Eskalation im Iran immer nervöser.

Der Markt sähe Gold wohl gern bei 430 Dollar, doch brauche er dafür noch mehr Unterstützung von einem starken Euro, so ein Händler. Aufwertungen der europäischen Einheitswährungen gegenüber dem Dollar verbilligen das in der US-Währung gehandelte Gold für Käufer aus dem Euro-Raum. Nach Ansicht von Alexander Zumpfe von Dresdner Kleinwort Wasserstein müsse Gold sich aber zunächst über der Marke von 426,60 Dollar etablieren, bevor die Aufwärtsbewegung weiter Fahrt aufnehmen könnte. Der in dieser Woche anstehende Reigen von US-Daten könnte dazu beitragen.

Zum Handelsschluss in Europa notierte die Feinunze Gold bei 427,30/427,80 Dollar nach 423,40/423,90 Dollar am Freitagabend.

Das zweite Fixing in London erfolgt bei 427,35 Dollar nach 427,60 Dollar am Vormittag und 423,30 Dollar am Freitagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.162/16.412 (Vorabend 16.079/16.329) sfr an.

pma/ajs

24 Jan 2005 16:14

24.01.2005 16:10:22 NY gold inches up at open as dollar extends losses

NEW YORK, Jan 24 (Reuters) - U.S. gold futures opened slightly higher Monday morning mostly on currency-based buying as the dollar continued to backpedal against the euro, dealers said.

By 10:02 a.m. EST (1502 GMT), gold for February delivery was trading 80 cents firmer at $427.70 an ounce on the New York Mercantile Exchange's COMEX division, dealing in a $426.70 to $428.20 band.

The euro gained ground against the dollar, extending Friday's rise to trade around $1.3078 from a session low of $1.3033. It was last quoted at $1.3067. The euro hit a high against the dollar at $1.3667 on Dec. 30.

The dollar's early 2005 rally began to falter late last week as some U.S. economic data came in weaker than expected, and comments by Federal Reserve officials suggested that a tightening policy may not be as aggressive as expected.

A softer dollar typically lifts dollar-denominated gold by making it cheaper to buy for investors outside the United States.

Traders said the market was also supported by increased tensions in Iraq ahead of the scheduled elections there on Jan. 30.

The Commodity Futures Trading Commission's Commitments of Traders data released Friday showed the net fund long position in COMEX gold futures fell to 29,566 contracts as of Jan. 18 from 36,787 lots on Jan. 11.

It was the lowest tally since June 15, 2004, said Tim Evans, senior commodity analyst at IFR Markets, adding that a fresh cycle of long accumulation may occur in the market.

"We see substantially more upward potential than downside risk, now that the excess speculative length has been cut out of the market," Evans stated in a report.

Evans pegged support for COMEX February gold at $420.30 and $417.10 with key resistance at $429.50-$430, followed by $432.90 and $446.70.

Spot gold traded at $427.50/8.00 versus Friday's late quote at $426.50/7.00. The London afternoon fix was $427.60.

In the latest CFTC data, the net speculative long position in COMEX silver was down at 32,646 contracts as of Jan. 18 from 33,118 contracts on Jan. 11.

March silver gained 5.3 cents to $6.865 an ounce, dealing from $6.79 to $6.89.

"The bottom in March silver may have been set Jan. 4 at $6.35 but it was the turn higher off Thursday's 6.47 low and Friday's break to new highs that finally established the recent trading range as a foundation for a new bull run," Evans said.

Spot silver was at $6.85/87, up from its late Friday quote of $6.76/79. It fixed at $6.81.

NYMEX April platinum was up $8.70 at $878 an ounce. Spot platinum fetched $875/879.

March palladium gained 95 cents to $193 an ounce. Spot traded at $189/194.

24 Jan 2005 13:28

24.01.2005 13:26:28 Silver fixed higher, Europe gold firms

* Silver fixed higher on Monday at 681.00 cents per ounce compared with previous fix at 658.00 cents. Spot market buoyant on the back of rising gold prices -- last at $6.80/6.83 by 1208 GMT from New York's $6.76/6.79 on Friday.

* Silver forward rates on Reuters page indicated at 2.428, 2.418, 2.408 and 2.238 for one, three, six and 12 months respectively.

* Gold firm after breaking free of $420-$425 trading range last week, indicated at $427.20/427.70 a troy ounce by 1208 GMT from $426.50/427.00 during late New York trade on Friday.

* Spot bullion looking ripe for fresh gains after hitting a peak of $428.20 during New York trade at the end of last week -- its highest since January 4. Traders say moves dependent on the dollar/euro. Euro last at $1.3063.

* Platinum edges up to $866.00/870.00 versus $865.00/870.00 in New York on Friday, while palladium firms to $189.00/192.00 from $186.00/190.00 previously.

24 Jan 2005 09:55

24.01.2005 09:13:46 TOCOM gold climbs to 2-week high on firm bullion

TOKYO, Jan 24 (Reuters) - Tokyo gold futures rose on Monday to a two-week high, lifted by firm bullion prices, while underlying sentiment was seen steady for the time being.

The benchmark December gold contract on the Tokyo Commodity Exchange finished up eight yen per gram at 1,419 yen, a session high.

It was the highest level for the benchmark contract since it briefly rose to 1,429 yen on Jan. 7.

The day's trough was 1,416 yen.

Other months rose by six to nine yen.

Market participants said they would be closely watching the currency market and the election in Iraq on Jan. 30 for a clue to direction for TOCOM gold.

"I think the market will want to see how the election in Iraq goes, and that is providing some support ... but there is also a wait-and-see attitude in the market ahead of the event," a Tokyo analyst said.

Crude prices could rise further depending on the outcome of the Iraq election, which could spur buying for gold as a hedge against inflation, he said.

Bullion prices kept their lustre among investors in Asia even as the dollar steadied, suggesting recent price gains will stick.

Spot gold was fetching $427.30/7.80 an ounce at TOCOM's closing bell, compared with $426.50/7.00 last quoted in New York.

The currency market is expected to drift in a tight range this week ahead of meetings of the Federal Reserve and Group of Seven, both early next month.

The dollar was fetching 102.87/2.92 yen at 0630 GMT, against 102.60/68 yen in late Friday New York trade.

Exchange rate flexibility is expected to be a major topic of debate at both the Federal Reserve meetings on Feb. 1-2 and the G7 finance ministers meetings on Feb. 4-5.

December TOCOM silver was at 224.4 yen per 10 grams, up 6.5 yen.

Spot silver was at $6.79/6.80 an ounce versus $6.76/79 in New York.

Benchmark December platinum futures closed up 12 yen at 2,789 yen per gram.

Spot platinum was at $866/871, up from New York levels of $865/870 an ounce.

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 1,419 (up 60,465
SILVER 224.4 (up 6.5) 4,984
PLATINUM 2,789 (up 12) 37,867
PALLADIUM 635 (up 15) 1,368

21 Jan 2006 21:28

21.01.2005 20:39:10 NY gold settles firmer, silver hits 3-week high

NEW YORK, Jan 21 (Reuters) - U.S. gold futures closed up and near a 12-week peak Friday as the dollar slipped against the euro, making precious metals a better buy for overseas investors.

Gold for February delivery finished the day was up $4.30 at $426.90 an ounce on the New York Mercantile Exchange's COMEX division after trading from $421.30 to $428.50 which was its loftiest level since Jan. 5.

"The rally today really started off with the Michigan sentiment numbers that were softer than expected, which hurt the dollar," said one dealer.

"As the dollar started to weaken, it gave guys confidence in their long positions," he added.

Meanwhile, trade and fund buying ran silver prices into buy-stop orders above the market that lifted the precious metal up about 3.87 percent on the day.

James Moore at TheBullionDesk.com believed silver could start to edge toward its 100-day moving average at around $6.946 should base metal prices continue higher.

March silver shot up 25.4 cents to end at $6.812 an ounce, after trading from $6.550 to $6.830 which was its best level since Dec. 30.

Spot silver was at $6.76/79, from its last late quote at $6.52/55. It fixed at $6.58.

The dollar weakened following the release of the University of Michigan's preliminary reading of its consumer confidence index sentiment that showed a reading of 95.8, down from December's final reading of 97.1.

Following the report, the euro began to rally against the dollar and traded to its highs at around the $1.3067 level from a session low of $1.2934. It was last quoted at $1.3050. The euro hit a high against the dollar at $1.3667 on Dec. 30.

A softer dollar typically lifts dollar-denominated gold by making it cheaper to buy for non-U.S. investors.

Merrill Lynch said in a report this week that the price of gold could reach $480 an ounce during the first half of 2005 if the euro strengthens to $1.39 in the same six-month period.

The investment bank sees gold averaging $440 in 2005, with the metal trading in a range between $400-$480.

Technicians see support in COMEX February gold at $420 and $417.10, with key resistance at $432.90 and $434.70.

Spot gold was last quoted at $426.50/7.00, compared with Thursday's late quote at $422.40/2.90. London's afternoon fix was $423.30.

NYMEX April platinum ended up $5.60 at $869.30 an ounce. Spot platinum reached $865/870.

March palladium gained $4.95 to $192.10 an ounce. Spot hit $186/190.

21 Jan 2006 18:05

21.01.2005 17:54:44 NY silver futures surge to 3-week high as funds buy

NEW YORK, Jan 21 (Reuters) - U.S. silver futures surged at midday Friday to a three-week high of $6.79 an ounce as fund buying touched off buy-stop orders which quickened the climb, floor sources said.

Silver for March delivery was up 23.2 cents at $6.79 an ounce at 11:53 a.m. EST (1653 GMT), trading from $6.55 to $6.7950.

The $6.795 session peak was silver's loftiest level since Jan 3.

21 Jan 2006 17:44

21.01.2005 17:36:56 Commodities News Summary

TOP NEWS
> Canada board to sell 1 mln t wheat to China [nN21613629]

OTTAWA - China has agreed to buy one million tonnes of milling wheat from the Canadian Wheat Board during the 2005-06 marketing year, a CWB statement said on Friday.

- - - -

> EU restarts wheat subsidies, world supply weighs [nL218739]

PARIS - The European Union's decision to restart wheat export subsidies, risking transatlantic trade tensions, may lift prices near-term, but exporters still face a huge weight of supply on world markets, analysts said on Friday.

- - - -

> UPDATE 1-APT at highest since '77 [nL21589913]

LONDON - APT tungstate traded above the $100 a metric tonne unit (MTU) level on Friday, the highest since 1977, boosted by tight supplies of tungsten ores from key supplier China, traders said.

- - - -

> EU resolves wrangle over reimposing U.S. sanctions [nL2141244]

BRUSSELS - The European Union resolved an internal wrangle on Friday over whether to assert now that sanctions on U.S. goods could be automatically reimposed in 2006 if the WTO backs its complaint about residual export tax breaks.

- - - -

> EU fast-tracks trade breaks to help tsunami states [nL21138753]

BRUSSELS - The European Union has agreed to fast-track its new trade access regime for developing countries in a bid to help tsunami-hit states in the Indian Ocean, the EU executive Commission said on Friday.

- - - -

METALS > NY copper jumps on stocks drop, technical buying [nN21399048]

NEW YORK - COMEX copper futures rose Friday morning, pulled higher by a rally in London where prices were driven up by a drop in global copper inventories, which then triggered automatic buy-stop orders placed by funds, traders said.

- - - -

> UPDATE 2-Harmony extends Gold Fields offer [nL21448911]

JOHANNESBURG - South Africa's Harmony Gold (HARJ.DE) on Friday extended its takeover offer for rival Gold Fields Ltd (GFIJ.DE) by over a month until March 18.

- - - -

> World copper f'cast up on Chile output-Reuters MPD [nL19120516]

LONDON - World copper output forecasts have been boosted by expansion of Codelco's Chuquicamata plant in Chile, already the world's largest copper refinery, Reuters Metal Production Database (MPD) data show.

- - - -

> Cobalt marks time at 2-1/2 mth high, seen balanced [nL21489315]

LONDON - Cobalt held around the highest levels since early November in Europe on Friday, with recent price stability a reflection of a broadly balanced market, traders said.

- - - -

> S.African ARM close to finding nickel partner [nL21476510]

JOHANNESBURG - South Africa's African Rainbow Minerals Ltd. (ARIJ.BE) expects to seal a deal in weeks with a partner to help finance an expansion of its Nkomati nickel mine to triple output, the firm's CEO said on Friday.

- - - -

> INTERVIEW-S.African ARM targets 600,000 oz PGM [nL21682135]

JOHANNESBURG - South Africa's African Rainbow Minerals said on Friday it wants to boost production of platinum group metals by sixfold by 2008 to 600,000 ounces.

- - - -

> Canada's Kinross wants to quit Russian gold -paper [nL21396648]

MOSCOW - Canada's Kinross Gold Corp. (/K.TO) wants to abandon Russia's booming gold sector because of bad business conditions, Kommersant daily reported on Friday.

- - - -

> Deutsche sees an era of zinc deficits looming [nL21489738]

LONDON - Zinc prices look set for higher levels in 2005 as global demand was seen outstripping supply for at least the next two years, Deutsche Bank said on Friday.

- - - -

GRAINS/OILSEEDS/LIVESTOCK
> CBOT soy/corn set back early, wheat slightly up [nN21514759]

CHICAGO - Chicago Board of Trade grain and soy complex at 10:10 a.m. CST (1610 GMT) on Friday.

- - - -

> USDA extends comment period related to Canada beef [nN21608845]

WASHINGTON - A March 7 date for resuming imports of cattle from Canada will not be delayed by the U.S. Department of Agriculture's decision to give the public more time to comment on the plan's environmental impact, an agency official said on Friday.

- - - -

> Johanns may take oath as U.S. ag secretary Friday [nN21198962]

WASHINGTON - Michael Johanns, who says he is eager to begin work as U.S. agriculture secretary, may be sworn into office on Friday by departing secretary Ann Veneman, a USDA official said.

- - - -

> Russia may relax import ban on some EU farm goods [nL21100160]

BERLIN - Russia may soon lift import curbs on some European Union farm goods, Russia's food safety chief said on Friday as the two sides groped for a settlement to a series of recent clashes over trade in food products.

- - - -

> UPDATE 1-S.Africa brokers hit by maize price fall [nL21525877]

JOHANNESBURG - Plunging South African maize prices threaten to push smaller futures brokerages out of business as farmers -- who cannot break even at current prices -- fail to pay margins, brokers say.

- - - -

SOFT COMMODITIES > Widespread rain to continue over Brazil's coffee [nN21OFWEAT]

SAO PAULO, Brazil - Widespread rain will hit all of Brazil's main coffee producing states over the next week, private forecaster Somar predicted Friday, adding that the southern state of Parana will also get wet.

- - - -

> Brazil Sugar-Discounts narrow on foreign demand [nN21552763]

SAO PAULO, Brazil - A light pick-up in foreign interest for Brazilian sugar in recent weeks helped narrow export discounts at Brazil's ports, traders said Friday.

- - - -

> Low prices choke flow of Ivory Coast cocoa [nL21570961]

SAN PEDRO, Ivory Coast - The flow of cocoa to Ivory Coast's southwestern port of San Pedro has slowed as farmers and middlemen stock much of the plentiful bean supply in the region in the hope prices will rise soon.

- - - -

all