Beiträge von GoldenCentury

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.

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> 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.

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> 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.

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> 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.

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> 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.

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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.

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> 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.

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> 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.

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> 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.

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> 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.

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> 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.

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> 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.

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> 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.

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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.

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> 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.

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> 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.

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> 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.

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> 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.

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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.

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> 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.

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> 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.

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all

21 Jan 2006 17:32

21.01.2005 17:10:31 NY copper jumps on inventory drop, technical buying

NEW YORK, Jan 21 (Reuters) - 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.

"It was very bullish in London overnight, we opened higher and triggered some light stops (loss buy orders) above $1.4265 and then again at $1.4305 (a lb. on March copper)," said one COMEX floor broker.

At the COMEX division of the New York Mercantile Exchange, benchmark March copper rose 2.00 cents to $1.4350 a lb, in a range between $1.4110 and $1.44. Spot January was up 2.20 cents at $1.48, and the rest gained from 1.80 to 2.20 cents.

COMEX estimated 1000 a.m. EST copper volume at 6,000 lots.

Most of the buying came from arbitrage buyers in London, who were inspired by Chinese interest overnight, which then set off funds stop loss buy orders in the COMEX market. But, then the buying stopped, brokers said.

"No one followed through. That was the big problem. The buying came, nobody came behind it. Now they're sitting, and now they're getting a little nervous," another broker said.

Brokers said locals got caught short the first time buy orders were triggered, but they sold into the second level.

"I think they're (locals) playing it from the short side right now," said one trader.

Tight Chinese stocks, which fell to less than 30,000 tonnes this week, encouraged buying in Europe that spilled over into the New York session where brisk buying in the arbitrage market transpired, traders said.

At Shanghai Futures Exchange warehouses, copper stocks fell to 29,347 tonnes in the week. With two weeks to go to the expiry of the February contract, traders there said some players are betting imports will not be high enough to deliver against open positions.

Others think there are sufficient copper stocks to meet demand before markets close for the Chinese New Year in mid-February.

London Metal Exchange copper warehouse stocks fell by 150 tonnes to 43,475 tonnes on Friday. On Thursday, COMEX copper inventories were down 166 short tons at 47,981 tons.

After the New York open, copper added to gains after the preliminary reading of the University of Michgan's consumer sentiment survey came in lower than forecast at 95.8 in January than 97.1 last month.

The dollar fell against the euro after the sentiment data, which renewed speculative buying on the COMEX.

Traders said short-term traders on COMEX and in London have been keying off of fluctuations in the euro, but large hedge funds were more likely to buy copper based on suggestions of strong demand fundamentals.

Dollar losses tend to improve purchases of dollar-denominated assets, like copper, by overseas buyers.

LME copper for three-months delivery shot up to $3,078 a tonne from Thursday's close at $3,040.

21 Jan 2006 17:14

21.01.2005 17:08:14 UPDATE 1-Europe gold in tight ranges, glued to dollar

(updates to afternoon)

LONDON, Jan 21 (Reuters) - Gold advanced slightly in Europe on Friday but the market was mired in tight ranges in step with narrowly traded currencies, dealers said.

There was some optimism that the metal could break higher in the next few days as support held reasonably well this week.

Spot gold stood at $423.40/423.90 by 1545 GMT, from $422.40/422.90 late in New York on Thursday.

"Gold just continues hovering sideways within its $420.00/427.00 range, with some impetus coming from forex but its very quiet overall," a European dealer said.

Barclays Capital noted in a daily report that gold's performance had been resilient this week, given that the euro had slipped below $1.30 against the dollar, with physical buying interest reported from Asia.

The euro had managed to claw higher on Friday, moving back over the $1.30 mark against the dollar in the afternoon, but was still within sight of two month lows hit on Thursday due to expectations for a faster pace of U.S. interest rate rises. It was last at $1.3005 against the dollar.

Federal Reserve officials assured the market on Thursday that the bank stood ready to act on inflation.

U.S. monetary tightening would tend to lure more money into dollar deposits -- making gold less attractive as an alternative investment.

Analysts were still looking for bullion to trend higher longer term, with prices approaching the 16-1/2 year high scored in December at $456.75.

"Longer-term we still retain our positive outlook for gold with the return of a weaker dollar the likely catalyst," James Moore of TheBullionDesk.com said in a daily report.

In other metals, silver firmed in line with gold, last at $6.65/6.68 compared with $6.52/6.55 late in New York on Thursday.

Platinum moved up to $865.00/870.00 from $859.50/864.50, while palladium also firmed to $188.00/193.00, from $181.00/187.00.

DJ Harmony Extends Offer To Gold Fields Hldrs To Mar 18

LONDON, Jan 21, 2005 (ODJ Select via COMTEX) -- Edited Press Release

(Dow Jones)--Harmony Gold Mining Company Limited Friday announces that, whilst
it is awaiting the outcome of the investigation of the proposed merger by the
Competition Authorities of South Africa, the expected closing date of the
subsequent offer is hereby extended to 12.00 pm South African time, on Friday,
18 March 2005.

Harmony said that it will notify shareholders by means of a public announcement
of any amendment to the expected closing date of the subsequent offer set out
above.

Harmony announces that as at 12.00 p.m., South African time, on 20 January 2005
valid acceptances of the subsequent offer had been received in respect of a
total of 44 416 Gold Fields shares.

Harmony considers this level of acceptances to be entirely consistent with
customary market practice where an offer is still awaiting approval from the
competition authorities.

In addition, as previously announced, Harmony has received an irrevocable
undertaking from Norilsk to accept the subsequent offer in respect of 98,467,758
Gold Fields shares, representing approximately 20.03% of the entire issued share
capital of Gold Fields.

The company said that the extension of the closing date of the subsequent offer
does not impact the Norilsk"s irrevocable undertaking. Accordingly, Harmony now
either owns, has received valid acceptances of the subsequent offer or has an
irrevocable undertaking to accept the subsequent offer in respect of a total of
155,077,569 Gold Fields shares representing approximately 31.5% of the entire
issued share capital of Gold Fields.

(C) Copyright 2005 ODJ

21 Jan 2005 14:35

21.01.2005 13:20:23 Silver fixed higher, Europe gold stuck in ranges

* Silver fixed higher at 658.00 cents from previous fix on Thursday at 652.00 cents. Spot market moves slightly higher to $6.58/6.59 by 1210 GMT against $6.52/6.55 late in New York on Thursday. * Silver forward rates on Reuters page indicated at 2.250, 2.243, 2,272 and 2.163 for one, three, six and 12 months respectively. * Gold little changed in Europe at $422.50/423.00 per troy ounce by 1210 GMT, versus $422.40/422.90 late in New York on Thursday. * Bullion stuck in tight band between $420 and $424 as the dollar trades steadily against the euro. Euro last at $1.2954. * Dollar bolstered by expectations of rising U.S. interest rates, which would yield higher investment, although worries persist about the country's ability to fund its fiscal, trade and current account deficits. * Platinum edges up $2.50 to $862.00/867.00. * Palladium at $184.00/188.00, from $181.00/187.00.

21 Jan 2005 14:34

21.01.2005 12:59:02 Europe gold in tight ranges, dollar/euro in focus

LONDON, Jan 21 (Reuters) - Gold was stuck in a tight band on Friday morning in Europe, constrained by U.S. interest rate rise expectations that underpinned the dollar, dealers said.

There was some optimism however that the metal could break higher in the next few days as support held reasonably well this week.

Spot gold stood at $423.00/423.50 by 1143 GMT, from $422.40/422.90 late in New York on Thursday.

"The longer we can stay above the $420 area, we can then look for $425," Peter Hillyard, head of European metal sales at ANZ bank said.

"So on the balance of probability, the market will trend higher," he added.

Barclays Capital noted in a daily report that gold's performance had been resilient, given that the euro had slipped below $1.30 against the dollar, with physical buying interest reported from Asia.

The euro had managed to claw higher against the dollar but was still within sight of two month lows hit on Thursday due to expectations for a faster pace of U.S. interest rates rise. It was last at $1.2984 against the dollar.

Federal Reserve officials assured the market on Thursday that the bank stood ready to act on inflation.

U.S. monetary tightening would tend to lure more money into dollar deposits -- making gold less attractive as an alternative investment.

Analysts were still looking for bullion to trend higher longer term, with prices approaching the 16-1/2 year high scored in December at $456.75, as they expect the dollar to turn lower.

In other metals, silver steadied in line with gold, last at $6.58/6.61 compared with $6.52/6.55 late in New York on Thursday.

"Our initial call is for a neutral trading day with 6.50-6.60 being a potential range," Alexander Zumpfe of Dresdner Kleinwort Wasserstein said in a daily report.

Platinum edged up $2.50 to $862.00/867.00, while palladium firmed to $184.00/188.00, from $181.00/187.00.

21 Jan 2005 10:23

21.01.2005 09:11:23 Tokyo gold rises to one-week high as yen falters

TOKYO, Jan 21 (Reuters) - Tokyo gold futures rose to a one-week high on Friday as a fall in the yen prompted fresh buying from investors and as end-users such as jewellery makers picked up gold on bargain hunting.

Gold futures on the Tokyo Commodity Exchange were supported given the firmness in spot bullion , which has held above $420 per ounce despite the dollar's rally against the euro.

"The yen's fall to around 103.50 yen (against the dollar) was the key reason behind the rise in gold," said Tatsuo Kageyama, analyst at Kanetsu Asset Management.

"Probably we can say sentiment is gradually improving as it seems that the market has confirmed a bottom at a low of 1,385 yen."

The benchmark December TOCOM gold contract closed up 14 yen per gram or 1 percent at a session high of 1,411 yen -- the highest since Jan. 13. Other contracts closed up 8 to 13 yen.

On Monday, the benchmark contract had fallen to 1,385 yen -- a low last seen around the end of July.

At 0739 GMT, spot bullion was quoted at $422.50/3.00 an ounce against $422.40/2.90 in New York.

The dollar held near a two-month high against the euro, buoyed by expectations that U.S. interest rates would continue rising steadily, attracting funds to the United States.

The dollar was at $1.2955/56 against the euro, just above a two-month high of $1.2922 struck on Thursday.

The yen fell to 103.45/50 yen , which was 1.7 percent below a five-year high of 101.67 hit on Monday.

End-users and jewellery makers were detected buying spot gold around $420, traders said.

Yen-based investors were also detected buying physical gold actively below 1,400 yen over the past week, they said.

Japanese bank depositors have been diversifying their assets into gold ahead of the end of a government guarantee on bank deposits at the end of March.

"Future prices are being supported after seeing strong buying of physical gold below 1,400 yen," Kageyama said.

"We should see more safe-haven buying of gold as we come closer to the Iraqi election (on Jan. 30). We have to watch this very closely as it could influence the dollar greatly."

Other TOCOM precious metals struggled to find a direction, with investor interest fading in holding platinum.

"It seems that the market is a bit tired of seeing platinum being locked in a tight range for so long," said a trader at a Japanese trading house.

"Many investors appear to be shifting out of platinum and going somewhere else, where there is more volatility."

The December TOCOM platinum contract has been locked in a range of 2,700-2,800 yen per gram since early December.

Open interest was at 165,432 contracts as of Thursday, down sharply from around 184,500 in early December, which indicated there were fewer investors holding positions in platinum.

December platinum futures closed up 16 yen per gram at 2,777 yen. It had moved in a range of 2,760 to 2,780 yen.

Other contracts closed up 18 to 24 yen.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams:

For open interest details please click

Closing price Turnover (lots)
GOLD 1,411 (up 14) 50,930
SILVER 217.9 (up 0.2) 1,513
PLATINUM 2,777 (up 16) 27,883
PALLADIUM 620 (up 5) 935

20 Jan 2006 21:07

20.01.2005 20:42:10 NY gold ends down on firm dollar, seen rangebound

NEW YORK, Jan 20 (Reuters) - U.S. gold futures ended down Thursday but managed to climb off their session lows as some light speculative short-covering lifted prices as the market continued to take its cue from price fluctuations in the Eurodollar, traders said.

"This market is basically currency driven, so we will probably be rangebound short-term. We may begin to move higher at the end of the month with the Iraq elections and the G7 meeting in February," said one analyst.

February gold futures ended down 70 cents at $422.60 an ounce on the New York Mercantile Exchange's COMEX division after dealing between $420.30 and $423.40.

"We saw some light liquidation go below the triple-bottom at $421.10 but there wasn't really anything huge down there and there was some light selling against the Eurodollar rally," said one floor source.

The dollar climbed to a two-month high against the euro on Thursday, supported by market expectations of higher interest rates, which would bolster the U.S. currency's yield appeal.

However, the dollar initially slipped against the euro, and gold had a brief bounce following a softer-than-expected Philadelphia Federal Business conditions survey that hit an 18-month low of 13.2, well below economists' forecasts of 26.4.

By midafternoon in New York, the euro traded lower at $1.2964. Earlier in the session, the euro fell to $1.2924, its lowest since November. The euro hit a high against the dollar at $1.3667 on Dec. 30.

A firmer dollar usually pressures gold, as it becomes more expensive for overseas investors.

Support in COMEX February gold was pegged at $420 and $417.10, with key resistance at $428.30, $432.90 and $434.70.

Spot gold last priced at $422.40/2.90, up slightly from Wednesday's late quote at $422.00/2.50. The afternoon fix in London was $422.90.

March silver settled 6.70 cents lower at $6.558 an ounce, after trading from $6.475 to $6.640.

Spot silver was last quoted at $6.52/55, down from its last late quote at $6.59/62. It fixed at $6.52.

NYMEX April platinum closed down $4.20 at $863.70 an ounce. Spot platinum was last quoted at $859.50/864.50.

March palladium fell $2.10 to $187.15 an ounce. Spot hit $181/187.

© Reuters 2004

20 Jan 2005 13:35

20.01.2005 12:40:24 Gold falls in Europe as stronger dollar weighs

LONDON, Jan 20 (Reuters) - Gold was under pressure in Europe on Thursday morning, with investors shying away due to dollar strength and the prospect of U.S. interest rate rises, dealers said.

Spot gold dipped to $421.80/422.30 by 1128 GMT, from $422.00/422.50 late in New York on Wednesday.

"Gold is a bit quiet with pressure from the dollar -- it looks like people may try and push the price under $420 today," one dealer said.

"Gold could now make a pass at the band of support located between $420 and $415, although strong seasonal demand from the physical sector should stem any dollar driven weakness and prevent a break on the downside," Standard Bank London said in a daily report.

The dollar moved near to its highest in two months against the euro as investors bet interest rate rises in the United States would bolster the U.S. currency's yield appeal in the future. The euro was last at $1.2948.

Higher U.S. interest rates would tend to boost demand for dollar-deposits, taking the shine off gold as an alternative investment, but dealers and analysts said the dollar's firm status looked temporary.

Worries over the ability of the United States to fund its fiscal, trade and current account deficits have weighed on the dollar overall for the past three years -- taking it to a record low against the euro earlier this year.

"I think this could be a buying opportunity, I think the dollar will weaken again at some point and that will boost gold," the dealer said.

Analyst James Moore of TheBullionDesk.com said gold should recover further out.

"Longer-term we still retain our positive outlook for gold with even Warren Buffet bearish towards the dollar," he said in a report.

Silver followed bullion lower to $6.53/6.56 from $6.59/6.62 in New York late on Wednesday.

Platinum dipped to $861.00/865.00 from $866.00/870.00, while palladium fell to $182.00/186.00, from $186.00/190.00.

20 Jan 2005 13:34

20.01.2005 13:09:21 Silver fixed down, Europe gold pressured by dollar

* Silver fixes lower at 652.00 cents per ounce compared with previous fix at 668.00 cents. Spot market follows gold down to $6.51/6.54 by 1204 GMT from $6.59/6.62 late in New York on Wednesday.

* Silver forward rates on Reuters page indicated at 2.238, 2.233, 2.263 and 2.160 for one, three, six and 12 months respectively.

* Gold eases to $421.20/421.70 per troy ounce by 1204 GMT, versus $422.00/422.50 late in New York on Wednesday.

* Bullion seen under short-term pressure as dollar firms against the euro on U.S. interest rate rise prospects. Euro last at $1.2945.

* Platinum edges down to $861.00/865.00 from $866.00/870.00.

* Palladium drops to $182.00/186.00, from $186.00/190.00.

20 Jan 2005 09:55

20.01.2005 09:19:58 Tokyo gold eases on strong yen

TOKYO, Jan 20 (Reuters) - Tokyo gold futures eased on Thursday as the yen's strength continued to weigh on sentiment, but prices were supported by bargain-hunting as the market lacked new reasons to sell aggressively.

The benchmark December gold contract on the Tokyo Commodity Exchange closed down 2 yen per gram at 1,397 yen.

Yen-denominated gold futures have been undermined by a bullish yen and a weaker dollar-based spot price, which has been hurt by the U.S. currency's rise against the euro.

The contract rose above 1,400 yen for the first since Friday but follow-through buying was limited amid uncertainty over the outlook in the currency market.

TOCOM gold moved in a range of 1,397 to 1,404 yen.

Other contracts closed down 1 yen to up 2 yen.

"We saw a lot of buying when gold fell to near 1,380 yen so we are not too worried about seeing it fall sharply from the present level," said Hiroyuki Kikukawa, associate director at Nihon Unicom Corp.'s research section.

"But traders are very careful about buying too much as they are unclear about the dollar's outlook," he added.

On Monday, the contract dropped as low as 1,385 yen -- the low marked around the end of July. It was about 6.5 percent below its level on Dec. 28, the last trading day on TOCOM in 2004.

Prices regained some ground as there was strong bargain-hunting demand, especially by retail investors.

Some in the market were also reluctant to sell ahead of Iraq's election later in the month, traders said.

At 0742 GMT, spot bullion was quoted at $422.40/2.90 an ounce against $422.00/2.50 in New York.

The dollar was hovering near a two-month high against the euro after a series of upbeat U.S. economic data.

The U.S. currency was at $1.3000/04 against the euro, near a two-month high of $1.2964 struck on Wednesday.

The yen, which has eased against the U.S. currency over the past two days, was trading around 102.63/66 to the dollar after hitting a near five-year high of 101.67 earlier this week.

The December TOCOM platinum contract closed down 14 yen per gram at 2,761 yen. It moved in a range of 2,751 to 2,780 yen. Other contracts closed down 9 to 11 yen.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams:

For open interest details please click

Closing price Turnover (lots)
GOLD 1,397 (down 2) 43,309
SILVER 217.7 (down 0.2) 2,089
PLATINUM 2,761 (down 14) 32,845
PALLADIUM 615 (up 12) 652

19 Jan 2006 21:24

19.01.2005 20:35:33 NY gold reverses to end lower on dollar strength

NEW YORK, Jan 19 (Reuters) - U.S. gold futures settled fractionally lower on Wednesday, giving back all of their earlier gains on the back of a firmer U.S. dollar as the market digested a slew of U.S. economic data that may suggest further U.S. interest rate hikes, dealers said.

"It was a direct relationship with the weakening of the euro and the strengthening of the dollar and the inability for the metals to hold up on their own, so it's totally currency related," said Scott Meyers, senior analyst at Pioneer Futures Inc.

Gold for February delivery finished the day down 0.20 cents at $423.30 an ounce on the New York Mercantile Exchange's COMEX division, after dealing from $422.60 to $427.20, its highest mark since last Thursday.

Meyers noted that the settlement at $423.30 did not look good for the market after prices posted solid gains this morning following the release of U.S. economic data, that some traders called "dollar friendly."

The euro fell to two-month lows against the U.S. dollar below $1.2990 late on Wednesday as investors took profits in technically driven trade.

Midafternoon in New York, the euro slipped to its lowest levels since mid-November at around $1.2965.

"Once the euro gave way, the party was over," one trader said.

A firmer dollar usually pressures gold, as it becomes more expensive for non-U.S. investors.

This morning, the labor department said that the U.S. Consumer Price Index (CPI) declined 0.1 percent in December. November was up 0.2 percent.

U.S jobless claims filed last week unexpectedly dropped 48,000 last week, the largest fall in more than three years.

Meyers pegged short-term support in COMEX February gold at $420 and $417.10, with key resistance at $428.30, $432.90 and $434.70.

Spot gold last priced at $422.00/2.50, compared with Europe's late quote at $423.50/424. Wednesday's afternoon fix was at $424.95.

March silver finished down 3.00 cents $6.625 an ounce, near the lower half of its $6.605 to $6.745 trading range.

Spot silver traded to $6.59/62, down a bit from its last late quote at $6.63/66. It fixed higher at $6.68.

NYMEX April platinum ended up $6.20 to a three-week high at $867.90 an ounce. Spot platinum last traded at $866/870.

March palladium closed $3.80 firmer to $189.25 an ounce. Spot hit $186/190.

19 Jan 2006 17:37

19.01.2005 17:11:42 Commodities News Summary

TOP NEWS
> Hungary bans a Monsanto GMO maize seed [nL1997492]

BUDAPEST - Hungary has banned the import and planting of Monsanto Co's (/MON.N) MON 810 genetically modified maize seeds and will not allow existing stocks to be planted, the Agriculture Ministry said on Wednesday.

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> China's Zhuye says cuts zinc output by on-third [nL1974638]

HONG KONG/LONDON - London Metal Exchange (LME) zinc rallied to its highest since October 1997 on Wednesday when Chinese producer Zhuye Torch Metals Co. Ltd. temporarily cut output because of power shortages, traders said.

- - - -

> LME zinc holds around seven year highs at midday [nL19714264]

LONDON - London Metal Exchange (LME) zinc hit its highest since October 1997 at midday on Wednesday, rising after China's Zhuzhou smelter said it would cut production by a third because of a power shortage.

- - - -

> Gold a prey to dollar fluctuations in Europe [nL19225002]

LONDON - Gold stayed higher in Europe on Wednesday afternoon, though pulled around by dollar fluctuations after U.S. inflation data at 1330 GMT.

- - - -

> Top European port expands to cope with China boom [nL19692720]

ROTTERDAM, The Netherlands - Europe's busiest port of Rotterdam is racing against time to expand capacity and provide a long-term cure to last year's congestion chaos caused by China's surging trade with the continent.

- - - -

METALS
> De Beers, Inco team up for Arctic exploration [nN19336384]

VANCOUVER, British Columbia - De Beers Canada and Inco Ltd. (/N.TO) have agreed to share mining data in Canada's Arctic to help De Beers' search for diamonds and Inco's hunt for base metals, the gem producer said on Wednesday.

- - - -

> World crude steel output rises 8.8 pct in 2004 [nL19194681]

BRUSSELS - Soaring Chinese steel output helped push world crude steel production up 8.8 percent to 1.05 billion tonnes in 2004, the International Iron and Steel Institute (IISI) said on Wednesday.

- - - -

> Brazil CVRD began price talks with Arcelo [nN19537918]

RIO DE JANEIRO, Brazil - Brazil's CVRD (/VALE5.SA) (/RIO.N), the world's biggest producer of iron ore, began talks on prices with French steelmaker Arcelor (/CELR.PA) in November and is seeking a big increase, CVRD President Roger Agnelli said on Wednesday.

- - - -

> INTERVIEW-Ukraine top steel plant sees strong worl [nL19351252]

KIEV - Ukraine's leading steel producer Mariupolsky Metalurgichny Kombinat (MMK) (/MMKI.PFT) sees strong global demand for steel and metal products in the next two or three years, chairman Volodymyr Boiko said on Wednesday.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > Spanish new wheat drops, weather warnings ignored [nL1955289]

MADRID - Spanish new crop wheat prices fell on Wednesday with traders focusing on plentiful supply from abroad and shrugging off farmers' warnings that dry weather could damage the crop.

- - - -

> Brazil record 2004 beef exports grow 42 pct -Abiec [nN19614182]

SAO PAULO, Brazil - Brazilian beef exports grew 42 percent to 1.94 million tonnes in 2004 from 1.36 million in the previous year, Brazil's Beef Export Industry Association (Abiec) said Wednesday.

- - - -

> Argentina puts 04/05 corn crop at 18-19 mln tonnes [nN07712590]

BUENOS AIRES, Argentina - Argentina's first official forecast for the 2004/05 corn crop was 18 million to 19 million tonnes, up from 13.5 million tonnes in the previous year, the agriculture department said on Wednesday.

- - - -

> Malaysia's palm oil output seen rising in 2005 [nSP305234]

BOMBAY - Palm oil output in Malaysia, the world's top producer, is expected to rise to 14.2-14.3 million tonnes in 2005 from 13.97 million last year, the chairman of Malaysian Palm Oil Promotion Council said on Wednesday.

- - - -

> High world supplies keep pressure on EU rapeseed [nL19251956]

PARIS - European rapeseed prices face further sharp falls as a huge world oilseed crop continues to weigh on sentiment and farmers, losing hope of a near-term rally, have begun offloading stocks, traders said on Wednesday.

- - - -

SOFT COMMODITIES
> Cocoa smuggling leaves Ivory Coast buyers short [nMUR943187]

AGNIBILEKROU, Ivory Coast - Smugglers offering higher prices to farmers are still diverting some of top producer Ivory Coast's cocoa beans into neighbouring Ghana, cooperatives and buyers said on Wednesday.

- - - -

> Kenya premium coffee prices fall with low demand [nL1996178]

NAIROBI - Prices for the top two Kenyan coffee grades have dropped on meagre demand by buyers, traders said on Wednesday.

The volumes of coffee at the auction this week decreased to 37,320 50-kg bags from 38,190 at the last auction, the Nairobi Coffee Exchange said in a weekly report.

- - - -

> Physical Sugar-Focus on Pakistan, India buying [nEUSUG2]

LONDON - Asian demand continues to set the tone of the world sugar market, brokers said on Wednesday, the day after Pakistan raised its import quota for raws.

Both India, the world's largest sugar consumer, and Pakistan are looking to cover recent poor harvests with foreign imports of raw sugar.

- - - -

19 Jan 2006 17:37

19.01.2005 17:29:38 Gold ends with pared gains in Europe

* Gold closes at $423.50/424.00 an ounce, still up from $423.10/$423.60 in New York late on Tuesday, but off highs just under $427.00. Market fluctuated in line with dollar gyrations after 0.1 percent fall in the December U.S. consumer price index. Still seen ranging between $420.00 and $427.00. * Silver closes at unchanged $6.63/6.66. * Platinum ends at $866.00/870.00, up from $858.00/862.00. * Palladium finishes at $186.00/190.00, against $181.00/184.00.

19 Jan 2006 17:06

19.01.2005 17:02:05 UPDATE 1-Gold a prey to dollar fluctuations in Europe

(Updates to afternoon)

LONDON, Jan 19 (Reuters) - Gold stayed higher in Europe on Wednesday afternoon, though pulled around by dollar fluctuations after U.S. inflation data at 1330 GMT.

The U.S. December consumer price index fell 0.1 percent, which was broadly within expectations. The dollar initially fell then rallied back, triggering a mirror reaction in gold -- a rise then a setback.

At 1559 the dollar was around $1.3031, having ranged between the day's high of $1.3118 and low of $1.3010.

"There was some buying interest before the data -- gold overall looks supported this afternoon, although there was some profit-taking on the high," a trader said.

Spot gold pushed above $425.00 to nudge against the $427.00 level before settling back. At 1541 GMT, it was quoted at $424.50/425.25 a troy ounce, against New York's late quote on Tuesday of $423.10/423.60.

Despite the upward probe, the market is still holding within a broad band since the start of the month.

"We continue to see the metal rangebound within $420.00 and $427.00, although bearish momentum stalled to some extent with today's performance," the trader added.

Analyst James Moore of TheBullionDesk.com said that the market needs to close above the 100-day moving average (MA) at $425.60 in order to maintain gains.

"Above here resistance should be found between $430.50/$432.00, but gold is still looking set for longer-term gains as the broader geo-political picture, rising oil prices and U.S. deficits all support the argument of holding gold."

Silver eked out modest gains in line with gold, holding at $6.64/6.67, up from $6.63/6.66 late in New York.

"Scale-up resistance ahead of $6.75 should continue to keep the metal in range between $6.50 and $6.75," Moore added.

Platinum rose to $869.00/874.00 an ounce from New York's previous $858.00/862.00, while palladium was also higher at $186.00/190.00 from $181.00/184.00.

© Reuters 2004

19 Jan 2005 14:44

19.01.2005 13:04:14 Europe gold within ranges, eyes US inflation data

LONDON, Jan 19 (Reuters) - Gold ticked higher in Europe on Wednesday morning but analysts and traders saw the market holding to ranges and in thrall to the dollar with U.S. inflation data looming at 1330 GMT.

"We are rangebound. $425 appears to be resistance, and below, support is at $418/420. We need to break one of those before we see signs of where the market is going," one London dealer said.

He added: "We need something more than a dollar move to do that. (Gold) will respond to the dollar, but it needs something more than that to make a real break."

Spot gold was quoted at $424.50/425.00 a troy ounce by 1126 GMT against New York's late quote on Tuesday of $423.10/423.60.

The euro was at $1.3084, less than one cent above Tuesday's two-month low of around $1.2995.

"It is fair to say gold has been quite resilient to a modestly firmer trend in the dollar and that has encouraged some short-term upside interest in gold," Barclays Capital precious metals analyst Kamal Naqvi said.

"I think we could see more buying before another wave of liquidation," Naqvi said.

He added the market could rise towards $430 in the next few weeks before falling below $420 and then $410.

U.S. consumer price data for December will be closely watched for clues on how fast U.S. interest rates will rise in the coming months. The Federal Reserve raised rates five times last year, lifting U.S. rates above those in the euro zone in December.

Naqvi said there could be a potential for a surprise to the upside in the inflation data, expected to rise 0.20 percent month on month, which could put pressure on gold.

Silver was at $6.67/6.70, up from $6.63/6.66 late in New York.

Platinum rose to $867.00/871.00 an ounce from New York's previous $858.00/862.00, while palladium was $183.00/187.00 from $181.00/184.00.

18 Jan 2006 21:25

18.01.2005 21:07:58 NY gold ends fractionally firmer as euro recovers

NEW YORK, Jan 18 (Reuters) - U.S. gold futures erased earlier losses to close slightly higher Tuesday, buoyed by short covering as the euro clawed back from a test of $1.30 support against the dollar, dealers said.

After the dust settled following a surprisingly strong U.S. net capital inflows report for November, which initially lifted the dollar, the gold market was able to hold above a key chart support at $421 an ounce, preventing a slide lower.

"Locals wanted to sell it, but the ring doesn't want to get too short," said a floor trader. He said thin volume here and overnight in Asia left gold stuck near $423 and awaiting direction from economic data later this week.

Gold for February delivery ended 50 cents higher at $423.50 an ounce on the New York Mercantile Exchange's COMEX division, after trading a tight range of $424.20 to $421.40.

New York gold trading was shut on Monday in observance of the Martin Luther King Jr. Day holiday.

The euro held near $1.3030 at midafternoon, midway in a range from $1.2996 to $1.3075.

Gold moves in opposition to the dollar usually as many investors use the metal as an alternative to the currency.

Traders turned their focus to the next batch of economic data that might yield clues about further U.S. interest rate increases which could boost the dollar. Wednesday, reports are due on consumer prices, housing starts and jobless data.

A Reuters poll found that analysts expect U.S. consumer prices to have remained unchanged. November was up 0.2 percent.

Net inflows of capital into U.S. assets shot to an unexpectedly high $81 billion in November, against a revised $48.3 billion in October, the Treasury Department said Tuesday. Markets watch the report as a measure of foreigners' appetite for U.S. assets.

Looking to gold, the Commodity Futures Trading Commission's Commitments of Traders data showed the net speculative long position in COMEX futures dropped to 36,787 contracts as of Jan. 11, from 73,243 lots a week earlier.

It was the lowest long exposure since Aug. 3, Tim Evans, senior commodity analyst at IFR Markets, said, adding that long accumulation now looked more likely than further liquidation.

"More base-building may be required before prices take off again, but we think it is already worth covering shorts. We'd buy on a breakout above $428.30, too," he said in a report.

Evans pegged support in COMEX February gold at $417.10 and $411.50, with key resistance at $428.30, $432.90 and $434.70.

Spot gold last priced at $423.10/3.60, compared with Europe's late quote on Monday at $422.25/3.00. Tuesday's afternoon fix in London was at $421.75.

Holdings of gold in the U.S. exchange-traded fund streetTRACKS , which is backed by bullion, held at a record high 142.71 tonnes for a third straight day, as of Jan. 14. The 47 tonnes added so far this year has boosted its net asset value to about $2 billion.

March silver rose 6 cents to end at $6.655 an ounce, trading from $6.565 to $6.68.

In the latest CFTC data, the net spec long position in silver fell 5,232 lots to 33,118 lots.

Spot silver reached $6.63/66, up from its last late quote at $6.57/60. Tuesday's fix was at $6.58.

NYMEX April platinum climbed $6.40 to $861.70 an ounce. Spot platinum last traded at $858/862.

March palladium rose $1.30 to $185.45 an ounce. Spot reached $181/184.

18 Jan 2006 18:51

18.01.2005 18:02:23 Commodities News Summary

TOP NEWS
> London coffee jumps over 3 pct on speculators [nL18565041]

LONDON - London coffee futures jumped as much as 3.7 percent on Tuesday after gains in New York triggered speculative buying, traders said.

LIFFE's benchmark March contract traded as high as $749 a tonne and was changing hands at $747 by 1627 GMT, up $3.5 on Monday's close.

- - - -

> NY gold limps lower early as dollar up on US data [nN18386534]

NEW YORK - U.S. gold futures held a shade lower Tuesday morning on their post-holiday reopening, tracking a weaker euro against the dollar after surprisingly strong U.S. net capital inflows data for November.

Further losses in gold were prevented by a big reduction in the speculative net long position in the market in the latest week, as well as technical support above $420 an ounce and a jump in crude oil prices on Tuesday, traders said.

- - - -

> Vietnam bans poultry imports to stop bird flu [nHAN271213]

HANOI - Vietnam has imposed a temporary ban on the import of poultry and poultry products from neighbouring countries in a series of measures to fight the spread of bird flu which has killed 37 people in Asia, 25 of them in Vietnam.

- - - -

METALS > Swedish c.bank says sold 15 tonnes gold since Sept [nSAT001796]

STOCKHOLM - Sweden's central bank said on Tuesday it had cut its gold reserves by 15 tonnes since the end of September last year under an agreement that allows it to sell 60 tonnes of gold over a five year period.

- - - -

> Exotic metals may take off with superjumbo A380 [nL18332224]

LONDON - Prices of certain rare metals used in aircraft manufacture like cobalt could take off as the superjumbo Airbus A380 is built in the next few years.

Aluminium, used extensively in aircraft manufacture as a lithium-aluminium alloy, is in plentiful supply in a market of 30 million tonnes a year.

- - - -

> Europe copper consumers shift to long-term deals [nL18645393]

LONDON - European copper consumers are buying more metal on long-term contracts and reducing exposure to the spot market due to tight supplies, industry sources said on Tuesday.

- - - -

> Fall in S.Africa gold output seen tempered in 2005 [nL18659130]

JOHANNESBURG - Gold output in the world's biggest producer South Africa is expected to fall slightly this year, but a bigger slide is threatened if the local currency extends its bull run, a government expert said on Tuesday.

South African gold production could nearly stabilise this year with a buoyant dollar gold price and a stable rand, Alex Conradie, chief mineral economist with the Department of Minerals and Energy, told Reuters.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > Oil World cuts soybean crop forecast, supply ample [nL1781386]

HAMBURG - Oilseeds newsletter Oil World has cut its forecast of the global 2004/05 soybean crop by 1.2 million tonnes to 223.80 million tonnes but it said this is still way above the 185.0 million tonnes harvested in 2003/04 so supplies would be ample.

- - - -

> French rapeseed hits new lows, breaks support [nL18054544]

PARIS - French rapeseed February futures broke below key technical support at 195.75 euros on Tuesday, hitting a new contract low, after a continuing fall in U.S. futures and fresh farmer selling, traders said.

- - - -

> Glencore buys large Russian grain complex [nL18376526]

MOSCOW - Swiss-based commodity trader Glencore International AG has bought a large grain complex in Rostov in the south of Russia from Russia's Alfa Eko company, the seller said on Tuesday.

- - - -

> EU farm ministers urged to debate wheat subsidies [nL18354051]

BRUSSELS - Several EU governments have asked the bloc's 25 farm ministers to discuss reviving politically sensitive wheat export subsidies when they meet next week, diplomats said on Tuesday.

Around five countries, represented by national experts on the EU's special committee on agriculture (SCA), backed a call made by Austria for ministers to debate the issue during a regular monthly meeting scheduled for next Monday in Brussels.

- - - -

> INTERVIEW-France to accelerate green diesel output [nL18277994]

PARIS - French output of biodiesel is set to accelerate sharply over the next three years but France will still be far behind EU targets, the head of the country's leading producer said on Tuesday.

In a bid to reduce carbon dioxide emissions and cut the European Union's dependence on fuel imports, the bloc last year set a target that fuels should contain two percent of biofuels by 2005, a figure rising to 5.75 percent by 2010.

- - - -

> INTERVIEW-New British biodiesel plant ready to roll[nL18387154]

LONDON - Britain's newest biodiesel plant, capable of turning recycled cooking oil and animal fats into fuel for cars, is due onstream in Scotland this spring, boosting output of the green fuel by up to 35,000 tonnes a year.

Its privately-held owner, Argent Energy, said the 15 million-pound ($28 millon) facility was already warming up.

- - - -

> Weak harvest, dry spell lift Spain olive oil price [nL17126506]

MADRID - A weak olive harvest -- now more than halfway complete -- and concerns that a lack of rain will damage next year's Spanish crop have boosted olive oil prices and will continue to do so, traders and farmers say.

- - - -

SOFT COMMODITIES > India, Pakistan said sniffing for sugar cargoes [nN18385159]

NEW YORK - India and Pakistan are said to be inquiring about booking further orders of sugar and the recent spate of activity has allowed premiums to firm up a bit, brokers said Tuesday.

India, which was recently said to have booked orders for 400,000 tonnes of sugar, and neighboring Pakistan were asking for quotes for around 150,000 tonnes of sugar, they said.

18 Jan 2006 17:46

18.01.2005 17:29:37 Europe gold ends slightly up, searches direction

* Gold finishes marginally firmer in Europe at $422.90/423.40 a troy ounce by 1615 GMT, up from late levels in London the previous day at $422.00/422.50. * Traders unsure of gold's next move, with attempts to move higher scuppered by a bounce in the dollar, but also few willing sellers after large drop in speculative net long position in market last week. * Seen sliding if the euro dips under $1.30. * Silver rises to $6.61/6.64 from $6.57/6.60. * Platinum gains to $858.00/862.00 from $853.00/858.00. * Palladium unchanged at $181.00/184.00.

18 Jan 2006 17:27

18.01.2005 17:02:50 NY gold limps lower early as dollar up on US data

NEW YORK, Jan 18 (Reuters) - U.S. gold futures held a shade lower Tuesday morning on their post-holiday reopening, tracking a weaker euro against the dollar after surprisingly strong U.S. net capital inflows data for November.

Further losses in gold were prevented by a big reduction in the speculative net long position in the market in the latest week, as well as technical support above $420 an ounce and a jump in crude oil prices on Tuesday, traders said.

"That was a big capital inflows number, but there are no sellers in here," said one floor broker. "There's scale-down buying and also I think there are no longs left to flush out."

Futures should hold above a pivotal level at $421, he said, aided by the euro's ability to remain above $1.30 support.

By 10:37 a.m. EST (1517 GMT), gold for February delivery was off 60 cents at $422.40 an ounce on the New York Mercantile Exchange's COMEX division, hardly moving in a tight range of $424.20 to $421.40.

New York gold trading was shut on Monday in observance of the Martin Luther King Jr. Day holiday.

The euro held near $1.3007 at midmorning, against Friday's afternoon quote at $1.3095.

Net inflows of capital into U.S. assets shot to an unexpectedly high $81 billion in November, against a revised $48.3 billion in October, the Treasury Department said. Markets watch the report as a measure of foreigners' appetite for U.S. assets.

Meanwhile, two U.S. Federal Reserve Bank presidents on Tuesday suggested the Fed should continue to raise interest rates at a measured pace and saw inflation remaining well contained this year.

Philadelphia Fed President Anthony Santomero gave an upbeat outlook for the economy, predicting gross domestic product growth of 3.5 percent to 4 percent in 2005 and employment growth of 150,000 to 200,000 jobs a month. .

The Fed has raised rates five times since last May, taking the funds rate to 2.25 percent from 1.0 percent.

A stronger dollar tends to pressure gold as it makes it costlier for non-U.S. investors. Higher U.S. rates tend to lift the dollar as well.

Gold should draw support from its safe-haven status after oil jumped to a seven-week high above $49 a barrel Tuesday on expectations of rising winter fuel demand as a cold front swept into the U.S. Northeast, traders said.

Separately, in its closely watched Commitments of Traders data, the Commodity Futures Trading Commission said the net speculative long position in COMEX gold futures dropped to 36,787 contracts as of Jan. 11, from 73,243 lots a week earlier.

It was the lowest long exposure since Aug. 3, Tim Evans, senior commodity analyst at IFR Markets, said, adding that long accumulation now looked more likely than further liquidation.

"More base-building may be required before prices take off again, but we think it is already worth covering shorts. We'd buy on a breakout above $428.30 too," he said in a report.

Evans pegged support in COMEX February gold at $417.10 and $411.50, with key resistance at $428.30, $432.90 and $434.70.

Spot gold was at $421.70/2.20, versus Europe's late quote on Monday at $422.25/3.00. Tuesday's afternoon fix in London was at $421.75.

Holdings of gold in the U.S. exchange-traded fund streetTRACKS , which is backed by bullion, held at a record high 142.71 tonnes for a third straight day, as of Jan. 14. The 47 tonnes added so far this year has boosted its net asset value to about $2 billion.

March silver rose 4 cents to $6.635 an ounce, trading from $6.565 to $6.665.

In the latest CFTC data, the net spec long position in silver fell 5,232 lots to 33,118 lots.

Spot silver changed hands at $6.59/62, up from its last late quote at $6.57/60. Tuesday's fix was at $6.58.

April platinum climbed $5.20 to $860.50 an ounce. Spot platinum changed hands at $858/862.

March palladium rose 85 cents to $185 an ounce. Spot reached $183/186.