Beiträge von GoldenCentury

10 Dez 2004 17:29

10.12.2004 17:02:29 Commodities News Summary

TOP NEWS
> CBOT soy rallies early after USDA, cash supports [nN10484378]

CHICAGO - Soybean futures at the Chicago Board of Trade rallied early on Friday despite neutral crop data released by the USDA before the open, traders said.

Firm cash markets were viewed as supportive and commodity funds hold a large net short position in soybeans and corn, making the market vulnerable to short-covering.

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> U.S. corn stocks rise, soy 2nd largest ever-USDA [nN10549107]

WASHINGTON - Larger crops overseas will limit U.S. corn exports to 2 billion bushels this marketing year, boosting the size of the corn stockpile, the government said on Friday, and the soybean stockpile will be the second-largest ever.

The Agriculture Department also raised its forecast for the record-setting cotton crop to 22.815 million bales weighing 480 pounds (218 kgs) each, up 1 percent from a month ago. Yields will set records in nine states, including Texas, which grows one-third of the crop.

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> Copper market deficit 777,000 T Jan-Sept -ICSG [nL10693111]

LONDON - World refined copper consumption exceeded production by 777,000 tonnes in the first nine months of 2004, the International Copper Study Group (ICSG) said in its latest monthly bulletin on Friday.

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METALS > Gold Fields,Harmony ready to discuss new proposals [nL10603159]

JOHANNESBURG - South Africa's Gold Fields (/GFIJ.J) is ready to meet its predator Harmony (/HARJ.J) in Russia next week to discuss "new proposals" on its acrimonious $5.9 billion takeover bid, Gold Fields said on Friday.

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> NY copper extends rise from $1.30/lb support early [nN10343241]

NEW YORK - U.S. copper futures rose on Friday morning on short-covering, extending a bounce from near 6-week lows after a profit-taking sell-off pounded the market this week amid a steadier U.S. dollar.

A failure to attract sellers through the $1.30 a lb. support level and a lack of heavy fund liquidation since Thursday morning prompted some speculators to buy at cheaper prices, dealers said.

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> Fears of December copper squeeze subside -trade [nL10655439]

LONDON - Price falls and metal deliveries have eased worries that December copper availability on the London and Shanghai futures markets may be severely restricted next week, traders said on Friday.

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> Xstrata says may withdraw $5.6 bln WMC bid [nSYD24099]

MELBOURNE/LONDON - Swiss-based miner Xstrata Plc (/XTA.L) might drop its hostile offer for WMC Resources Ltd (/WMR.AX) if the Australian firm goes ahead with a plan to pay investors up to A$1 billion in cash, Xstrata said on Friday.

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GRAINS, OILSEEDS, LIVESTOCK
> Tunisia buys 100,000 T optional barley [nL10260355]

PARIS - Tunisia bought four cargoes of 25,000 tonnes each of barley from optional origins for shipments between December and February at prices ranging from $161.97 to $167.19 per tonne C&F, traders said.

Tunisia was seeking offers for three cargoes totalling 75,000 tonnes from the European Union, North or South America and eastern Europe, traders had said earlier on Friday.

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> Big global grain crop to keep pressure on prices-t [nN10481997]

CHICAGO - Big global grain and oilseed crops will probably keep pressure on Chicago Board of Trade grains and soy futures prices for a year or more, traders and analysts said on Friday.

In its December U.S. and global supply/demand report Friday morning, the U.S. Department of Agriculture confirmed trade expectations for abundant raw materials for livestock feeders, bakers, ethanol users and cooking oil chefs, among others.

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> Pakistan's 40,000T wheat tender attracts seven bid [nISL45523]

KARACHI - The state-run Trading Corporation of Pakistan (TCP) received seven bids at its 40,000-tonne wheat import tender at between $190.87 and $232 per tonne C&F, a company official said on Friday.

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> Russian 2004 grain crop may rise to 77.5 mln T-Ifa [nL10710195]

MOSCOW - Russia's 2004 grain crop may rise to 77.5 million tonnes by clean weight, 1.5 million tonnes up from the official forecast of 76 million, a senior farm ministry official was quoted as saying on Friday.

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> Brazil govt postpones grain forecast for 2nd time [nN10470785]

SAO PAULO, Brazil - Brazil's government postponed by one day its release of its 2004/05 grains crop estimate to Tuesday, Dec. 14, the head of the forecasts department at the Agriculture Ministry said on Friday.

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SOFT COMMODITIES > Russian 11-mo raw sugar refining down 35 pct yr/yr [nL10426165]

MOSCOW - Russian white sugar output from imported cane raws totalled 2.39 million tonnes in the first 11 months of this year, down 35 percent from 3.69 million in the same period of last year, an industry lobby said on Friday.

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> London cocoa weakens as market eyes dollar strengt [nL10666562]

LONDON - London cocoa futures crept lower on Friday amid wariness about the effect of another rise in the dollar on the New York market when it opens, dealers said.

LIFFE's benchmark March traded at 880 pounds a tonne, down five pounds and at the bottom of the session's range.

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> London coffee steady before Brazil forecast, CFTC [nL1093708]

LONDON - London's robusta market wavered either side of unchanged on Friday as participants sat on the sidelines ahead of Brazil's first 2005/06 crop forecast and the release of the weekly U.S. Commitments of Traders data, traders said.

Both reports are due for release after the close of trade on Friday.

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10 Dez 2004 17:27

10.12.2004 17:00:50 NY gold off early but above 1-mo. low; silver down

NEW YORK, Dec 10 (Reuters) - U.S. gold futures slipped but held above a one-month low on Friday morning, as this week's more muscular dollar continued to spark profit-taking and the lightening of long positions in the precious metals.

In other precious metals, silver fell about 1 percent after losing around 15 percent Wednesday and Thursday, but it held above a 10-week low, while platinum rose and palladium was barely changed.

Benchmark metal gold was gyrating up from session lows near $432 an ounce as traders digested moves in currencies after they shrugged off mainly upbeat U.S. economic data.

"It's jobbing around on the dollar," said a gold trader at a bank. "There has definitely been a lot of liquidation. Everyone is still long everything, so the end of the year comes and you try to put something in your pocket.

February gold futures traded $1.30 lower at $435.90 an ounce by 10:29 a.m. EST (1529 GMT) on the New York Mercantile Exchange's COMEX division, zigzagging in a range from $439.70 to $432.90 -- its lowest level since Nov. 5.

"If we get down through that $432 level, we could see $425," the gold trader said, referring to key chart support areas. Gold should struggle to get back above $445, he added.

Analysts said the marketplace remained nervous and relatively illiquid this week, leaving it vulnerable to further speculative selling before it can again probe higher.

However, sharp reductions in open interest in gold and silver lent support to sentiment, they said.

COMEX gold open interest tumbled 20,427 contracts to 332,817 lots in data posted on Thursday, while interest in silver fell 11,177 to 114,545 contracts.

Meanwhile, the dollar rose broadly Friday, climbing almost 1 percent against the euro, as traders cast an eye to global economic data and continued buying dollars this week after months of relentlessly selling the currency.

Metals such as gold often move in opposition to the dollar as they are viewed as alternative investments to the greenback.

The euro fell to $1.3184 by midmorning, which was well below the record high at $1.3470 hit earlier this week.

"The dollar will continue to have a heavy influence on market direction over the coming sessions, with the Bank of Japan's quarterly Tankan report due for release on next Wednesday, and will add further volatility should it show manufacturers are less optimistic," TheBullionDesk.com said in a daily report.

"Moves higher by gold are likely to be met by further profit taking, while downwards pressure should continue to find good scaled down support from physical and bargain hunter sources," it said.

Spot gold traded to $434.20/5.00, compared with $436.60/7.40 at the previous New York close. Friday's afternoon London fix was at $434.

Holdings of gold in the U.S.-listed exchange-traded fund streetTRACKS , which is backed by bullion, were at 91.13 tonnes for the second day as of Thursday, after rising from about 88 tonnes Wednesday.

March silver fell 8.5 cents to $6.715 an ounce, trading from $7.195 to $6.64, which was above Thursday's low at $6.62 -- its softest price since Sept. 28.

Spot silver priced at $6.70/73 from $6.74/78 previously. Silver fixed in London at $6.71.

January platinum rose $13.90 to $831 an ounce. Wednesday's session low at $813 was its weakest since July. Spot platinum hit $831/835.

March palladium dipped 10 cents to $196. It fell more than 7 percent on speculative liquidation on Thursday, when the $190 low was its softest on a spot basis since December 2003. Spot touched $191/195.

10 Dez 2004 09:04

10.12.2004 06:45:43 Gold drops but holds above 4-week low, silver down

(Updates to afternoon)

SINGAPORE, Dec 10 (Reuters) - Gold lost around $3 an ounce on Friday and could drop further as the U.S. dollar's strength against the euro took the shine off gold.

Spot gold was trading at $433.50/444.25 an ounce by 0504 GMT, down from $436.60/437.40 late in New York, and just above Thursday's one-month low of $432.05.

"Year-end position squaring and thin trading conditions over the Christmas period will make for an interesting end to the year," said Martin Mayne, associate director at N M Rothschild in Sydney.

"I favour the downside, with a move to or below the 200-day moving average ($407.31) in January."

Year-end profit-taking and a dollar bounce have knocked precious metals off recent multi-year peaks.

Silver, the biggest loser, has fallen nearly 20 percent since an eight-month high of $8.15 an ounce in early December.

Silver hit a 10-week low at $6.56/6.59, against $6.74/6.78 in New York. Some dealers said silver's outlook had been diminished by the declining popularity of photographic film.

Traders said sales of Tokyo gold futures pressured spot gold, which could fall to early-November levels around $430 an ounce amid a firmer dollar and year-end profit-taking.

The benchmark October gold contract fell four yen per gram to 1,474 yen, but was above a morning low of 1,470 yen.

"There's not much interest from the physical side and I think that's because we are approaching the year-end," said a dealer in Hong Kong, a key bullion trading centre in East Asia. "Gold has a strong support at around $430 an ounce. The market has gone down so much, so it may rebound and move towards $440."

In the currency market, the dollar was at $1.3230 against the euro versus 1.3312 in late U.S. trading, compared with a record low of $1.3470 earlier in the week.

A stronger dollar makes dollar-priced precious metals less attractive for holders of other currencies.

Dealers awaited the outcome of a U.S. Federal Reserve policy making meeting on Tuesday, when it is widely expected to announce a 25-basis-point rise in the U.S. cash rate to 2.25 percent.

Platinum rose to $821/826 an ounce from $818.50/823.50 in New York, but buying interest began to dwindle, traders said.

"We saw a little bit of buying interest yesterday but nothing happened today," said one dealer in Tokyo. "I guess people are sidelining again, waiting for more price declines."

Platinum, used in jewellery and auto catalysts, hit a near four-month high at $882 an ounce in early December.

Thinly-traded palladium was at $190/195 an ounce, against $189/195 in late U.S. trading.

10 Dez 2004 09:03

10.12.2004 08:08:53 Gold starts softer in Europe, most others down

* Spot gold opens at $434.75/435.50 per troy ounce, compared with $436.60/437.40 late in New York on Thursday.

* Market struggles to hold $435.00, amid steadier dollar, and vulnerable to further liquidation, with support seen at $430.00 and then $420.

* Silver under pressure again, with spot at $6.62/6.65, down from $6.74/6.78, and close to lowest since late-Sept. Market may target $6.50.

* Platinum rallies, indicated at $827.00/832.00 from $818.50/823.50.

* Palladium at $192.00/195.00 from $189.00/195.00 previously. Hovering near one-year lows.

09 Dez 2004 21:32

09.12.2004 21:03:23 UPDATE 1-NY silver ends sharply lower; gold, PGMs fall

(Adds closing prices)

NEW YORK, Dec 9 (Reuters) - Silver prices plunged to a 10-week low on Thursday during the second day of a sell-off in the precious metals aimed at locking in recent profits before year-end, traders said.

In liquidation partly fueled by a firmer dollar, gold also tumbled but finished above a one-month low, while platinum fell and palladium hit contract- and near one-year lows.

Metals such as gold and silver often move in opposition to the dollar as they are viewed as alternative investments to the greenback.

"They hammered the silver today," said Rocky D'Esposito at RJ Futures. "I wouldn't be surprised if three-quarters of the selling was liquidation profit-taking, and maybe they added some new shorts in the market just to get some new computer selling.

"I think selling in these metals is going to continue," he said. "But you're going to get scale-down buying very shortly."

March silver futures on the New York Mercantile Exchange's COMEX division fell 34.5 cents to $6.80 an ounce, after trading $7.22 to $6.62, its lowest since Sept. 28.

Added to Wednesday's 10 percent decline, the 4.8 percent fall pushed silver further from last week's eight-month highs that had been based on a recent rally in gold.

Spot silver last changed hands at $6.74/78 late in New York, just above a 10-week low at $6.61 and compared with the previous close at $7.07/12. Silver fixed in London on Thursday at $6.90.

The dollar edged up as traders, who were short of dollars after relentlessly selling them for weeks, looked to the growing yield advantage of U.S. assets as a reason to buy back the greenback. The euro was near $1.3270 by the close of metals trading, before it edged up to about $1.3314.

In gold, COMEX February futures lost $1.50 to settle at $437.20 an ounce, after moving between $443 and $434, which was its lowest price since Nov. 8.

The marketplace remained jittery and gold seemed relatively illiquid this week, traders said, which left it vulnerable to further selling before it resumed its climb again.

Prices should struggle to regain $450 an ounce, which was not far from last week's 16-year high at $458.70, said Frank Aburto at F.C. Stone.

Analysts pegged chart support at $430 and $420 an ounce.

Spot gold traded to $436.60/7.40, which was near the previous New York close at $436.70/7.50. The late fix was at $437.10.

Holdings of gold in the U.S.-listed exchange-traded fund streetTRACKS gained slightly to 91 tonnes from 88 tonnes as of Dec. 8. The ETF is backed by gold bullion.

Traders said holdings fell significantly from 133 tonnes the previous day, mainly due to redemptions based on arbitrage between the value of shares and gold bullion itself.

"In the first week of streetTRACKS, you were able to sell the shares at 70 to 80 cents an ounce above the gold price," said one U.S. gold trader.

"When that arbitrage finally came back in line, it wouldn't make sense to hold the shares, because you are going to pay 40 basis points to hold them when you could hold bullion instead."

January platinum fell $17 to $817.10 an ounce. Wednesday's low at $813 was the metal's softest since July. Spot platinum traded to $818.50/823.50.

March palladium dropped $7.65, or 3.75 percent, to close at $196.10. The $190 session low was palladium's weakest on a spot basis since last December. Spot hit $189/195.

© Reuters 2004

08 Dez 2004 18:14

08.12.2004 17:50:13 Commodities News Summary

TOP NEWS
> NY precious metals pummeled as dollar rallies [nN08385828]

NEW YORK - U.S. gold futures fell 3.3 percent and silver sank about 10 percent Wednesday morning, as a comeback in the dollar amid profit-taking in other currencies prompted investors to discard positions in precious metals.

Platinum futures slid 5 percent on the speculative selling and long liquidation in metals aimed at locking in gains before year-end, while palladium hit a life-of-contract low.

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> Gold, industrial metals hit by dollar rebound [nL08420369]

LONDON - Gold and benchmark industrial metal copper fell sharply in London from recent multi-year peaks on Wednesday, as funds jittery about economic growth took a dollar rebound as a chance to jettison holdings.

Copper traded on the London Metal Exchange (LME), the world's biggest metal-trading market, fell two percent and gold shed more than one percent, leading other base and precious metals lower.

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> India hopes to produce record wheat output [nSP342150]

NEW DELHI - India, the world's leading grains producer, is expected to produce a record wheat crop of 79 to 80 million tonnes in the summer season if the weather continues to be good, a farm ministry official said on Wednesday.

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METALS
> European physical copper premiums down, zinc up [nL08702969]

LONDON - Physical copper premiums were easier in Europe this week as consumers wound down trade ahead of the end-year holidays, traders said on Wedneday.

However, zinc premiums were up, reflecting tightness in the concentrate market.

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> Kinross to close Paracatu gold mine deal in Dec. [nN08329356]

RIO DE JANEIRO, Brazil - Kinross Gold Corp. (/K.TO) expects to conclude this month the purchase of Rio Tinto Plc.'s (/RIO.AX)(/RIO.L) 51 percent stake in the Paracatu gold mine in Brazil, a senior company official said on Wednesday.

The deal, worth about $260 million, will give Canadian miner Kinross control of Brazil's second largest gold mine in Minas Gerais state.

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> INTERVIEW-Egypt Aluminium ups capacity, aims highe [nL08333932]

LONDON - Eygpt Aluminium has partially completed work to modernise its plant near Luxor and boost overall production, a senior official said on Wednesday.

The company, Egypt's only primary aluminium producer, is modernising six potlines to lift output to 300,000 tonnes a year by 2007 from 200,000 in 2003, Chairman and Chief Executive Officer Zaki Bassyoni said.

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GRAINS, OILSEEDS, LIVESTOCK > Hybrid, GMO rice strains may help raise yields-FAO [nL08712256]

BRUSSELS - Rice growers should make better use of biotechnology and hybrid strains to reverse falling yields from a crop that feeds more than half the world, the United Nations food agency said on Wednesday.

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> Half of China crops may be biotech by 2014 -report [nN07257994]

WASHINGTON - Half of China's farm fields may be growing genetically modified crops in 10 years, as Beijing invests hundreds of millions of dollars in the new technology, a biotech industry-sponsored report said on Wednesday.

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> S.Africa to cull 2,200 ostriches in bird flu drive [nL08440631]

JOHANNESBURG - South Africa will cull 2,200 ostriches after identifying three more farms in the country's Eastern Cape province where bird flu might have spread, officials said on Wednesday.

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> Canada hikes 2004 crop output but quality is poor [nN08332907]

OTTAWA - Canadian farmers harvested larger crops than September's survey showed in most grains and oilseeds but cold, wet weather during mid-season yielded lower quality and moister product, Statistics Canada said on Wednesday.

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> Ukraine exports grain despite political crisis [nL08426478]
KIEV - Grain traders have resumed concluding new export
deals, but a political crisis and a seasonal fall in market
activity have slowed the pace of shipments, analysts and traders
said on Wednesday.

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SOFT COMMODITIES
> Brazil Sugar - Prices rise on reduced offers [nN02552763]

SAO PAULO, Brazil - Sugar and ethanol prices in Brazil rose this week mainly due to reduced supplies offered by mills, traders said on Wednesday.

A 50-kg bag of 150 ICUMSA crystal sugar traded in Ribeirao Preto on Tuesday at 32 reais, taxes included, compared with 31 reais last week when there were no buyers.

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> India buys 100,000 to 120,000 tonnes of sugar--tra [nN08396781]

NEW YORK - India, the world's largest sugar consumer, has bought 100,000 to 120,000 tonnes of raw sugar for prompt shipment, brokers said Wednesday.

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> U.S. tells Africa cotton part of wider trade issue [nL08150861]

DAKAR - A deal on cotton subsidies in rich countries, which African growers say are driving them out of business, can only be reached as part of a wider trade pact, U.S. Trade Representative Robert Zoellick said on Wednesday.

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> Physical sugar-Whites draw interest in M.East, Asi [nEUSUG2]

LONDON - Demand for physical white sugar in Asia and the Middle East is picking up despite high freight rates, and India looms as the next big buyer, traders and brokers said on Wednesday.

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08 Dez 2004 17:52

08.12.2004 17:29:51 Dollar-Erholung bringt Gold unter Druck

London, 08. Dez (Reuters) - Der Goldkurs ist am Mittwoch aufgrund eines deutlich erholten Dollars um rund 15 Dollar abgesackt. Auch das für Industriemetalle als Benchmark fungierende Kupfer sowie Silber verzeichneten deutliche Abgaben. Analysten zufolge blieben Fonds zwar in den Rohstoffmärkten engagiert, setzten nun aber durch Leerverkäufe auf fallende Kurse.

Die Verkäufe bei den Metallen seien durch den seit Wochen erstmals gegenüber dem Euro wieder steigenden Dollar ausgelöst worden, sagten Händler. Für den Fall, dass Gold sich nicht auf dem gegenwärtigen Niveau stabilisiere, sehen Experten weitere Kursverluste. Die gegenwärtige Schwäche werten Edelmetall-Analysten nach eigenen Aussagen jedoch nur als vorübergehend. Die allgemeine Marktstimmung sei und bleibe für den Dollar negativ und für Gold positiv, so Alan Williamson von der Bank HSBC.

Gold hat jüngst stark von den fallenden Dollarkursen profitiert, da das in der US-Devise gehandelte Edelmetall so für Anleger aus anderen Währungsräumen billiger werde und zudem als Absicherung gegen die Abwertung des Dollar diene.

Gold stand zum Handelsende bei 436,65/437,40 nach 452,20/453,00 Dollar am Vorabend. Im Handelsverlauf war Gold bis auf 434,90 Dollar gesunken. In der vergangenen Woche hatte Gold noch bei über 456 Dollar notiert.

Das Fixing in London erfolgte am Nachmittag bei 436,90 und 445,75 Dollar am Vormittag und 451,80 Dollar am Dienstagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.121/16.371 (Vorabend 16.436/16.686) sfr an.

Termingeschäfte für Drei-Monats-Kupfer standen bei 2879 Dollar und damit rund 70 Dollar niedriger als am Dienstagabend. Silber fiel gegenüber dem Vortag um elf Prozent auf 7,03/7,11 Dollar.

ish/pma

08 Dez 2004 08:34

08.12.2004 08:07:51 Gold opens soft in Europe as dollar rallies

* Spot gold opens at $447.75/448.50 per troy ounce in Europe, down from $450.90/451.70 quoted late in New York on Tuesday. Market undermined by dollar recovery and some profit-taking. * Silver starts softer as well, indicated at $7.67/7.70 from $7.82/7.85 in late New York trade. * Platinum opens at $859.00/864.00 from $865.50/870.50. * Palladium at $204.00/209.00 from $204.50/210.50.

08 Dez 2004 09:07

08.12.2004 06:58:12 Gold drops below $450 in Asia, eyes year-end sales

(Adds premiums on paras 11 to 12)

SINGAPORE, Dec 8 (Reuters) - Gold fell below $450 on Wednesday, retreating from last week's 16-year peak at $456.75 an ounce on profit-taking and a recovery in the U.S. dollar.

Buying interest from investors and jewellers helped limit the falls but dealers said year-end book squaring and liquidation would weigh on prices. Weakness in Tokyo gold futures also put a damper on sentiment, they said.

"You will see some buying here but not very big. It's just a moderate (physical) buying," said Beh Hsia Wah, a dealer at United Overseas Bank in Singapore, a key bullion trading centre in Southeast Asia.

Spot gold was at $448.10/448.90 an ounce by 0526 GMT, versus $450.90/451.70 late in the U.S. market. Crucial support was pegged at $445 an ounce, while key resistance was intact at $450 an ounce.

In Tokyo gold futures, the benchmark October gold contract lost five yen per gram to 1,492 yen.

Gold lost nearly $3 an ounce in New York on Tuesday even though the dollar hit a fresh record low against the euro. A weak dollar normally supports gold, which is priced in the U.S. currency.

The dollar paused from recent heavy selling on Wednesday due to growing market reluctance to make big bets ahead of Christmas and the year-end.

The dollar was higher at around $1.3364 against the euro , and up from a record low of $1.3470 overnight. "Trading is winding down. Traders don't want to take big positions ahead of the year-end and blowing any money they've made during the year," said one bullion dealer in Singapore.

"I've seen a little bit of demand this morning but there's nothing exciting," he said.

Gold bars were on par to London prices in Singapore, which indicated that demand, albeit limited, helped resist selling pressure. Gold bars were offered at a discount of 10 U.S. cents an ounce two weeks ago .

But gold bars remained at a discount of 30 U.S. cents an ounce in Hong Kong, a key bullion trading house in East Asia, as investors cashed in to take advantage of high prices.

In other precious metals, platinum was at $859/864 an ounce, compared with $865.50/870.50 in New York. Sister metal palladium was at $206/211 an ounce, versus $204.50/210.50 in New York.

Silver fell to $7.66/7.69 an ounce from $7.82/7.85.

07 Dez 2004 21:01

07.12.2004 20:23:39 COMEX gold finishes softer, stuck in a range

NEW YORK, Dec 7 (Reuters) - U.S. gold futures closed lower on Tuesday on profit-taking as a recent precious metals rally seemed to dry up this week amid a lack of interest, despite fresh record lows in the dollar, traders said.

Gold has been consolidating since it hit a 16-year high of $458.70 in February futures on Thursday, in a bull move beefed up by nearly daily new highs in the euro against the dollar.

"It's run out of steam," said a broker at a futures commission merchant. "While we've made new highs on the euro, I don't think that it's gotten the gold market too excited as the high is only by a tad, and we're really just sort of range-bound."

February gold on the New York Mercantile Exchange's COMEX division fell $2.20 to settle at $453.70 an ounce, after keeping within a session range of $456.90 to $453.20.

Traders said gold appeared to be caught in a near-term trading band from $450 to $455, marked on one end by flight-to-safety buying and on the other by profit-taking and trade selling at current strong market prices.

The dollar touched a record low against the euro at $1.3470 early on Tuesday, after a warning by European officials on the euro's rise fell on deaf ears, with investors determined to dump the U.S. currency. The euro last fetched $1.3422.

The dollar also reached a 12-year low versus sterling beyond $1.95 .

A soft U.S. currency typically supports gold, which is priced in dollars in global markets, as it becomes a better buy for non-U.S. investors.

ScotiaMocatta's December Money Matters report said good physical and investment demand for gold, including interest generated by new exchange-traded funds, could drive prices "considerably" higher over the long-term, if underlying imbalances in financial markets, such as a tumbling dollar, remain unchecked.

But, in the run up to year-end, profit-taking might weigh on prices because last ditch book-squaring was likely, while any central bank intervention to stem the dollar's decline als could act to derail gold's rally, ScotiaMocatta said.

"However, even though a sell-off in gold may be quite sharp, it is likely to provide a good longer term buying opportunity," it added.

Analysts saw resistance in COMEX gold at $457.80 and $460-$461, with support at $448.20-$449.50, and $432 and $420.

Spot gold was at $450.90/1.70, off from Monday's late quote in New York at $453.50/4.25 and well below last week's 16-year peak at $456.75. The late London fix on Tuesday was at $451.80.

March silver extended its losses from Monday, slipping 7.8 cents to $7.885 an ounce, trading $7.98-$7.86. Last week, it scaled an eight-month peak at $8.235, bolstered by gold.

Brokers pegged support at $7.84 and $7.55/57, with resistance at $8.235 and the spot high of $8.50 from April.

Spot silver traded to $7.82/85, off from $7.89/92 late on Monday. Tuesday's London fix was at $7.8425.

January platinum fell $6.70 to $871 an ounce. Spot platinum was worth $865.50/870.50.

March palladium lost $1.95 to $209.85. Spot hit $204.50/210.50.

07 Dez 2004 18:00

07.12.2004 17:51:19 Gold trotz Dollarschwäche kaum verändert

London, 07. Dez (Reuters) - Gold hat am Dienstag trotz eines schwachen Dollar in Europa praktisch stabil notiert. Die Erwartung von Fonds-Liquidationen zum Jahresende dämpften den Handel.

Wahrscheinlich allein wegen des dünnen Umsatzes sei Gold niedriger, sagte ein Händler. Der Markt bewege sich offenbar in einer Spanne zwischen 450 und 455 Dollar ohne jegliche Anzeichen diese nach oben oder unten zu durchbrechen.

Der Markt geht nach den vergangenen Kursgewinnen davon aus, dass Fonds in den kommenden beiden Wochen Verkäufe tätigen. Ein Händler geht wegen der erwarteten Gewinnmitnahmen von einem Fall des gelben Metalls bis auf 445 Dollar aus. Eine weitere Gold-Rally werde dadurch nur verzögert, nicht beendet, hiess es. Es werde noch immer ein Anstieg auf 460 Dollar und höher erwartet.

Gold stand zum Handelsende bei 452,20/453,00 nach 451,90/452,60 Dollar am Vorabend. Das Fixing in London erfolgte am Nachmittag bei 451,80 Dollar nach 453,75 Dollar am Vormittag und 453,05 Dollar am Montagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.436/16.686 (Vorabend 16.441/16.691) sfr an.

ish/och

07 Dez 2004 18:01

07.12.2004 17:41:02 Europe gold ends on soft note depsite weak dollar

* Gold slips slightly despite dollar setting new record lows versus euro at $1.3470. * Spot ends at $452.10/452.90 per troy ounce by 1615 GMT from $453.50/454.25 quoted late in New York on Monday. Momentum stalls after failure yesterday just below last week's 16-year high at $456.75. * Trade hesitant amid expectations of fund sell-off before year-end to cash in on profits. * Silver eases to $7.82/7.85 from $7.89/7.92 in late New York trade on Monday. * Platinum slips to $866.00/870.00 from $869.00/874.00. * Palladium indicated at $205.50/209.50 from $206.00/210.00.

07 Dez 2004 13:51

07.12.2004 13:25:53 Silver fixes down, Europe gold static

* Silver fixed lower at 784.50 cents a troy ounce, down from Monday's fix of 800.00 cents. Spot softens to $7.83/7.85 from $7.89/7.92 in late New York trade on Monday. * Forward rates on Reuters page indicated at 2.086, 2.022, 1.942 and 1.728 for one, three, six and 12 months respectively. * Gold barely moves during Euoropean session despite dollar setting new record lows versus euro. Trade hesitant amid expectations of fund sell-off before year-end to cash in on profits. * Spot unchanged from New York's late trade at $453.50/454.25 per troy ounce. Momentum stalled after failure yesterday just below last week's 16-year high at $456.75. * Platinum slips to $866.00/870.00 from $869.00/874.00. * Palladium indicated at $204.00/208.00 from $206.00/210.00.

07 Dez 2004 12:05

07.12.2004 11:45:25 Europe gold treads water, eyes new dollar low

LONDON, Dec 7 (Reuters) - Gold was barely changed in Europe on Tuesday, taking little notice of further falls in the dollar, as traders remained cautious to deal amid expectations of heavy fund liquidation ahead of the year-end.

Traders said the dollar's new lifetime low against the euro had nudged gold away from its session lows scored in early trade.

Spot gold was quoted at $453.70/454.40 a troy ounce by 1041 GMT, little changed from New York's late trade on Monday of $453.50/454.25.

Gold scored its highest since early June 1987 last Thursday at $456.75 and came to within a few cents of that level on both Friday and Monday, before stalling.

Many traders are bracing themselves for further selling from funds over the next two weeks, although further excessive dollar weakness would limit losses, they said.

"I think there will be some profit taking before now and the year end," one dealer said, adding he would not be surprised to see the gold price fall back to $445.

"Whilst the dollar continues to look bad, you can't sell it really. But the funds will want to lock in some of these profits they've notched up this year."

Any potential slide was not seen particularly denting gold's strong bull rally though.

Many analysts and traders are of the view that this year's march higher has been steady, with regular and healthy pull- backs that have allowed people to make money.

Alan Williamson, analyst with HSBC, said gold's recent stagnation despite fresh dollar lows had helped some of the apparent overvaluation of the gold market to be eroded.

Gold had rallied much faster than could have been explained purely by the fall in the value of the dollar.

"Nevertheless it is clear the gold market continues to price in a further slide in the dollar and as such remains vulnerable to a recovery in the US currency," he said in a report.

"Although at the moment it is difficult to see what the trigger for such a rally could be."

Silver continued to track gold's every move, quoted at $7.88/7.91 an ounce from $7.89/7.92.

Platinum was unchanged at $869.00/874.00, while palladium ticked down to $205.50/210.50 from $206.00/210.00.

06 Dez 2004 13:25

06.12.2004 13:08:28 Silver fixes higher, gold backs off

* Silver fixes firmer at 800.00 cents a troy ounce on Monday, compared with 783.00 cents at Friday's fix. Spot however, slides to $7.90/7.93 by 1205 GMT from $7.99/8.02 during late New York trade on Friday. Forward rates on Reuters page indicated 2.044, 2.002, 1.922 and 1.678 for one, three, six and 12 months respectively

* Gold drifts back to $454.60/455.30 per troy ounce, against $455.45/456.20 in New York and off an earlier high at $456, that was just cents away from last week's 16-year peak.

* Market still tracking currency moves, with further dollar weakness expected which should bolster gold. However, some analysts and traders remain wary of potential year-end fund liquidation.

* Platinum slips to $867.00/872.00 from $868.00/873.00.

* Palladium firms to $205.00/210.00, against $202.00/207.00.

Zitat

After the close, the exchange introduced its first Friday afternoon ACCESS electronic trading session, which it said was aimed at accommodating a growing marketplace for metals products. COMEX gold and silver firmed slightly.

Zitat

The new trading session runs on Fridays from 2 p.m. to 4:30 p.m. EST (1900 to 2130 GMT).

Handel nun Freitags bis 22h30 unserer Zeit,Nachtigall ick hör dir trapsen..........

03 Dez 2004 21:13

03.12.2004 20:55:05 NY gold closes higher as euro scales record peak

NEW YORK, Dec 3 (Reuters) - U.S. gold futures rallied in afternoon trading on Friday, closing just shy of Thursday's 16-year high, as the market tracked the euro's jump to a record high against the dollar, traders and analysts said.

The euro hit an all-time high at $1.3458 , extending the dollar's slip after a surprisingly soft U.S. payrolls report in the morning, in a broad sell-off driven partly by stop-loss sell orders.

Some traders said the euro was also spurred by a report in a German newspaper citing a high-ranking U.S. Treasury official as saying the United States would intervene to support the dollar only if the euro/dollar rate reached $1.45.

"People took the opportunity to sell more dollars and as they sold dollars gold goes higher," said Leonard Kaplan, president of Prospector Asset Management.

"Things look quite good for gold. We are basically almost at the target of $460, and I would think that $465-$480 is very possible."

In other precious metals, silver ended above $8 an ounce, in line with gold's rise, but platinum slipped from its prior eight-month peak.

Benchmark February delivery gold on the New York Mercantile Exchange's COMEX division settled at $457.80 an ounce, up $5.50, after zigzagging from $450.10 to $458.20, and just missing the 16-year high reached Thursday at $458.70.

After the close, the exchange introduced its first Friday afternoon ACCESS electronic trading session, which it said was aimed at accommodating a growing marketplace for metals products. COMEX gold and silver firmed slightly.

The new trading session runs on Fridays from 2 p.m. to 4:30 p.m. EST (1900 to 2130 GMT).

Gold briefly slumped lower in the morning but held above support at $450. Analysts had been expecting a technical correction after new highs almost daily in the past two weeks in a rally sparked by concerns about the falling dollar.

The dollar accelerated its slide Friday morning after a surprisingly soft 112,000 new U.S. jobs were created in November, the Labor Department said -- the weakest figure since July and well below Wall Street expectations of 180,000.

The jobless rate was 5.4 percent, matching forecasts.

The data hurt the greenback as it cast doubt on the pace of the U.S. economic recovery and the timing of Federal Reserve's interest rate increases, analysts said.

The euro was last at $1.3446.

Spot gold climbed to $455.45/6.20 from Thursday's late quote in New York at $449.70/0.40. Friday's afternoon fix in London was at $448.65.

COMEX March silver rose 8.3 cents to end at $8.043 an ounce, moving between $7.84 and $8.09. Silver on Thursday hit an eight-month high at $8.235 and has peaked this year at $8.50, back in April.

Spot silver traded to $7.99/8.02, up from $7.87/90 previously. The London fix was at $7.83.

Platinum fell after selling that started overnight in Japan, said an analyst at a precious metals refiner.

"The market is still leveraged to the long side -- I'd call it maybe a bit overbought -- but I think it's going to hang around here. I think we're going to see pretty decent scale-down buying if we do trade lower."

January platinum lost $9.40 to $874.80 an ounce, after spiking to $887 on Thursday -- its highest since April. Spot platinum hit $868.00/872.00.

March palladium eased $2.30 to $206.75. Spot palladium was at $202/207.

03 Dez 2004 17:12

03.12.2004 16:42:20 NY gold off early but over $450, other metals mixed

NEW YORK, Dec 3 (Reuters) - U.S. gold futures eased but held above $450 an ounce on Friday morning, as the dollar's fall after an unexpectedly weak U.S. payrolls report for November failed to trigger much buying, traders said.

Silver had trouble holding above $8 an ounce, due to fund and trade selling, as markets digested the employment numbers, while platinum slipped from Thursday's eight-month peak.

"Gold's still following the dollar," said a desk trader. "Crude oil is sitting against its lows and the dollar is still weak, so the macroeconomic indicators are conflicting," he added. "But I am cautiously bullish."

By 10:27 a.m. EST (1527 GMT), February gold on the New York Mercantile Exchange's COMEX division was off $1.20 at $451.10 an ounce, moving from $450.50 to $455.50.

The price was well below Thursday's 16-year high for futures at $458.70.

Analysts have said a correction lower in gold was to be expected after it made fresh highs almost daily in the past two weeks in a rally sparked by concerns about the falling dollar.

The dollar dropped to within a whisker of record lows against the euro on Friday, after a surprisingly soft 112,000 new U.S. jobs were created in November, the weakest figure since July and well below Wall Street expectations of 180,000.

The jobless rate was 5.4 percent, matching forecasts.

The data hurt the dollar because it cast doubt on the pace of the U.S. economic recovery and the pace at which the Federal Reserve would continue to raise interest rates, analysts said.

The euro was up at $1.3361 at midmorning, against around $1.33 before the payrolls report and compared with Thursday's all-time peak at $1.3383.

Gold prices have gained strength from the strongest bull move in commodities since the 1980s as well as from its role as a store of value amid economic and geopolitical uncertainty.

Crude oil's sharp decline this week seemed to sap interest in gold as an alternative investment. Oil fell to almost $42 a barrel Friday.

Spot gold fetched $448.00/8.70, versus Thursday's late quote in New York at $449.70/0.40. Friday's afternoon London fix was at $448.65.

Brokers pegged support in gold at $450 and $448, with resistance at $460.

March silver futures lost 6.0 cents to $7.90 an ounce, trading from $8.08 to $7.87. The contract hit an eight-month high at $8.235 Thursday and peaked this year at $8.50 in April.

Spot silver touched $7.81/84, down from $7.87/90 previously. The London fix was at $7.83.

In platinum, dollar strength overnight fueled profit-taking in Japan, before prices recovered a bit in London.

"Basically, it's tracking gold and silver right now," an analyst at a precious metals refiner said.

"The market is still leveraged to the long side -- I'd call it maybe a bit overbought -- but I think it's going to hang around here. I think we're going to see pretty decent scale-down buying if we do trade lower."

January platinum fell $12.70 to $871.50 an ounce, after spiking to $887 on Thursday -- its highest since April. Spot platinum traded to $868.00/872.00.

March palladium rose 85 cents to $209.90. Spot palladium touched $205/210.

03 Dez 2004 17:10

03.12.2004 17:00:08 Commodities News Summary

TOP NEWS
> NY gold off early but over $450, other metals mixe [nN03378071]

NEW YORK - U.S. gold futures eased but held above $450 an ounce on Friday morning, as the dollar's fall after an unexpectedly weak U.S. payrolls report for November failed to trigger much buying, traders said.

Silver had trouble holding above $8 an ounce, due to fund and trade selling, as markets digested the employment numbers, while platinum slipped from Thursday's eight-month peak.

- - - -

> Gold consolidates in Europe as dollar weakens [nL03705450]

LONDON - Gold dipped slightly in Europe on Friday afternoon, with the market in a narrow solid band despite sharp currency reaction to a key report on the U.S. labour market.

The dollar dropped to within a hair's breadth of record lows against the euro after the U.S. payrolls report for November was unexpectedly weak.

- - - -

> Dollar, freight and subsidies haunt EU wheat marke [nL01713004]

PARIS - European wheat prices will remain in the doldrums unless exports pick up sharply as a weak dollar, high freight rates and uncertainty over EU subsidies continue to haunt the market, traders said on Friday.

After big harvests in Europe, exporters are finding it tough, with strong competition from traditional wheat suppliers such as the United States and Argentina, but also from producers such as Ukraine and Russia.

- - - -

METALS > COMEX copper continues slide, dollar lends support [nN03364351]

NEW YORK - Follow-through technical selling hit copper futures at the open on Friday as the market continued to correct from recent highs, although a weaker dollar offered some support, floor sources said.

- - - -

> Alcoa reaches labor pacts at 2 U.S. facilities [nWEN0690]

NEW YORK - Alcoa Inc. (/AA.N), the world's largest aluminum producer, on Friday said it reached multiyear labor agreements with workers at facilities in Georgia and Kentucky.

Alcoa said it signed three-year pacts with unionized workers at the Tifton Aluminum facility in Tifton, Georgia, and the Hawesville, Kentucky, automotive casting center.

- - - -

> Zinc market seen in deficit to 2006 -Deutsche [nL03717453]

LONDON - The global zinc market looks set to stay undersupplied through to 2006 after moving into deficit this year for the first time since 1999, Deutsche Bank said on Friday.

- - - -

> With plastics prices soaring, LME ready to deal [nL03392820]

LONDON - Price prospects look good for plastics futures that debut on the London Metal Exchange (LME) in 2005, but traders are having to come to grips with what will be a completely new way of trading on the 127-year old exchange.

Traders said plastics prices are rising strongly -- some 50 to 60 percent over the last six months -- setting the scene for the contract launch that is now less than six months away.

- - - -

GRAINS, OILSEEDS, LIVESTOCK > Rain, big crop, imports hit S.Africa maize prices [nLA494333]

JOHANNESBURG - South African maize prices finished the week well down, undermined by imports, good rains, a larger than predicted crop and competition on export markets, traders said.

- - - -

> Zimbabwe secretly importing maize, opposition says [nL03388523]

HARARE - Zimbabwe's main opposition party believes President Robert Mugabe's government has secretly imported maize to cover-up a major grain shortfall in the country, a party official said on Friday.

- - - -

SOFT COMMODITIES > Quality of EU 2004/05 sugar crop seen higher [nL03170836]

LONDON - Prospects for EU beet sugar crop quality in 2004/05 are encouraging and sugar yields will be similar to 2003, European analysts said on Friday.

"Exceptional planting densities and root weights across Europe meant a better than expected crop could be possible,"

- - - -

> London coffee falls over 4 pct on profit-taking [nL03551591]

LONDON - London robusta coffee futures fell more than four percent on Friday as speculators took profits after the previous session's highs, traders said.

LIFFE's January contract was at $742 a tonne at 1023 GMT after reaching as low as $740. The contract reached $790 on Thursday, its highest level in five and a half months but off the day's peak at $774.

- - - -

> London cocoa stable as market eyes Ivory Coast [nL03315934]

LONDON - London cocoa prices hovered around unchanged on Friday as origin supplies trickled through but industry remained nervous of any new outbreaks of violence in Ivory Coast, traders said.

LIFFE March was one pound weaker by 1317 GMT at 898 pounds a tonne on turnover of 1,240 lots in an 889-901 range. It accounted for most of the 2,093 lot volume.

- - - -

> Europe's physical cocoa prices down on good supply [nEUCOC1]

LONDON - Differentials in Europe's cash cocoa market fell during the past week as a calmer climate in Ivory Coast improved supply, dealers said on Friday.

"There's ongoing supply, it's flowing at the moment so the pressure is coming off the differentials," one trader said.

- - - -

03 Dez 2004 13:41

03.12.2004 13:33:26 Silver fix sharply down, Europe gold little changed

* Silver fixes sharply lower at 783.00 cents compared with previous fix at 804.00. Spot trades narrowly after tumbling sharply in line with losses on gold in the previous session. Last at $7.82/7.85 from $7.86/7.88.

* Silver forward rates on Reuters page indicated at 2.042, 2.002, 1.926 and 1.692 for one, three, six and 12 months respectively.

* Gold little changed at $449.80/450.50 an ounce at 1227 GMT compared with $449.70/450.40 late in New York on Thursday.

* Gold investors look to U.S. payrolls data at 1330 GMT, which may move dollar. Euro/dollar rate virtually unchanged from late in New York.

* Platinum at $868.00/872.00 from $878.00/883.00, while palladium at $205.00/210.00, down 50 cents.

03 Dez 2004 13:31

03.12.2004 12:40:42 Gold consolidates in Europe, focus on US data

LONDON, Dec 3 (Reuters) - Gold traded in a narrow band on Friday morning in Europe as the market focused on currency moves ahead of key U.S. jobs data later in the day.

Dealers said bullion was in consolidation mode after falling sharply from its highest since June 1988 at $456.75 per ounce, as a dollar rally from record lows versus the euro sparked profit-taking.

Spot gold was at $449.30/450.00 by 1128 GMT, compared with $449.70/450.40 late in New York on Thursday.

"The market is holding a narrow level and I think it will continue doing that ahead of the payrolls number," a dealer said.

"It's a big number which could have a big impact on the dollar and that in turn cold impact gold," he added.

The dollar steadied above this week's record low against the euro as investors lightened bets on further dollar losses ahead of U.S. jobs figures due at 1330 GMT. The euro was last at $1.3284.

An upbeat reading could highlight the relative strength of the U.S. economy and the forgotten attraction of U.S. assets -- sucking cash out of gold as an alternative investment.

"Today's trading session will likely be choppy, as the market remains nervously positioned going into the U.S. payrolls release," Alexander Zumpfe of Dresdner Kleinwort Wasserstein said in a daily report.

James Moore of TheBullionDesk.com said gold should find good scaled-down buying, primarily from physical sources but also from investors keen to enter the market.

"Support should be seen at $445 but I think we could see gold dip as low as $438-40 as we start to see early year-end book squaring," he said in a report.

Silver ticked lower, extending the heavy drop from an eight-month high of $8.15 in the previous session.

Spot silver was last at $7.82/7.85 compared with $7.87/7.90 late on Thursday in New York, with dealers expecting the market to take further direction from gold's moves.

Platinum slipped back to $868.00/872.00 from $878.00/883.00 previously, while palladium also eased to $205.00/210.00 from $206.50/212.50.

02 Dez 2004 20:49

02.12.2004 18:53:25 Commodities News Summary

TOP NEWS
> CBOT corn, wheat slip to contract lows, soy weighs [nN0257532]

CHICAGO - Chicago Board of Trade corn and wheat futures slipped to contract lows by Thursday's midsession as disappointing weekly export sales and weakness in soybeans weighed on grain prices, traders said.

- - - -

> LME copper sheds four pct as funds liquidate [nL0276259]

LONDON - London Metal Exchange (LME) copper took a beating on Thursday as fund and technical selling hacked some four percent off prices, with further drops seen likely, analysts said.

- - - -

> UPDATE 1-Europe gold drops off peaks on dollar reb [nL02601135]

LONDON - Gold prices slid in Europe on Thursday as a dollar rally prompted profit-taking on an earlier advance to $456.75 an ounce, the market's highest since June 1988, dealers said.

- - - -

> UPDATE 2-Bush chooses Nebraska governor as ag secr [nN02643049]

WASHINGTON - President George W. Bush turned to Nebraska Gov. Mike Johanns -- a surprise choice -- as his new agriculture secretary on Thursday.

- - - -

METALS > UPDATE 1-Norddeutsche shares up on tight copper sc [nL02705375]

HAMBURG - Shares of Norddeutsche Affinerie (NAFG.DE), Europe's largest copper producer, rose more than 5 percent on Thursday after it said that copper scrap supplies were tight.

- - - -

> Barrick to buy into Russia-operating gold miner [nL02695657]

MOSCOW - Canada's Barrick Gold Corp. (/ABX.TO) plans to spend $28 million to buy a 9 percent stake in Celtic Resources Holding Plc (/CER.L), a London-listed company with gold interests in Russia, Barrick said on Thursday.

- - - -

> UPDATE 1-Gold Fields-Iamgold vote set for bitter s [nL02395312]

JOHANNESBURG - A key ballot next week by shareholders of South African bid target Gold Fields (/GFIJ.J) was set for a showdown after hostile suitor Harmony Gold vowed on Thursday to cast disputed votes.

- - - -

> Western banks grant Norilsk $400 mln credit [nL0282932]

MOSCOW - A group of Western banks will open an unsecured revolving credit line to Russia's metals giant Norilsk Nickel (/GMKN.RTS) for $400 million for one year with extension options, Norilsk said on Thursday.

- - - -

> Alcoa restarts Massena East plant, West by year en [nN02643209]

NEW YORK - Alcoa Inc. (/AA.N), the world's largest aluminum producer, said on Thursday it restarted idled capacity at its Massena East primary aluminum smelter in New York in early November and the Massena West smelter should be fully operational by year end.

- - - -

GRAINS, OILSEEDS, LIVESTOCK
> EU sells free-market barley, intervention rye [nL02717609]

PARIS - The European Union's grain management committee agreed to sell 132,750 tonnes of free-market barley with a maximum export subsidy of 17.99 euros a tonne, grain trade lobby Coceral said on Thursday.

- - - -

> France's ONIC to cut wheat export forecasts -trade [nL0241522]

PARIS - French grain office ONIC will cut its estimate of France's 2004/05 wheat exports by 200,000 tonnes next week, reflecting tough world markets due to dollar weakness and firm freight rates, traders said on Thursday.

- - - -

> Global durum wheat crop up 13 pct this year-USDA [nN02646628]

WASHINGTON - Global output of durum wheat in 2004/05 will total an estimated 33 million tonnes, up 13 percent from the previous year, due mostly to Europe's record harvest, the U.S. Agriculture Department said on Thursday.

- - - -

> Russia taunts EU with new food import bans [nL02521405]

AMSTERDAM - Russia has peppered the European Union with fresh food import bans just months after the resolution of a bitter meat export row, and analysts and diplomats say the bans may be a sign of strife to come.

- - - -

SOFT COMMODITIES
> UPDATE 1-Ivory Coast late November rains mixed [nL02677817]

ABIDJAN - Rains in Ivory Coast's key cocoa growing regions were mixed in the last 10 days of November, data showed on Thursday.

- - - -

> Ivory Coast 2003/04 cocoa stocks put at 62,319T [nL02585239]

ABIDJAN - Cocoa stocks left over from Ivory Coast's 2003/04 (Oct-Sept) season totalled 62,319 tonnes, compared with 64,071 tonnes in the previous year, data collected by the Coffee and Cocoa Bourse showed on Thursday.

- - - -

> UPDATE 1-Vietnam seeks to raise quality of export [nHAN10875]

HO CHI MINH CITY - Vietnam, the world's largest robusta coffee producer and exporter, hopes to increase the amount of high-quality beans in its exports, an industry official said on Thursday.

- - - -

> Brazil Nov sugar exports rise 42 pct on yr - gov't [nN02712057]

RIO DE JANEIRO, Brazil - Brazil's total sugar exports rose 42 percent, to 1.55 million tonnes in November from 1.09 million tonnes in the same month in 2003, the Trade Ministry's foreign trade secretariat said.

- - - -

MARKETS
> London cocoa futures sets new turnover records [nL02704953]

LONDON - Euronext.liffe on Thursday said its Londodn cocoa futures market traded a record 409,073 contracts in November, 46 percent more than the previous monthly record set in July.

- - - -

> NYBOT and eSpeed renegotiate electronic trade deal [nN02328710]

NEW YORK - The New York Board of Trade and Cantor Fitzgerald's eSpeed (/ESPD.O) unit said Thursday they have renegotiated their agreement covering electronic trading at the exchange.

- - - -

> LME ups annual fees, lowers contract levies [nL02454938]

LONDON - The London Metal Exchange (LME) said on Thursday it was increasing some annual subscriptions from January 1 and would use the additional income to reduce contract levies.

- - - -