15 Nov 2004 17:49
15.11.2004 17:37:34 Europe gold ends down after hitting 16-1/4 yr peak
* Gold ends slightly lower on profit-taking after scoring a new 16-1/4-year high at $440.00 per ounce as an ailing dollar struggled to stay above Friday's all-time low versus the euro. * Spot bullion ends at $436.05/436.80 a troy ounce by 1615 GMT, compared with New York's late trade on Friday at $437.70/438.20. Euro last quoted at $1.2941. * Spot silver follows gold down after earlier firming to its highest since April at $7.61. At $7.47/7.50 by 1632 GMT, from New York's $7.57/7.60. * Platinum trades near three-month highs at $874.00/879.00 from $871.50/876.50, led by Japanese buying earlier ahead of release of closely watched industry report from British refiner Johnson Matthey on Tuesday. * Palladium flattens out at $215.00/220.00 versus previous $215.50/221.50.
15 Nov 2004 17:50
15.11.2004 17:30:05 Commodities News Summary
TOP NEWS
> Veneman resigns, first woman to head USDA [nN15241460]
WASHINGTON - Ann Veneman, the United States' first woman agriculture secretary, has resigned after four years on a job that included widely praised handling of the mad cow crisis last winter, administration sources said on Monday.
The White House was expected to make a formal announcement later in the day. Veneman planned to stay at USDA until a successor can take over.
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> NY gold backtracks from 16-1/4-year high atop $440 [nN15394967]
NEW YORK - Gold futures in New York fell from a 16-1/4-year peak above $440 an ounce on Monday morning, as cheaper oil eased investors' fears over inflation while the dollar edged up from recent lows against the euro.
Sister metal silver was off from a prior seven-month high, while platinum hit a fresh 6-1/2-week peak on bullish ideas about the content of market analysis due on Tuesday from precious metals refiner Johnson Matthey.
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> NY coffee leaps 8 pct on supply worries [nN15378960]
NEW YORK - New York coffee futures jumped more than 8 percent Monday on aggressive fund buying amid worries about falling supplies of U.S. coffee and a report of an earthquake in Colombia, traders and analysts said.
"There is talk that there will be a huge reduction in inventories," a trader said, referring to the level of green coffee stocks warehoused in the United States.
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METALS > COMEX copper drops as profit-takers sell at highs [nN15388207]
NEW YORK - COMEX copper futures fell Monday morning as participants here and in London took profits after red metal prices ended Friday at one-month highs.
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> Chile doubles copper exports in October from yr ago[nN15218354]
SANTIAGO, Chile - Copper export income in Chile, the world's top producer, doubled in October from the same month last year to $1.433 billion due to high prices and strong demand from China, according to central bank data released on Monday.
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> European steelmakers profits rise on Asia [nL15628919]
BRUSSELS - European steel makers delivered healthy results on Monday amid strong steel prices supported by China's booming economy, in a fragmented industry showing signs of further consolidation.
Arcelor (/CELR.PA), the world's largest steel maker, reported a more than doubling of third-quarter profits, topping forecasts, and its earnings are set to receive a further boost from the consolidation of a Brazilian unit.
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> Implats says strike to hit H1 profit, output [nL15696954]
JOHANNESBURG - South Africa's Impala Platinum Holdings Ltd (Implats) (/IMPJ.J) said on Monday it had lost around 44,300 ounces of platinum production and around 177 million rand ($29.32 million) in net profit due to a strike that ended last month.
Implats, the world's second biggest platinum producer, said it hoped to make up the lost mine production by the end of the financial year next June.
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> Union at Poland's KGHM strikes 2005 pay rise deal [nL15688060]
WARSAW - Polish non-ferrous metals producer KGHM (KGHM.DE) on Monday signed a deal with the company's biggest trade union to raise wages by an average of 9 to 10 percent next year, a supervisory board member said.
Wages at the world's sixth largest copper producer are to rise by an average of 8-9 percent this year, far above the country's average annual inflation, seen at around 3.5 percent.
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SOFT COMMODITIES
> Ivorian Oct cocoa exports from San Pedro drop [nL15680542]
ABIDJAN - Cocoa bean exports from Ivory Coast's southwestern port of San Pedro totalled 15,628 tonnes during October, down seven percent from the same month a year ago, port data showed on Monday.
One leading shipper in the town said a farmers' strike in the world's top cocoa grower had weighed on exports last month.
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GRAINS, OILSEEDS, LIVESTOCK
> CBOT wheat, corn climb early following soybeans [nN15243731]
CHICAGO - Chicago Board of Trade wheat and corn futures climbed early on Monday on short-covering, following the strength in soybeans, traders said.
Soybeans were boosted by concerns that the yield-cutting soy rust disease may have spread to three more fields in Louisiana.
15 Nov 2004 17:50
15.11.2004 17:06:29 UPDATE 2-Gold hits $440/oz, new 16-year high on weak dollar
(writes through with fresh quotes, comments)
By Veronica Brown
LONDON, Nov 15 (Reuters) - Gold hit $440.00 an ounce, its highest in 16-1/4 years, in Europe on Monday and was seen consolidating before rising further on a shaky dollar.
Dealers were eyeing $450 -- last seen in June 1988 -- as dollar weakness on worries about the U.S. current account deficit strengthened the attraction of bullion for non-U.S. investors.
They said however that the market did not seem to be in a hurry, with prices likely to consolidate slightly lower before resuming upwards.
"The market wants and sees that it has the potential to go higher, but it won't happen quickly," Peter Hillyard, head of European metal sales at ANZ Bank said.
"We'll probably see another crack at $440 but not today. There's more chance of seeing it back down to the $433 area before it goes up again," he added.
After hitting $440 as the dollar hit a nine-year low against a basket of major currencies, spot gold fell to $436.25/437.00 per troy ounce by 1559 GMT from New York's late quote on Friday at $437.70/438.20.
The U.S. currency later strengthened slightly as dealers took profits in preparation for a fresh wave of dollar selling.
Analyst Frederic Panizzutti of MKS Finance said that a move to $450 depended on another drop in the U.S. currency.
DOLLAR WEAKNESS
The dollar, down more than five percent against major currencies since October, ignored upbeat U.S. economic data last week as currency markets focused on speculation Washington was happy to see a weaker currency, which would help narrow the deficit. The euro was last at $1.2933.
Analysts said the expected imminent launch of an exchange-traded gold fund in New York was adding to positive sentiment.
The gold-backed security, known as streetTRACKS, is designed as an alternative to investing in physical gold which is an expensive buy for small retail players.
Platinum also strengthened after a run up on Friday when Asian dealers speculated about the contents of a forecast from precious metals refiner Johnson Matthey.
Traders expect a bulllish tone to figures in JM's report, due on Tuesday.
Spot platinum stood at $875.00/879.00, compared with $871.50/876.50 late in New York on Friday.
"Should tomorrow's report fail to provide such bullish data, as some expect, a correction appears to be a logical consequence with levels around $850 likely to provide initial resistance," Alexander Zumpfe of Dresdner Kleinwort Wasserstein said in a daily report.
Palladium was at $215.00/219.00 from $215.50/221.50 in New York previously.
Silver followed gold, settling back slightly after hitting a peak last seen in April at $7.61.
Spot silver was last at $7.49/7.52 from $7.57/7.60 previously.
